Financial Advisor FAQs

The idea for the Financial Advisor Registration Program came from the players themselves. Players unfortunately, have become victims – not just from poor financial advice, but from outright fraud.   The need for a program to protect the players is clear.

The Program was created by and for the players to provide an additional layer of protection – not just from poor financial advice, but from outright fraud. The principal intent of the Program is to benefit the players themselves.

All financial advisors duly registered in the Program will be listed on the NFLPA’s password protected website. The advisors list contains the name, address, telephone number, e-mail address, and website address and link of each registered advisor. NFL players and agents have the ability to search the list based on select criteria, i.e. name, service, region etc..

The NFLPA hosts an annual conference for registered financial advisors. We make every attempt to offer conferences easily accessible to advisors in all regions of the country. There is no additional fee for the conference, but every advisor must pay for their own travel expenses. The conference presents extensive information and materials on the Program, players’ benefits, compensation structure, tax, insurance, pension, and other relevant financial issues related to NFL players. 

According to the No-Action letter issued to the NFLPA by the Securities and Exchange Commission (SEC) on January 22, 2002, no individual finanical advisor or company will be recommended over any other, nor will any specific advisor or firm be marketed to players by the NFLPA.

While the Program is voluntary for financial advisors, it is mandatory for contract advisors (a.k.a. agents) to the players. All NFL player-contract advisors are fully regulated by the NFLPA and cannot conduct business without NFLPA certification and approval. Under our regulations governing contract advisors, every contract advisor may only refer their player-clients to financial advisors registered in the Program – or risk disciplinary sanction. Similarly, any contract advisor providing financial advice must also be dually registered in the Financial Advisor Registration Program.

The No-Action letter, issued by the SEC’s Division of Investment Management, dated January 25, 2002, stated that the NFLPA would not be an investment adviser as defined in section 202(a)(11) of the Investment Advisers Act of 1940 as a result of its operation of the Program. The SEC’s Division of Investment Management also confirmed in that letter that it would not recommend enforcement action to the Commission under Section 204(4) of the Investment Advisers Act of 1940 and rule 206(4)-3 against the NFLPA and investment advisers that participate in the Program if those investment advisers make cash payments to the NFLPA as described in the no-action letter and do not treat the NFLPA as a solicitor for purposes of rule 206(4)-3. However, this relief does not constitute an approval, endorsement or recommendation by the SEC or its staff of the Program.

The Applicant (or the Applicant’s firm) must pay the required Application and annual fees established from time to time by the NFLPA. All fees collected by the NFLPA will be used exclusively to defray the costs of the Financial Advisor Registration Program. 

The current fee for registration in the Program is $1,500.00.  Please note that $1,000.00 is a non-refundable application fee and the remaining $500.00 represents the first year's annual fee for registration in the Program.  Any advisor that is not accepted into the Program will receive a refund in the amount of $500.00 from the NFLPA.

You must submit your current, complete U-4 and/or ADV Form (see p. 9 of the Regulations and p.A-2), and CRD® or IARD(SM) System Snapshot - Individual, if applicable, and proof of insurance (see p.A-8). You must also fully complete and sign the Application, and submit and sign Appendix E thereto.

No. Current NFL players, as well as, retired NFL players, NFL coaches, and current and retired AFL players will have access to the registered finanical advisors list.

All financial advisors must have appropriate professional qualifications to be eligible to participate and pass a background investigation. In general you must have a college degree, a minimum of five years of relevant and licensed experience in financial services or a master’s degree such as an MBA or a Master’s in Finance or a Juris Doctorate. In addition, you must be licensed in your particular field or hold some form of professional designation such as a CFP®, Chartered Financial Analyst or be FINRA-qualified. Similarly, any contract advisor who also provides financial advice must be registered in the Program.

Please read the eligibility requirements as set forth in the Program’s Regulations. It is imperative that you read and understand all of the Regulations before signing and submitting your Application to the NFLPA.

No.

Depending on the nature and degree of assistance, the answer is generally yes. If the person practicing or assisting the Registered Player Financial Advisor is also providing financial advice and receiving a fee for this service, this individual must also register in the Program. The specific rule is stated in Section Three (I) (F) of the Regulations, on p.13.  You must also list all members of your financial team who provide assistance to clients.

You are permitted to represent to any player that you are registered in the Program and the review process the NFLPA Financial Advisors Program conducted prior to granting registration. You are not permitted to state or imply that NFLPA registration constitutes an endorsement and/or recommendation by the NFLPA of you or your services, or that your registration status constitutes evidence of your skill, honesty or competence to represent players. See Section Four II (A) (10) on p.16 and Section Seven on p.17 of the Regulations.

While the Program will offer general financial education to the players, please bear in mind that under our SEC No-Action letter, the Program cannot recommend any particular advisor or firm.

No. You may search for a specific player's contract advisor by using the player/agent search function once you have registered with the NFLPA.

No. You are only registered if you have submitted a completed Application, all required forms (including Appendix E) and fees, been approved for registration by the NFLPA and have received the Registration Certificate from the NFLPA (see a sample in Appendix B to the Regulations).

The application process is open from September 1 of the current year through January 31 of the following year. Therefore, any number given at any particular point in time could change.

According to the SEC No-Action letter, every applicant must meet the eligibility requirements at the time of the application.  If you don't believe you meet the application requirements but still choose to apply, your application may be denied causing you to forfeit your $1,000.00 application fee.

We will make every attempt to process applications within 90 days of receipt, but may extend that period if necessary.

You may send your Application to:

NFL Players Association
Attn: Financial Advisor Registration Program
1133 20th St, NW
Washington, D.C. 20036

Prospective advisors are encouraged to submit applications prior to January 1, as registration is based on a calendar year and expires December 31. It is recommended that you send your Application and all forms by an overnight courier service, or other means that provides tracking number services.

After you have thoroughly read both the Regulations and Application , you may contact the Financial Programs and Advisor Administration Department.

We are happy to answer any questions that you may have. Please remember, however, that most questions are answered in the Regulations and/or Application, and that any questions will be informed ones only after you have read all the required information.

We very much look forward to your participation in the Program.