Yacht Crew Advice

Yacht Crew Financial Advice — Planning, Pensions & Investments

Trusted financial guidance for superyacht crew worldwide

What is yacht crew financial advice?

Yacht crew financial advice is advice aimed specifically at helping superyacht crew build their wealth while they are in yachting.

It differs from standard financial advice because it focuses on providing practical financial planning solutions that suit the yachtie’s unique lifestyle and the complexities of working at sea and in multiple jurisdictions.

There are two key components to yacht crew financial advice:

  1. building up investments, savings and pensions
  2. creating financial safety nets, including income protection and medical cover

Five key areas for yacht crew

Yacht crew financial advice has five main pillars:

 #1 Pensions & retirement planning for yacht crew

You probably won’t stay in yachting until you retire. More likely, you will leave yachting for another career. Nevertheless, you will retire at some point. If you plan it right, you could do so while you are still relatively young.

To make sure you are able to do so in a strong financial position, now is the time to start planning and building your pension. The more time you give your money to grow, the bigger your finances will become.

pensions for superyacht crew

#2 Investments and wealth building while at sea

Your time in yachting is the best chance you will ever have to build up significant wealth in a short space of time. Don’t waste that opportunity.

The most important thing you can do now is to adopt the Pay Yourself First mantra. 

Don’t wait until the end of the month to save or invest what’s left of your salary. Invest a share of it (as much as you can) straight away.

Waves investing for superyacht crew

#3 Saving strategies for superyacht crew

The best way you can grow your money is by having an effective saving strategy that is built around a savings plan.

A savings plan isn’t a savings account that you occasionally drop some money into in return for a small interest payment. Instead, a savings plan is a financial structure that holds your investments in order to grow your money over the medium- to long-term.

There are two types of savings plan: regular-contribution savings plans and single-contribution, lump-sum savings plans.

sAVINGS PLANS FOR SUPERYACHT CREW

#4 Life insurance & income protection

Life insurance and income protection are important financial safety nets that will secure your finances if things go wrong.

Life insurance pays out if you die. It provides your dependents with money that safeguards the lifestyle you have built up together.

Income protection gives you financial security if you are unable to work for a period of time. It allows you to pay your bills until you have recovered from illness or injury and can start working again.

insurance for superyacht crew

#5 Financial planning between contracts

Financial planning is crucial if you want to get the biggest financial benefit from your time in yachting. Particularly because you might have periods between seasons when you aren’t contracted to a boat.

Financial planning between contracts and during spells of unemployment is just as important as when you are employed.

A robust and flexible financial plan will make sure you grow your money over the medium- to long-term, regardless of any dips in employment.

FINANCIAL PLANNING FOR SUPERYACHT CREW

Why yacht crew need specialist advice

Your working life is very different from someone working a 9-to-5 job ashore. So a financial plan that suits their needs won’t suit yours. You need dedicated financial advice that fits your unique circumstances.

These are some of the ways in which your working life on a yacht differs from a regular job ashore:

  • Irregular income. It’s common for crew to have seasonal contracts, resulting in gaps between boats or roles. Standard financial tools meet the needs of people with long-term contracts who have a predictable and stable income. They don’t suit someone in your position.
  • No employer pension. Employment law ashore often obliges employers to pay into an employee pension fund. That doesn’t apply to offshore jobs. So it’s vital that you put your own pension plan in place. However, standard plans aren’t designed with you in mind. You need specialist advice tailored to the circumstances of superyacht crew.
  • Multiple currencies. The only time people who work ashore have to consider foreign currencies is when they travel for work or holiday. You, on the other hand, may have to juggle multiple currencies as a matter of course. You are probably paid in US dollars at the moment, or maybe euros. You’ll probably encounter both during your career. Meanwhile, your homeland currency could be something different again.
  • Extended time at sea. Whereas people who work ashore can pop in to see their land-based financial planner or advisor at any time of the year, you can’t simply hop off the boat to do so mid-season. At best, you’ll have to wait until the season ends. Even then, where will you go? Financial advisors are usually based in a single location and deal with local clients. You’re far from that. You need a financial planner who knows the yachtie lifestyle and is able to provide financial planning advice wherever and whenever suits you. That includes having access to financial vehicles that are suitable for superyacht crew.
  • Contract cycles. Shore-based employees are usually on permanent contracts, once they have fulfilled a qualifying period. And they are protected by labour laws that give them rights should they be laid off. You may not sign a single long-term contract in your entire career in yachting. Instead, you will probably go from short-term contract to short-term contract, either for the duration of a season or perhaps a calendar year. Standard financial advice isn’t suited to that. Dedicated yacht crew financial planning advice is.

About YFSOL

We are financial planners dedicated to helping superyacht crew get the most out of life. We’ve been doing so since 1992 by combining life planning with financial planning. In that time, we’ve helped hundreds upon hundreds of superyacht crew grow their money and build towards their dreams.

