Rothstein Kass Research: Most Sports Agents Expect Competition for Clients to Increase Amid Influx of New Representatives

NEW YORK and ROSELAND, N.J., Nov. 15, 2011 /PRNewswire/ -- The Rothstein Kass Family Office Group (http://www.rkco.com/Site/FamilyOffices/CorpContent.aspx), a division of leading professional services firm Rothstein Kass (www.rkco.com), today announced the release of "The Value in Value-Added Services—How Sports Agents Can Generate Million-Dollar Incomes," an in-depth study on the sports agency business. The report features the findings of a survey of 219 sports agents, identifying key trends impacting their business and best practices. Nearly 90 percent of survey respondents indicated that it will become more difficult to recruit new clients, with more than 80 percent expecting short-term pressure on fees.

"While the allure of the industry means that the professional will continue to attract talented and motivated agents from diverse backgrounds, it also ensures that overall conditions will remain intensely competitive. As they seek to increase profitability and distinguish themselves in a crowded marketplace, many agents have added substantially to the scope of services they provide. This has added to the complexity of the space, as the quality and range of services can vary greatly from one agent to another," said Rick Flynn, Principal and Head of the Rothstein Kass Family Office Group. "Those agents that will be most successful in this environment have the ability to unify interrelated advanced planning functions in support of the development of the client's personal brand. As they introduce value-added services – from career coaching to financial services – agents should focus on areas that help them to form a more meaningful partnership with their clients to better understand their long-term aspirations."

Nine out of ten sports agents surveyed for "The Value in Value-Added Services" indicated that they would like to earn more than they are currently.  Other notable findings include:

• Though nearly all agents want to boost their income, over 95 percent report that they are unsure precisely how to amass greater wealth
• Overall, almost 60 percent of agents see an influx of new people in the industry, resulting in increased competition
• Despite challenging conditions, most agents expect to increase their earnings over the next three years
• More than 65 percent of agents expect the incomes of top athletes to rise, in spite of ongoing labor disputes
• More than 80 percent of agents will be increasingly pressured to cut fees for current clients, while over 85 percent of agents will be increasingly pressured to do so for new clients
• Over 65 percent of survey participants expect that more agents will provide financial services and products to their clients
• Less than 20 percent of respondents indicated that the larger agencies will generally sign the best athletes

"Despite its evolution, the sports agency business remains a highly fragmented, relationship-driven field. As it grows more difficult to attract athletes, many agents are finding that a team-oriented approach appeals to their clients. Some have elected to align with celebrity family offices that provide a centralized framework for managing and coordinating a cohesive strategy. Many family office structures offer ancillary products that can help agents to offer a more comprehensive menu of services," said Mr. Flynn.

About Rothstein Kass:

Rothstein Kass is a premier professional services firm that has served privately held and publicly traded companies, as well as high-net-worth individuals and families, for more than 50 years. As trusted advisors to our clients, Rothstein Kass provides accounting, auditing and tax services, as well as a full array of integrated services, to clients across industry spectrums and in all stages of organizational development. At the core of Rothstein Kass' remarkable success lies our commitment to hiring, developing and retaining employees that represent an entrepreneurial spirit mirroring that of the sophisticated business and financial services communities that we serve.

The Rothstein Kass Family Office Group offers a wide range of financial, wealth planning and lifestyle management services to family offices and high-net-worth individuals. Composed of seasoned financial professionals and certified public accountants, the Family Office Group applies proven expertise with the utmost discretion and attention. A division of the Rothstein Kass Commercial Services Group, the Family Office Group does not provide investment allocation, asset management or advisory services.

SOURCE Rothstein Kass

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