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NYC Financial Advisors and NYC Financial Planners

Finding a financial advisor is difficult. If you don’t know what to do, or where to look, it can be a confusing process. When you need to make complex decisions about your financial future, a financial advisor can help. The right financial advisor can help you understand what your goals should be – and help you achieve them. It’s common for financial advisors to understand the nitty-gritty of planning your future, and giving you the best strategies possible to accomplish them.

Financial advisors can help you create a plan for a variety of situations, such as generating wealth, creating streams of revenue, or planning for retirement. The right financial planner will be instrumental as a part of your financial planning process. At Delancey Street, we provide small business funding – which is instrumental as part of the financial planning process.

In addition, we’ve created a financial advisor directory, through which you can find the best financial planners. Finding an advisor who truly understands you and your financial goals can make or break your future. Delancey Street helps you by doing the work for you. We’ve identified local advisors, and narrow it down based on who we think can truly help you.

What are realistic goals when speaking to a financial advisor in NYC?

Your goal should be to grow your asset, and understand how to retire. Financial planners in NYC will help you connect the dots, and provide a plan which will help you accomplish your financial goals. Your financial planner is going to be someone who is trained, has experienced, and understands the plethora of financial products out there. Your NYC financial planner will take into account all the various financial products, such as: bonds, taxes, estate planning, and more, in order to make the right recommendations for your situation. Typically, financial advisors charge a fee only, or an hourly rate.

What certifications should your NYC financial planner have?

Most financial planners have one or more certifications. Any planner you hire should be licensed and in good standing. While they can have any number of certifications, its important they be in good standing. Three of the most common certifications are CFP, CFC, and RIA.

Why should I hire a financial planner to manage my money?

Financial planners can connect all of the financial dots in your life to give you an overall goal that meets your future goals. He, or she, will have training and experience in all kinds of financial products and financial aspects in your life – like bonds, estate planning etc. You need the right recommendations, at the right time, and a financial planner in NYC can do that for you. When you hire a financial planner, he or she can save you thousands in tax deductions and help you find higher yielding financial investment products with little to no risk.

How much does a NYC financial planner cost?

Fees will vary, depending on the level of education and experience your future financial advisor has. The fees always vary, but in general a financial planner will charge based on either commission or fee-only. In general, the fees will depend on the experience level and education of the financial planner. In general, a financial planner will charge a commission – as a % of each transaction, or assets under management. If the compensation structure is fee-only, he/she will charge an hourly rate, or will quote a fee for the services provided by the financial planner.

What certifications should my NYC financial advisor have?

There are a number of different financial planning certifications. The CFP for example, is a certification that states the financial planner has experience in all areas of financial planning. A CFP is someone who is competent, and experience, in over 100 areas of topics in financial management – such as equities, taxes, and retirement planning. Typically, someone who has a CFP must follow the Certified Financial Planner code of ethics. In addition, the CFP has a fiduciary responsibility.

A ChFC, chartered financial consultant, also has extensive experience in helping individuals figure out their goals. In order to get this certification, a candidate has to complete the program and also pass the tests administered by the American College. A RIA doesn’t need an special training, or certification. An RIA must be registered with the security agency of the state in which he, or she, does business.

How can I pick a good NYC financial advisor?

It’s important to choose an financial planner that has experience dealing with clients in circumstances similar to yours. You also want to make sure your financial advisor in NYC has your best interests in mind, and isn’t selling you a product NOT suited to your needs. You should interview prospective NYC financial planners, and ask them about their credentials, what their management philosophy is, and their history of performance.  You should also speak to their past clients for reference.

What’s the difference between asset allocation and diversification

Asset allocation means the diversity of your portfolio across all your asset classes. For example, stocks, bonds, cash, and real estate are examples of asset classes. Diversification refers to the type of investments in each class. For example, if your NYC financial advisor invested your money into both 3M and Union Pacific, this would NOT be diverse because both stocks are high-cap equities in the Industrial sector.

How should I vet NYC financial advisors?

You should speak to at least 5-6 financial advisors in NYC, before choosing one. You really want one who meets your investment style, has a good track record, and is open to discussing his, or her, fee structure. You want to make sure that during the interview process, you ask questions that address these main points.

How can I check out the background of an financial advisor i’m talking to

If the advisor is a certified financial planner, check out the Certified Financial Planner Board of Standards. The FINRA, SEC, and NASD, are also places to check.

Where can I find a NYC financial advisor who won’t push me the wrong products

Certified financial planners have a fiduciary duty to put your needs and interests above his/her own. A CFP can profit from a product which is recommended to you, but it’s unethical for an CFP to recommend a product not in your best interest. Financial planning involves looking at your overall financial picture, and they ask you to explain your financial goals and needs. The NYC financial advisor you speak to will put together a detailed, short term, 5 year plan, in order to improve your overall financial position.

What should you expect in the financial planning process?

Typically the financial planning process begins with a “getting acquainted,” process. The company will review your information, especially your financial situation. They’ll look at things like tax returns, insurance policies, your estate planning documents, and more. The purpose of this financial planning process is to know your personal values, dreams, past experiences, and future aspirations. The financial planning process means discovering where you are now, and where you want to go. Your financial planner will work to establish objectives, and prioritize the ones that’ll get you the results you need financially. Once the financial plans are created, the last step is to meet with you and update your plan, implement the plan, and assess the progress.

Questions to ask yourself before hiring a NYC financial advisor

Before you commit to hiring a financial advisor, you want to make sure you’re hiring the best of the best, and someone who is ready for your situation.

First, you really need to ask yourself what type of help you’re looking for. For example, are you just looking to get started investing for your financial goals? A robo-advisor might be the best fit if you’re just starting out and only need investment management. Robo-advisors charge a low fee, and manage your investment portfolio for you. Some also offer access to financial advisors if you have other complex questions, or goals. Robo-advisors usually have no account minimums.

Ask yourself if you want a local advisor or a wider array of financial assistance and advice. For example, if you want in-person financial planning, or have a complex legal situation, you may decide that a traditional local financial advisor is the right one for you.

Questions to ask NYC financial advisors

If you’re thinking about hiring a traditional financial advisor, be sure to ask these questions during the interview process.

Are you a fiduciary

Fiduciaries work in the best interest of their client. Nonfiduciaries only need to recommend products that are suitable, even if they’re not the lowest cost, or most ideal.

How do you get paid?

Advisors have a number of different fee structures. In order to keep it simple, you should avoid potential conflicts of interest and work with fee-only advisors. This way they don’t get commissions for selling financial products to you. It’s important to make sure you only work with “fee-only,” and say those exact words. Fee-only advisors might charge a % of the assets they manage for you – or charge a flat fee for services, or an hourly fee. If cost is an issue, you may want to speak to a robo-advisor platform, or an online planning service.

What are my all-in costs?

In addition to paying the NYC financial planner, you might face other fees. Fees can truly decimate your savings.

What are your qualifications?

Financial professionals have a lot of different initials behind their name for certifications. It’s important to learn them all, understand what they represent, what education requirements are there for the various certifications, and if anyone accredits the designation.

How will the relationship work?

How much access will you have to the advisor? How often you’l meet, and whether he, or she, is available for phone calls, or emails, outside of appointments.

What is your investment philosophy? 

It’s important to ensure you have the same investment policy as your financial advisor. You have to believe in what they’re doing. What financial advisors really do is analyze the market, and convince you to stick to a program that makes sense.

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