Financial advisers are uniquely positioned to see how sudden wealth changes people. Whether their clients inherit a fortune, win the lottery or otherwise wind up with a windfall, the after-effects can be jarring.
Bradley encourages advisers to be patient with people who find themselves with substantially more wealth than they’re used to having. Resist judging their actions and behavior, at least at first, because they’re probably struggling to make sense of a new reality that’s hard to process. In addition to withholding judgment, advisers need to remain nimble in how they relate to such clients. If they’re accustomed to dealing with an attentive listener, for example, they may find that person becomes a talkative storyteller.
“These clients may not be in the best state to make great long-term solutions,” she added. “So watch how they receive information. If you see they have a short attention span, shorten your meetings to 10- or 20 minutes instead of one hour or more. Say the most important thing first. Get right to it.”
Kristin McKenna, a Boston-based certified financial planner, often tells these clients, “Don’t pre-spend a windfall that you don’t yet have.” Better yet, advisers can suggest that clients use time to their advantage. Rather than rush to make big decisions, they can proceed at a more deliberate pace.
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