Moreover, advisers have a role to play in guiding clients as they seek to cope with their new-found wealth, especially as many young sports stars can become the main earners in their families "overnight" and have to cope with fame and fortune without any preparation or life skills training.
Wotton added: "They will naturally want to help family, friends and charities but if they’re not careful they may not have enough left to sustain their own financial future. Work to a plan with regular reviews and you won’t go far wrong."
The need to cater to the rising cohort of wealthy young sports stars and celebrities has been noted in recent years by several large advisory firms and networks.
For example, in June 2020, wealth manager Tilney launched Tilney Private Sports. As reported by FTAdviser at the time, the venture was set up after Tilney found many young sports stars had received conflicting advice leading to financial hardship only a few years into their retirement.
In April 2021, Succession Wealth launched a specialist wealth planning advice arm for sports and entertainment professionals, called Succession Sports & Entertainment.
As reported at the time, this will offer advice for both established and young professionals as well as those looking to build a second career or to retire.