i dont think they can legally recommend any financial councillors, but i do believe you do have to get financial councilling now if you win big.
reason being if they go with someone they recommend, and lose it in investments, then they could get sued.
i read from a site, that said if you ever win big money like lottery, its very emotional, and you are vulnerable to making bad mistakes or decisions so to take out what you need to live for the year, and lock it up in gic or something else for a year, till the craziness wears off. They said also if you feel the need to blow some cash, only allow yourself 15 percent.
They also said go away for a year, because you will be harassed and your phone will be ringing 24 hrs a day from people all over the world asking for money. One lady said she was getting calls from an inventor in japan that wanted her to invest in a new toilet he had invented.
Also banks and investment companies will be calling you 24 hrs a day as well. Even your cell phone. How they get it, they probably pay someone discreetly to get your number for them from the cell phone companies. Know someone who is wealthy and he says if you have 100k or more in the bank, especially in bad markets, these guys get your cell phone number some how and start cold calling you.
So I guess the general rule is, move so buy a place.
set a budget for what you will need for the year.
get a new phone and cell phone number
lock up the rest for one year
and go away for a year till everyone stops calling you.
come back, and figure out what you want to do with your life.
also if you invest dont give it all to one investment company or bank.
and also get them to invest conservatively for wealth preservation.
alot of people who come into money dont know that these investors will rob you blind if you are not looking out for yourself.
even in investments they will steer you to investments that are not necessarily good investments but gives them the biggest commission rips.
there is pro's and cons of taking the one time payment or the yearly payments. you need to know yourself and if you have self control. if you feel you will buy and spend on impulse, then its probably better for you to take the yearly payments and not the lump sum.
also you should be studying and learning about investments as well if you come into money, because its a cya world. investors invest for different reasons and you if you take their advice blindly, you may end up with nortel stocks that drop to less than 5 bucks, and when they were 80 percent value, they were telling you to hold for the long term, cuz you already lost this much, wait until it turns around.
There are sharks in this world, and they will take you for every penny if you let them. Especially in business.
Also you are going to have to learn to say no, because if you cant, you will have a rough time.
