A team affiliated with HighTower in the Baltimore area says it is now branching out into the world of advising athletes, coaches, entertainers and other VIPs. To establish itself in this market niche it hired Richard Rosa, formerly of Eastern Athletic Services.

“This exciting step forward for Kelly Wealth Management exemplifies HighTower’s commitment to innovation and growth,” said Michael Parker, national director of enterprise development for the wealth management firm, in a statement.

Prior to moving to Kelly Wealth, Rosa worked as a sports agent for roughly the past two decades, representing NFL players and coaches.

“Athletes and entertainers face intense pressure and temptation, but many do not receive the education and counsel they need in order to plan for a secure financial future,” explained Rosa, in a press release. “The professionals at Kelly Wealth Management approach these clients’ unique challenges in a transparent, knowledgeable way that helps ensure prudent life decisions.…”

In late 2014, Morgan Stanley set up the Global Sports & Entertainment group to serve the needs of the sports and entertainment industries.

Some advisors who have focused on helping athletes, though, stress that it is best to go after one particular type of professional player rather than focusing on those in a variety of sports. For FAs with Winpoint Financial, also in the Baltimore area, the sweet spot is baseball stars, like Cal Ripkin Jr. and Mark Teixeira.

“What makes us special is that we have CPAs, CFPs and an RIA to do the holistic planning. We did at one point have some football players as clients, but it’s better to stay in a niche—better for both the financial advisors and clients,” said Joe Geier, head of Winpoint Financial, in an interview earlier this year. “Like working with doctors as clients, you have to know them inside and out.”

“Managing their money is difficult. You have to know what they are spending. It’s not a long-term business for everyone, because these guys have short careers … often retire by 35 and then draw down their earnings,” the CPA said.