Recommendation for financial advice?

[GardenTrees]

I need some help with financial planning please, does anyone have any advice?
I’ve had a good recommendation for a will solicitor here before , so hoping for a similar recommendation for financial planning!

I am about to receive a substantial inheritance, about £1million in cash is heading my way. I have a home, small mortgage, young children and husband. I have no idea what to do with the cash in order to receive a suitable income, or investments, trusts for the kids etc.

any help welcomed! I don’t know where to start… financial advisor? Wealth advisor? Tax advisor? Online or in person?

thanks a lot.

Podcast about financial advice process
https://meaningfulmoney.tv/HB9

Podcast: The Century Plan. In this episode Sarah asks Dennis a key question: How much does financial planning actually cost? And just as importantly, what value do you get in return?
https://yellowtail.co.uk/the-century-plan-podcast-understanding-cost-demonstrating-value/

You are looking for a financial planner. You want advice about what to do with the money, cashflow modelling to show why that advice is being given, you may want to implement yourself or you may want them to do things for you. You may want ongoing management and have them able to answer questions whenever you need guidance or advice - maybe the markets have take a dive and you are thinking of selling investments… have a financial planner to talk to can help you avoid making mistakes.

Don’t rush, spend time listening to podcasts, watching YouTube channels, reading books, so you can determine if you can do some things yourself and what advice you need.
You have mentioned Trusts. Those can be complicated and costly. Do you really need one? Probably not, but with young children you likely have life insurance which upon your death forms a trust if your children are still young at that time.

Park the money initially. NS&I have Direct Saver account which pays interest and is protected up to £2million.

Video: What To Do With A Large Sum Of Money

Not sure that YouTube link worked, so trying this website link instead:
What to do with a large sum of money
https://meaningfulmoney.tv/2019/09/13/what-would-i-do-with-a-major-sum-of-money-5mf054/

Thank you @nannynick. I’ll take a look at all of this

You need a "Chartered Financial Planner" which is basically an independent financial adviser on steroids, who can look at the whole picture, look into trusts, inheritance tax, income tax, capital gains tax, family tax planning, wills, etc., whereas an IFA would probably be limited to pensions and investments.

My advice would be to start reading around the reality of having money to plan for. Nothing dreadful is going to happen if you park the inheritance while you do. Choose a few high interest accounts (I like Goldman Sachs' Marcus and Chase because they are very straightforward) plus Premium Bonds. My favourite book about savings and investments is very old, so don't read it as anything other than good general advice that's a bit out of date, but it's very informative, is by Jim Slater. I will find it and tell you the title, but it's almost certainly long out of print.

When I say the Slater book is out of date, I mean that tax rules have changed. The strategic investment advice is, IMO, still very sound.

As promised, the (unimaginative) title is Investment Made Easy. And while it's not in print, it was a bestseller and is still available in a Kindle edition.

Perhaps a good idea to read it or something similar, before you talk to any financial advisers?

Edit: to add final sentence!