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SE | Any advice for managing a substantial inheritance? |
A beloved elderly aunt passed away a few months ago, and she left me a substantial inheritance of $500,000. I am a successful professional woman, but I have not had experience handling such a large amount of money at one time. (My immediate family was never wealthy.) I want invest and save my inheritance as responsibly as possible, but I do not feel comfortable doing everything myself. What type of financial professional should I consult? What types of fees should I expect to pay for these services? Thanks. |
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Dave W
 |
You might want to talk with a certified financial planner. They're not cheap, but if you don't want to a little research yourself on financial topics, it might be worth it. I think I've heard numbers like 1% - 1.5% of your assets per year in fees. (In other words, $5000-$7500 for a $500,000 account.) Be sure to choose one that's "fee-only" rather than one that gets paid by commissions on the stuff you buy. (The ones that get paid by commission have a vested interest in having you do a lot of buying and selling and buying things they get higher commissions on, so they might not always recommend what's really best for YOU.)
If you're willing to spend the time to read a little bit about money management and have at least average math skills, you can probably do fine managing the money yourself and save those fees.
If you're more than 10 years from retirement, you could probably put most of it in stock mutual funds that are linked to a major market index (e.g. the S&P 500, Mid-Cap 400, Russell 2000) which are low-cost investments. Over long periods of time, stocks have historically provided the highest returns of any asset class.
Someone suggested real estate. I would NOT do that. It takes a LOT of knowledge and a lot of time and effort to do that well and historically the average returns are not that great. |
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trouperstar
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Seek out a wealth management company. Talk to your bank. They may be able to give you a local reference to wealth management providers. With that amount of money you can request a personal banker from your bank. It does not cost anything. They will bend over backwards for you. |
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Thomas O
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Consult with a "fee only" financial planner. This type of planner will probably charge you about 1% per year to manage your assets. They don't make anything on what they sell you, so they aren't tempted to churn your account just to generate commissions. Don't hand your money over to someone who makes commissions on things they sell to you. |
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Fatherof4
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It sounds like your Aunt was very considerate. You should expect some fees usually 5% down to zero. When you sit with someone they should be able to show you if you want fees to be paid up front or as part of the balance as maintenace. I work with a local Edward Jones rep they are pretty conservative which I like. |
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lynngray48
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Hi SE: You need to listen to Loral Langemeier's free audios on her website - she talks about the psychology of money and investments. She is the author of the Millionaire Maker, numerous times on radio and television amongst some other notable books. She started out talking mostly to women as we are not used to handling money in a smart way. She is awesome and you'll no doubt want more info from her. They have strategists that will spend free time with you discussing smart and responsible options.
Best of luck - no fees yet!
http://www.liveoutloud.com?kbid=10666 |
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okole
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cd and real estate |
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lizzgeorge
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GET A REFERRAL.
You want a fee based financial manager. He/she will help you determine your goals and risk tolerance, create an Investment Policy Statement for you based on your preferences, and construct an investment structure within those parameters. Fee based planners usually charge 1-3% of your assets each year, so they are motivated to grow your assets, rather than just move them in and out of funds to generate commissions.
The best way to find a respectable, trustworthy financial advisor is to get a referral from someone who you respect. If you are a professional woman (or even if you aren't), you probably know more than a few successful, responsible people whose advice you would trust. Ask them if they are satisfied with the service of their financial advisor/manager. If they are, then they will likely be more than willing to give you information, tips, and a referral.
There are several other reasons a referral is valuable. Many of the best advisors only deal with high net worth individuals--those with a million or more to invest. But if a valued client refers someone with less (like your $500,000), then they will often take that client to build/maintain relationships with their best clients.
Besides, referrals are what makes the world go round in professional circles. It's the bread and butter of most bankers, lawyers, CPAs, and financial advisors, etc. Use this opportunity--get an advisor who can refer valuable clients to you and vice versa. |
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dlmrgnk
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Find an investment banking firm in your area and interview them. Make absolutely certain they are on the up and up by talking with others. On the other hand, you don't need to know a lot to make wise investments decisions. Go to www.vanguard.com and look at the options they have availabe. In ALL cases, look at the costs of investing commissions up front or redemption fees, yearl maintenance fees, etc. |
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Franco
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You got some good advice here and here is mine.
1) Arrange interviews with financial planners (also known as wealth managers), of 2 or 3 large banks who have a high reputation to uphold. Chose the one who impresses you most. But best would be some one recommended by a friend.
2) Go for payment by fee only, not commission.
3) The fees will be 1.5 to 2.5 %.
4) But I would strongly advise you to avoid these wealth managers because with time their charges will take more from you than you will get.
5) Far better to do it yourself. Just invest equally in 3 mutual fund tracking the 3 main indices. There will be no need to do anything else other than check the reports they will send you twice a year. |
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Susieq
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My son read the wealthy barber, This was a real help to him. But i am not talking about that much money. But it could help you learn what you could do yourself if you wanted to. Good Luck. I am happy for you |
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giannitotrader
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ARENA TRADING CORPORATION HAVS PORTFOLIOS INVESTMENTS THAT YOU CAN START AS LOW AS US$50,000,AND GET A 5% RETURN MONTHLY,MONEY IS SECURED BY A BROCKERAGE FIRM THAT WORK IN THIS FIELD SINCE 1992,MONEY NEVER GOT LOST OR LOOSE VALUE,YOU CAN CONTACT GIANNI ARENA AT
GIANNITOTRADER@AOL.COM THANKS. |
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Gallo
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Off the top of my head and for a quick response, I'd say go with an Roth IRA.
There's tons of brokerage frims out there. I use Smith Barney, but am thinking of checking out Charles Schaub or managing it online myself. Fees vary provider to provider -- you could call around and do some comparisons... |
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Frank Castle
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You need a Portfolio Manager.
I suggest you to open a brokerage account at Fidelity.
Here is how it works:
You give access to the Portfolio Manager to your account and he will invest your money.
Let's pretend a year has passed and he made 25%($125,000.00) for you.
You take $62,500.00 and you live the whole year with that money and you reinvest $62,500.00
He now has $562,500.00
Another year passes and he makes 25% again ($140,000) for you.
You take $70,000.00 and you live the whole year with that money and you reinvest $70,000.00
He now has $632,000.00
Each year wou will have more money and each year you will spend more money.
Some years he will make more than 25%
If he is good he will never make less than 25%
Portfolio Manager usually charge a fee based on their profits.
Some charge each year or each quarter.
If you need more detailed FREE information then you can email me. |
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marie9
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Be careful. Many people have been robbed of their life savings by crooked investors. I would buy real estate if I were you. |
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