Best Financial Advisors in Tempe

Frequently Asked Questions

• Introduction

  There are many titles for financial professionals, so it's challenging to track what each one means. A financial advisor is probably the term you've heard most often. Financial advisor is a broad term for a professional who helps individuals or companies manage their finances, including investment choices. There are over 100 certifications that financial advisors can obtain.
  

  • Financial planners, wealth managers, and investment advisors are all financial advisors with different focus areas.
  • A financial planner helps an individual or a company make a plan to achieve long-term financial goals.
  • A wealth manager helps individuals maintain their wealth through various disciplines and services, such as taxes, estate planning, and investment advice.
  • An investment advisor offers investment advice and recommendations to individuals or organizations.
    

  There’s a misconception that you have to be extremely wealthy to use a financial advisor. In reality, they can be beneficial for people from any income level. Keep reading to find answers to the most commonly asked questions about financial advisors, so you know which type can fit your specific needs.
  

• Is there an individual income tax in Tempe, AZ?

  There is an individual income tax in Tempe, AZ. Full-year residents are subject to taxation on all income you earn, regardless of its source, including earnings from another state while part-year residents' earnings while being an Arizona resident are subject to Arizona tax. For nonresidents, any income produced from Arizona sources is subject to Arizona tax. It's recommended to consult with a financial advisor to help you develop a strategic plan for your finances and tax liabilities.

• How can you apply for a business license in Tempe?

  Tempe does not require a General Business License for operating a business. However, depending on the nature of your business activities, you may need to obtain specific licenses to comply with local regulations. Two common licenses that may be applicable are the Transaction Privilege Tax License and the Tempe Regulatory License.

• How can you protect yourself from financial fraud and scams in Tempe?

  There are several ways to protect yourself from financial fraud and scams in Tempe. For instance, you should void sharing sensitive details like your Social Security number, bank account numbers, or credit card information. You should also stay up to date with the latest scams and fraud trends by conducting research, and protect your online presence by following best practices for cybersecurity. Additionally, always monitor your financial transactions and report instances that seem out of the ordinary.

• What is the average credit score in Tempe?

  The average credit score in Tempe is 667, which is slightly lower than the national average of 716 from the Fair Isaac Corporation. Credit scores play an important role in your long-term financial goals. Seeking guidance from a financial advisor can help you identify ways to boost your credit scores.

• What is an individual retirement account in Tempe?

  An IRA or individual retirement account is a specialized savings account designed to help individuals save for retirement while enjoying tax advantages. In general, financial experts require saving around 85% of your pre-retirement income to ensure a much more financially secure retirement. Seeking professional advice in Tempe can assist you in making informed decisions about your specific financial situation.

• Are financial advisors worth it?

  Whether or not a financial advisor is worth it depends on your personal situation. If your finances are fairly straightforward, then you may be better off handling it on your own. But if you have substantial assets or a complex investment portfolio, then hiring someone to handle it for you can be well worth the cost.