This retired NHL player is still racking up points assisting younger players — with their finances
Many of the lessons he passes along to his clients come from first-hand experience. The untimely death of a teammate in Carolina drove home the importance of estate planning. And Manderville’s experiences with his first agent, who didn’t have his best interests at heart, taught him to always look at “investing opportunities” closely and to trust his gut if they don’t seem right.“I’m of the age that you can see the repercussions of those poor decisions when you’re playing,” says Manderville.
In 2020, Phil Kenner — a former advisor to dozens of NHL players — was convicted of defrauding his clients of millions of dollars. One player estimated the total amount was in the range of $50 million. And while Kenner is an extreme example, he’s just one of many bad actors waiting in the wings.in which he explored all the ways athletes can see their wealth eroded.
“Especially the superstars are commoditized at a very young age,” says Somers. “They’re told that if they work really hard, they can hit the big time and this is what that will mean. And they don’t learn about the sensible hockey players who have backup plans, and who learned to be successful at investing.”
“Financial literacy is about financial knowledge, but it’s also about self-management and social intelligence,” says Somers. “How do you have conversations with your life partner about goals? How do you stay the course in the face of the multibillion dollar advertising industry that exists to depart us with our money?”Alim Dhanji, a certified financial planner with Assante Financial Management Ltd.
“You made it and this is us taking care of that,” says Manderville. “Nobody loves to do wind sprints or do time in the weight room, but you do it. And you do it because it makes you a better player.”