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Best Financial Advisors
2022

The Best Financial Advisors
Here Are The Top Financial Advisors
Harmony Financial Advisors

Harmony Financial Advisors

Harmony Financial Advisors in New York City specializes in financial planning and investment management during times of change or transition regarding a person’s financial situation due to a life-altering event. The firm can help clients outline a plan for managing their wealth before, after, and during events such as career changes, getting married, having children, getting divorced, or dealing with a death in the family. Harmony Financial Advisors has more than two decades of experience in helping clients maintain balance in times of transition.

New York City, NY 10003

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Schupak Financial Advisors

Schupak Financial Advisors

Schupak Financial Advisors is a firm that serves individuals in New York City by generating plans to help them manage their finances. It starts by gathering a customer's information, making an analysis, and creating recommendations. It also monitors and reengages with each client annually. Its services include comprehensive and general financial planning, investment management, risk needs analysis, retirement planning, and tax planning and forecasting. Schupak Financial Advisors is also affiliated with NAPFA and Pledge 1%.

New York, NY 10018

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Source Financial Advisors

Source Financial Advisors

Source Financial Advisors in New York City is an independent wealth management firm that works with clients to develop personalized strategies that will help them reach their financial goals without having to make many compromises regarding lifestyle. The firm offers strategic tax planning services, lending and insurance strategies, goal-based planning, and intergenerational planning. At a more basic level, Source Financial Advisors can help clients manage cash flow and restructure current debt. The firm has extensive experience in wealth management strategies related to divorce and business ownership.

New York City, NY 10017

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Blue Spark Capital Advisors

Blue Spark Capital Advisors

Blue Spark Capital Advisors in New York City is a team of fiduciaries that offers investment management, retirement planning, college planning, estate planning, and risk management services. The firm can help clients diversify their investment portfolios, allocate their assets, determine what level of health insurance they need, and more. The firm’s founder, Maura Griffin, is a certified financial planner as well as a certified divorce financial analyst. Blue Spark Capital Advisors charges a fixed fee that is calculated as a percentage of a client’s assets under the firm’s management.

New York City, NY 10010

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Earn Into Wealth

Earn Into Wealth

Earn Into Wealth is a financial firm that assists individuals and business owners in the New York City area. Its services include planning topics about cash flow and budgeting, debt management, tax planning and employee benefits, career and business choices, as well as equity and stock compensation, risk management, investments and retirement planning, and estate planning. Earn Into Wealth prepares a comprehensive planning process for its clients. Its team of financial advisors meets, advises, coaches, and helps implement any chosen strategy.

New York, NY 10036

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Wealthspire Advisors

Wealthspire Advisors

Wealthspire Advisors, an independent registered investment advisor, serves clients in New York City and the surrounding areas. Composed of fiduciary advisors with high regard for connecting various areas of clients’ financial lives, Wealthspire strives to deliver collaborative strategies optimizing finances and fulfilling aspirations. Its financial advisors deliver customized planning, continuing education, and coordination. It was recognized as a Top RIA by Barron’s and Financial Advisor Magazine for three consecutive years. Additionally, it has been featured on Forbes’ Best-in-state Advisors and Top Women Advisors lists in 2020.

New York, NY 10175

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Rudman Cannon Financial Advisors

Rudman Cannon Financial Advisors

Rudman Cannon Financial Advisors in New York City offers financial planning, investment advice, and money management services according to each client’s personal risk tolerance and time horizon. As a fiduciary, Rudman Cannon Financial Advisors offers its services on a fee-only basis and does not accept income from any outside sources other than its clients. The firm can help clients with tax planning, retirement planning, insurance risk management, and the development of asset allocation strategies.

New York City, NY 10018

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Ray Mignone & Associates

Ray Mignone & Associates

Ray Mignone & Associates of Little Neck is an independent wealth management firm that acts as a fiduciary by offering fee-only financial planning services that will best meet its clients’ needs. Since 2004, Medical Economics magazine has named Mr. Mignone as one of the nation's 150 best financial advisers for doctors multiple times. Mr. Mignone is a former president and chairman of the Long Island Chapter of the Financial Planners Association and served as the chapter’s vice president of ethics for over 10 years.

Little Neck, NY 11362

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Blackdiamond Wealth Management

Blackdiamond Wealth Management

Blackdiamond Wealth Management is a modern boutique financial planning firm that caters to individuals and business owners in New York City and the neighboring areas. With a team consisting of people from diverse backgrounds, ranging from accounting to fine arts, the firm understands that each client's financial situation is unique and customizes the plan accordingly. Founder and managing partner, Sean Hollitz, has over three decades of experience in the industry, 10 years of which were spent at Lenox Advisors.

