Tyler Glover, director of consulting services, private wealth management, William Blair

Anytime an individual experiences a major liquidity event, whether it’s the sale of a business, a large inheritance or winning the lottery, there are financial and emotional elements involved. The big question becomes: What is the purpose of this capital and what is the potential impact it can have on lives, families and communities? We have active conversations with clients about their financial objectives, philanthropic strategy, generational wealth approach and capital deployment. Our recommended strategy is the culmination of efforts to ensure proper planning, education and risk management — not just from an investment standpoint, but also personal and cyber security.

Maribeth Rahe, president, CEO, Fort Washington Investment Advisors

This will be a highly emotional time in your life. Conflicting advice will come from everywhere. Do not rush to make decisions; take your time. Assemble a team of highly qualified advisers: trust/estate attorney, tax and financial advisory. Select professionals you will enjoy working with. Remember, trust is key. Once assembled, begin to thoughtfully map out your near term and future plans. This should be a ‘life plan’ that includes your dreams, goals and happiness as well as financial wellbeing. Avoid pitfalls! Do not become a victim of others desires, motivations or pressure. Keep doing things you have always done or wanted to do before jumping into something vastly different.

Michael Farrell, managing director, SEI Private Wealth Management

Sudden accumulation of wealth can lead to rushed decisions. We suggest clients stop, think, plan and then act. Our approach — regardless of a client’s total assets — begins with our “discovery process,” which identifies and defines our clients’ unique financial needs and aspirations. Our investment team then builds multiple, goal-directed investment pools aligned to meet the client’s expected outcomes. Each goal typically focuses on self, family and community — like maintaining a current lifestyle, securing money for a future lifestyle, family, education or charitable purposes — or even an “opportunity” pool for a small post-lottery splurge.

David Perkins, president, CEO, Hatteras Funds

There are things you can do with a $1 million portfolio you can’t do for a $50,000 account. The same is true at $5 million and as you go from $5 million to $100 million — you see private equity go from individual bets to a true program. But what would you do with $1.5 billion? Establish a family office.

1. Hire an attorney with estate tax knowledge and who is familiar with partnership accounting
2. Build an investment team headed by a CIO with deep experience in private equity
3. Hire four analysts: two private-equity analysts, one hedge fund investment analyst, one traditional investment analyst
4. Hire an experienced CPA with strong partnership tax experience
5. Set up a family foundation
6. Hire a full-time professional coach to help each family member understand the responsibilities and opportunities gained in the newly found wealth

Kara Murphy, CIO, United Capital

More important than the dollar value of the portfolio are the client’s goals. I would first ask: What is important to you and your family? As advisers, our most important goal is not to help our clients die rich, but to live richly. Then I would work with my client to understand tradeoffs. Is the client a philanthropist who wants to establish an endowment? In that case, they might need steady income with downside protection that real estate can provide. Or is the client an entrepreneur and risk-taker who wants to grow that portfolio? That client might prefer to mix in more esoteric investments such as emerging market stocks and commodities.

Susan Bradley, founder, Sudden Money Institute

Don’t move too fast. That said, it’s close to impossible to do nothing with the new money, as impulses are strong. So do something small with it initially. Where you do the significant work is in making space for the human being you are in relationship with to process what has occurred. Identity can shift, relationships can change. And that’s fine, as long as the advisor understands this reality and has the intention, wisdom, and skill to explore deeply personal questions that profoundly impact client choices. Always leave Sudden Money clients room to back up and turn around.