The new practice oversees about $2.88 billion in assets and serves more than 200 UHNW clients, families and institutions.

Wealthspire has launched Wealthspire Sports & Entertainment (WSE), a dedicated wealth management practice serving professional athletes, entertainers, creators and others whose careers can involve complex financial arrangements.

The practice, led by Frank Marzano (pictured below), managing director and head of WSE, oversees about $2.88 billion in assets under management and serves more than 200 ultra-high net worth clients, families and institutions, Wealthspire said in a statement.

Frank Marzano

Family Wealth Report has set out the intersection of wealth management, sports and similar fields in recent articles. The sector has attracted increased attention from wealth managers because athletes and entertainers can have relatively short earning periods, variable income and financial affairs spanning investments, businesses, property and other assets. For example, our US correspondent recently explored the wealth management potential of college sports. 

WSE will operate as a direct vertical of Wealthspire Family Office (WFO), where Marzano also serves as co-head. The practice will draw on WFO's infrastructure, including family office accounting, bill payment, wealth strategy, investment management, and lifestyle and concierge services.

Clients can also access Ground Control Business Management, a Wealthspire affiliate serving clients with complex day-to-day financial requirements in entertainment, media and sports.

The new practice will advise on matters including concentrated and variable income, contracts and compensation, tax and estate planning, business ventures, real estate and charitable giving. It will also work with clients transitioning from their primary sporting or entertainment careers.

“Success in sports and entertainment can create tremendous opportunity, but it also brings a level of complexity that traditional wealth management may not always address,” Marzano said.

Marzano has more than 25 years of experience advising high net worth individuals and families, including professional athletes, entertainers, producers and creative industry executives.

Wealthspire provides wealth management, institutional advisory and business management services through a network of affiliated firms in the US, Canada and the UK. Its services include family office, retirement plan consulting and advisory services for nonprofit endowments and foundations.

Among recent developments, in early May Wealthspire acquired Fi3 Advisors, an Indianapolis-based boutique advisory firm with about $1.2 billion in assets under management. The firm said that acquisition fitted with its expansion in serving high net worth and ultra-high net worth families after it launched Wealthspire Family Office in early March.

In March, Oliver Pursche, a senior advisor at Wealthspire, spoke to this news service about his advice to Americans looking to move abroad, either permanently or temporarily. His book on the topic, published in 2013, is entitled Immigrants: Unleashing the Economic Force at Our Door.