As a result, young athletes are natural targets for financial exploitation, he says.

“Exploitation is more common than a lack of exploitation,” says Buoncore. “In the last few years, we’ve gotten guys who were taken advantage of by advisors, family members, friends, and it’s often hard to communicate to them about what’s happened because they don’t really want to understand it. They’ve grown up as athletes, that’s what they want to focus on, not their finances.”

Trading in their amateur status for early financial status may be costly for young athletes as the damages from fraud and other exploitative behaviors threatens their ability to create financial stability later in their life, advisors say.

“The average career is four or five years. They have a really short time horizon for their earnings, but need to plan for 20 to 40 years in the future,” says Sailar. “These players, from a young age, have been told to focus on one or two things their entire career because this is what they do well and what they’re going to be.”

If a young athlete loses amateur status after accepting money from an advisor they could be putting a pro career at risk, as the track record for young college basketball players who leave college early or forego college entirely to play professionally overseas is not marked by a large number of successes.

“Our approach is one of education. We’re willing to sit down with anyone who is willing to learn about financial literacy and education,” says Sullivan. “We work with first round draft picks, we work with people on practice squads, it doesn’t really matter. We’re happy to do that.”

For the most part, firms like Miracle Mile Advisors are referred to athletes by referrals from family members or trusted centers of influence, says Sailar.

“We’re usually referred to the athlete,” says Sailar. “We end up serving them and anybody else they would like included in their meetings and communications. At times they include family members, but not all the time.”

MAI, Miracle Mile and Calamos typically serve athletes later in their career, and the vast majority of the  financial industry serves athletes appropriately, says Buoncore.

“In [profession] you have bad actors. ... Most advisors are doing things the right way. The ones trying to take advantage and who act in self-serving ways are a minority. They’re the bad apples.”