Texas-based Osborne Advisors, the independent private wealth management firm, has introduced a new offering targeting professional athletes and opened its doors in Austin.

The firm said OA Pro aims to ensure that assets earned during an athlete's "relatively short playing career" are properly managed to allow for a financially secure and comfortable post-retirement lifestyle.

“We analyze the potential for loss, whether it's a career-ending injury, property damage/loss, legal liability or simply an overpayment on taxes because of prior poor portfolio planning,” said David Osborne, president and founder of Osborne Advisors.

As the firm points out, although many professional athletes have a "limited window of earning potential," planning for the future may not be on their agenda.

Osborne Advisors' new sports offering highlights the importance for wealth management firms to create positions and strategies dedicated to supporting high net worth individuals whose professions mean that, while they encounter many of the challenges (and thus require the same services) as other high net worth clients, they may benefit from additional support due to unique lifestyles.

Athletes are often surrounded by a good support network of family, friends and an agent. However, in terms of finances, “the great majority is guided by the wrong people,” Paul Tramontano, chief executive of Constellation Wealth Advisors, told Family Wealth Report in an interview earlier this year.

Meanwhile, the firm is opening its doors in Austin, as David Osborne moves to the area to build his client base there. The firm's other Texas office is in Dallas.

Osborne Advisors serves HNW individuals, families, estates and corporations.