Wealthspire plans NIL program with new sports and entertainment unit

Wealthspire has launched a new advisory practice to serve the financial needs of athletes and entertainers, with plans to also form a new program around name, image, and likeness guidance that could appeal to high school and college athletes. 

Wealthspire Sports & Entertainment (WSE) launches with about $2.9 billion in assets under management for its more than 200 clients. Advisor Frank Marzano, managing director, head of WSE and co-head of Wealthspire Family Office, has been picked to lead the new practice, which launches with about 20 advisors focused on sports and entertainment industry clients. 

“Most of our business right now are professional athletes. But we're in the midst of developing and rolling out our NIL program for athletes, for education, and bringing on someone to run that program,” said Marzano, who joined Wealthspire in 2023 after selling his GM Advisory Group to the mega-RIA. 

Wealthspire’s NIL program will come as payments for college athletes increasingly draw political attention. The Protect College Sports Act, a bipartisan bill being prioritized by President Trump, recently passed the U.S. Senate with aim for the legislation to add regulations on athlete compensation, transfer limits, and college eligibility.  

Chicago-based private equity firm Madison Dearborn agreed to reacquire Wealthspire last year, and the platform manages or advises over $660 billion in assets, according to Wealthspire’s website. The Ground Control Business Management division of Wealthspire announced in June that it acquired Arena Wealth, a UK-based firm focused on serving professional golfers. 

“Wealthspire Sports and Entertainment is part of Wealthspire Family Office, and that's a really important designation because it's not this siloed division that's out there on its own just working with athletes and entertainers,” said Marzano. “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.” 

Wealthspire’s services for athletes and entertainers include tax and estate planning, trust, family office accounting, lifestyle and concierge, bill pay with or without power of attorney, as well as help managing complex contracts, business ventures, real estate, charitable giving and the transition to life after their primary career. 

“They're focusing pretty much 24-seven on their career and being the best at what they do, and we need to find a way to communicate with them and give them the trust and confidence to know that everything is being addressed while they're focusing on their career,” Marzano said of WSE. “It's advisors that are very well rounded, that understand the implications of variable income, income that's not guaranteed in many cases.” 

Wealthspire’s Ground Control unit previously acquired Wiles + Taylor & Co in February, which is a Nashville-based advisory practice focused on serving music industry clients. The new sports and entertainment division consists of serving existing Wealthspire clients as well as plans to add advisors and clients through M&A.  

“Putting the structure around [Wealthspire Sports & Enterainment] means we have a way of delivering services to existing clients, and [we're] absolutely focused on recruiting advisors into the practice to be able to support the growth that we anticipate in the space,” said Angela Giombetti, chief marketing officer at Wealthspire.