Offseason Tips After a Trip to the Queen City
February 17, 2025
It was great to see so many old friends and to make new ones in Charlotte at our fifth AFCA Convention. After talking to several coaches about their financial planning and the ever-changing landscape of the football coaching world, it became clear that navigating both outcomes of the coaching carousel can be equally as challenging.
Before we share some tips on managing a promotion and navigating a pay cut, let’s look at some data from the 2024 season and this offseason:
- In 2024, 24 college football coaches made over $7M, 42 earned more than $5M, and 92 head coaches made over $1M*
- 78 college assistant coaches earned more than $1M (34 from the SEC, 29 from the Big Ten, 10 from the ACC, and 5 from the Big-12)*
- Of the approximately 1,100 assistant coaches from public universities in the FBS:
- 88 made less than $100,000 (8%)
- 396 made less than $200,000 (36%)
- 562 made less than $300,000 (51%)*
- 27 FBS schools have changed head coaches this offseason (approximately 20% of the division); 48 schools have changed Offensive Coordinators and 50 schools have changed Defensive Coordinators**
- 21 FCS schools have changed head coaches this offseason (approximately 16% of the division)**
- 7 NFL teams have changed head coaches this offseason (approximately 22% of the league)**
The data above reinforces the reality that for every coach that receives the call to move to another school which may be considered a promotion, there is another coach who packs up his office and faces the possibility that his next job may not be as highly sought after or high-paying as the one he was just relieved from. So, we hope that this article serves as a guide on how to handle the financial planning side of a job change no matter which way the moving van is headed.
For Coaches Getting a Higher Paying Job
- Boost retirement savings- Consider increasing your salary deferral into your school’s 403(b) and/or 457 retirement plans. For 2025, these plans allow individuals to defer up to $23,500 if you are younger than 50 years old. Participants older than 50 years old can defer up to $31,000 into each plan while participants ages 60-63 can contribute $34,750 building a larger nest egg for future income purposes is just one of the immediate and long-term benefits that may Potentially come along with this adjustment.
- Catch up– With additional cash flow and the ability to save, there is no better time to consider other ways to save for various financial planning goals. You may consider opening or making monthly additions to an investment or savings account that may not be focused solely on retirement. These “non-qualified” accounts usually offer great flexibility with both contributions and withdrawals, and they can help to create greater wealth over time. You may also consider funding 529 plans which will help to cover education costs for your children or grandchildren.
- Pay off debt– We have seen time and time again where “life happens” at the wrong time causing coaches and families to put major expenses on credit cards or to get behind on other debt payments. These types of loans typically have high interest rates which means that making a minimum monthly payment will not reduce the debt quickly enough or perhaps not at all. Therefore, with additional monthly income, it may be wise to aggressively pay off and eliminate those debts that cause you or your spouse to lose sleep at night.
For Coaches Forced to Reset Their Career Path
- Tighten up the budget– This may lead to difficult conversations and decisions with your family, but having a leaner budget may be inevitable if you take a lesser-paying job than you are used to. Reducing your budget may require living in a smaller home, driving a more modest vehicle, changing schools for your children, taking less family vacations, not eating out as often, and taking on different hobbies just to name a few.
- Be smart about withdrawals– Reduced income may also come with a more frequent need to draw money from your savings and investment accounts. Depending on the amount and frequency of your needed withdrawals, be mindful that different types of accounts come with different guidelines and also tax consequences.
- Be patient with housing– In most instances, getting a new coaching job results in a move to a new city or town. That means the search for a new home begins and is almost always conducted in a remote or virtual fashion. With elevated real estate prices and high interest rates on home loans, we encourage you to be patient when finding a new home. Also considering the unpredictable length of time in which you will live in that area, it may be best to rent a home for a while before making a large down payment and paying upfront closing costs associated with a new mortgage that comes with owning a new home.
