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  • I Just Inherited a Large Amount of Money. What Do I Need To Look Out For?  Perspective from a Pittsburgh Wealth Manager

Managing sudden wealth can be a daunting task for someone not used to managing money. Who can you trust to help you manage this newfound wealth?  How do you know they are working in your best interest? 

A good 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 works exclusively for you and your benefit.  A good financial plan can help answer important questions like; How long will this money last?  How much should I spend to purchase a new or second home? Should I pay down debt? How much should I set aside for my retirement planning or college education.

While a fee only fiduciary works exclusively for your benefit as a wealth manger, there are others in the financial services industry that do not. If you inherited wealth, it is important to recognize their motivations as well. 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 that their firm represents, which might not always be in your best interest.  As a rule of thumb, someone who sells insurance or financial products should not be providing you with comprehensive financial advice.

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

Please contact Brian Werner in Pittsburgh to see why a fee-only Fiduciary might be your best choice 412-281-1470 Brian.Werner@WinthropPartners.com.