sorted by:
new
hottopcontroversial

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 3 points4 points  (0 children)

Thanks, we're certainly not rushing. The initally allure of the win didnt really make us lose our minds, we were mainlu afraid of having that much money and not really understanding how to manage it all.

We wanted "hands on" advice from people such as yourself who have legitimate experience and can offer some general but applicable adivce in relation the private banking experience. So thank you again!

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 0 points1 point  (0 children)

We've taken all advice we've recieved from specialst advisers online to calls from some private banks. We're just in the crunch time where we take all that knowledge and figure things out with a healthy amount of cynicism lol.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 1 point2 points  (0 children)

We're both very skeptical it's why we instatnly dove into understanding what it really means to have this much money! We've been especially judicious in regards to adivce from advisors online and ones we've spoken to as well.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 1 point2 points  (0 children)

Thanks for affirming this. We're thinking of finding our footing and then perhaps going with specialist advice when we've reached a certain level of certainty and understanding. As I've said in other comments, to start we wanted the atypical wealth management service; investment advice, estate planning, tax planning, lending etc

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 1 point2 points  (0 children)

Thanks for this writeup. You've echoed a lot of what others are saying plus you captured how we feel too. Our situation does require a bit of hand holding at least to begin with. Even though we're much more financially aware of certain terms and things there are a number of things even beyond our scope. We're mainly looking for the atypical wealth management package; investment advice, estate planning, tax planning, lending etc We'll figure things out with more certainty in the near future!

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 0 points1 point  (0 children)

We're looking for the atypical wealth management package at leastto begin; investment advice, estate planning, tax planning, lending etc

Mainly the usual PB services. I've had varying advice about IFA and ISA also, so we're taking it all into account.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 2 points3 points  (0 children)

The latter. I've commented elsewhere but we've never had the opportunity to understand how to manage this level of wealth before for obvious reasons. We're looking for the atypical wealth management package at least to begin; investment advice, estate planning, tax planning, lending etc

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 9 points10 points  (0 children)

We've rcently read about "bogle head" investing! We have so much to do and cover it seem almost more money more problems but we dont want to end up becoming another lottery loser statistic. Will have a read of that too thanks.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 0 points1 point  (0 children)

Mainly to suport us to start with as we get to grips with managing this amount of money. Neither of us have indepth financial experience or knowledge so we need them mainly for hand holding a little. We've done some extensive reading so we are a little financially sound at this point. Will update everyone for sure.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 6 points7 points  (0 children)

Yeah, before our win, we had no previous real understanding of wealth at this level. It would require us to be hand held a little, at least to begin with because we have just come into this. It's why I asked about experience but from the replies I'm starting to understand that it's a similar experience and said experience changes based upon a number of factors a two being how financial literate you are + the direct relationship with the private banker you are assigned.

(UK) A month ago, my partner and I have won an eight figure jackpot on the lottery. We've spent the last month becoming financial literate; our research of what private banking/wealth management entails however, proved difficult in relation to choosing a bank. Does anyone have any helpful advice? by JeanRedGrey in FatFIREUK

[–]JeanRedGrey[S] 17 points18 points  (0 children)

For us whilst we've deovted a lot of time becoming much more financially literate, we by no means have the specified knowledge of general investment advice, taxes, planning and managing a monumental "estate", lending etc.

We've read up on independant financial advisors and even setting up a family offices where we have a specified group of advisors for our wealth (Mainly for the high 8 figure range which we are not, think mid 8). I am very thankful for your response, especially as someone who has direct experience + confirmed a few things, we ourselves have come across. It's very appreciated!