Wealthspire, a mega-RIA backed by Madison Dearborn, has launched a dedicated advisory practice for athletes and entertainers, with plans to introduce a name, image, and likeness (NIL) education program. The new unit, Wealthspire Sports & Entertainment (WSE), manages approximately $2.9 billion in assets for more than 200 clients and is staffed by about 20 advisors focused on the sports and entertainment industry.
Frank Marzano, who joined Wealthspire in 2023 after selling his GM Advisory Group to the firm, will lead WSE as managing director and head of the practice. He also serves as co-head of Wealthspire Family Office, a designation that underscores the integration of WSE into the firm's broader family office platform. “These are the same services, the same verticals, the same support and resources that the most complex, high net worth families we service have access to,” Marzano said.
The NIL program is still in development, with plans to hire a dedicated leader and focus on education for high school and college athletes. This initiative comes as college athlete compensation becomes a hot-button political issue. The Protect College Sports Act, a bipartisan bill recently passed by the U.S. Senate, aims to regulate athlete compensation, transfer limits, and eligibility. The bill has been prioritized by President Trump, adding urgency to the regulatory landscape.
Wealthspire's sports and entertainment practice will offer a range of services tailored to the unique financial situations of athletes and entertainers, including tax and estate planning, trust services, family office accounting, lifestyle and concierge support, bill pay with or without power of attorney, and assistance with complex contracts, business ventures, real estate, charitable giving, and post-career transitions. Marzano emphasized the importance of advisors who understand variable and non-guaranteed income, which is common in these industries.
The launch of WSE builds on Wealthspire's recent expansion in the entertainment sector. In June, its Ground Control Business Management division acquired Arena Wealth, a UK-based firm specializing in professional golfers. Earlier in February, Ground Control acquired Wiles + Taylor & Co., a Nashville-based advisory practice focused on music industry clients. These acquisitions, combined with the new WSE unit, position Wealthspire to serve a broader range of high-profile clients.
Wealthspire's platform manages or advises on over $660 billion in assets, according to the firm's website. The company was reacquired by Chicago-based private equity firm Madison Dearborn last year, signaling a renewed focus on growth. Angela Giombetti, chief marketing officer at Wealthspire, said the firm is “absolutely focused on recruiting advisors into the practice to be able to support the growth that we anticipate in the space.”
The new unit will serve existing Wealthspire clients while also pursuing M&A opportunities to add advisors and clients. Marzano noted that athletes and entertainers often dedicate themselves fully to their careers, so the firm aims to provide trust and confidence that all financial matters are being addressed. “It's advisors that are very well rounded, that understand the implications of variable income, income that's not guaranteed in many cases,” he said.
As the regulatory environment for NIL evolves, Wealthspire's proactive approach could set a precedent for other RIAs looking to tap into the lucrative sports and entertainment market. The firm's integration of WSE into its family office structure ensures that clients receive comprehensive, high-touch service comparable to that offered to ultra-high-net-worth families.
