Lottery specialist: “You can always say that you’ve won a small prize”

Lottery specialist: "You can always say that you've won a small prize"

Almost every month someone in the Netherlands wins big in the lottery. ABN AMRO MeesPierson has specialists to advise those winners: Geertruid Nap and Yvonne Hermes. The role that they fulfil is a necessary one. It might be everyone's dream to win the lottery, but the winners still need help when that dream comes true. Geertruid Nap shares her experiences.

News article 29 December 2020 ABN AMRO """"&

How do they get in touch with you?

"A big winner might visit Staatsloterij, the Dutch national lottery, where they'll be handed a case containing brochures from large private banks. ABN AMRO MeesPierson's brochure lists my number. Then if the winner calls, I'll go round to see them."

&My role as 'lottery specialist' is to help the winners make sensible choices with their winnings. But I also help them to get over the initial shock.' Geertruid NapSpecialist loterijen &

What happens when you visit a winner for the first time?

"People feel the need to share their story first. So I always ask how they found out that they'd won a big prize. Sometimes the winner sees it when they check their bank account, other times they find out when they look up the results online. Sometimes it happens when the winner goes to a salespoint, only to be told that they've won so much that the shop couldn't pay out the prize even if it was allowed to. If they have a paper lottery ticket, I ask where they kept it. Some people tuck it inside their clothes all day, others hide it in the bookcase, and sometimes people stick it in the freezer. It's logical of course: that small piece of paper is suddenly worth a lot of money, and that gets to people. Sometimes it can be a bit scary too. So that's what I talk about with people. I've noticed that it's comforting for them to learn that a colleague and I have heard similar stories."

What is the next step in advising these lottery winners?

"I usually start by discussing various practical possibilities. It's easy for lottery winners to be confused by all the well-intended advice from the people around them. For almost everyone, that much 'wealth' is a new experience. But every winner is different as well, so each communication is tailored to suit the situation. Often I'll give a standard advice for the first six months: take a trip, buy your dream car, but leave the rest of the money where it is. Don't worry about what to do with it. We'll draw up a financial plan later, don't make any major decisions just yet."

What does a financial plan do?

"The plan helps them to understand what's what. For example, what will happen if you want to realise every single one of your dreams? If you win a vast sum of money, you can't imagine it ever running out, but instances of unlimited wealth are rare, of course. Say you used to have a gross income of 35,000 euros, and now you want to spend 80,000 euro a year. I'll show you what that looks like. If it means that your wealth will be gone by the time you're 80, some people might decide to adjust the numbers."

Surely you explain more than that, though?

"If necessary, I'll explain everything. If you put the money in savings, you'll receive barely any interest, but you'll have to pay tax nevertheless. So I explain what the alternatives are. New wealth also brings new questions. For instance, what's the best way to pass on that wealth to your children? What about a will: do you need to prepare one, or do you already have a will and should you update it? Fortunately we can offer all the necessary expertise. But I'll always recommend getting professional tax advice, which is something that lottery winners really need. We also use a special calculation tool, where I'll enter all the information: holidays, a new car, paying off the mortgage right away or just buying a whole new house. And if you buy an expensive house, you'll also be paying more towards maintenance and energy. Spending more, spending less, do you want to invest, what returns will that yield? It's a tremendous help for people to see all this."

Is it really necessary to switch to a private bank?

"If you suddenly come into a lot of money, you really need what we can tell you about managing wealth. Privacy is another important factor. For many people, their main concern is to keep quiet about the prize, or at least how much they've won. That's why I never dress up to visit winners, or carry a briefcase. The neighbours don't need to find out more than necessary."

How much do you need to win to become a client of ABN AMRO MeesPierson?

"ABN AMRO MeesPierson works with clients who deposit at least half a million into their accounts."

Do you have any tips for making sure that people don't find out more than they need to?

"I recommend telling people that you've won a prize, because sooner or later they're bound to start asking. You need to know what you're going to say if someone springs questions on you. You don't have to tell them everything. You can always say that you've won a small prize in the lottery."

Do you also help people with other matters?

"Yes, and this is where all that experience with lottery winners really comes in useful. Some people want to stay right where they are, and others buy a big house in a fancy neighbourhood. They don't always stop to think whether they'll fit in socially, though. Will they be happy there? Perhaps they'd prefer to live somewhere 'in between'? And what happens if you quit your job? What will you do then? You'll be giving up part of your role in society. Was there anything that you already enjoyed doing outside work? Perhaps you can spend more time on that."

So you really are a lottery winner specialist?

"Yes, I am. I'm used to dealing with this very specific situation. And I've noticed that the winners really appreciate it. But once I see that the winner is becoming accustomed to their new situation, I'll hand the client over to a private banker, someone who has access to all the knowledge and expertise. My job is done."