How To Help Your Client With Sudden Wealth
The side effects of suddenly coming into money.
This article originally appeared in Morningstar Direct Cloud and Morningstar Office Cloud.
In the past two columns I’ve told the story of clients who have come into a huge windfall. The first part of the saga was a lesson in how critical it can be to remind your clients about the importance of a fiduciary. The second part of the story was our strategy for helping these clients develop a very different--and complicated--financial plan from the one that they had before.