Kanye West has been in the news lately with his very public proclamations about being $53 million in debt. This has provoked amazement in many circles due to the vast earnings of the long time superstar that should have put him in any position but deep in debt. But what can be done to salvage his position? Getting new financial advisors would be the best, and possibly only, first step for him take. Professional managers might charge a pretty penny but they can do much to preserve a fortune. In particular, they are in an excellent position to let their clients know that a particular course of action would be a bad idea and help put the breaks on it. In addition, a professional advisor can help create special business entities and trust to preserve wealth and create a firewall between business ventures to prevent across the board liability if one investment scheme goes wrong. But based on his history, Kanye is unlikely to go the boring route and let anyone else be in charge.
See Darren T. Case, The Power Of No: Unsolicited Wealth Preservation Advice For Kanye West, Forbes, February 22, 2016.
