Best Financial Advisors in Troy

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.
  

• Can a financial advisor in Troy provide investment advice without a fiduciary duty?

  Yes, some financial advisors in Troy may operate under a suitability standard, requiring them to recommend suitable investments for their clients but does not impose a fiduciary duty. Investment advisors, on the other hand, must adhere to a fiduciary duty if they are registered with the U.S. Securities and Exchange Commission or a state securities regulator, meaning they are obligated to act in the best interests of their clients and put their client's interests ahead of their own.

• How can you switch financial advisors in Troy?

  To switch financial advisors in Troy, carefully review your current advisor's agreement for any leaving-related rules and fees. Take your time to find a new advisor who suits your needs. Obtain copies of your transaction history, note asset details for tax reporting, and consult your new advisor to address any non-transferable assets or associated costs. Optionally, inform your old advisor about your switch and discuss fees or consider it a part of understanding your asset liquidity and ownership.

• Are investment advisors in Troy required to provide written disclosure documents?

  Registered investment advisors in Troy are obligated to provide their clients and prospective clients with a written disclosure document. This requirement is outlined in Rule 204-3 under the Advisers Act. The written disclosure document should be delivered to prospective clients before or at the time of entering into an advisory contract. Electronic delivery methods may also be used in certain circumstances to fulfill the disclosure document delivery requirements.

• Can you terminate your agreement with a financial advisor in Troy at any time?

  In Troy, you generally have the flexibility to terminate your agreement with a financial advisor at any time. To initiate the process, you should begin by reviewing your client agreement or contract and check whether a termination fee is mentioned. Typically, most agreements allow clients to end the relationship without such fees. If you do not have a copy of your client agreement, you can contact the company or financial advisor to request a copy.

• Can financial advisors in Troy sell insurance products?

  Financial advisors in Troy can sell insurance products if they hold the necessary licenses. It is possible for a financial advisor to be dually licensed, meaning they can be registered representatives, investment advisor representatives, and insurance agents simultaneously. This practice is common among financial advisors employed by large brokerage firms.

• 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.