In my February 25th post They Can Always Spend More… I referenced several massive financial failures of the rich and famous. Forbes continued the hit parade yesterday in Robert Laura’s article What Broke Athletes And Celebrities Can Teach Retirees:
The statistics are startling: Sports Illustrated estimates that 78% of former National Football League players are bankrupt or under financial stress within two years of retirement. An estimated 60% percent of former National Basketball Association players are broke within five years of retirement, and recently a host of MLB players fell victim to an alleged ponzi scheme at the hands of Robert Allen Stanford.
Laura offers this advice for retirees:
If they’re not meeting expectations or able to illustrate the value they add to your relationship, then start shopping for a free agent.
How many of your clients are shopping for a free agent right now?
In countless surveys, “I don’t hear from my advisor often enough” is typically the top reason clients leave or consider leaving their advisor.
In my February 14th post How Sticky Are Your Relationships? I noted that Valentine’s day was a great day to reach out to your clients (just like any other day).
Today is Leap Day, truly a quadrennial opportunity to reach out and keep yourself off of the free agent list.