A golf club includes a head having a striking face, a threaded cylindrical chamber behind and generally parallel to the face, a cylindrical weight member threaded in the chamber, a hosel attached to the cylindrical weight member having a shaft receiving socket with a non-circular portion and a threaded portion, a shaft having a hosel engaging end with a mating non-circular cross section and a ferrule having threads engagable with the threaded portion of the socket. An additional weight is adjustable in the chamber to provide the desired balance characteristics to the club. A second embodiment includes a head which is symmetrical so that the hosel may be attached at either end to make the club ambidextrous. Some different structures for attaching the hosel to the cylindrical weight member provide for variations in the loft of the club. Other embodiments include an asymmetrically weighted movable weight member which engages the head within a cavity therein and is adjustable both longitudinally and by changing the location of its center of gravity. A tool mates with each of the adjustments to provide complete and accurate club assembly and adjustment.