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~ The daily blog written by ITL's Neil Stratton

Succeed in Football

Tag Archives: NFL agent

Notes from the All-Star Trail — Jan. 2018

12 Friday Jan 2018

Posted by itlneil in Agents, Scouts

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NFL agent, NFL Scouting

January is always a crazy time for me. On one hand, it’s the best time of the year because I get to get out and see all the people I text and email the other 11 months of the year. On the other, it’s incredibly busy, with so much information to gather and publish. And it’s tough being away from the family for almost the whole month.

Today, though, let’s focus on the positives. Here are a few thoughts gathered from conversations I’ve had through Week 1 of my annual Amuck in America tour.

  • On Tuesday, a couple of agents asked me if scouts would be sticking around until Wednesday, the third day of workouts at the College Gridiron Showcase in Addison, Texas. I knew why they were asking — their clients were looking to skip Wednesday’s workout, with the excuse that no NFL teams would be there. What’s frustrating is that though I’m super-proud of our game, we (the organizers of the game) are not at a point where we have a roster full of first-rounders. These kids need to play every chance they get, even if it impresses only a handful of people. When players immediately start asking if they can skip workouts, it makes me wonder if they love football. And if you’re not a Top 100 prospect, you really need to exude a love of football.
  • Today I had a long conversation with a financial advisor who, after years of pursuing NFL clients, gave it up this year. I called him to pick his brain about what makes it so hard to succeed in the game, and along the way, he shared something with me that I hadn’t thought of. There was a time, he said, when he’d discuss his NFLPA certification openly with his clients, but no more. Now he has to pick his spots because the cache is gone, and it’s all because of — you guessed it — the decision by so many players to kneel during the anthem. He works with plenty of retired and pre-retired professionals from an older generation, and while they accept the players’ actions intellectually, it’s difficult to stomach on an emotional level. That’s something I hadn’t thought of: that, to some degree, the NFL has become so toxic that it’s splashing on the non-football business of some people in the game. That’s not good.
  • Lately I’ve been mulling joining the Pro Football Writers of America. It doesn’t really benefit me, per se, and I don’t really think of myself as ‘media’ in the traditional sense, but I’ve been kicking it around. At any rate, it got me thinking — why isn’t there a professional organization for current, former and aspiring NFL scouts? Why isn’t there a body that rewards and honors scouts that excel, or helps gather information on the profession, or even helps show the ropes to those who want to work for NFL teams some day? It’s something I’ve been mulling for a while now. Think it’s a good idea? A dumb one? Would you be interested if I started such a society? Hit me up on Twitter (@InsideTheLeague) with your ideas.

The Rising Cost of Representing Players

22 Friday Dec 2017

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NFL agent

Sticker shock is probably the biggest issue facing the modern NFL agent, and that’s especially true of new contract advisors sorting out the financial expectations of their recruiting quarry. Even players barely on the draft radar have come to see training as an expectation, and the entitlement doesn’t end there.

We’ve done plenty of writing about the costs of the business in the past. About three years ago (January 2015), the number we came up with was $10,000 to represent a player who could be drafted in the seventh round, but who would likely wind up as a priority free agent. Of course, that’s three years ago in a business where the dollars spend quickly and desperate knows no bounds. On the other hand, if you’re in the market for a top-100 pick, the number is 3-4 times that, according to our conversation with a top player rep in November 2014.

Both costs have risen. This week, the answer we got back on the first question was that it’s closer to $30,000 for a player slated to be drafted in the latter rounds (“we set aside 20k for training, 1500 a month in per diem, then another 2k in random expenses,” said one agent who typically signs late-rounders and undrafted free agents but always eschews top-50 prospects). As for those in the Top 100, by the time signing bonus, per diem, training (including lodging and food), marketing guarantee and/or other costs, we can only guess.

Still, it’s not the upfront costs but the back-end costs we’ll be focusing on later today in our Friday Wrap. We asked 13 contract advisors this question: How much does your monetary investment in a player grow over the draft cycle? In other words, once training costs and other considerations are set upon signing, what percentage (if any) does that total grow with unplanned, ‘out of pocket’ costs?

