Gregg Greenberg
Also, did he provide the client, the client's family or the client's friends anything of value in order to receive the business? If yes, then the athlete has been "bought" and should not allow himself to be represented by the prospective adviser or agent. If the athlete has previously received anything, then we encourage him to pay it back and choose a new and honest adviser.
Has the agent or financial adviser done anything to break the rules -- NCAA rules, union rules, SEC rules or the rules of any other appropriate governing body? If the representative does not play by the rules, then he has disqualified himself. The financial adviser should be paid a fee for services, not commissions or other fees on transactions. The athlete should seek someone who gives independent advice and is not influenced by financial conflicts of interest. The financial adviser should be independent of the agent.
Truly independent and honest agents and financial advisers should be able to work together professionally to serve their mutual client's best interests.
Q: Since their careers are short -- on average -- how should they make financial plans?
The financial plan should contemplate a career of realistic length. We like to assume that any long-term contract will be the last one for that client. We can then be pleasantly surprised when another contract is signed.
Athletes should make their financial plans by establishing reasonable budgets that provide them with a standard of living they can sustain from their investments after their professional sports careers are over.
Also, did he provide the client, the client's family or the client's friends anything of value in order to receive the business? If yes, then the athlete has been "bought" and should not allow himself to be represented by the prospective adviser or agent. If the athlete has previously received anything, then we encourage him to pay it back and choose a new and honest adviser.
Has the agent or financial adviser done anything to break the rules -- NCAA rules, union rules, SEC rules or the rules of any other appropriate governing body? If the representative does not play by the rules, then he has disqualified himself. The financial adviser should be paid a fee for services, not commissions or other fees on transactions. The athlete should seek someone who gives independent advice and is not influenced by financial conflicts of interest. The financial adviser should be independent of the agent.
Truly independent and honest agents and financial advisers should be able to work together professionally to serve their mutual client's best interests.
Q: Since their careers are short -- on average -- how should they make financial plans?
The financial plan should contemplate a career of realistic length. We like to assume that any long-term contract will be the last one for that client. We can then be pleasantly surprised when another contract is signed.
Athletes should make their financial plans by establishing reasonable budgets that provide them with a standard of living they can sustain from their investments after their professional sports careers are over.
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