It is not uncommon for individuals to experience a sudden windfall from either an inheritance, a legal settlement, a gift, or a bonus from their employer. If you have the good fortune to find yourself in this situation, there are several steps you should consider in order to help those dollars have their biggest impact. As common as it is, the decision on whether to pay off debt or invest is anything but cut-and-dry.

In the last decade or so, there has been a fundamental shift in the personal finance industry, moving away from product sales and towards holistic planning involving one or multiple financial goals. Decades ago, the financial advice industry was designed to be great for the stockbroker. Today, it is far better for the investor. With less of a focus on asset management and more on honest, unbiased advice, it is becoming more about helping clients understand the best ways to save, spend, and invest their resources than it is about selling financial products.

In April 2016, the Department of Labor released its “Fiduciary Rule” to the public. Though the rule was formally vacated in 2018, consumers’ awareness of the term fiduciary remained. By definition, a fiduciary is an individual or organization that takes on the responsibility of acting on behalf of another person or entity. They are duty-bound to act with the utmost honesty and integrity in any matters of law and/or finance.