Based on spending about $30,000 on a typical prospect, here were some of the responses.

  • “Depending on the level of player i plan on spending around 5 to 15k. It usually ends up around 10 to 20k at least.”
  • “I mean, it always happens. It can be as little as a $200 flight, or it can be thousands of dollars. When i budget for each guy i usually add at least $7,500 in “misc. costs.”  If i stay under, great…but it usually tips the other way.”
  • “Maybe 2-3k.”
  • “We’re pretty strict so maybe 5%.”
  • “Overall, we know that the promised expenses are probably about 90% of the expenses. Sometimes we need a few extra flights, rental car, or an additional loan, but the main expenses are known upon signing. And of course, we know our own expenses like all-star games, visiting client while training, etc. Very true. Plan is to keep things as clear as possible when they sign in order to avoid the issue later. Usually works but not always!”

For more responses, and a more rigorous look at the ‘out of pocket’ expenses associated with signing and representing budding NFL players, make sure to register for our Friday Wrap. It’s free, and chock-full of notes on the business of pro and college football. Register here.

Merry Christmas!

On NFLPA Exam Results, Our Practice Baseball Exam, a New Book and More

25 Friday Aug 2017

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NFL agent

While we prepare for Hurricane Harvey here in West Houston, here are a few thoughts to wrap the week.

  • The NFLPA sent out results from the 2017 contract advisor exam Thursday. For agents, there’s no better time than draft day when players get to realize their dreams. For me, ‘results day’ is my draft day, because I get to hear from so many newly minted contract advisors. So far, we’ve heard from about 15 people with good news (some of it on Twitter) and a couple with bad. Of course, that’s a fraction of the people who used our resources, but it’s a good sign. Exciting stuff.
  • Speaking of exams, our practice baseball agent exam is up and running. For those people planning to becoming MLBPA-certified, it’s worth a try. And this year, as we debug this thing, it’s FREE! What have you got to lose? All we ask is that you give us fair feedback on how our exam compared to the real one. The test will next be offered Wednesday in New York City.
  • The word ‘enigma’ is thrown around a lot, but the word was really invented with Al Davis in mind. That’s why a book about the former Raiders owner is something I’m really excited about. Al Davis: Behind the Raiders Shield is coming in September, and it’s already getting some positive buzz in major places. It’s co-written by a longtime friend, Jon Kingdon, who got washed out when Davis died and the new regime came in. Jon was Director of College Scouting under Davis, who was not your average owner who makes the big-picture decisions and leaves the details to others. I’m a firm believer that if you know history, you know the future. Reading about Davis, who was such a factor in the AFL merger as well as the key subsequent decisions in the life of the league, should be incredibly insightful.
  • One thing that we’re going to try to focus on more at Inside the League is developing trends, especially as it comes to new technology. With that in mind, I’ve asked my friend Ric Serritella of NFL Draft Bible to help find interesting items to pass along. Not only does Ric have a very thorough eye for talent (he helps assemble the rosters for the College Gridiron Showcase and puts out a widely respected draft guide every year), but he’s also a wizard of video production (he has filmed and produced the last two ITL Combine Seminars for our YouTube channel. In other words, he’s perfectly placed at the intersection of football and hi-tech. One thing he turned me onto this week is the new Los Angeles Sports & Entertainment Complex, which will be shared by the Chargers and Rams. Located in Inglewood, Calif., the $2.6M sports entertainment district is scheduled to open in 2020 and spreads over 298-acres (three and a half times the size of Disneyland). Fans will be able to see the action from just about anywhere; it will include 70,000 seats, will be open-air, and will feature an oval-shaped, dual-sided Oculus jumbotron that will stretch 120 yards. The compound will also house 2,500 modern residences, 300 hotel rooms, 890,000 square feet of retail space, 25 acres of public parks and a 6,000-seat performing arts venue. While naming rights have yet to be sold, 125 of the 260 luxury suites have been made available—they include all Chargers and Rams home games, in addition to the right of first refusal to all other events. The LA Sports and Entertainment Complex is scheduled to host Super Bowl LVI in February 2022 and the opening ceremonies of the 2028 Olympics. To view a virtual tour of what some are calling the eighth wonder of the world, click here.

