Do’s and Don’ts For Life Events
December 31, 2025
It is hard to believe that another season is just about finished as we are now in the postseason for colleges while high school seasons are mostly complete and the NFL playoff picture is starting to clear up.
With the end of the season and the calendar turning to a new year, it is important to recognize the life events that have taken place or will take place for essentially all of the coaches in the AFCA in some fashion. With that, we want to provide you with some guidance on how to manage the financial planning side of some life events that you may or may not see coming.
DO be proactive with your financial planning. DON’T make hasty decisions.
Many times, the stress around a life event like getting married, going through a job change, having a child, or going through a divorce can be reduced or avoided simply by having a plan in place and having a “what if” conversation with your Financial Advisor, tax advisor, and/or legal advisor in advance of the life event if possible. Stresses derived from the life events listed above can affect short-term cash flows and covering expenses as well as plans to save for retirement and other long-term objectives.
According to our research, people with a financial plan are less likely to worry about whether they are on track to meet their financial goals (36% of survey respondents) compared to people without a financial plan (47%). At the same time, respondents with a financial plan are about 10% more likely to say they are satisfied with their personal relationships, investment portfolio, life direction and financial health.
That is why it is important to strategize for and anticipate these life events as much as possible before they become a reality. It is very common for modern financial planning tools to allow for a life event and a subsequent change in income- both higher and lower- no matter the reason.
For many of our clients in the world of professional and college athletics, at some point or another, we have modeled the effect that a new job may have on the long-term success of a financial plan. For instance, if you take a lower-paying job out of necessity or as a way to build up your resume, will you be able to save enough for retirement? On the flip side, if you get a raise in compensation, what is the best use of that money? Is there a debt to pay off? Do you need to catch up on your long-term investment accounts?
Those are just a few of the ways you can model how a life event like a job change can affect your financial planning.
DO review your financial affairs regularly. DON’T get complacent even when you are busy.
The life of a football coach has arguably never been more complex and fast-paced. Especially in the college ranks, the daily tasks for a coach cover a wide range and are not getting easier. The transfer portal and the ever-changing NIL landscape make it difficult to create time in the calendar to handle personal business like financial planning and even monitoring your own health.
At least on an annual or bi-annual basis, you should update your financial plan so that you have a clear understanding of:
- The retirement budget that you and your family are tracking toward
- The amount of risk you are taking and volatility you may experience in your investment portfolio
- The steps you can take to give yourself the best possible chance at accomplishing all of your financial planning goals including retirement and education funding
It is easy to get complacent and not place the right priority on financial planning when markets are smooth and accounts are going up in value seemingly every day. That is precisely the time when you should know what downside risks are out there and what steps you should take in case market conditions change and volatility returns when you least expect it.
DO update your beneficiaries and estate planning documents. DON’T leave a mess behind.
Whether you are developing your financial plan for the first time or if you are going through a life event like a marriage, a job change, the birth of a child, or a divorce, you should work with your Financial Advisor to review the named beneficiaries on your life insurance policies, retirement accounts, annuities, trusts and bank accounts. It is also important to list a trusted contact on your accounts and with your tax and legal advisors in case one of your advisors has a hard time getting ahold of you for an important or time sensitive reason.
Similarly, you should consult with an estate planning attorney on a regular basis to update your will as well as any trusts, powers of attorney, and medical directives you created in the past.
As you can imagine, having all of your financial and legal affairs in order during every stage of life from your young professional days to your days of climbing up and down the ladder of the coaching industry and to your retirement days is important. But it is equally as important to make sure that your family and/or other beneficiaries have a clear understanding of your intentions. You can certainly share them verbally but it is critical to spell out your intentions in writing and store your documents in a place that is easy for your loved ones to find. That will only make things as simple as possible for all involved.
Wrap-Up
We hope this perspective is helpful for those who are going through a life event all while trying to prepare your team for a postseason run or while you are navigating the endless tasks that mark the “offseason”. Like many things in life, financial planning the right way can be very difficult if you are going at it alone. That is why we strongly advise employing the skills of an experienced Financial Advisor who knows how to manage through life events for clients with a unique lifestyle like that of a football coach.
