Best Financial Advisory Firms for Lottery Winners

William Huston, AIF®, AIFA®

by in Published on November 09, 2022

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Best Financial Advisory Firms for Lottery Winners

You've just won the lottery. You're happy, shocked, maybe a little overwhelmed but now wealthy!

What do you do next? Collect your lottery winnings and plan, or first think of how to conceal your identity or think of all the things that you'll splurge on using this new sudden wealth.

This is the reality of one Powerball player in California who recently won a $2.04 billion jackpot.

If you just hit the jackpot, a wise thing to do would be to first hire a legal team, financial advisory team as well as a financial advisory firm.

To begin with, here are a few people that you need to hire immediately.

A Lawyer/ Attorney

Hire a lawyer/ attorney who will advise you on how to keep the ticket safe. They might advise you to set up a trust and transfer ownership of the ticket to the trust. In that case, you're the sole trustee and will still receive your lottery winnings and payless taxes.

Qualified Financial Advisor

A financial advisor will help you come up with a financial plan that will inform how you spend your lottery winnings. They will help you set up accounts that will ensure that your money grows, help you with tax planning as well as retirement planning. This is so that you're set throughout your lifetime. To get in touch with a certified financial planner, contact us here.

Accountant

Working with such an individual will ensure that you stay tax compliant to avoid any issues with the IRS.

5 Important Things to Consider as a Lottery Winner

  1. Conceal your identity in order to protect yourself. Many states in the U.S. allow winners to make use of blind trust to claim their jackpot. This is done to protect the identity and privacy of the winner.

  2. You don't have to collect the money immediately. You have up to 6 months to collect it. So don't be in a rush, first come up with a plan.

  3. As opposed to receiving a lump sum payout, you would rather opt for a long-term annuity payout as it paces your spending and protects you from squandering all your new found wealth.

  4. Maintain your job as it will still give you purpose in life.

  5. Hire the right legal and financial team to prevent you from losing your lottery winnings as a result of poor planning and tax obligations.

Best Financial Advisory Firms 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.

Bay Street Capital Holdings

Bay Street Capital Holdings is an independent investment advisory, wealth management, and financial planning firm headquartered in Palo Alto, CA. They manage portfolios with the goal of maintaining and increasing total assets and income with a high priority on managing total risk and volatility. Although many advisors may focus on maximizing returns, they place a higher priority on managing total risk and volatility.

Our founder, William Huston founded Bay Street after 13 years of supporting the United States' largest retirement plan ($650B) Thrift Savings Plan. He is recognized as Investopedia’s Top 100 Financial Advisors for 2021. In California, only two black-owned firms out of nineteen firms received this recognition. In Scottsdale Arizona, Ekenna Anya-Gafu CFP, AAMS is recognized among the Best Financial Advisors for his responsiveness, friendliness, helpfulness, and detail. Bay Street was founded to advocate for diverse and emerging fund managers and entrepreneurs. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).

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.schwab.com

https://www.blackrock.com/corporate/about-us/diversity-equity-and-inclusion

https://www.fidelity.com/

https://corporate.vanguard.com/

William Huston, AIF®, AIFA®
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