🎙️ Michelle Martin had Stephen Davies, our Founder and CEO, in the MONEY FM 89.3 studio for a conversation about sudden wealth transfer: what to do when a business exit, divorce settlement or inheritance puts a large sum of money in your hands all at once.
Steve’s first piece of advice is simple: slow down. Keep the money somewhere safe. Before any conversation about markets or investments, ask what the money is for. For most families, the first two priorities are clear: look after the people you love and make sure the money lasts as long as you do. Whatever’s left over is yours to enjoy.
Knowing what the money is for matters, because in our experience, the phone starts ringing the moment it arrives. Every caller has an idea. A bit of private equity here, a property there, something from a friend’s startup. A year later, you have a collection of assets and no plan for how they fit together.
Steve compares this habit to the magpie: collecting bright and shiny things.
By the time many clients come to us, that’s usually the work: taking a step back, determining what the money is for, and building a plan for the answer.
Thank you for a wonderful conversation, Michelle.
🎙️ Listen to the full conversation: https://audio.sph.com.sg/podcast-ep/01m38vrp2v0h0z58bp0mvqtvfm/
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