Introducing the ITL Baseball Agent Practice Exam

17 Thursday Aug 2017

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NFL agent

If you’re reading this, you probably already know that, at Inside the League, we try to help the football professional succeed at his trade. That’s whether you’re an agent, trainer, financial advisor, coach, scout, marketing professional, parent of a player, player or anyone else associated with the game.

Our help for some people starts before they are even officially part of the game. For example, you’ve probably heard about our practice exam for NFL agent hopefuls. You might also have seen our short video on it. Maybe you’re even sick of hearing about it. But the bottom line is, for seven years, we’ve been helping people get ready for one of the tougher written exams in sports (it has a less than 50 percent passage rate). Say what you will about the NFLPA (and we’ve said plenty), but the players association takes its certification of contract advisors seriously.

Perhaps as a tip of the cap to the NFL, Major League Baseball recently started testing its would-be agents, as well. In fact, in just about 10 days (Aug. 30), the MLBPA will offer one of its two annual testing dates. Two tests will be offered: a General Certification exam with 50 questions and a Limited Certification exam with 40 questions. Applicants will have up to three hours to complete either exam. The test is open-book (though no electronic devices will be allowed), and will be preceded on Aug. 29 by a seminar introducing the basic concepts to be tested, a la the NFLPA exam.

For the first time, this year, we’re offering a practice exam for those fine folks who’ll be  trying their hand at MLB certification. Our test has 30 questions, and it’s written by someone who recently took (and passed) the exam, so it’s authentic. Still, it’s new, so it’s not nearly as polished as our time-tested football agent exam. As such, there are still a few trims and edits we have to do, and those who complete it won’t yet have access to the same explanation of how we arrived at the answers (though that’s coming later).

Still, we feel it will be helpful for everyone taking it, and the best part of all is that, for the next couple weeks, it’s totally free. Of course, there are caveats. If you take us up on our offer, we’ll ask you for a little feedback on our exam before (and after) you take the actual test in New York. Our aim, as always, is a seamless practice test that gives you a much better chance to pass than others, as our football exam does (our passage rate is about 70 percent, vs. about 45 percent for the at-large test-taking population). We’re not going to pester you and not going to spam you — just a few questions about how we did, before and after, is all we ask.

Ready to sign up? Register here. Make sure not to make your username and password too crazy or long (for some reason, our database prefers five characters or less, and hates the # character). Once you get to the pay wall, you’re done — just drop us an email (nstratton at insidetheleague dot com) to let us know. Since there’s no payment protocol set up, we won’t get a notification otherwise. Then we’ll activate you, and you’ll be ready to go.

Sound fair? We hope so. It’s all part of our efforts to not only help people succeed in football, but succeed in sports. Good luck!

NFL Success: The Formula, or At Least Our Theory

07 Monday Aug 2017

Posted by itlneil in Agents, ITL, Scouts

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ITL, NFL agent, NFL Scouting

On Tuesday, I’ll be talking to a small group of business leaders from around Houston. The friend who asked me to speak, a wealth manager from a major firm here in the Bayou City, asked me to talk a little bit about what I do, and a little bit about the coming season, the Texans, etc.

Here’s a confession: I always get a little nervous when I’m speaking for a general crowd, i.e., mostly fans. If I’m talking to agents, scouts, financial advisors, parents of players, or anyone who’s already in the game, that’s my wheelhouse. We speak the same language, and I think I can provide them with something helpful. For people who just want to talk about the game, I’m a little less certain about things.

