Brian Deane on Breakfast

[mancunianblade]

There is a lot to this story and I’m surprised it’s taken this long to come out.

I have sympathy as these are people who aren’t financially savvy but were talented and with that talent came wealth but a lack of knowledge on how to manage that new found wealth.

On the flip side they may not have known the long term ramifications in full but they were advised on how it worked and many just kept going back for more. There is a lot of bitterness and understandibly so amongst many players from that era and many also blame certain players who were very vocal in backing this scheme, encouraging others to do so.

I’ve heard stories of former players dreading opening brown letters and having all their assets and even phone contracts in their partners names

 

[robbiez666]

It's so easy to get scammed nowadays, I don't know how you can't have sympathy for the victims.

 

[Mad Mick]

While I don’t doubt there are good financial advisors around, I wouldn’t trust one with the steam off my piss. It may be costing me money in the long run to invest where I’m comfortable with the returns and investing on a DIY basis rather than where they’d invest. But I’m happy in the knowledge that I’m not lining the pockets of an IFA with commission every year.

IFA’s charge fees. Commission was abolished years ago. You get to know the fees in advance. I quite understand people wanting to handle their own portfolio's and there are lots of platforms to do this. There are products out there where you need advice. These might not be available without an IFA or may be too complicated for many people.

 

[Kenilworth]

It's so easy to get scammed nowadays, I don't know how you can't have sympathy for the victims.

Wait until you age, Robbie, and your cognitive ability begins to decline.
Many people who have been quite tech savvy end up struggling as their dexterity reduces (arthritis) and their mind deteriorates. The rush to offer everything on a digital app or platform without a contingency that is more simple or manual is disenfranchising many people as they age. It also makes it easier for the fraudsters to act at scale and scam more people. As people become less able to cope they get more confused and susceptible to this kind of stuff.

It’s not always naïveté and fuckwittery.

 

[robbiez666]

Wait until you age, Robbie, and your cognitive ability begins to decline.
Many people who have been quite tech savvy end up struggling as their dexterity reduces (arthritis) and their mind deteriorates. The rush to offer everything on a digital app or platform without a contingency that is more simple or manual is disenfranchising many people as they age. It also makes it easier for the fraudsters to act at scale and scam more people. As people become less able to cope they get more confused and susceptible to this kind of stuff.

It’s not always naïveté and fuckwittery.

It's terrible how the elderly are just being left out to dry. Unless they have relatives to keep an eye on them, they're screwed. Banks closing means they often can't do basic banking. All app or internet now.

 

[Kenilworth]

It's terrible how the elderly are just being left out to dry. Unless they have relatives to keep an eye on them, they're screwed. Banks closing means they often can't do basic banking. All app or internet now.

Robbie.

 

[Karlos]

Couple of things that got me in the programme was Deanos reaction to the compensation question, when he looked at the interviewer mystified and also the part where Craig Short's wife said the average loss was around £1m but one individual is in it to the tune of £20m! Has to be someone from recent years when the wages have shot up big style.

 

[Houston_Blade]

IFA’s charge fees. Commission was abolished years ago. You get to know the fees in advance. I quite understand people wanting to handle their own portfolio's and there are lots of platforms to do this. There are products out there where you need advice. These might not be available without an IFA or may be too complicated for many people.

Most I’ve spoken to want a fee up front and a % management fee annually based on the fund value. That’s commission to me, just under another guise. The bit I can’t get my head around is that you pay it whether the value is going up, down or staying the same. It should be based on good performance only.

 

[HD8 Blades]

Disappointed by this thread. Thought it was going to be Brian Deane talking about his favourite cereals

 

[Edgar Allan Poo]

Disappointed by this thread. Thought it was going to be Brian Deane talking about his favourite cereals

In my dreams he shared my sadness over the disappearance of Golden Grahams from the supermarket shelves and we would often reminisce about the breakfast scene of yesteryear.

 

[Edgar Allan Poo]

...and where does the blame for the tragic loss of Golden Grahams lie? I'm glad you asked that. I'll tell you where the blame justly lies. It lies firmly and squarely at the feet of the recently departed CEO of Nestlé who was just too busy (allegedly) bonking his own staff to concern himself over the oh so trivial matter of Blades breakfasts, that's where it lies. But why, you might ask, can't we just have Cinnamon Grahams you might ask. I'll tell you why, as you have asked, because they are an abonimination that's why along with anything else tainted by this evil spice....