Take Action
The tips outlined above are certainly not all there is to think about when changing jobs on your own accord or as a result of factors outside of your control. But the guide is at least a start. We consider a job change to be a major life event. Every situation has a different set of unique factors to consider and decisions to make. That is why we strongly urge you to seek and rely on the advice of trusted advisors in regards to taxes and, of course, financial planning.
We are here to help you make the best decisions possible for you, your family, and your future. If we can be a resource during the coaching carousel season or thereafter, please do not hesitate to contact us at [email protected] or directly at (502) 394-4094. We are happy to help you like we have helped and continue to help other coaches and families in similar situations.
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 45 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 and 2024. 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 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 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)
Source: Forbes.com (2023 and 2024) Forbes Best-In-State Wealth Management Teams ranking awarded in 2023 & 2024. 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 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 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. @ 2024 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
(*) Information as of 12/2024 from https://sports.usatoday.com/ncaa/salaries/football
(**) Information as of 2/3/2025 from www.footballscoop.com
(***) https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
Disclosures:
Important Information: Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
The views and opinions expressed 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. Information contained herein has been obtained from sources considered to be reliable. Morgan Stanley Smith Barney LLC does not guarantee their accuracy or completeness.
Return and principal value of investments will fluctuate and, when redeemed, may be worth more or less than their original cost. There is no guarantee that past performance or information relating to return, volatility, style reliability and other attributes will be predictive of future results.
The securities/instruments discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors. Certain information contained herein may constitute forward-looking statements. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein.
Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide legal or tax advice. Each client should always consult his/her personal tax and/or legal advisor for information concerning his/her individual situation and to learn about any potential tax or other implications that may result from acting on a particular recommendation.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
© 2025 Morgan Stanley Smith Barney LLC, Member SIPC.
CRC 4215666 2/2025
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 was great to see so many old friends and to make new ones in Charlotte at our fifth AFCA Convention. After talking to several coaches about their financial planning and the ever-changing landscape of the football coaching world, it became clear that navigating both outcomes of the coaching carousel can be equally as challenging.
Before we share some tips on managing a promotion and navigating a pay cut, let’s look at some data from the 2024 season and this offseason:
- In 2024, 24 college football coaches made over $7M, 42 earned more than $5M, and 92 head coaches made over $1M*
- 78 college assistant coaches earned more than $1M (34 from the SEC, 29 from the Big Ten, 10 from the ACC, and 5 from the Big-12)*
- Of the approximately 1,100 assistant coaches from public universities in the FBS:
- 88 made less than $100,000 (8%)
- 396 made less than $200,000 (36%)
- 562 made less than $300,000 (51%)*
- 27 FBS schools have changed head coaches this offseason (approximately 20% of the division); 48 schools have changed Offensive Coordinators and 50 schools have changed Defensive Coordinators**
- 21 FCS schools have changed head coaches this offseason (approximately 16% of the division)**
- 7 NFL teams have changed head coaches this offseason (approximately 22% of the league)**
The data above reinforces the reality that for every coach that receives the call to move to another school which may be considered a promotion, there is another coach who packs up his office and faces the possibility that his next job may not be as highly sought after or high-paying as the one he was just relieved from. So, we hope that this article serves as a guide on how to handle the financial planning side of a job change no matter which way the moving van is headed.
For Coaches Getting a Higher Paying Job
- Boost retirement savings- Consider increasing your salary deferral into your school’s 403(b) and/or 457 retirement plans. For 2025, these plans allow individuals to defer up to $23,500 if you are younger than 50 years old. Participants older than 50 years old can defer up to $31,000 into each plan while participants ages 60-63 can contribute $34,750 building a larger nest egg for future income purposes is just one of the immediate and long-term benefits that may Potentially come along with this adjustment.
- Catch up– With additional cash flow and the ability to save, there is no better time to consider other ways to save for various financial planning goals. You may consider opening or making monthly additions to an investment or savings account that may not be focused solely on retirement. These “non-qualified” accounts usually offer great flexibility with both contributions and withdrawals, and they can help to create greater wealth over time. You may also consider funding 529 plans which will help to cover education costs for your children or grandchildren.
