Professional Wealth Management Advisors and You

Reply #12

Stack47 — Tue, 19 Jul 2022 23:35:57 GMT

I cringe every time I read something like I'll take my time putting together a legal and financial team and usually before validating their jackpot winning ticket. Maybe I'm just being paranoid but lottery tickets are worthless until they are validated.

IMO, the safety of the winner and their family should be the number one priority and regardless of whether or not our state lottery allows claiming anonymously, most states report the store that sold the winning ticket and possibly the people... [ More ]

Reply #11

Cmoore50 — Tue, 19 Jul 2022 16:14:49 GMT

Don't do what They Say . Do what you know and you'll be alright. Once you have millions. No reason to take risks. Make you 3 to 4% and enjoy it. Now if I ever crack the lottery with my rainbow data...I'm sure my bet size will increase. That's what I'll have to keep under wraps.

Reply #10

GiveFive — Tue, 19 Jul 2022 13:59:49 GMT

The only thing I'd mention about the list you've compiled is that they all invest mainly in public equities. Alternatives to the public markets are also available, but the list of investment company's above are the big most widely recognized names. Small privately owned money management firms like Single and Multi-family Offices do exist too, but my guess is that they have been managing money for very wealthy families for decades. ( Old Money ) But I have to agree with you; people that are consi... [ More ]

Reply #9

Stack47 — Tue, 19 Jul 2022 03:57:36 GMT

Looked up the most trusted financial investment firms and Ameriprise Financial and Fidelity Investments are at the top. Average people probably are more likely to invest in a reputable firm than with an individual. I'd like to have that problem.

Largest Investment Management Companies

UBS Group. AUM: $4.432 trillion. ... Fidelity. AUM: $4.23 trillion. ... State Street Global Advisors. AUM: $3.86 trillion. ... Morgan Stanley. AUM: $3.274 trillion. ... JPMorgan Chase. AUM: $2.996 trillion.... [ More ]

Reply #8

ah1963 — Tue, 19 Jul 2022 01:51:50 GMT

It is best to have financial adviser and wealth manager from two different companies.

Reply #7

GiveFive — Mon, 18 Jul 2022 13:31:28 GMT

The horror stories you've heard about people who won large sums of money are probably due to the fact that those winners did not know anything about managing large sums of money. They're a perfect example of why some winners need to hire a professional to manage their money. G5

Reply #6

GiveFive — Mon, 18 Jul 2022 12:43:20 GMT

With regard to an instant multi-millionaire asking a potential adviser about their qualifications to manage big money, I'd venture to say that most every day people who just won the lottery probably don't know what the necessary questions are to ask.

Ya gotta know what to ask that guy who is so anxious to handle your money. He very much wants your business because it means big bucks for him. G5

Reply #5

GiveFive — Mon, 18 Jul 2022 12:24:12 GMT

You're correct and this is the reason why so many people employed in the financial services sector would love to move to a job at a Wealth Management firm as a Private Wealth Manager. It's very lucrative. G5

Reply #4

GiveFive — Mon, 18 Jul 2022 12:18:48 GMT

Good question. One reason could be because they're young and in the front end of their financial career. If someone who becomes an instant high net-worth individual was uncomfortable with an inexperienced adviser they could always ask for a more seasoned pro, but that doesn't guarantee anything either. If the firm doesn't have anybody more seasoned, then the investor can always go look elsewhere.

All wealthy people looking for a finance pro face the same issue. IMHO everybody with a lot of m... [ More ]

Reply #3

Artist77 — Mon, 18 Jul 2022 12:08:24 GMT

One also pays very high management fees for these accounts. If you have $200 million or more, your fees would be one million or more a year.

Reply #2

Stack47 — Mon, 18 Jul 2022 03:55:40 GMT

professionals who are employed in the financial industry that aren't multi-millionaires themselves, but they possess the knowledge and skills necessary to manage very wealthy people's money.

Trying to figure out if these professionals have all the necessary tools, skills, and knowledge, why don't they have a million or two in their portfolio

Reply #1

Justing618 — Sun, 17 Jul 2022 18:11:00 GMT

I'll cross that bridge if I win. I would always worry about being robbed if I ever won a large sum of money. Perfect example is that lottery lawyer guy in New York. And I don't think I'd invest in the stock markets either. So mabye some kinda bonds or something. I also have an autistic family member I would like to have taking care of after I pass. Someone robbing her trust or whatever was set up for her is things I worry about. And also outsiders finding out. I hear alot of horror stories about... [ More ]

Professional Wealth Management Advisors and You

GiveFive — Sat, 16 Jul 2022 17:27:35 GMT

Because most people aren't multi-millionaires, they very likely have little to no knowledge of how huge wealth/money is professionally managed. About the only thing I can think of that would be an exception to that is professionals who are employed in the financial industry that aren't multi-millionaires themselves, but they possess the knowledge and skills necessary to manage very wealthy people's money.

Many lay people don't know that a banks view of very wealthy people is quite different... [ More ]