Updated April 28 at 1:28am

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Sanderson to head athlete-focused financial adviser group

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BOSTON – Oceanstate Financial Services and Baystate Wealth Management have announced the formation of The Sports Group, a new division that will focus solely on the financial needs of professional athletes and others in the business.

Former Boston Bruins player and member of a Stanley Cup-winning team Derek Sanderson has been named managing director of the new division.

“As a former athlete, I know how difficult it can be for professional athletes to manage their finances, especially looking beyond their playing days toward retirement,” said Sanderson.

Sanderson has worked with the Boston-based firms State Street Global Advisors and Howland Capital.

“Derek’s knowledge of the unique financial challenges facing athletes, not only as a former player, but also with his years of experience in the financial services business, will be invaluable to us as we launch The Sports Group,” said Tom O’Connor, president of Baystate Wealth Management. “Many people assume that athletes who make millions never have to think twice about money, but planning for the future is no less important for them than for any other working person.”

Oceanstate Financial Services, located in East Providence, is an affiliate of Baystate Financial Services.

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