More than 100 ex-footballers face a financial crisis according to recent national media reports, due to tax issues.
Former Newcastle player Peter Cormack has set about helping players, particularly younger ones, to get their finances in order.
Mr Cormack, a Financial Planner at Towry, will be working with footballers to create and implement lifetime financial plans, as part of a partnership with Professional Player magazine, set up by ex-Premier League winger Matt Etherington.
He said it was a "shame but not a surprise" that footballers had reportedly got involved with tax avoidance schemes and run into trouble as a result.
He said: "Because of stories like this it just enhances and proves what we're trying to do here. Our starting point with a player is the Financial Planning, that's the cornerstone of what we do. I'm passionate about trying to get good advice to these guys at the front end."
He cited stats showing two out of five professional footballers, at the end of their careers, are either divorce or bankrupt.
He said: "That's an alarming stat, it is scary. I think it's widespread and a lot of the problem is that some players are a bit embarrassed if they've got into difficult having earned a lot of money.
"They need someone who they can trust, someone who is going to demonstrate good Financial Planning at the front end so they don't get drawn into schemes which don't look right."
He said 7.8 years is the average career at the top and having been forced to retire early himself due to injury, aged just 26, he feels in the perfect position to advise players.

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Mr Cormack, whose father Peter once scored against Real Madrid during a glittering career which included playing for Liverpool, Nottingham Forest and alongside George Best at Hibs in Scotland, said: "I have experienced it, I know what its like to have it taken away from me. It was my dream to follow in my dad's footsteps, to emulate him. I was absolutely devastated at having to retire."
Mr Cormack, formerly of Canada Life and RBS, said: "We're not concentrating on players coming to the end of their career, we're talking to players at the start of their career, showing what the pitfalls are and what they should be looking at. Even if they don't become Towry clients right away."
He recently gave an education talk to Brighton footballers and will continue to travel the country speaking at other clubs as well as working with Professional Player magazine.
Towry, which teamed up with Newcastle-based sports agency Quantum Sport last year, is looking at a possible sporting division within the company.