About the Authors
Keith Norris, Senior Vice President and Financial Advisor, and Matt Kuerzi, Senior Vice President and Financial Advisor, are co-founders of The Derby City Group at Morgan Stanley in Louisville, Kentucky. They have combined over 50 years of experience helping families with their financial planning*. The Derby City Group at Morgan Stanley has been recognized by Forbes in the Forbes “Best-In-State Wealth Management Teams” ranking in 2025. Similarly, Matt was recognized by Forbes in their first ever list of “Best-In-State Next-Gen Advisors” in 2019 and more recently as a “Best-In-State Wealth Advisor” in 2023, 2024, and 2025. He can be reached directly at (502) 394-4094 or [email protected].
Forbes Best-In-State Wealth Management Teams (2025)
Source: Forbes.com (January 2025) 2025 Forbes Best-In-State Wealth Management Teams ranking awarded in 2024. This ranking was determined based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher) for the period from 3/31/23-3/31/24. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each Financial Advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and may not be representative of any one client’s experience; investors must carefully choose the right Financial Advisor or team for their own situation and perform their own due diligence. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com.
Forbes Top Next-Gen Wealth Advisors (2019)
Source: Forbes.com (June 2019) 2019 Forbes Top Next-Gen Wealth Advisors ranking awarded in 2019. This ranking was determined based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher) for the period from 3/31/18 – 3/31/19. Neither Moran Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each Financial Advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and may not be representative of any one client’s experience; investors must carefully choose the right Financial Advisor or team for their own situation and perform their own due diligence. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com.
Forbes Best-In-State Wealth Advisors (2023, 2024, and 2025)
Source: Forbes.com (2023, 2024, and 2025) Forbes Best-In-State Wealth Advisors ranking awarded in 2023, 2024, and 2025. Each ranking was based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher). This evaluation process concluded in June of the previous year the aware was issued having commenced in June of the year before that. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and this ranking may not be representative of any one client’s experience. These rankings are not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com. @ 2025 Morgan Stanley Smith Barney LLC. Member SIPC.
Branch address: 4969 U.S. Highway 42, Suite 1200, Louisville, KY 40222
*Keith Norris, Senior Vice President, Financial Advisor, experienced in the financial services industry since 1997. Matt Kuerzi, Senior Vice President, Financial Advisor, experienced in the financial services industry since 2002.
Footnotes
The Morgan Stanley Financial Plan Survey was conducted by Ipsos Public Affairs using the Knowledge Panel, the only large-scale representative panel of the adult population in the US, for which members are recruited using a probability-based, address-based sampling methodology. In order to maintain full representation of all adults, households without internet access are provided internet-enabled devices and an internet service provider (ISP). From Sept. 27 to Oct. 11, 2024, Ipsos interviewed a random sample of 1,013 respondents across the U.S. In order to qualify for this study, respondents were required to have $250,000 or more in liquid household investable assets and be between the ages of 25 and 75. Results were weighted to age by liquid household investable assets, using benchmarks from the Federal Reserve’s 2022 Survey of Consumer Finances.
Disclosures
The views express herein are those of the author and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Morgan Stanley Smith Barney LLC offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at http://morganstanleyindividual.com or consult with your Financial Advisor to understand these differences.
Information contained herein has been obtained from sources considered to be reliable, but we do not guarantee their accuracy or completeness.
Morgan Stanley Smith Barney LLC does not accept appointments, nor will it act as a trustee but it will provide access to trust service through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (”Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust, estate planning, charitable giving, philanthropic planning or other legal matters.
Investments and services offered through Morgan Stanley Smith Barney LLC, Member SIPC.
© 2025 Morgan Stanley Smith Barney LLC, Member SIPC.
CRC 5063486 12/2025
For more information about the AFCA, visit www.AFCA.com. For more interesting articles, check out The Insider and subscribe to our weekly email.
If you are interested in more in-depth articles and videos, please become an AFCA member. You can find out more information about membership and specific member benefits on the AFCA Membership Overview page. If you are ready to join, please fill out the AFCA Membership Application.
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It is hard to believe that another season is just about finished as we are now in the postseason for colleges while high school seasons are mostly complete and the NFL playoff picture is starting to clear up.
With the end of the season and the calendar turning to a new year, it is important to recognize the life events that have taken place or will take place for essentially all of the coaches in the AFCA in some fashion. With that, we want to provide you with some guidance on how to manage the financial planning side of some life events that you may or may not see coming.