In thinking about what to present, I decided I’d try to discuss my theory on the keys to success in the NFL and apply it to the Texans. The beauty of this topic is that it can be applied to most any team. I’ve set this up to basically determine a team’s chances of making the playoffs, because I think winning the Super Bowl is a function of so many things (team health, how hot the team is over the last month of the season, relative strength of teams in your conference, etc.). If you can pinpoint a team’s chances of making the playoffs, to me, you’ve got a pretty good indicator of what kind of organization you have.

Anyway, in my estimation, here are the five elements that lead directly to NFL success, and their relative importance.

Quarterback (team leader, leader of offense): 25 percent – I was texting with a scout recently who was sharply critical of the Patriots’ college scouting record and methods, and in gest, I responded that their philosophy only works if you have Tom Brady as your quarterback. Actually, that’s true of almost every team. If you have an elite QB, it’s like you’re halfway home. It certainly covers for a lot of mistakes.

Rest of roster (football IQ, athleticism, fit to system): 25 percent – At the end of the day, players play. Others get fired when they don’t play well enough, but it’s the success of the players that determines everything else. If you have a ‘C’ coach and an ‘A’ roster, you can win. The reverse is not necessarily true, certainly not long-term.

Owner (commitment to winning, stadium, control/delegation): 10 percent – You may disagree with Jerry Jones’ style, or his ego, or whatever, but you can’t question his commitment to winning, the team’s stadium and practice facility, and his willingness to make tough decisions. Obviously, not all his decisions have worked out, but he’s not ben afraid to make them.

GM (head coach selection, management of draft, management of cap, head coach accountability): 25 percent – Here I’m assuming this is the traditional GM who has total control of the draft and hiring a head coach. I know this model is going away, but I think it’s the best way. In fact, I debated over making the GM 30 or 35 percent. This is why the Dave Gettleman and John Dorsey firings are, to me, incredibly big mistakes.

Head coach (selection of staff, game manager, fits system to talent, player accountability): 15 percent – There are plenty who’d say the head coach is the most important part of the team, and we’re seeing that realized in their salaries, but I think the ‘genius’ coach is mostly a function of his players.

This is my theory. Am I right? Am I wrong? Let me know in the comments or on Twitter.

 

The 2017 NFLPA Agent Exam: The Post-Mortem

24 Monday Jul 2017

Posted by itlneil in Agents

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NFL agent

I spent the better part of the last three days talking to people who took the agent exam last Friday in Washington, D.C. Here’s what I’ve gathered.

  • Anyone expecting the NFLPA to take a little off its fastball had to be disappointed. There were no true/false questions, and the questions were said to be even longer than last year (more than one person described most questions as ‘wordy). “There were a few pages with only 2-3 questions on the page,” texted one agent hopeful. “Every question was a paragraph,” wrote another.
  • What’s more, the hard questions started at the beginning, whereas we’d been telling people for weeks to focus on the last 20 questions, where the real meat of the test started last year.
  • In addition, though we tried to focus on time management with everyone we worked with (about a third to half of the people who took the exam for the first time), several people barely finished on time (or didn’t).
  • Finally, the questions weren’t arranged in ‘blocks’ this time. Unlike the last couple years, “it seemed that the questions were random, as in certain topics were not grouped together,” according to one test-taker. Oh, well. Back to the drawing board.
  • Two agent hopefuls told me there was a discrepancy with one of the questions, and several people made the NFLPA aware of it. If this is true, I’d expect that question gets tossed. Maybe that makes the test one question easier for everyone.
  • Apparently the NFLPA has found a new way to grade the exams, as they told everyone to expect results within about two weeks, instead of 6-8 weeks. That’s good news as long as the players association continues to curve the results. I don’t have any reason to think they won’t have one. I’ve had probably a dozen agents ask me how much the curve will benefit test-takers, and exactly what total one needs to pass. It’s impossible to tell.
  • Word continues to get out on our practice exam and study guide. One person said the two people he sat next to and hung out with in D.C. also used our resources. That’s a good feeling. And next year, we’ll be even more prepared to help would-be agents. We’re hoping to add a second complete practice exam next year, and we hope to sharpen up our current one, as well.
  • While we’re at it, we’re also working on a practice exam for the MLBPA exam, which will be offered next month and next year (twice annually).

