So with this additional information, my thoughts:
I like the thought above of keeping 3-6 months expenses in some fixed income, liquid investment. I'd supplement that thought with consideration of what kind of emergency she might need this money for. Are we talking $300k type of emergencies? 100k? 3-6 months of expenses types of emergencies? That might guide me as to how much to have in fixed investments.
For everything else here are some thoughts I've seen reiterated here a few times
ehrmantraut said:
You should have all your bases covered. Large cap growth & value, mid and small cap growth and value, international large/mid/small growth and value, plus emerging markets. There are mutual funds or ETF's that do this for you so you don't have to worry about it.
Having just the S&P 500 is great, but only gets you exposure to domestic large cap growth and value. You'd be omitting everything else.
I do like the idea posted above of using the $300k to shop around and test drive an advisor. If you find someone you like then maybe you have them advise you on the other $2 million. However if she just doesn't want to deal with that, having a combination of the above stock investments along with 2-5 years of money in more stable investments, so she always has stable money she can live off while riding out tough market years.