The financial affairs of sports stars and their specific wealth needs remain a specialist, but potentially lucrative area of private client work.

A wealth management service in the UK has been set up to cater for the affairs of sports athletes, their coaches and people in related fields, at a time when the financial dealings of such persons have sometimes hit trouble.

CrossleyShear Wealth Management has launched CSsports, a new division.

The service provides financial planning and wealth management solutions, such as cash flow management, bill paying, investment and asset management services, strategic charitable planning, specialised tax planning and preparation, insurance review and planning, and trust services. Trust services are offered through Raymond James Trust, NA, it said.

“Expanding our proven expertise and care to the sports marketplace is an organic next step for our company,” Evan Shear, co-founder of CrossleyShear Wealth Management, said.

Sportsmen and women typically have a short earnings “window” before retirement and/or an injury halts their career, requiring them to husband wealth carefully as well as prepare for a life outside their field of sports.

Recent news stories about sports figures getting into trouble over certain forms of investment – as seen recently with the tax cases of footballer Cristiano Ronaldo and former Real Madrid/Manchester United manager Jose Mourinho – underscore the problem. (See an interview here with a firm about these type of issues.)

CrossleyShear Wealth Management was formed in 2003.