- Pay off debt– We have seen time and time again where “life happens” at the wrong time causing coaches and families to put major expenses on credit cards or to get behind on other debt payments. These types of loans typically have high interest rates which means that making a minimum monthly payment will not reduce the debt quickly enough or perhaps not at all. Therefore, with additional monthly income, it may be wise to aggressively pay off and eliminate those debts that cause you or your spouse to lose sleep at night.
For Coaches Forced to Reset Their Career Path
- Tighten up the budget– This may lead to difficult conversations and decisions with your family, but having a leaner budget may be inevitable if you take a lesser-paying job than you are used to. Reducing your budget may require living in a smaller home, driving a more modest vehicle, changing schools for your children, taking less family vacations, not eating out as often, and taking on different hobbies just to name a few.
- Be smart about withdrawals– Reduced income may also come with a more frequent need to draw money from your savings and investment accounts. Depending on the amount and frequency of your needed withdrawals, be mindful that different types of accounts come with different guidelines and also tax consequences.
- Be patient with housing– In most instances, getting a new coaching job results in a move to a new city or town. That means the search for a new home begins and is almost always conducted in a remote or virtual fashion. With elevated real estate prices and high interest rates on home loans, we encourage you to be patient when finding a new home. Also considering the unpredictable length of time in which you will live in that area, it may be best to rent a home for a while before making a large down payment and paying upfront closing costs associated with a new mortgage that comes with owning a new home.
Take Action
The tips outlined above are certainly not all there is to think about when changing jobs on your own accord or as a result of factors outside of your control. But the guide is at least a start. We consider a job change to be a major life event. Every situation has a different set of unique factors to consider and decisions to make. That is why we strongly urge you to seek and rely on the advice of trusted advisors in regards to taxes and, of course, financial planning.
We are here to help you make the best decisions possible for you, your family, and your future. If we can be a resource during the coaching carousel season or thereafter, please do not hesitate to contact us at [email protected] or directly at (502) 394-4094. We are happy to help you like we have helped and continue to help other coaches and families in similar situations.
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 45 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 and 2024. 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 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 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)
Source: Forbes.com (2023 and 2024) Forbes Best-In-State Wealth Management Teams ranking awarded in 2023 & 2024. 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 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 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. @ 2024 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
(*) Information as of 12/2024 from https://sports.usatoday.com/ncaa/salaries/football
(**) Information as of 2/3/2025 from www.footballscoop.com
(***) https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
Disclosures:
Important Information: Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.
The views and opinions expressed 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. Information contained herein has been obtained from sources considered to be reliable. Morgan Stanley Smith Barney LLC does not guarantee their accuracy or completeness.
Return and principal value of investments will fluctuate and, when redeemed, may be worth more or less than their original cost. There is no guarantee that past performance or information relating to return, volatility, style reliability and other attributes will be predictive of future results.
The securities/instruments discussed in this material may not be appropriate for all investors. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Wealth Management recommends that investors independently evaluate specific investments and strategies, and encourages investors to seek the advice of a financial advisor. The value of and income from investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies and other issuers or other factors. Certain information contained herein may constitute forward-looking statements. Estimates of future performance are based on assumptions that may not be realized. Actual events may differ from those assumed and changes to any assumptions may have a material impact on any projections or estimates. Other events not taken into account may occur and may significantly affect the projections or estimates. Certain assumptions may have been made for modeling purposes only to simplify the presentation and/or calculation of any projections or estimates, and Morgan Stanley Wealth Management does not represent that any such assumptions will reflect actual future events. Accordingly, there can be no assurance that estimated returns or projections will be realized or that actual returns or performance results will not materially differ from those estimated herein.
Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors do not provide legal or tax advice. Each client should always consult his/her personal tax and/or legal advisor for information concerning his/her individual situation and to learn about any potential tax or other implications that may result from acting on a particular recommendation.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
© 2025 Morgan Stanley Smith Barney LLC, Member SIPC.
CRC 4215666 2/2025
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.
