I was surprised to read that Al Pacino, a famous and successful Hollywood actor, was broke.
It seems that partly, he wasn’t involved in his finances at all and his accountant was a crook. I guess it is a lesson that we have to be attentive and look after our own affairs to a certain extent instead of being fully hands-off.
At the same time, 1st and 2nd retirement funds because we’re too dumb to be in charge of our own affairs 
I guess he would have been better off had he had, say, $5m of his wealth put into some kind of Pillar 1/2 scheme.
A non sequitur fallacy. A rich man trusted a paid professional to manage his wealth and was defrauded. I trust that my company pension managers will ensure a reasonable return because they have done so for a long time for thousands of others.
Axiom number one: don’t put all eggs in the same basket.
That applies to how you invest, the banks you have your money with, as well as who manages your money.
It seems there is a certain prevalence of shady financial advisors in Hollywood and a tendency of actors to trust them over traditional banks - maybe because actors are used to listen to their agents and trust them.
Remember how, among others, Kyra „The Closer“ Sedgwick and her husband lost a lot of money to Bernie Madoff?
I guess sharks go to where the fat fish are.
I feel for these people as most people do not understand finances and so rely on professionals to to help them.