New York, NY 10017

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KLS

KLS

KLS is a group of financial advisors in New York City that makes every effort to serve its clients’ best interests by offering objective advice on how to go about managing investments, estate and insurance planning, retirement planning, tax planning, and financial decision making in general. As a fiduciary, KLS charges a flat fee for its financial advisory services and does not accept any additional income based on the products its clients choose. The firm is prepared to help clients make financial decisions regarding home purchases, prenuptial agreements, changes in employment and contract negotiation, and asset protection. KLS has nearly three decades of experience in the industry.

New York City, NY 10019

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Expert Answers To Common Questions:

  1. Introduction
  2. Are financial advisors worth it?
  3. What does a financial advisor do?
  4. How much money do I need to work with a financial advisor?
  5. What does a financial coach do?
  6. When should I use a financial advisor vs. doing it myself?
  7. How do I know if my financial advisor is trustworthy?
  8. What\'s the difference between a financial advisor and a financial planner?
  9. Are financial advisor fees tax deductible?
  10. What is a financial consultant?
  11. What is a robo-advisor?
  12. What makes someone a fiduciary?
  13. How often should I meet with my financial advisor?
  14. Should your financial advisor be a fiduciary?
  15. Can my financial planner help with taxes?
  16. Do I need a financial advisor?
  17. How do financial advisors get paid?
  18. What experience should I look for in a financial advisor?
  19. How much does a financial advisor cost?
  20. Should I hire a financial advisor before buying a house?
  21. How many financial advisors are there in the U.S.?
  22. Do banks offer financial advisors?
  23. Should I hire a wealth manager?
  24. Is wealth management worth it?
  25. How can you tell if a financial advisor is bad?
  26. What do you need to be a financial advisor?
  27. Where do financial advisors work?
  28. How much do financial advisors make?
Q: Introduction
A:
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.
Q: Are financial advisors worth it?
A:
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.
Q: What does a financial advisor do?
A:
Financial advisors can have many types of specialties. Generally, a financial advisor advises on or helps to execute a financial plan. Some examples include assisting people with getting out of debt, building out an investment portfolio, and handling taxes.
Q: How much money do I need to work with a financial advisor?
A:
There’s no specific income level you need in order to work with a financial advisor, but there may be a minimum investment amount for certain types of services. Some financial advisors won’t manage your money unless you have $100,000 or more to invest, but this isn’t the case with financial coaches or robo-advisors.
Q: What does a financial coach do?
A:
Financial coaches focus on improving your financial literacy and money management skills. For example, they can help you figure out how to pay down your student loans or decide how much money to put away for retirement. They usually charge by the hour and don’t offer asset management services or investment advice.
Q: When should I use a financial advisor vs. doing it myself?
A:
Smart money management can give you freedom and comfort. Being responsible with your money makes it possible to meet goals and pay for major expenses. A financial advisor is trained and can offer you expertise that would otherwise take years to learn. They know how to save you money and make it go further.
Q: How do I know if my financial advisor is trustworthy?
A:
Because financial advisors aren’t licensed or regulated, it’s up to the client to make that determination for themselves. However, if your advisor is a fiduciary, that means they’re legally bound to act in your best interest. Some types of advisors, including Certified Financial Professionals (CFPs), are held to fiduciary standards.
Q: What\'s the difference between a financial advisor and a financial planner?
A:
The term financial advisor is a broad phrase that encapsulates many specialties, including financial planner. It's similar to how doctor applies to different physicians, while a cardiologist is a specialty doctor. A financial planner helps their client plan to achieve long-term financial goals, such as saving for a house or retirement.
Q: Are financial advisor fees tax deductible?
A:
Until 2018, financial advisor fees were tax deductible as a miscellaneous expense. However, the Tax Cuts and Jobs Act elimited that deduction until at least 2025.
Q: What is a financial consultant?
A:
A financial consultant and a financial advisor are essentially the same. In recent years, financial consultant has become a less popular term, with financial advisor being much more common. Sometimes, the financial professional may opt for the term consultant when offering services to a business rather than an individual.
Q: What is a robo-advisor?
A:
A robo-advisor is essentially an algorithm that manages your investment portfolio for you. Because their services are automated, you’ll pay less than you would for a human advisor — often between 0.25% and 0.50%. They don’t require large initial investments either, making them a popular choice for entry-level investors. However, you won’t get the same level of advice that you would get from a personal financial advisor.
Q: What makes someone a fiduciary?
A:
Fiduciary is a legal term for a person who has a legal or ethical responsibility to act in your best interests. For example, a trustee and a beneficiary. A financial advisor may have a fiduciary obligation to make financial choices that are best for you, even if it means they earn less in commissions or fees.
