Do agencies help with brand deals, type of content, and posting strategies?

Do agencies help with brand deals, type of content, and posting strategies? Hello folks! I often see content creators/influencers put 'Managed by xyz" on their instagram bio. I am wondering how do these agencies help influencers? Do they help with closing brand deals, provide strategies on when to post content/story, or what type of reel to make and hashtags to use for engagement? And does that mean they charge flat fee...

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