10 Tips for Choosing Between Sports Agent Firms
Sports

10 Tips for Choosing Between Sports Agent Firms

Is the agent or agency that is recruiting you registered to practice as an agent or agency in your state?

For the NFL, sports agent firms must be registered with the National Football League Players Association (NFLPA) to negotiate a contract for a player. The Uniform Athlete Agents Act, or UAAA, is a state law currently recognized by 40 states (as of April 2011), plus Washington DC and the US Virgin Islands, that regulates the recruiting actions of agents.

The purpose of the Act is to create uniformity in the way sports agent firms recruit and communicate with potential clients. Part of the Act requires sports agents to register in each state in which they choose to recruit athletes.

If you are in a state where the UAAA is not recognized, ask them if they are registered in that particular state (if any). If you are already a professional athlete, prospective agents do not have to register with your state.

Have you ever been disbarred, suspended, or disciplined as an attorney or agent?

While bad things sometimes happen to good people, it’s good to know if the sports agent firm you’re considering has ever been sanctioned, suspended, or debarred (in case you’re also a lawyer). Research the attorney or agent and feel free to mention what you’ve learned. There may be a good explanation for what happened, but it’s important that you feel comfortable with them and their history.

What is your rate? Is your rate negotiable? How and when am I billed for your services?

Do you provide any kind of annual statement to your clients?

Sports agent firms typically charge a percentage of the value of the contract they negotiate on behalf of the players. Most often, this fee is capped. For example, in the NFL (National Football League) and UFL (United Football League), these fees are capped at 3%, which means that agent commissions cannot exceed 3% of the total value of the negotiated contract. .

You can still ask to pay the agent an hourly rate, if agreed upon. It has been said that Ray Allen, now of the Boston Celtics (NBA), saved more than $2.8 million by paying Johnny Cochran $500 an hour instead of paying a 4% commission in 1999 when he was negotiating his own contract with the Milwaukee Bucks. .

Regarding sports training, who do you work with? Who have you prepared for the Combine in the past? Who pays for my training?

Today, sports agent firms often foot the bill for professional and combined prep training for safe draft picks. Some athletes choose to stay in school and train for these events, while others prefer to go to a remote location to train.

It’s important to make sure you and your potential representatives clearly understand where you’re training, who’s training you, and how much it will cost, as well as whether any related fees are your own financial responsibility.

Your career is at stake, so it is vital that you investigate the experience and trajectory of the entity in which you will train.

What kind of financial services do you offer? Do you receive any referral fees from the financial advisor you recommend? Can I use my own financial planner or accountant?

Sports agent firms sometimes receive kickbacks or kickbacks for referring clients to specific financial advisers. Obviously, this practice should raise concerns as to whether or not the agency is referring that financial advisor because of their performance and quality of services.

Ask if they recommend a financial advisor. If they do, do background research on them. If you discover any red flags, raise your concerns with the agency or agent to see what they say. Sports agent firms that recommend financial advisers with questionable backgrounds should not necessarily be disqualified from consideration, as they are (or should be) two separate entities. It’s also possible that they didn’t know about the crimes themselves or that there was a good explanation behind what you found, unless it was criminal activity.

When interviewing potential financial advisors, find out their opinion of you by employing risk managers to assess the level of risk involved with their recommended investments. If their best interest is your real concern, they should have no problem having a third party review their recommendations. Financial advisors who represent NFL players must register with the NFLPA just like agents.

NOTE: Never choose a financial advisor or sports agent firms just because they recruit you a lot! Find the one that is best for YOU.

How many clients do you currently have? How do you plan to address my needs while dealing with your other clients?

The number of current clients that sports agent firms may have is very varied. You need to make sure that you are comfortable with the number of clients that you currently have and will have in the near future. Such information can be helpful in determining the amount of attention and time they can devote to their career.

By contrast, larger sports agent firms have the infrastructure to be able to provide quality time and attention to individual clients, so be sure to ask about your firm’s structure in this regard.

If for some reason I am not recruited, how can you help me increase my chances of being part of a team?

Unfortunately, each year the outlook is not written as expected. There are also players who were expected to be undrafted free agents who end up undrafted. Experienced sports agent firms will work with you to create an action plan to assess worst case scenarios.

Ask what kind of plan they would put in place to assess a situation where you weren’t drafted or ended up receiving undrafted free agent offers if you expected to be drafted.

Ask if situations like this have happened in the past and how they have handled them.

What are your strategies regarding sponsorship deals for a player like me?

Sponsorship deals are much harder to come by in professional football today than in years past. The best are reserved for star quarterbacks, especially those who play in cities with big markets. Marketing opportunities for average players in small markets are very rare.

The amount of weight you give a sports agent firm’s experience with client sponsorship is up to you, however, it’s wise to consider how sparse they are when judging sports agent firms.

How can you help me earn extra money with other opportunities?

Although sponsorships are scarce, the opportunities are still there. The main factor in finding these opportunities is superior performance in the field, but there are other factors, such as image and accessibility, that will increase your chances.

The best sports agent firms have resources, whether internal or external, that help clients optimize their public appeal through community service, free public speaking opportunities, social media strategies, interviews, and other opportunities to make it accessible. , pleasant and memorable in the eyes of the public.

How can you help me prepare for life after sport, in addition to having good financial management? What other clients have you helped with their post-career?

Post-race support and guidance is a fairly standard offering with sports agent firms today. The key is whether or not you are prepared to listen and follow the guidance provided. It’s one thing to say you’ll listen and be smart with your money, but it’s another when you start getting those big checks. Just ask the 75% of former NFL players who are bankrupt within 3-5 years of leaving the NFL.

For more guidance and tips to help you become an informed and smart professional soccer player (at Y out of the field, visit Get 2 La Liga today!

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