A significant lifestyle passage is usually a bad time to be making big financial moves. Often the best strategy at such a time is to do nothing. Let the snowflakes in your personal snow globe settle down until you are clear as to the way ahead.

If you have new money in your life and you are not used to the responsibility for managing large sums, you need a financial plan that shows how this sum of money can be monetized into a steady income stream to support your style of life. If you are a young heir, your asset allocation also will depend on the proportion of your net worth in your inheritance versus that forthcoming from a career.

While there are many fine people in the financial services industry, you should perform a very careful due diligence on any one you are considering let invest your money. Just asking your best friend is not enough. Pay utmost attention to fees, commissions, transaction costs, and taxes, along with the investment strategy (which invariably sounds good on paper). Read the disclosure documents and don’t be intimidated or afraid to ask ‘dumb’ questions.

The general axiom is: the higher the fees, the worse the deal for the investor. Returns are variable, but fees are forever. Additionally, be very wary before you lock up your money in illiquid investments, or where you have to pay a fee to get your funds out, or before you surrender custody of your money.