Working With Major League Baseball Players

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Feb 5, 2009 10:02 pm

Has anyone worked with MLB players? How did you get started? What was the most difficult part?



I have the opportunity to partner with a sports agency and have exclusive access to all their players in exchange for attending spring training to meet players and helping out with the cost meals at the events where I will be introduced as the wealth management partner of the agency. I still have to close the deal with the players but the favorable introduction is awesome. On top of that I am the advisor for all the owners and agents of the firm (which will go a long way with the players).



I am brand new at working the world of sports and wanted to get some feed back. This seems to me like a no brainer? Am I right? Is it standard to help out to gain access? I feel like this is once in a life time opportunity? Am I being to naive? What would you do in this situation? Shoot it to me straight. Thanks a million!

Feb 5, 2009 10:43 pm

I would pass on that. By the way, would you please pm me the name and number of your contact at the agency? Jk

Feb 6, 2009 8:52 am

The baseball legends of my youth were always investing in a) car dealerships, b) regional fried chicken restaurant franchises or c) local beer distributorships.


Feb 6, 2009 9:04 am

It sounds like an fantastic opportunity to me.  Just make sure you go over the parameters with your firm's compliance department so you don't run into problems with the arrangement.

Feb 6, 2009 9:38 am

Thanks for the replies. I assumed that this was a good deal but wanted to double check my thinking. I was a little concerned because they only have 3 MLB players at the moment but have prospects for more in the future. But I guess the goal is to get in before they become the next Scott Boras right?

Feb 6, 2009 10:34 am

I would get more details on the cost "sharing" of meals, you don't want to get stuck buying Cristal for 40 athletes every night! Also, a lot of the sports agents want to share in revenue (at least 10%) from the player. LPL, for instance, would not have a problem with that as long as the agent is properly licensed. However, I know some firms would not do that (Jones would not do that as of a few years ago).

Feb 6, 2009 2:21 pm
ssrhodes:

Has anyone worked with MLB players? How did you get started? What was the most difficult part?

I have the opportunity to partner with a sports agency and have exclusive access to all their players in exchange for attending spring training to meet players and helping out with the cost meals at the events where I will be introduced as the wealth management partner of the agency. I still have to close the deal with the players but the favorable introduction is awesome. On top of that I am the advisor for all the owners and agents of the firm (which will go a long way with the players).

I am brand new at working the world of sports and wanted to get some feed back. This seems to me like a no brainer? Am I right? Is it standard to help out to gain access? I feel like this is once in a life time opportunity? Am I being to naive? What would you do in this situation? Shoot it to me straight. Thanks a million!

 
You must be with Ameriprise.  I hear Ameriprise reps get this kind of exclusivity.
Feb 6, 2009 2:28 pm

I heard Sandy Koufax might be looking for somebody...

Feb 9, 2009 1:14 am

To answer your questions in order Yes.  Played collegiate baseball in a geographic  location that is very well known for wealth management and the amount of baseball talent on the diamonds at the amateur levels.  From that numerous friends and teammates played or  currently play professionally.  The most difficult part is always developing the relationship with a retail client doesn't matter if said client is Hollywood actor or A-Rod.  Barriers to entry preclude 99% of advisors from even thinking about this niche and that number will go up for a new advisor.   FYI Boras handles everything wealth management wise in house and that is written in all his players contracts he gets more for that service.  Bread and butter will always be business owners in  certain industries wherever you might be located for most new FA's.  Something else you should think about most agents don't want to handle their clients money.  Simple fact client loses money in investments agent is more likely to be dropped.  Considering  that there are more agents than players in MLB think about that. Also you need to realize no other agent will work with you upon finding out you are associated with an agency for the same reason I refuse to work with CPA's who try to handle investments.  Another thing you need to think about is that with league minimum just gettint to 400k this year unless you have some very established vets those three clients aren't gonna pay your bills.  Personally I would never limit myslef to one COI but if you feel this is the only way you will break in you might want to do it.  Just realize that you need to have  clients from several industries to survive in this industry and that athletes are naturally distrustful of almost everyone, because everyone is asking for money for investments.  The agent will be a good in but are you willing to gamble with your financial stability on three potential clients.  More info on you is needed.  Age, firm, experience, etc. before I can give you a real detailed opinion but there are a few things you can glean from this hopefully.