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 [email protected].
Brian Werner is a Managing Partner at Winthrop Partners. He has more than 25 years of experience in investments, financial planning, entrepreneurial ventures, corporate finance, and banking. Prior to joining Winthrop Partners, Brian was the First Vice President and a Senior Wealth Advisor for First Niagara, where he led the development of First Niagara’s Western Pennsylvania Private Client Services and served on its western Pennsylvania operating committee. He also held roles with PNC/National City, Greycourt Investment Advisors, and Linnco Future Group, Chicago Board of Trade. Brian is a Chartered Financial Analyst and Certified Financial Planner. He earned his MBA from Duquesne University, Magna Cum Laude.