All financial advisors must have appropriate professional qualifications to be eligible to participate and pass a background investigation. The eligibility requirements for advisors include, but are not limited, to the following:
- Bachelor’s degree from an accredited university.
- Every Applicant shall be a CERTIFIED FINANCIAL PLANNER™ (CFP®) and/or a Chartered Financial Analyst® (CFA). An individual who is currently a Registered Player Financial Advisor, but is not a CFP® or CFA must become compliant within three years of implementation of this Regulation, which is November 1, 2017.
- Minimum of eight (8) years of licensed experience (qualifying licenses include FINRA series licenses, Attorney, CPA or an insurance license).
- Fidelity bonding and professional liability insurance coverage as indicated in Section Two II D of the Regulations.
- No civil, criminal or regulatory history related to fraud.
- No pending customer complaints or litigation at the time of application.
- Must not maintain custody of player funds unless deemed a qualified custodian
All advisors applying to the Program must submit an application and participate in a full background investigation. The Application fee is $2,000.00 and is non-refundable; the membership fee is $500.00. The total fee is $2,500.00 and must be submitted with the application. All fees collected by the NFLPA are used exclusively to defray the costs affiliated with the operation of the non-profit Financial Advisor Registration Program.