Sadly, Clinton Portis the great Redskin running back, considered doing the same to his financial advisors who ripped him off to the tune of $11 million!
Clinton Contemplated Murder (USA Today)
This too often sad tale of professional athletes is difficult to get our head around. The clowns who ripped off Portis, who is one of my all time favorite athletes, were actually registered with the NFL Players Assoc. Financial Advisor program! Doesn't anyone know what's going on? These advisors are dangerous. They are absolutely top of the line at self promotion but have a reptilian part of their brain that focuses like a laser beam on separating people from their hard earned dollars.
Look I can help. I suggest modestly to put aside $2 million and invest it in low cost Funds. Such an approach would have grown to over $8 million over the last 20 years with an allocation of 65% stocks/35% bonds. I would charge $6,000/year (0.3%) to manage the portfolio. $2 million generates $80,000/year for life. Most people can live comfortably on $80,000/year in retirement.
I'm glad that Portis's friends talked him out of killing the advisors but wish that advisors of this ilk would serve serious time in the slammer.
Don't think these kinds of advisors can't find the average investor . They can. As Woody Guthrie said, Some will rob you with a six-gun, And Some with a fountain Pen.
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