Client Loses $10M in Play Account After Leaving Steady 7% Portfolio

A financial advisor reports that a wealthy client moved $10 million from a managed portfolio averaging 7% annual returns into a self-directed 'play account' seeking higher returns. The client lost the entire $10 million and broke down during a quarterly call, admitting everything was gone.

Why it matters: The client is not ruined—he still has approximately $6 million remaining from his original $18 million—and the advisor is sharing the story as a warning against amateur trading.