Best Financial Advisors in Cambridge, MA

Financial advisors in Cambridge can assist retirees in opening 529 plan accounts for their grandchildren, allowing them to invest in the gifts while ensuring that the funds are solely for educational purposes. The funds in the 529 plan will be used to pay for K-12 and college expenses; however, there is a $15,000 annual gifting limit per person. Financial advisors can also help retirees create a financial plan that accounts for the possibility of having more grandchildren in the future.

A Healthview Services study estimates that retirees in Cambridge can expect lifetime healthcare costs of around $59,389 before inflation. However, these healthcare costs are determined by a variety of factors, including drug costs, surgical or rehabilitation bills, and payments for hearing aids, dental care, and eyeglasses. Individuals in Cambridge should think about a variety of government programs and insurance policies, such as Medicare Supplement and Social Security Benefits, as well as their investments and savings, to plan for healthcare expenses in retirement.

A fee-only financial advisor in Cambridge is compensated solely by their client through a set rate for their services and does not receive commissions from referrals or the sale of investment products such as annuities, unit trusts, and bonds. Fee-only financial advisors in Cambridge typically charge a flat fee of $1,500 to $3,000, $150 to $400 per hour, or 0.25% of assets under management. These professionals typically follow the National Association of Personal Financial Advisors' ethical standards.

According to the Massachusetts Uniform Securities Act, investment advisors in Cambridge must pay $300 to renew their registration and $50 to investment adviser representatives. Payments are due on the last day of the calendar year and are electronically filed in the Investment Adviser Registration Depository system. Except for those identified as active military on the last day of the year by the Central Registration Depository in Cambridge, these fees are nonrefundable.

Financial advisors in Cambridge can help individuals, married couples, and those starting a family build wealth and protect assets through investment management and trust and estate planning. They help nonprofits and institutions improve their cash flow and open deposit accounts. Financial advisors in Cambridge can also help private equity and venture capital firms with financing options, liquidity needs, and short- and long-term loans.