£4 million. Help please.

[BikerintheDales]

Lucky me! I'm due to inherite £3.8 million.
Do l first see.
A) A solicitor.
B) Bank manager.
C) Money advisor.

Or someone else all together?
I'm widowed and just became an OAP.
Kids grown up.. own houses.
Thankyou.

If you need help on being level headed with it then mumsnet is the place to find sensible advice.
But first put the heating up a bit and order yourself some nice chocolates.

I’ll help just leave it in a bag on my doorstep TY x

I can definitely take 30k off your hands so we finally have a house deposit 🤣😍

Lucky you ❤️👌🏻

Is this before or after IHT?

You need a reputable IFA

First of all you need to open accounts for the money to be paid into.
Secondly, with your IFA you need to go round all the wealth management firms like Brewin Dolphin, Hargreaves Lansdown as others have mentioned, and compare their proposals and fees and choose the best platform for you.
Thirdly you need a good tax accountant to consider your current tax position and your estate planning and kids’ IHT burden going forward.
Fourthly you need a solicitor to rewrite your will.

You need an IFA

This is your bank fraud department. I’m sorry to inform you that your bank account has been compromised and you will need to transfer the full balance to a safety holding account which we have opened for you. I will DM the account details now.

Take your time. Don't make any big decisions for at least six months until the reality has sunk in.

This is good advice, albeit from an Irish viewpoint, from a very experienced financial adviser (and a former colleague!) ;

eddiehobbs.com/euro-lotto-winner-the-golden-dozen-2/

@BikerintheDales its always sad to hear of inheritence because someone close had to die. So firstly my condolences for your loss.

Secondly, the approach the national lottery takes if I understand it correctly is it's a lawyer first. They are focussed only on you. Either a lawyer or a wealth manager can set up a trust. You decide who can access the trust and how much they can have. You do not need to make any decisions straight off so if there's no pressure, I leave it a while so you can really think about what you want to do with it.

Make sure the money is invested safely.

Enjoy x

Oh god, this!
My parents use St James Place, won't hear a word against them because they send a naice hamper at Christmas.
Parents arranged a meeting to introduce me and sibling to their advisor - literally the first thing he said to me was "Well, you'll have to stop voting Labour."
WTF?

Me. Definitely me.

(enjoy OP!)

find an independent wealth manager!

Another one here saying don't touch SJP

Fancy meeting for a coffee? 🤔😂

Omg agree re St James Place. My parents used them and it’s a mess. Investments not fit for purpose and completely inappropriate.
Parents won’t listen to me so this thread makes me feel vindicated.
I would find a decent wealth advisor not an IFA (I’ve passed the IFA exams and frankly they’re a joke).

Brewin Dolphin have been outstanding for me

They are both subject to FCA regulation and need to be authorised. There are two bodies, LIBF and CII, through which you can gain the qualifications and they both cover largely the same things

If your plan is to pass on as much as possible, you will need a relocation agent.

Iwillarmit my in-laws are just the same, they're flattered by the gifts and friendly advisers. You might like to suggest they google the FCA investigation into SJP fees this year, particularly the exit fees. They've set aside £400m plus for customer refunds and their share price plummeted after the various articles.

I'm just writing a work report on how small differences in fees can add up to thousands of pounds over time (when you factor in compound growth on the extra amount invested). This will be even more relevant for high value portfolios such as this one. I'd honestly recommend 95% of wealth managers ahead of SJP.

Me too but they’ve been taken over by Royal Bank of Canada, what changes that will bring idk.

And don't trust those Nigerian prince's!

Thankyou.
That's brilliant advice.

Thankyou everyone.
I've shown the very good advice to my daughters.. we are making a plan.

Everyone hates St James but I've just had another good year at 15% return. Best year was 25% although few rough years around covid/Brexit. Are they really that bad? Maybe I don't have enough money with them...£100k lol

You should tell your bank - (assuming you are happy to stay with them for the time being) that you will have this money coming in.

They will likely ask you to come in for a face to face appointment and they will move you to their private banking dept and prepare the account for you ready to receive the money as well as issuing you new debit and credit cards.

Then you can have a conversation with your assigned wealth manager and you might find their investment advice is the one you want to stick with, or you may choose to put it elsewhere. But in the first instance, you need somewhere to deposit it and a means of accessing some of it. So your bank is your first port of call.

When you have the money in place in your bank and you have made a decision about your investment, you should make an appointment with a solicitor to re-draw up your will and perhaps think about some trust/inheritance advise

You don’t need to be setting up trusts at least for the moment. They’re expensive and time consuming to do.