Working with sports stars can be prestigious, even glamorous - and is often a highly sought after market niche for financial planners and wealth managers. Advisors got another glimpse into the field recently with the announcement that platform powerhouse Dynasty Financial Partners had signed on Octagon Financial Services, the Mclean, Va.-based RIA with an impressive client roster of professional athletes. (Among them: Los Angeles Clippers star Chris Paul and Olympics medal champion Michael Phelps.)
But pro athletes can also present advisors with a minefield of challenges - limited earning careers, high-flying lifestyles, tax challenges and a frequent lack of familiarity with basic financial principles. How can advisors who are considering working with pro athletes navigate this sensitive terrain?
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