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It is not that the investment advice must be specific or highly detailed for it to be deemed “investment advice.” If the advice involves investing—or not investing—in securities, the key is whether the person providing such advice knows the investment situation of the person receiving the advice. A sports agent who knows his client’s financial situation is providing investment advice even if he says something vague, such as, “If I were you, I would put that signing bonus into real estate. Stay away from stocks and bonds.”
The sports agent receives compensation from the client. He knows his financial situation. And he just provided investment advice. If he is registered as an investment adviser, no problem. If not, he probably should be registered. Or he should stick to his area of expertise and refer his client to an investment adviser or broker-dealer who can help him.