Best Financial Advisors in Cary

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.
  

• Why should you consider obtaining a 529 plan in Cary?

  You should consider obtaining a 529 plan in Cary to help you understand your family's education needs. Your financial advisor help you create a strategy tailored to your saving goals and your child's preferred school. In 529 plans, withdrawals are state or federal income tax-free as long as money is used for qualified higher education expenses. You can also control your account and change beneficiaries at any time without tax consequences.

• Can you withdraw funds from a governmental 457(b) plan in Cary?

  You can withdraw funds from a governmental 457(b) plan in Cary under certain circumstances. You can withdraw funds if you are 70.5 years old, a qualified domestic relations order was issued, or you are unemployed. You may also be able to withdraw funds if you have an unforeseen emergency or if you will use the money for a qualified birth or adoption that costs up to $5,000 per birth or adoption per taxpayer.

• What types of tax materials do you need for financial planning in Cary?

  In Cary, you need to keep all your tax materials because you will need them for financial planning. You should reach out to your tax preparer to help you review the documents. You should ready your W-2 and 1099 forms and documentation of your taxable investment income, childcare expenses, mortgage and student loan interest, and IRA and health savings account contributions.

• What can you do with your IRA and 401(k) plan if you are near retirement in Cary?

  If you are near retirement, you have several options for your IRA and 401(k)plan in Cary. You can transfer the money to another employer-sponsored plan (if it is allowed), take the cash and pay ordinary income taxes and the 10% penalty if you are younger than 59 ½, or leave the money alone because it may incur higher investment costs.

• How can financial advisors help religious organizations in Cary?

  Financial advisors help religious organizations in Cary balance faith and finance to achieve their organizations' goals. They assist religious organizations document policies involving investment selection, portfolio risk, and ongoing portfolio monitoring. They also help organizations allocate their assets, implement best practices for endowment investment, and assess the competitiveness or appropriateness of fees charged by investment managers.

• 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.