By Morey Stettner
Financial advisers can’t work magic, but they can provide perspective and emotional support
The challenges people face when coming into sudden wealth are often spoken about. Receiving a cash windfall — from an inheritance or a lottery jackpot, for instance, can upend someone’s life in unexpected ways.
People who experience a sudden loss of wealth also have their lives disrupted — their future plans vanish in a flash.
Perhaps they are victims of an investment scam or their business tanks. Maybe a spouse hides gambling losses or other bad debt. Or homeowner insurance fails to adequately cover severe flood or earthquake damage.
Regardless of the cause, the effect is often paralyzing. As individuals and their families …
Read the full article at: https://www.morningstar.com/news/marketwatch/20230105550/a-sudden-loss-of-wealth-is-devastating-these-financial-advisers-know-how-to-help-people-get-their-portfolios-back-on-track