The vast majority of households are investing their large cash payouts. Mutual funds are the investment vehicles of choice. However, many are placing their payout in cash equivalents. A majority of large cash payout recipients seek professional financial advice. Fifty-nine percent of recipients say they received financial advice after receiving their payout.
Financial planners are the most commonly used financial professionals, followed by stock brokers.
Experience and trustworthiness are the primary characteristics desired in an advisor. Advisors are providing far more than just product recommendations. The majority of households who worked with an advisor say that the advisor helped them to think about their large payout in the context of their overall portfolio and life goals. Advisors are meeting the needs of large cash recipients.