DO be proactive with your financial planning. DON’T make hasty decisions.
Many times, the stress around a life event like getting married, going through a job change, having a child, or going through a divorce can be reduced or avoided simply by having a plan in place and having a “what if” conversation with your Financial Advisor, tax advisor, and/or legal advisor in advance of the life event if possible. Stresses derived from the life events listed above can affect short-term cash flows and covering expenses as well as plans to save for retirement and other long-term objectives.
According to our research, people with a financial plan are less likely to worry about whether they are on track to meet their financial goals (36% of survey respondents) compared to people without a financial plan (47%). At the same time, respondents with a financial plan are about 10% more likely to say they are satisfied with their personal relationships, investment portfolio, life direction and financial health.
That is why it is important to strategize for and anticipate these life events as much as possible before they become a reality. It is very common for modern financial planning tools to allow for a life event and a subsequent change in income- both higher and lower- no matter the reason.
For many of our clients in the world of professional and college athletics, at some point or another, we have modeled the effect that a new job may have on the long-term success of a financial plan. For instance, if you take a lower-paying job out of necessity or as a way to build up your resume, will you be able to save enough for retirement? On the flip side, if you get a raise in compensation, what is the best use of that money? Is there a debt to pay off? Do you need to catch up on your long-term investment accounts?
Those are just a few of the ways you can model how a life event like a job change can affect your financial planning.
DO review your financial affairs regularly. DON’T get complacent even when you are busy.
The life of a football coach has arguably never been more complex and fast-paced. Especially in the college ranks, the daily tasks for a coach cover a wide range and are not getting easier. The transfer portal and the ever-changing NIL landscape make it difficult to create time in the calendar to handle personal business like financial planning and even monitoring your own health.
At least on an annual or bi-annual basis, you should update your financial plan so that you have a clear understanding of:
- The retirement budget that you and your family are tracking toward
- The amount of risk you are taking and volatility you may experience in your investment portfolio
- The steps you can take to give yourself the best possible chance at accomplishing all of your financial planning goals including retirement and education funding
It is easy to get complacent and not place the right priority on financial planning when markets are smooth and accounts are going up in value seemingly every day. That is precisely the time when you should know what downside risks are out there and what steps you should take in case market conditions change and volatility returns when you least expect it.
DO update your beneficiaries and estate planning documents. DON’T leave a mess behind.
Whether you are developing your financial plan for the first time or if you are going through a life event like a marriage, a job change, the birth of a child, or a divorce, you should work with your Financial Advisor to review the named beneficiaries on your life insurance policies, retirement accounts, annuities, trusts and bank accounts. It is also important to list a trusted contact on your accounts and with your tax and legal advisors in case one of your advisors has a hard time getting ahold of you for an important or time sensitive reason.
Similarly, you should consult with an estate planning attorney on a regular basis to update your will as well as any trusts, powers of attorney, and medical directives you created in the past.
As you can imagine, having all of your financial and legal affairs in order during every stage of life from your young professional days to your days of climbing up and down the ladder of the coaching industry and to your retirement days is important. But it is equally as important to make sure that your family and/or other beneficiaries have a clear understanding of your intentions. You can certainly share them verbally but it is critical to spell out your intentions in writing and store your documents in a place that is easy for your loved ones to find. That will only make things as simple as possible for all involved.
Wrap-Up
We hope this perspective is helpful for those who are going through a life event all while trying to prepare your team for a postseason run or while you are navigating the endless tasks that mark the “offseason”. Like many things in life, financial planning the right way can be very difficult if you are going at it alone. That is why we strongly advise employing the skills of an experienced Financial Advisor who knows how to manage through life events for clients with a unique lifestyle like that of a football coach.
About the Authors
Keith Norris, Senior Vice President and Financial Advisor, and Matt Kuerzi, Senior Vice President and Financial Advisor, are co-founders of The Derby City Group at Morgan Stanley in Louisville, Kentucky. They have combined over 50 years of experience helping families with their financial planning*. The Derby City Group at Morgan Stanley has been recognized by Forbes in the Forbes “Best-In-State Wealth Management Teams” ranking in 2025. Similarly, Matt was recognized by Forbes in their first ever list of “Best-In-State Next-Gen Advisors” in 2019 and more recently as a “Best-In-State Wealth Advisor” in 2023, 2024, and 2025. He can be reached directly at (502) 394-4094 or [email protected].