If you don’t mind the indulgence, I’d like to close with a few final words, all unsolicited, from our clients.

  • “Hey Neil. Just wanted to say thanks for your help on this process. The review really helped me prepare for the seminar and for the most part the seminar was just a review. I feel really confident that I passed the exam.”
  • “(Test was) cake. Was far easier than I anticipated.”
  • “You provided helpful tools for me for an important task. I appreciate your services.”
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It’s (Still) Not Too Late

17 Monday Jul 2017

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NFL agent

Sunday and today, I’ve been exchanging emails with an attorney who feels woefully unprepared for Friday’s NFLPA exam in Washington, D.C. Based on our exchange, I got the impression she felt she had passed the point of no return on her procrastination, and was headed for a very difficult time in D.C. My message to her was, and is, that it’s not too late.

If you’re an agent hopeful who’s in a similar plight, this is my message to you, as well.

If you read this blog regularly, you know we’ve got a practice agent exam on our site, as well as a study guide we can provide, each of them with a $150 (plus tax) price point. You also know we’ve been offering these for several years, and that our rate of passing (about 70 percent) is 25 points higher than the passing rate of the population at large. At the same time, maybe you’re not sold on these resources as especially valuable. If so, check out these testimonials, all received within the last month, none of them solicited.

  • “Thank you for everything during the test process, I really appreciate it and look forward to working with you after the test.”
  • “Really grateful that I found ITL.  Not sure if I will be able to master enough of this material by next week but ITL is certainly helping.”
  • “I have appreciated these testimonials and the practice exam has been very helpful.”
  • “Just wanted to let you know I really appreciate the information you provide that can’t be found anywhere else.  It is an invaluable resource for guys who are crunched for time.”
  • “A note to say that ITL has made my life a lot easier. I appreciate the work you put into it.”
  • “I don’t know you from Adam (pun), but brother you’re on top of your Shi— 🙂  I love that!”
  • “Thank you for being the only true resource on the web to find useful information pertaining to the world of agents, financial advisors, scouts, etc.  The tools and resources you’ve created with ITL have so far been extremely helpful.”
  • “I appreciate your help.  You’re amazing. Always stay the Legend that you are!”

I quibble with the ‘legend’ description (sorta), but you get the point.

On the other hand, maybe you have questions about the practice exam. If so, check out this video we recently commissioned. It’s kinda cool, and I think you’ll find it helpful. Our tweet containing this video garnered us a positive RT or two.

We’ve even got a newsletter series that has dozens of testimonials from agents who took the test over the past two years, and have passed along their recommendations on what they did to pass it since the NFLPA really ramped up the difficulty of the exam. We’ll be happy to send that as a third resource to anyone who uses either of our other two; dozens of agent hopefuls have already been receiving it for the past couple months.

Still have questions? Hit us up. Happy to field all of them. I promise, you don’t need to be afraid of us, and we won’t spam you.

Still not sold? No problem. Even so, I wish you the best of luck. At Inside the League, for as long as we are around, we will be hoping everyone succeeds in football.

Here’s Why Gauging a Team’s Draft Interest Is So Hard

21 Friday Apr 2017

Posted by itlneil in Agents, Scouts

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NFL agent, NFL Scouting

For the last couple months, you could barely surf the Web without plowing into dozens of stories, tweets, blogs and the like telling you who’s going to go where in the draft. Naturally, you need to take all of these reports with a grain of salt, whether you’re an agent or just a fan. What makes predicting this stuff so hard, even with so many parties jockeying to get information out there? Here are a few reasons.

Best player available: Many teams (I think the Steelers are one) are welded to the idea that you draft the best player available at all times. These days, you can find dozens of reports on what teams need what, but for certain teams, you can throw that out. Unless you have first-hand access to their boards, you can’t know who they’ll draft. That’s all there is to it.

