10 tips for choosing between sports agent companies
Is the agent or agency that is recruiting you registered to act 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 Athletes Agents Act, or UAAA, is a state law currently recognized by 40 states (as of April 2011), in addition to Washington DC and the US Virgin Islands, that regulates agent recruitment actions. .
The purpose of the law is to create uniformity in the way sports agent firms recruit and communicate with potential clients. Part of the law requires sports agents to register in each state in which they choose to recruit athletes.
If you are in a state where UAAA is not recognized, ask them if they are registered in that particular state (if applicable). If you are already a professional athlete, prospective agents do not have to register with your state.
Have you ever been disbarred, suspended or sanctioned as an attorney or agent?
While bad things happen to good people sometimes, it’s good to know if the sports agent firm you are considering has ever been sanctioned, suspended, or disbarred (if you’re also an attorney). Research the attorney or agent and feel free to mention what you have learned. There may be a good explanation for what happened, but it is important that you feel comfortable with them and their history.
What is your rate? Is your rate negotiable? How and when do you bill me for your services?
Do you provide some type of annual account statement to your clients?
Sports agent companies typically bill a percentage of the contract value that they negotiate on behalf of the players. Very often, this fee is capped. For example, in the NFL (National Football League) and the 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 request to pay the agent an hourly rate, if agreed. 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 Milwaukee. . Bucks.
As for athletic training, who do you work with? Who have you trained for the Combine in the past? Who pays for my training?
Today, sports agent firms often pay the bill for pro and conjoint 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 is important to ensure that you and your prospective representatives clearly understand where you are training, who is training you, and how much it will cost, as well as whether any of the related fees are your own financial responsibility.
Your career is at stake, so it is vital that you research the experience and track record of the entity in which you will be training.
What kind of financial services do they provide? Do you receive a referral fee from the financial advisor you recommend? Can I use my own financial planner or accountant?
Sports agent firms sometimes receive kickbacks or commissions for referring clients to specific financial advisers. Obviously, this practice should raise concerns about whether or not the agency is referring that financial advisor due to their performance and quality of services.
Ask if they recommend a financial advisor. If they do, check their background. If you discover any red flags, raise your concerns with the agency or agent to see what they say. Sports agent firms recommending financial advisers with questionable backgrounds should not necessarily be disqualified from consideration, as they are (or should be) two separate entities. It is also possible that they did not know about the crimes themselves or that there is a good explanation behind what you found, unless it is criminal activity.
When interviewing potential financial advisers, find out their opinion of you by employing risk managers to assess the level of risk involved with your recommended investments. If your best interest is your true concern, you shouldn’t have a problem with having a third party review your recommendations. Financial advisers representing NFL players must register with the NFLPA in the same way as agents.
NOTE: Never choose a financial advisor or sports agent companies just because they are highly hired! Find the one that’s 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 of sports agent firms can vary greatly. You need to make sure that you are comfortable with the number of clientele they 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 educate yourself on your firm’s structure in this regard.
If for some reason I’m 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 evaluate worst-case scenarios.
Ask what kind of plan they would put in place to evaluate a situation where you weren’t selected, or ended up receiving undrafted free agent offers if you expected to be drafted.
Ask if situations like this happened in the past and how they handled it.
What are your strategies regarding endorsement deals for a player like me?
Endorsement deals are much more difficult to come by in professional football today than in previous years. The best ones are reserved for star quarterbacks, especially those who play in the big market cities. Marketing opportunities for average players in small markets are very rare.
How much weight you put on the experience of sports agent firms with client endorsements is up to you, however it is wise to consider how sparse they are when judging sports agent firms.
How can you help me earn extra money from other opportunities?
Although endorsements are rare, 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 your post-career?
Post-career guidance and assistance is a fairly standard offering in today’s sports agent businesses. 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 a completely different reality when you start getting those huge checks. 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 intelligent professional soccer player (at Y off the field, visit Get 2 The League today!