Credibility–That’s the Problem
“…unfortunately most players do not care whether or not an advisor is registered with the NFLPA. The union is not going to help [advisors] meet players in any way, shape or form”.
“…as far as I am concerned….the FA program is a colossal waste of time and money…I have wasted plenty of time and money traveling to their symposiums and have never left one wiser.”
“I just didn’t really get a sense from the webinar of anything specific that will be done differently or additionally to promote (a player-centric approach).”
Where’s the Accountability?
Obligations of the Applicant Firm –This clause basically shifts the responsibility of oversight back to the applying firm based on the regulatory authority’s requirement. Couldn’t the NFLPA just develop more stringent oversight and rules in the interest of its own players realizing that they are often targets because of the program’s “relaxed” standards?
Professional Qualifications– This clause lists all of the professional qualifications for advisers entering the program. But who checks on these qualifications? A more thorough check with state securities regulators would have revealed that Mr. Ash Narayan was not a CPA.
A Registered Player Financial Advisor must – This clause is really alarming. So in the case of Mark Sanchez, what was the NFLPA waiting on to realize his investments were losing money? Weren’t they looking at the statements per this clause? Or was the advisor just not submitting the statements? Either way, this should have been a red flag to the NFLPA.