Mark Sanchez sacked by a financial advisor.
Jun. 29, 2016 Article

“Mark Sanchez sacked by a financial advisor”— Prevent this from happening to you


In recent news, three pro athletes are calling a foul on their financial advisor who cheated them out of approximately $33 million. The lineup of alleged-fraud victims includes Denver Broncos quarterback Mark Sanchez, San Francisco Giants pitcher Jake Peavy and retired pitcher Roy Oswalt. 

Their financial advisor, Ash Narayan, now a former advisor at RGT Wealth Advisors, invested their money into Ticket Reserve, a struggling online company on whose board he served, the SEC said in a release. (Read the full article on 

This story is not the first about athletes being cheated out of money from their advisors, but it does bring to light very serious issues facing all investors—not just pro athletes. How do you make sure you don’t fall into the same trap? Here are some tips to safeguard your investments and keep your financial advisor accountable.  

1. Communication is key.

You should be talking to your advisor regularly. If you don’t feel like your advisor is checking in often enough, voice your concerns and the advisor should be open to more frequent communication.  

2. Understand your investments.
It’s important to have a basic understanding of the investments in your account and the inherent risks with those investments. Trusting your advisor’s every move without any accountability or explanation could lead to potential problems down the road. Don’t be afraid to ask your advisor why he/she is making certain investment decisions or recommendations. 

3. Review your statements.
Put time on your calendar every month to review your statements. Also make sure you’re sorting them or keeping them in a secure place for reference, whether that’s using an online tool or paper files. In the case of the athletes mentioned above, the SEC claims the advisor “secretly siphon[ed] millions of dollars from accounts he managed for professional athletes". If you’re reviewing your statements routinely, you should be able to catch something like this...”

4. Perform a background check.
Utilize FINRA’s online tool, BrokerCheck, to see if any complaints have been filed against the advisor. Ideally, it is best to do this before you’ve chosen an advisor, but it doesn’t hurt to check this tool often even after you’ve been working with an advisor for a while. 

5. Ask around.
Talk to other clients and friends about the advisor. Can’t think of any mutual friends off hand? An easy place to start is on social media: Look up the advisor on LinkedIn and see if you have any shared connections that you could reach out to. 

6. Invest in a fiduciary.

Is the advisor a fiduciary or is he/she just recommending certain investments because those vehicles pay him/her a larger commission? The advisor will be upfront if he/she is a fiduciary, which means he/she will always act in your best interest. 

Remember that choosing an advisor because you attend the same church – as was the case with Sanchez, or because your kids play baseball together, isn’t necessarily the best way to select a competent and trustworthy advisor. If you have any more questions about how to choose a trustworthy advisor, don’t hesitate to reach out. 

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