Kent Manderville, who played in the NHL for 16 seasons, now helps hockey players manage their wealth.Sean Sisk
In the Behind the Advice series, Globe Advisor asks advisors about their relationship with money from a young age, lessons learned over the years and how their experiences influence the advice they give to clients. We’ve also launched a Behind the Advice podcast – find all the episodes here.
Kent Manderville, an advisor in Ottawa, spent 16 years playing professional hockey for the Toronto Maple Leafs, Edmonton Oilers, Hartford Whalers (now Carolina Hurricanes), Philadelphia Flyers and Pittsburgh Penguins. He’s a chartered financial analyst (CFA) charter holder and a certified financial planner (CFP).
Mr. Manderville talks about being raised by a widowed mom, his journey to the National Hockey League (NHL) and how he settled on a career in finance, helping players manage their wealth.
Could you describe your upbringing?
I was born in Edmonton and, from ages 3 to 9, was raised in Redwater, Alta., where I started playing hockey and other sports. My mom was a nurse, my dad was an RCMP officer, and I have two older siblings. My dad passed away when I was 8 years old. My mom then moved our family out to Victoria, near her parents. Our neighbour was a sports physiology professor at the University of Victoria who dealt with many professional athletes throughout his career, so he was a mentor. I did my last two high school years at Athol Murray College of Notre Dame in Saskatchewan before getting a finance degree at Cornell University in New York. (I left Cornell after two years to play in the 1992 Olympics and finished my degree after my pro hockey career).
How did your father’s passing impact your family?
Losing a parent is incredibly tragic and tumultuous, but thankfully there was no financial devastation because my parents had mortgage protection insurance. That was particularly good, considering it was the 1980s when mortgage rates were a lot higher than they are today. We weren’t rich, but my mom did a wonderful job managing money. She was frugal while never making us kids feel like we were doing without. Playing hockey wasn’t cheap, and my life would be very different if my mom didn’t have that protection and the foresight to make those planning choices. That made an impression on me.
What did you want to be growing up before deciding on a hockey career and later finance?
I wanted to be a police officer like my dad. I remember riding in the police car with him as a kid. We also lived in a detached home where one side was the police department. All of that was pretty neat.
As a hockey player, what was it like to earn a big salary at such a young age?
My first signing bonus was a shocker, especially for a 21-year-old who didn’t have experience paying taxes. I got $150,000, and about $47,000 of that went to taxes. I remember thinking, ‘I’ve never even made $47,000, let alone paid that much in taxes.’ Of course, it was a good problem to have.
I was never a top earner, but I did have some good years. Still, I remained relatively frugal with the money I made playing hockey. While in the NHL, I drove a Toyota Camry, which some other guys would make fun of, saying, ‘That’s okay, Mandy, my dad has the same car.’ But it didn’t bother me. I’m frugal by nature based on my upbringing.
I also didn’t have longer-term contracts, so I had to plan my finances year-to-year. I would save as much money as possible for me and my family because you never knew what next year would be like. I also broke a bone in my wrist in my early 20s that almost ended my career, so there was a lot of uncertainty along the way.
It’s a short career. You never know how long you’re going to be playing for. And there’s an opportunity cost because when I was chasing a puck, other people were building their careers.
What inspired you to get into finance after hockey?
I had a bad experience with an advisor early in my hockey career. He put my money into a universal life insurance policy, which was completely inappropriate for somebody that young. There were also some other red flags with potential investments. After that, I started thinking much more about my finances and investing. I read a lot of finance articles and books, including some by Vanguard founder John (known as Jack) Bogle. I then had the opportunity to meet him in person later in my hockey career, which was inspiring.
At first, I thought I might be a lawyer after hockey, especially after spending a few years as a player rep for the NHL Players’ Association. I got accepted to law school but then deferred for a year. After more thought – and seeing some of the mistakes athletes were making with their money – I decided to pursue the CFA and the CFP designations and become an advisor. In my mind, I had to boost my credentials. I didn’t just want to be slapping people on the back talking about the good old days. I needed the credentials for credibility, and for myself, to have confidence in the industry.
How does your experience help your clients today?
When I work with players, we focus on areas such as asset protection and liabilities. I can also talk to them about what it’s like to transition to another career. I help guide their finances and thought processes on what to expect. There’s also a lot of cross-border considerations. For example, their kids might be dual citizens, or they might own property in another country. It can get very murky. There’s also retirement and estate planning to consider. There are so many pieces of the puzzle and it’s different for everybody. I love helping them put it all together, and being able to talk to clients based on my own experience is wonderful.
This interview has been edited and condensed.