 

[The Crab]

...and where does the blame for the tragic loss of Golden Grahams lie? I'm glad you asked that. I'll tell you where the blame justly lies. It lies firmly and squarely at the feet of the recently departed CEO of Nestlé who was just too busy (allegedly) bonking his own staff to concern himself over the oh so trivial matter of Blades breakfasts, that's where it lies. But why, you might ask, can't we just have Cinnamon Grahams you might ask. I'll tell you why, as you have asked, because they are an abonimination that's why along with anything else tainted by this evil spice....

I love cinnamon. Next time I have a ham and pineapple pizza I might put that on top…

 

[programmechap]

I obviously don't know all the facts here, but I'd say rule no 1 in stuff like this is that if someone is trying to sell you a scheme that either (a) promises a return way above normal returns on investments or (b) promises you you will pay far less tax than you would normally have to pay, then run a mile. It's almost certainly a scam.

As I say, people like Deano weren't poor when they retired 2005ish. A normal sensible investment policy would have given him a nice return and given his prominence ( best SUFC player in the last 50 years and scorer of the first PL goal) he was never going to be short of media work etc

 

[Edgar Allan Poo]

I love cinnamon. Next time I have a ham and pineapple pizza I might put that on top…

You should shortly receive a generic photo of me holding a phone to my ear with one hand and a pen in the other where I appear to be paying attention.

 

[LBA_Blade]

The real thing to address is to what extent are players being educated on this sort of thing, from a player welfare perspective? All a bit rich in some cases considering some of the shady regimes that own and run many football clubs but nevertheless, something must need to change because I bet the old pros of years gone by were just left to their own devices, hence why some of them are struggling now.

There will be some with no qualifications or skills other than playing football and if a gig in the game isn't forthcoming, there's not a huge number of options available so invest their money to try and sustain the life they're used to having, get stung, don't have a huge month to month wage coming in and its something of a fall from grace for many.

There must be a level of naivety for a lot of players who have lived in something of a bubble away from the realities of life where agents and the clubs sort out every aspect of life for them. Send some of them round the supermarket and they wouldn't have a clue, never mind ringing the bank to sort a mortgage out or buying and insuring a car.

Academy players might get some sort of advice on how to live their lives, especially as many of them won't make it and will have to go and do some kind of paid work, something many of them might not have ever done before but a lot must rest on having a family who can steer them on the right path.

I know in rugby league its a very big thing where the players earn decent wages compared to most people but certainly not enough to retire on and do all sorts of different training schemes, apprenticeships, degrees and all sorts in order to keep themselves, knowing that when they get past 30 and are near the end, they can't all be coaches or talk bollocks on Sky.

What sort of guidance are guys in League One/Two getting, who are probably on similar money?

Totally agreed with this, the average salary for League 2 (although this was when Wrexham were in it so might be less now) is £104,000 before tax a year, so approx £70,000 a year without any bonuses etc. A decent wage and one that if you were on for 10-15 years you could sustain a decent lifestyle however defiantly not a retirement wage unless you are very savvy. It would be the perfect opportunity for someone like the Open University or a local smaller Uni to step in and offer something that can assist with getting a career, whether that be business management/ a small set of courses or something. You would like to think the support network was in place.

 

[71Blade]

I think you need to give the program a watch and your opinion might change.

Just because they earned decent money, doesn’t mean they deserve to have their lives destroyed.

Totally agree Rod Wallace situation brings it home. Also when Deano gets the letter highlighting ex head of the LMA on the payroll for 4 years all tip of the iceberg stuff im sure but you can really feel the embarrassment from some of them based on how it's affected their families. Its hard not to feel anything when you have watched it and I was in the serves you right judgemental camp prior to watching it. Shut me right up

 

[Sportbilly /Detroit Blade]

Most I’ve spoken to want a fee up front and a % management fee annually based on the fund value. That’s commission to me, just under another guise. The bit I can’t get my head around is that you pay it whether the value is going up, down or staying the same. It should be based on good performance only.

This is spot on.

Most people wouldn't have an issue with commission if it's coming out of good investment profits.

The fact most pick up irrespective of how their investments have done is laughable.