From our base in Cork, Ireland, we support crew wherever they are in the world. We’re set up to fit seamlessly with the yachtie lifestyle and the demands of their global working life. We are a member of the Federation of European Independent Financial Advisers (FEIFA) and a member of Brokers Ireland.

Teresa Evans
Teresa Evans
Chief Operating Officer & Lead Financial Planner

I’m Teresa. I run YFSOL and I’m the person you’ll be dealing with most. I’m a former yachtie myself and I’ll work with you to understand your goals and your financial ambitions. Together we’ll put a plan in place to help you achieve both.

Frequently asked questions

Yes, because of the complexities of yacht crew finances, yacht crew can benefit from specialist financial advice from financial planners who understand yachting. 

Superyacht crew often have irregular income patterns, no employer pension scheme, and will have to work with multiple currencies during their career. Managing these complexities and making the most suitable financial planning choices can be challenging. Especially while you are working at sea in a demanding job.

Therefore, specialist financial advice from a financial advisor who knows yachting and the unique circumstances of superyacht crew can be very valuable.

Because of their unique circumstances, yacht crew need specialist advice about all aspects of their financial life. Standard pension, investment, savings and insurance advice won’t necessarily be suitable for the situation of yacht crew.

In particular, yacht crew need advice to help them manage inconsistent income patterns because of periods in between yacht contracts, when they may be earning less or no money.

Yacht crew are in a very good position to save money. Compared with people who live and work ashore, superyacht crew have higher incomes and lower fixed living costs. Because they live and work on a superyacht, many of the usual living expenses don’t apply to yacht crew. The boat takes care of costs of accommodation, food, clothing, electricity, water, WiFi, laundry, etc. As a result, yacht crew are able to allocate more of their salary for saving and investing than people with shore-based lives.

In many cases, superyacht crew can invest offshore because of their own offshore status. However, this isn’t the case for all crew and all investment vehicles. YFSOL can advise yacht crew about the offshore investment opportunities that are suitable for internationally mobile crew, taking into account the specific situation of each individual yacht crew member.

Yacht crew will often have to make their own pension arrangements. It is rare for a boat to offer crew a pension plan. So yacht crew will need to set up a private pension scheme.

Also, most yacht crew do not leave yachting and go straight into retirement. Therefore, they need a pension plan that is flexible enough to transition with them into the next phase of their working life. YFSOL specialises in pension plans that suit the special circumstances of yacht crew.

The time between contracts can be worrying because of reduced or no income. Yacht crew can plan for breaks in their income and manage them by setting clear budget guidelines and by establishing a financial buffer and an emergency fund. This will allow them to keep up with their investment contributions in between jobs and maintain their lifestyle.

The time between contracts is also the perfect time to make, review and adjust financial plans. This means financial plans and strategies are working away smoothly in the background by the time the busy yachting seasons start again.

Yachting Financial Services (Ireland) DAC (YFSOL for short) is a designated activities company under Ireland’s Companies Act 2014. YFSOL is regulated by the Central Bank of Ireland. It is a member of the Federation of European Independent Financial Advisers (FEIFA). It is also a member of Brokers Ireland, Ireland’s leading representative body of financial and insurance brokers.

Starting with YFSOL is easy. Simply book a free, no-obligation consultation at a time that suits you.

CONTACT US

Testimonials

  • Thorough and tailored

    “I started to talk to YFSOL to help me navigate the financial planning journey because they are very familiar with our profession and lifestyle.

    “The process was thorough and tailored to our specific personal family needs and goals. Everything was always transparent and explained in such a manner that even without financial knowledge everything was clear.

    “The professionalism was apparent from the beginning but as time went on I recognized the integrity, commitment and strong support values that the company offer.

    “It has been a fantastic journey together and we are delighted that our financial future is in the best hands.”
    Wean, Captain
    SOUTH AFRICAN

  • Feel secure about my future

    “Once you start saving, it is amazing how quickly it accumulates. Before talking with Yachting Financial Solutions, I would have just left my earnings in the bank doing nothing. But now I know that my money is actually making more money, and I feel more secure about my future when I retire from yachting.”
    Clara, Purser
    TO BE CONFIRMED

  • Thoroughly supported

    “YFSOL not only offered shrewd financial advice but went above and beyond in terms of their interest and encouragement in me reaching my goals.

    “I felt thoroughly supported throughout my 15-year journey in yachting and transition to a land-based life.

    “Creating the type of situation that I envisioned ashore wouldn’t have been possible without the financial forethought, planning and support that Teresa and Clive provided.”
    Edmund, Head Chef
    TO BE CONFIRMED

Start your financial journey towards success today

If you’re ready to start your financial journey with a specialist yacht crew financial planner, then book a free, no-obligation consultation today.

Book a free consultation