While there are many circumstances unique to celebrities, they are still investors, and the basic rules of advising apply.
"You have to know what their aims and objectives are," Black-Scott says.
Rather than dealing with the client directly, advisors often work with a celebrity's business manager and it's easiest dealing with those who are experienced.
"They tend to be very conservative," she says. "They tend to understand that fame can be fleeting."
While advising a celebrity can mean invitations to some star-studded parties, Morgan says the glamour quickly fades.
"After you've been doing this for 20 years with celebrities, it's not a big deal," he says.
Taking that a step further, Black-Scott says it is important for advisors not to mix business with pleasure-or they run the risk of losing both the client and the friend.
Weighing all the assets and liabilities, advisors to the stars are not quick to recommend this specialty to others.
"It's like having a mixed portfolio," says Black-Scott. "I wouldn't specialize in it, but I have it as a piece of the business. Some of my best clients are people who have been in the business world. They are easier to deal with."
Cole agreed: "Working with athletes is not the best business decision. You have to put in a lot of sweat equity before you reap the financial rewards."
He says one can make money by signing a superstar and persuading him to invest a significant amount, or by signing a number of lower earners, although "you need a lot of those to make a viable business model."
Still, working with celebrities, despite its challenges, can pay more than just monetary dividends.