Q: How often should I meet with my financial advisor?
A:
After your initial meeting, you may only need to check in with your financial advisor on a quarterly or annual basis. Ask them in advance how often you can expect to hear from them, and whether they offer in-person, phone, or virtual meetings.
Q: Should your financial advisor be a fiduciary?
A:
It’s important to understand that only some — not all — financial advisors have a fiduciary obligation to their clients. Always ask your financial advisor if they’re bound by fiduciary duty. If not, it’s possible that they’ll push products or services that earn them the highest commission, not necessarily what’s best for you. Opt for a financial advisor bound by fiduciary duty whenever possible.
Q: Can my financial planner help with taxes?
A:
Financial advisors aren’t necessarily accountants or tax preparers, so don’t expect them to prepare your taxes for you. However, they may be able to provide tax-related advice to help you optimize your returns and deductions. If you need an advisor who can file your taxes, look for one who is also a CPA (Certified Public Accountant).
Q: Do I need a financial advisor?
A:
Ask yourself if a financial advisor can fill a need or solve a problem you can’t easily handle on your own. They can be helpful in a wide variety of ways, such as building budgets or financial plans, finding ways to save money on taxes, creating an investment portfolio, or offering investment advice.
Q: How do financial advisors get paid?
A:
Clients pay to work with a financial advisor whether it’s through fees, commissions, or salaries. If they’re paid by client fees or commissions, their salary is tied to how much business they bring in. The harder they work, the more they make. In comparison, a salaried employee is guaranteed their wage no matter how many clients they have.
Q: What experience should I look for in a financial advisor?
A:
 If you have specific goals or a unique financial situation, look for a financial advisor with expertise in that area. For example, some financial advisors specialize in working with millennials or focus on socially responsible investing.
Q: How much does a financial advisor cost?
A:
A financial advisor’s costs depend on their fee structure. Some advisors charge a fee — either hourly or a percentage of the client assets under management. Another common option is to charge a commission on the products sold or investments made.
Q: Should I hire a financial advisor before buying a house?
A:
While not always necessary, a financial advisor could help you decide how large of a mortgage to apply for, how much money to put down, and how to balance the purchase with other savings and investment goals.
Q: How many financial advisors are there in the U.S.?
A:
According to the U.S. Bureau of Labor Statistics, it’s estimated that there are 218,050 financial advisors. California is the state with the highest employment of financial advisors across the nation.
Q: Do banks offer financial advisors?
A:
Yes, many banks have financial advisors on staff. Your bank may also offer incentives to work with their financial advisors, such as lower fees or free accounts. However, it's important to note that many of the bank's financial advisors don't have a fiduciary obligation and might prioritize the bank's products above all else. There is a cost when working with your bank's financial advisor.
Q: Should I hire a wealth manager?
A:
A wealth manager can help offer complex financial planning services, including tax guidance, estate planning, and legal assistance. While you don't have to be a high-income earner to benefit from a financial advisor, a wealth manager is typically for those that have a high net worth. However, many people build wealth and need a wealth manager later on in life.
Q: Is wealth management worth it?
A:
Wealth management is typically worth it for those who need help with multiple endeavors or comprehensive financial situations, such as charitable contributions or investment portfolio management, or want to protect their assets. A wealth manager can also offer you guidance if you’ve been neglecting your finances or making poor judgements.
Q: How can you tell if a financial advisor is bad?
A:
Your relationship with your financial advisor is a very personal one, as you’re trusting them with your wealth and future. Some general signs that your financial advisor is bad include:
  • They can’t answer your financial questions
  • You have worked with them for a while but haven’t seen a financial improvement
  • They don’t provide you with progress reports
  • They don’t check in with you
Q: What do you need to be a financial advisor?
A:
As mentioned, there are over 100 types of certifications for financial advisors. The training or experience you need will depend on which specialty you want to pursue. Generally, financial advisors need to have:
  • A Bachelor’s degree
  • A General Securities Representative license (Series 7 license)
  • A Certified Financial Planner (CFP) certification isn’t mandatory but is often preferred
Q: Where do financial advisors work?
A:
Where a financial advisor works will depend on what type of financial advisor they are. Financial advisors can work at a variety of places, including:
  • Securities and commodity brokers
  • A bank
  • A credit union
  • Independently
  • Insurance companies
  • Financial investment firms
  • Small investment advisory firms
Q: How much do financial advisors make?
A:
In 2019, the national average salary for a financial advisor was $87,850. However, it’s important to note the average salary varies from state to state and the different focus areas — an investment advisor may make a lot more than a financial planner. Lastly, salary can depend on how the individual is getting paid. Financial advisors can be paid by client fees, commissions, or salaries.