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  • I Inherited a Large Amount of Money. What do I to do next?  Perspective from a Buffalo Wealth Manager

Managing sudden inherited wealth can be overwhelming. Who can you trust to help you manage this newfound wealth?  How do you know a wealth manager is working in your best interest? 

The first step in the process is to find a fee only fiduciary who can put together a comprehensive financial plan for you and your family. A fee only fiduciary only for you and your benefit.  A financial plan can help answer important questions like; How long until I can retire? How will this money impact my retirement plan?  Can I pay off debt? How much money should I reserve for my retirement planning or college education.

While a fee only fiduciary works exclusively for your benefit as a wealth manger, there are other  wealth managers that do not. If you inherited wealth, it is important to recognize who is working in your best interest and who might not be. You should know that a  broker is someone that sells you products, these can be insurance agents, bank employees or work for brokerage firms.  Brokers are paid to sell you products, which might not always be in your best interest.  A good rule to follow is that someone who sells insurance or financial products should not be providing you with comprehensive financial advice.

In unfamiliar waters you need a guide that you can trust. A guide that is a Fiduciary such as Buffalo based Winthrop Partners, that works exclusively for your benefit and avoids conflicts of interest. 

Please contact Ryan Carney in Buffalo to see why a fee-only Fiduciary might be your best choice 716- Brian.Werner@WinthropPartners.com