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Comment by phkahler | Hacker News Reader

>> ...allows the recipient time to put together a team of professional advisers...

Yeah, because it takes a TEAM of people getting paid to figure out what to do with money. I could accept one financial advisor though I don't know how to select one, but a team sounds a bit like vultures ;-)

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I agree. A financial guru I've listened to off and on for many years is Clark Howard and he suggests always using a financial advisor that you pay outright with fiduciary responsibility. His favorite recommendation is to talk to someone from the Garrett Planning Network. If you aren't paying upfront you are paying far more in bad investment advice that isn't designed to make you money. Think bad investments that offer kickbacks to your "advisor."

Yes, if they get a commission from what they sell you, they do not have fiduciary.

For those who don't know, a fiduciary is legally obligated to work in your best financial interests, so it's pretty important that your financial advisor is one.

Reinforcing this, someone with constrained by fiduciary duty must make (and be able to show) recommendations/actions based on your best interests when it comes to your money or be liable.

An adviser that is not operating under the duty, can place their best interests above yours legally (and this is expected).

Anecdotal, but a friend of mine works directly under Clark Howard. By all accounts he is a wonderful and generous man, rare for one giving financial advice. I would generally trust him.

Apart from investment advice you'll also need legal advice to know how to comply with your fiscal obligations and structure things in the best possible way (including estate planning). So you need at least an accountant and a lawyer. The investment part is much less urgent.

Estate attorney, tax attorney, CPA, and possibly a financial advisor. Doesn't sound crazy for someone who just got $100 million from selling their business.

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