Wednesday, January 02, 2019
CHICAGO, Dec. 10, 2018 /CNW/ - BMO Wealth Management (U.S.) today released a report revealing Americans' opinions on the effects of receiving a significant amount of money and what their goals would be for their newfound fortune. The report, A Sudden Windfall: A Blessing, Not a Burden, is based on a survey of more than 1,000 Americans aged 35 and older and highlights the objectives and the psychological effects tied to receiving a significant amount of money and/or assets.
The number of high-net-worth individuals in the U.S. is growing, with baby boomers currently inheriting an estimated $12 trillion in financial and non-financial assets. Receiving unplanned wealth without fully comprehending what to do or how to manage it can be overwhelming, but with the help of experts people can feel more at ease and better prepared to move forward.
Key survey findings show:
"Receiving an unexpected amount of money or assets can bring feelings of relief, joy and responsibilty, so it's critical to take time to consider all the options," said Tania Slade, National Head of Wealth Planning, BMO Wealth Management (U.S.). "Engaging a team of experts to discuss options and provide insight on decisions, outline the impact on lifestyle cash flow requirements and estate planning goals and, most importantly, advise on growing and preserving that new wealth will set the scene for a successful financial future."
BMO offers the following tips to help manage a sudden windfall:
To view a copy of the full report, which includes additional survey findings and tips for managing a sudden windfall, please visit: https://wealth.bmoharris.com/insights/individuals-families/grow/sudden-windfall/
About BMO Wealth Management U.S.
BMO Wealth Management serves mass affluent, high net worth and ultra-high net worth individuals and families with a full suite of wealth management solutions including wealth planning, banking and borrowing, investment management, retirement planning, trust and estate services, philanthropy, insurance and risk management, tax planning and ultra-high net worth services. With over 140 offices across 16 states and international offices in Canada, Hong Kong, and Singapore, BMO Wealth Management provides guidance and planning advice combined with individualized service and local experience. As of October 31, 2018, BMO Wealth Management had assets under management of US$46 billion and assets under administration of US$78 billion. BMO Wealth Management is supported by the resources and stability of one of North America's premier financial services organizations—BMO Financial Group. Visit bmowealthmanagement.com.
BMO Wealth Management is a brand name that refers to BMO Harris Bank N.A. and a number of its affiliates. BMO Harris Bank N.A. and its affiliates do not provide tax or legal advice to clients; these matters should be discussed with the appropriate tax or legal advisor.
SOURCE BMO Harris Bank
For further information: Media contact: Emily Penate, Chicago, [email protected], (312) 461-7956