It’s not every day you find the NFL draft, a social media hacking scandal and a financial advisor wrapped up in a single story, but that’s the world we live in. According to ESPN’s investigative unit, attorneys and agents representing Miami Dolphins rookie Laremy Tunsil are investigating whether his former financial advisor is the culprit behind incriminating posts that showed up on his social media accounts during draft day. The posts resulted in the projected top-five pick tumbling to number 13, costing him an estimated $10 million in signing bonuses. Tunsil hired the unnamed financial advisor before his final season at Ole Miss, but fired him after his agents discovered he wasn’t a registered investment advisor. The phony advisor gave Tunsil a new phone to use, and Tunsil’s camp believe the advisor accessed the player’s social media through the older phone. Now the player and attorneys are deciding on turning the case over to the FBI to pursue criminal charges.
Prince Isn't The Only One Without A Will
With all of the publicity garnered by deceased music icon Prince’s potential lack of a will, it’s important to remember that most Americans don’t have one either. A recent report by an NBC affiliate draws attention to a 2015 survey performed by Rocket Lawyer, which indicated that 64 percent of Americans don’t have a will. When asked why they didn’t have a will, 60 percent of respondents said that they intended to have one drafted and simply hadn’t gotten around to it yet. A surprising 27 percent stated that they didn’t think it was an urgent issue.
Combating the 'Entourage' Effect
It can be a blessing or a curse when professional athletes, musicians or other celebrities see their careers take off and come into a lot of money. All too often they overspend their newfound wealth, and end up worse off financially than before they hit it big. One of the biggest challenges new celebs face is what RBC Wealth Management calls “the ‘Entourage’ effect.” These are “the pressures within and around them to act the part of the celebrity,” RBC writes in a recent research piece. Paul DeLauro, a Beverly Hills-based senior vice president and manager of wealth planning for City National Bank, says celebrities need to look out for “creditors, predators and thieves” who will try to take advantage of them. His advice for these clients? “Surround yourself with a team of professionals with different incentives, all working for your best interest. Build a plan to protect your wealth if you want to be successful.”