Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous]A financial advisor is going to take an inventory of your financial status and will want to know what your goals are re: retirement, college, etc.  Choose one carefully -- talk to friends, research online, etc.  If they ask why, and you don't want to mention the inheritance, just say you want to get a check up to see that you are on the right track.  The advisor will then help you work out options to meet your goals.

Using one that is fee only is good for something like your situation e.g., a "check in" re: your current status and how to allocate the inheritance.  Then you might want to check back with them every few years to see how you're doing.  I met with someone from one of the big well known companies (they charge a % of your account with them) and it was very helpful, and he ran my current numbers through some software that projected where I would be when I retired which confirmed I was doing ok.  I wanted someone who was fee only, but he ended up basically giving me some free advice so I am hoping he will let me come back every few years to check in.  I think he is hoping to take me on formally as a client once I inherit (or hoping to get my parents as clients).

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