When someone receives a financial inheritance in a large amount, how simple is it to find a wealth manager that's reputable?

Wills And Estates 9 views 2 answers
The inheritance is expected to be at least one-million. Just need guidance on the best course of action so that bankruptcy doesn't occur shortly there-after.

Attorney Answers

2
Heidi Stewart ·
One of the best ways to find a good financial planner is often by word of mouth. Friends, attorneys and accountants may all be good resources. You should take some time and interview several people. Don't fall for any high pressure pitches. Beware of people who want to sell you annuities. They are the highest commissioned product in the insurance market. I suggest looking for a planner who is paid based upon the value of your account. That way he or she only gets an increase in compensation when they have invested so that your account increases in value. Be cautious about an investment advisor who makes commission on trades. They may be just fine but if you see constant trading going on it may be "churning" which is done by unscrupulous people as a way to increase commissions. If you look around you can even find financial advisors who do nothing but advise. They do not sell securities. Then you can be pretty sure that you are getting an unbiased opinion. Good luck!
0 upvotes
Wanda SmithOil / Gas AttorneyRichardson, TX ·
Attorney Heidi Stewart has already provided great advice for you to follow. I only want to add that you should not feel like you need to be in a hurry- just take your time to find someone you trust and who you can work well with. It may take a number of interviews and several months to find the right person, so don't fall for high pressure sales. Take the time to do a lot of research and reading on your own, so you know what kinds of questions to ask, and also whether someone's answers seem reasonable or not. Ask close friends for recommendations, and don't tell anyone how much you inherited (except the financial planner.) Don't start making a bunch of personal loans to people or jump into high risk investments. Just be cautious and take your time so you're making wise long-term investments to protect your future.
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