Friday, September 28, 2012

How To Catch Lottery Winner As A Client

Last month’s amazing £148 million ($239 million) EuroMillions lottery win by  couple from Suffolk Adrian and Gillian Bayford will have wistful “what ifs” and dreams of decadence for majority of us. But while a huge euro lottery payout might be a dream scenario, wealth managers know that there is much more to be done to prevent the big dream going sour – a scenario which happens very often.

Becoming fabulously wealthy overnight via euro lotto win is a big dream chased by millions people every day all over the world, and the number of lucky lottery players just keeps going up and up (Camelot, operator of the UK National Lottery, recorded its all-time high sales figure of over £5.822 billion for the 2010/2011 financial year). Wealth managers will naturally fall over themselves to win the huge business of these “instant fast millionaires”, but there is much more to serving such clients than meets the eye.

Although it might initially seem counter-intuitive, one of the priorities for savvy wealth managers should be helping clients deal with their emotional fallout of a big euro millions lottery win. “You have to recognise that the lotto win is quite a big shock and that it can be an emotional time for the client,”