Financial management is not an easy task, especially regarding future planning. Whether it be retirement savings, investment growth, or any other tax strategy, the service a financial advisor provides is indispensable. However, with so many of them, it can be very challenging to find the right one in New York. Here are some key factors in finding the right financial advisor who will suit your needs and goals.
Check their Credentials and Expertise
Financial advisors hold multiple designations and focus their business practice on innumerable specialties. Watch out for these designations as proof that the expert possesses extensive education and practice conduct with due adherence to codes of ethics. For example, they should have the following certifications.
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
- Accredited Investment Fiduciary (AIF)
Apart from general advice, some Advisors like Gabriel Katzner, specialize in tailoring a mix of technical expertise with an understanding of New York’s unique financial landscape. One would thus want an advisor with experience in areas such as tax strategies, investment planning, and estate management for complete support.
Determine Their Compensation Model
Advisors are compensated in a variety of ways: some are strictly fee-only, others are commission-based, and many use a combination of both. A fee-only advisor charges a flat fee or a percentage of AUM so their advice is unbiased. Commission-based advisors make their money by selling certain products, which introduces the potential for conflicts of interest. Knowing how your advisor gets compensated will help you select one that has your best interests at heart. The fee-only advisers usually provide very candid advice, and it is targeted to your objectives.
Understand Their Investment Philosophy
You want to hire an advisor whose investment philosophy is in line with your financial goals and your risk tolerance. Also, during the initial consultation, be sure to ask about their investment strategies: are they an active or passive manager? and how they rebalance considering market trends. Residents of New York often face very specific challenges that could also include a high cost of living and special, specific state tax considerations. With a professional by your side, you are sure to have personal strategies to sail through such complexities with ease.
Assess Their Communication and Availability
Financial planning is an ongoing process, and hence you will need to choose an advisor with whom communication is regularly made and available whenever required. Be it quarterly updates, physical meetings, or virtual consultations; this should be accommodated by the expert. They should be transparent in explaining financial concepts in simple terms and should also keep you updated about portfolio performance and the adjustments therein. Good communication develops trust and keeps one on target with financial goals.
Check References and Reviews
Also, check for reviews online and ask for referrals from the current clients of the advisor. A good advisor will have a trail of satisfied clients and positive remarks to their credit. Testimonials may contain information about their level of reliability, professionalism, and how to deliver what they promise. Moreover, some advisors such as Gabriel Katzner have enjoyed an excellent reputation in designing high-quality financial advisory services pertinent to the needs of their clients.