Golf club heads are releasably engaged with shafts so that the club heads and shafts can be readily interchanged and/or so that the shaft position with respect to the club head can be readily changed. Golf clubs are provided that have spherical releasable connections between the golf club head and the golf club shaft along with head/shaft position adjusting features to allow interchange of shafts and heads and to allow modification of the head/shaft positioning properties. Assemblies for connecting the club head and shaft may include: a shaft adapter, a shaft retainer, and a hosel insert located within an interior chamber of the club head. The club head and shaft may be changed by releasing the securing system and exchanging the original parts with different parts. Furthermore, the shaft adapter may be rotated within the hosel insert to create different angles from the shaft so as to allow adjustment of the shaft position with respect to the club head.