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Best Financial Advisory Firms for Lottery Winners
Congratulations! You've just become a millionaire or, quite possibly, a billionaire.
Winning the lottery is a dream come true, but with sudden wealth comes great responsibility.
If you're lucky enough to have hit the jackpot like a Powerball player in California who won a whopping $2.04 billion, it's essential to have a plan in place before you start splurging on your wildest dreams.
The first step is to hire a legal team, financial advisory team, and a financial advisory firm to help you manage your sudden wealth. You shouldn't let your newfound riches become a burden; take control of your finances, and make smart decisions for your future.
If you need some direction, the rest of this blog provides useful details on leading firms you can immediately hire to guide you in investing that wealth.
Key Takeaways
- Lottery winners should consider working with professionals such as lawyers, qualified financial advisors, and accountants to manage their winnings.
- Lottery winners should keep in mind important tips such as concealing their identity, taking time to create a plan, considering a long-term annuity payout, maintaining their job, and hiring a knowledgeable legal and financial team.
- Bay Street Capital Holdings, BlackRock, Charles Schwab, Fidelity Investments, and Vanguard are some of the excellent investment firms that lottery winners can consider working with to secure their financial future.
Disclaimer
The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning, financial management, and real estate here. More on disclaimers here.
Work with these Professionals
Besides investment firms, these are professionals you should work with:
Accountant
Working with such an individual will ensure that you stay tax compliant to avoid any issues with the IRS.
Lawyer/Attorney
An attorney can provide advice on how to protect your lottery ticket and prevent it from falling into the wrong hands. One of their recommendations might be to establish a trust and transfer ownership of the ticket to the trust. By doing so, you can serve as the sole trustee and still receive your sudden wealth, while also enjoying reduced tax liabilities.
Qualified Financial Advisor
When you've got the winning ticket, it's important to have a sudden wealth solution in place to ensure your newfound fortune lasts a lifetime. That's where a financial adviser comes in - they can work with you to develop a customized financial plan that takes into account your unique goals, risk tolerance, and lifestyle.
From retirement and tax planning to setting up investment accounts, a financial advisor can help you make the most of your lottery winnings and secure your financial future.
Get in touch with our trusted financial advisor or our certified financial planner here.
5 important things to consider as a lottery winner
Here are 5 important tips to keep in mind if you've recently won the lottery:
Protect yourself by concealing your identity through the use of a blind trust. Many states in the U.S. allow winners to claim their jackpot anonymously, which is a good idea to ensure your privacy.
Don't rush to collect your winnings immediately. You have up to 6 months to claim your prize, so take the time to create a plan.
Consider opting for a long-term annuity payout instead of a lump sum payout, which can help pace your spending and protect you from squandering all your sudden wealth. From a recent lottery game, the ticket holder, whose identity was not disclosed, had a choice of taking a lump sum of $997.6 million cash or receiving the full amount in 29 annual payments.
It's important to maintain your job, as it can provide a sense of purpose and structure to your life.
To ensure proper planning and management of your newfound wealth, it's essential to hire a knowledgeable legal and financial team. This will help prevent any costly mistakes due to taxes and poor planning.
Best financial advisory for lottery winners
In order to secure your future, you need to invest and make the money work for you. Here are 5 excellent investment firms that you should consider working with.
Bay Street Capital Holdings
Bay Street Capital Holdings is a Black-owned, leading provider of independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. As a fiduciary, the firm invests on the behalf of its clients with integrity, focus, and careful stewardship of their capital.
Currently, the company has $36M discretionary assets under management. The company's goal is to manage company and individual portfolios with the aim of maintaining and increasing total assets and income. The firm places a high priority on managing total risk and volatility.
If you would like to get in touch with one of our qualified financial advisors, get in touch with us here!
BlackRock
BlackRock is among the leading providers of investment services in the world, and is currently operating in 36 countries. They are fiduciary to their clients and serve different demographics such as individuals and families, pension plans, educational and nonprofit organizations among others. Currently, the firm has $7.96 trillion in assets under management
Charles Schwab
As one of the industry’s largest asset managers, Charles Schwab offers its clients a full range of brokerage, banking and financial advisory services. They also offer their clients fairly priced ETFs, mutual funds and separately managed account strategies.
Currently, the firm has $7.13 trillion in assets under management.
Fidelity Investments
Fidelity Investments is a renowned investment advisory firm that provides services such as financial planning, retirement planning, wealth management, among others to its clients.
Currently, the firm has $3.7 trillion in discretionary assets under management.
Vanguard
Vanguard is among the top investment management companies that offers services like retirement services, investor advisory services, among others. The company provides its clients low-cost products and services to meet long-term investment goals. Currently, the firm has $7.2 trillion in total AUM.
Conclusion
With newfound wealth as a lottery winner, financial responsibility must be practiced to avoid losing all your winnings. The best thing that you can do for yourself is to ensure that your money keeps growing and working for you so that you can create lasting wealth for you and your future generations.
Get in Touch!
Reaching for that mega millions jackpot? Then you must get ready to transform sudden wealth into financial freedom. Get in touch today! Contact us.
Bay Street Capital Holdings
Bay Street Capital Holdings is a Black-owned, independent investment advisory, wealth management, and financial planning firm based in Palo Alto, CA. The firm prioritizes managing total risk and volatility over maximizing returns.
Its founder, William Huston, has been recognized as one of Investopedia's Top 100 Financial Advisors for 2022. Bay Street advocates for diverse and emerging fund managers and entrepreneurs and was a finalist for Asset Manager for Corporate Social Responsibility in 2021 out of over 900 firms across the US.
Sources
https://www.baystreetcapitalholdings.com/
https://www.mintcofinancial.com/9-best-financial-advice-for-lottery-winners/
https://www.investopedia.com/articles/professionals/080615/5-biggest-financial-advisory-firms-us.asp
https://www.thebalancemoney.com/which-firms-have-the-most-assets-under-management-4173923
https://www.blackrock.com/corporate/about-us/diversity-equity-and-inclusion