Top 30 visits don’t matter as much as you might think: The way things have developed, T-30 visits are kind of the catch-all for players a team thinks it might draft that didn’t go to the combine. With the new rules that have expanded the geographical area for local pro days, lots of teams can now have projected first-rounders in without having to burn a Top 30 visit. For example, the Bears worked out Notre Dame QB DeShone Kizer as part of their local pro day. Bottom line, I won’t call T-30 visits plentiful, but I get the sense that teams are starting to use them almost to eliminate a player (and create false interest) rather than to get that up-close look they have to have before drafting them.

Opinions change: I’ve spoken to scouts who had great interest in a player at an all-star game, but subsequently lost interest in the player for any number of reasons. More often than not, no one tells the player or his agent. It doesn’t matter how many times a kid is interviewed at the Shrine Game or the NFLPA Collegiate Bowl. If that interest doesn’t continue throughout February, March and into April, you can forget about that all-star heat.

Good ‘ol subterfuge: I think this happens a lot less than it used to. In the old days, I think team executives and scouts were more adversarial with the media than they are now. The Internet has changed how much information, good and bad, is out there, and  it just makes more sense for scouts and directors to have the local writers and TV personalities on their dance card, so they don’t outright lie as much. Still, there are plenty of times members of the media (especially those that are from out of town, or who are new) are led to believe the wrong thing, or are not told the whole story (or are just plain ol’ lied to). After all, the draft is a huge card game. If a team can throw others off its scent with a false story, that’s a big win this close to the draft.

Some Last-Minute Pre-Draft Thoughts for Agents

14 Friday Apr 2017

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NFL agent

There’s less than two weeks until the draft. If you’re reading this, there’s a great chance you’re an agent, and an even-money chance you’re puling out your hair. It’s a crazy time. Here are a few thoughts that might help you preserve your sanity.

  • Your clients may be panicking because nobody is talking about them in the media. The thing you have to remind them is that the draft media is really only interested in the top 30-40 picks. Unless your client believes he’s a first-rounder — I mean, really believes it, not some total pie-in-the-sky wish — no one on Draft Twitter, the NFL Network, or whatever is going to talk about them, and they shouldn’t expect it.
  • When a “league source” is cited on Twitter, it’s always (every single time) an agent. Every time you hear about a team conducting a private workout with a low-ranked player, or inviting in a lesser name for a Top 30 visit, it’s because an agent called his buddy in the media to give his client some buzz. The irony is that often an agent will give a writer a tip on his client, then immediately call his client and tell him about the ‘buzz’ the kid is generating. Bottom line, there aren’t scouts working out players, then immediately calling the media to brag on the sleeper they’ve found.
  • For my next point, a quick story. I made it into the Naval Academy out of a small town in West Virginia to great fanfare (at least around the Stratton household). Four years later, I’d failed out in grand fashion. I remember coming home on a rainy day in June 1991 hoping to lick my wounds a bit. Instead, my parents were loving, but hurt, embarrassed and scared. I realized I would have to be the strong one. There’s a great chance your client is going to have to be strong when his parents are demanding answers from you on why he’s not getting phone calls, why he’s not getting workouts, and the like. Communicating that to him might not be easy, but if you can get that point across, your life will be a lot easier.
  • There is no league-accepted clearinghouse for draft rankings. Your guy is probably Googling NFL Draft Scout (the closest there is) every day, but whatever he finds doesn’t really matter. If your guy isn’t rated in the top 200 players, there is no earthly way that a team knows when, or if, he’ll be drafted or signed. There are too many players that will fall on draft day, and others that will rise, that will create chaos in undrafted free agency. I know that’s not what anyone wants to hear, but tis true.
  • If at this point you’re not hearing from teams, start thinking CFL. Right now, even if your client isn’t draft-worthy, teams should be calling to persuade you to send your client to them in free agency. If that’s not happening, it’s OK, but it’s probably time to start walking back expectations.
  • Remember, it’s a relationship-based business, so it pays to know the alma maters of scouts and coaches. We’ve already done the work for you on scouts, and today, we posted colleges of active NFL coaches, from head coach all the way down to quality control. Coaches are becoming a bigger and bigger part of the selection process. this info  might come in handy in conjunction with our email frames. Just a hint.