Forbes Best-In-State Wealth Management Teams (2025)
Source: Forbes.com (January 2025) 2025 Forbes Best-In-State Wealth Management Teams ranking awarded in 2024. This ranking was determined based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher) for the period from 3/31/23-3/31/24. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each Financial Advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and may not be representative of any one client’s experience; investors must carefully choose the right Financial Advisor or team for their own situation and perform their own due diligence. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com.
Forbes Top Next-Gen Wealth Advisors (2019)
Source: Forbes.com (June 2019) 2019 Forbes Top Next-Gen Wealth Advisors ranking awarded in 2019. This ranking was determined based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher) for the period from 3/31/18 – 3/31/19. Neither Moran Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each Financial Advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and may not be representative of any one client’s experience; investors must carefully choose the right Financial Advisor or team for their own situation and perform their own due diligence. This ranking is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com.
Forbes Best-In-State Wealth Advisors (2023, 2024, and 2025)
Source: Forbes.com (2023, 2024, and 2025) Forbes Best-In-State Wealth Advisors ranking awarded in 2023, 2024, and 2025. Each ranking was based on an evaluation process conducted by SHOOK Research LLC (the research company) in partnership with Forbes (the publisher). This evaluation process concluded in June of the previous year the aware was issued having commenced in June of the year before that. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to SHOOK Research LLC, for placement on its rankings. This ranking is based on in-person and telephone due diligence meetings to evaluate each advisor qualitatively, a major component of a ranking algorithm that includes client retention, industry experience, review of compliance records, firm nominations, and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research LLC and this ranking may not be representative of any one client’s experience. These rankings are not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC is not affiliated with SHOOK Research LLC or Forbes. For more information, see www.SHOOKreserach.com. @ 2025 Morgan Stanley Smith Barney LLC. Member SIPC.
Branch address: 4969 U.S. Highway 42, Suite 1200, Louisville, KY 40222
*Keith Norris, Senior Vice President, Financial Advisor, experienced in the financial services industry since 1997. Matt Kuerzi, Senior Vice President, Financial Advisor, experienced in the financial services industry since 2002.
Footnotes
The Morgan Stanley Financial Plan Survey was conducted by Ipsos Public Affairs using the Knowledge Panel, the only large-scale representative panel of the adult population in the US, for which members are recruited using a probability-based, address-based sampling methodology. In order to maintain full representation of all adults, households without internet access are provided internet-enabled devices and an internet service provider (ISP). From Sept. 27 to Oct. 11, 2024, Ipsos interviewed a random sample of 1,013 respondents across the U.S. In order to qualify for this study, respondents were required to have $250,000 or more in liquid household investable assets and be between the ages of 25 and 75. Results were weighted to age by liquid household investable assets, using benchmarks from the Federal Reserve’s 2022 Survey of Consumer Finances.
Disclosures
The views express herein are those of the author and do not necessarily reflect the views of Morgan Stanley Wealth Management or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results.
Morgan Stanley Smith Barney LLC offers a wide array of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please visit us at http://morganstanleyindividual.com or consult with your Financial Advisor to understand these differences.
Information contained herein has been obtained from sources considered to be reliable, but we do not guarantee their accuracy or completeness.
Morgan Stanley Smith Barney LLC does not accept appointments, nor will it act as a trustee but it will provide access to trust service through an appropriate third-party corporate trustee.
Morgan Stanley Smith Barney LLC (”Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust, estate planning, charitable giving, philanthropic planning or other legal matters.
Investments and services offered through Morgan Stanley Smith Barney LLC, Member SIPC.
© 2025 Morgan Stanley Smith Barney LLC, Member SIPC.
CRC 5063486 12/2025
For more information about the AFCA, visit www.AFCA.com. For more interesting articles, check out The Insider and subscribe to our weekly email.
If you are interested in more in-depth articles and videos, please become an AFCA member. You can find out more information about membership and specific member benefits on the AFCA Membership Overview page. If you are ready to join, please fill out the AFCA Membership Application.
