One Raymond James advisor has gotten a surprise plug -- by name, and on live TV -- from NBA Hall of Famer Charles Barkley.
During an interview with CNBC on the floor of the New York Stock Exchange on Thursday, "Sir Charles" was asked about his investment strategies. When host Bob Pisani asked Barkley who managed his investments, the former NBA star went on to praise his advisor by name.
"Raymond James. I'm [at] Raymond James. Birmingham, Ala. My guy's name is Glenn Guthrie. I've been with him for 27 years and I trust him with my life," the former basketball star said.
That time frame would suggest that Guthrie has been worked with Barkley for almost all of the advisor's career. The 28-year industry veteran has worked with several firms in the past -- including Wachovia Securities, Prudential and UBS -- but has been an independent Raymond James advisor since 2008, according to FINRA records.
Guthrie declined to comment on Barkley's praise.
Managing celebrities and athletes' wealth -- which can occur in feast-or-famine bursts -- can present a challenge for advisors. Athletes in particular can be difficult clients because while they can amass great wealth, they often overspend or have to deal with uncertainty about the length of their careers, one former NFL pro has noted.
Yet not all sports stars have had the positive experience that Barkley cites. In September, Ex-New York Yankees Jorge Posada and Jorge Contreras said their financial advisors stole millions of dollars in assets after leading the players into a series of bad investments.
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- Ex-NFL Player Helps Athletes Beat 'Cycle of Financial Failure'
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