Try to stay sane over the next two weeks. It won’t be easy. Good luck.

Agent vs. Financial Advisor: Pros and Cons

07 Friday Apr 2017

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NFL agent, NFL Financial Advisor

On Thursday, a longtime colleague referred to the rising power of financial advisors in relation to agents, at least in the football business. He asked me if I’d seen anything written anywhere about the subject. I dismissed the idea pretty quickly. Then it got me thinking.

Is it fair to say that people on the financial/investing side have it better than those on the contract side? There are a lot of ways to look at it. First, the advantages of being on the money side.

  • Financial advisors don’t have to worry about training costs. The thing about training is that it runs about $10,000 minimum (if you’re talking about a player who’s in the discussion to be drafted), and once you write that check, it’s pretty much gone. I mean, sure, if your client fires you and you have a training agreement, you can sue.  But a judgement is different from a payment, and players don’t usually have that kind of money lying around.
  • What’s more, a financial advisor who signs a player that makes it to a second deal has a lifetime relationship with his client if he plays his cards right. For an agent, it’s all over when there aren’t any more contracts to bill.
  • Agents are the whipping boy of the business. When things go wrong, it’s almost always the agent’s fault, even though (usually) he did nothing wrong.
  • Financial advisors aren’t in the crosshairs. When you’re an agent, pretty much every school is gunning for you. You’re presumed guilty. For whatever reason, financial people are seen as above the fray, well-intentioned, honest, educated.
  • Financial advisors don’t make big headlines (unless they really mess up, of course) and don’t often get major notoriety. That means they aren’t being constantly barraged by desperate draft prospects and street free agents.
  • If you’re on the financial side, recruiting the player often means recruiting the parents. For the most part, this is a good thing. Parents take a longer view and value a wealth manager’s expertise much more than the typical player values the advice, counsel and expertise of an agent. In many (most?) cases, the player couldn’t care less what his parents think during the agent selection process.

On the other side, there are advantages to being an agent.

  • This is the biggest reason, and probably why being an agent still trumps being a wealth manager. It’s The Life. I know dozens of agents who barely recruit anymore, barely sign anyone, and rarely train the ones they sign, but they don’t care. For three years, they get to say they’re agents. To a lot of fans, there’s nothing cooler than saying you have the cell number of a few NFL scouts. For the uneducated, the idea of going to the combine and attending the NFLPA seminar is super sexy. In reality, it’s snores-ville. The cache that comes with being an agent . . .  its kind of like being James Bond and Elvis, all rolled into one. You just don’t get that kind of jolt being around financial advisors.
  • I talk to attorneys who are agents all the time, and they are deathly afraid they’ll make one false (though well-intentioned) move that will get them disbarred. What they don’t know is that all these laws that states have on the books to regulate the agent industry are strictly paper ordinances. There is zero enforcement. What’s more, you really have to mess up for the PA to go after you. On the other hand, FINRA is the real deal, and a financial advisor can get completely wrecked if he messes up a player’s money.
  • When you’re a financial advisor, you have two choices. You can try to sign players who have a responsible, refined attitude about money and spending (they’re rare) or you can sign players who take a lottery approach to NFL riches (much more common). If you get kids in the latter group, you’re basically forced to be the ‘no’ guy all the time. Meanwhile, if you’re an agent, once you get your client to a contract (not easy, but still), for the life of that contract, he has to pay you. Even if he fires you. He can bitch and whine, but you have security. Financial advisors can be (and are) fired for no good reason all the time.

You may be considering one of these two career paths. Hopefully, this helps you if you’re weighing both. Have a great weekend.

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