An agent makes up only one part of what should be a comprehensive athlete business team. There may be many other components to that team, including public relations specialists, accountants, and financial advisors.
Recently, my friend Jared Zwerling of ESPN.com interviewed Mark Doman, who is the financial advisor for Landry Fields of the New York Knicks. Doman is the Senior Vice President of True Capital Management, which specializes in providing investment advice and financial planning for many professional athletes so they have financial security when they retire. He also has experience in the sports agent industry. He interned for basketball agent Curtis Polk when Doman was only 15-years old and also completed internships for major agency Octagon and others as well.
I encourage you to read Zwerling’s interview with Doman in its entirety. Here is the 4th (out of 10) things Doman wants you to know about his job:
I work hand-in-hand with agents to make sure our clients are financial secure during their entire lifetime. An agent, or contract adviser, is an integral part of an athlete’s life. My goals are the same as theirs in the sense that I want the athletes to have money for their entire lifetime. I step in and help with their long-term financial planning; agents must think more short-term to maximize the athlete’s earning power. That’s why I decided to do what I do. Their athletic abilities is what gives the athletes the opportunities to earn this money, but they need guidance for life after sports. Sports can be three to 10 years of their life, but then their post-athletic career is typically 40 to 60 years. It’s that part of their life that I’m really concerned about planning for.