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Best Financial Advisors in Cheektowaga

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SmartAdvisor by SmartAsset logo
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SmartAdvisor by SmartAsset

Cheektowaga, NY
  • Estate Planning
  • Financial Planning
  • Investment Management
  • Retirement Planning

Business Description

SmartAsset's free, five-minute tool makes it easy to find qualified financial advisors in your area. The exclusive tool uses a quick survey to help SmartAsset's exclusive algorithm match you with up to three advisors based on your specific financial needs. Each advisor is a fiduciary, legally bound to work in your best interest, and rigorously vetted by SmartAsset. You can speak with each for free, sometimes within a matter of minutes, and choose whom you want to work with. Hundreds of thousands of smart investors and retirees have already used SmartAsset's simple, no-cost service to find the right financial advisors for them.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
3.2 / 5 (15)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
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Detail
––

Price: Free consultation

Bill Welsh logo
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Bill Welsh

19 Limestone Drive, Suite 5, Williamsville, NY 14221
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  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Bill Welsh is a financial advisor affiliated with LPL Financial. He provides Cheektowaga residents with a variety of services, ranging from asset allocation services performed according to a client's investment trends and risk tolerance to retirement planning covering factors like health care needs and estate protection. He also assists business owners in negotiating for funding for business assets like office space and equipment. Welsh holds the Certified Financial Planner designation. He has been in the industry since 1980.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Buffalo First Wealth Management, LLC logo
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Buffalo First Wealth Management, LLC

7606 Transit Rd. Suite 100, Buffalo, NY 14221
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  • Certified Financial Planner (CFP)

Business Description

Buffalo First Wealth Management, LLC, is an independent financial planning and investment advisory firm that serves the Cheektowaga metro area. It has an in-house investment department that helps clients implement asset allocation strategies developed according to their investment goals and financial circumstances. It also assists individuals in developing and maintaining retirement plans through ongoing account reviews that help balance expenses and income. Founder Kevin R. Connolly holds a master's degree in business administration. He previously served as a district manager for Waddell & Reed, Inc.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.4 / 5 (7)
Facebook
5.0 / 5 (5)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Detail
Buffalo Wealth Partners logo
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Buffalo Wealth Partners

6622 Main St Ste 2, Williamsville, NY 14221
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  • Estate Planning

Business Description

Buffalo Wealth Partners is a private financial advisory firm that serves clients in Cheektowaga. It works with Ameriprise Financial Services, LLC, to offer individuals various solutions, including tax, retirement, and estate planning. The firm also helps small business owners on matters related to executive benefits and compensation. It educates clients on different investment types, including annuities. John Miskey III, the firm's CEO, has over 25 years of industry experience. He is a U.S. Army veteran.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
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Helpfulness
Detail
ClearPlan Financial, Inc logo
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ClearPlan Financial, Inc

6470 New Taylor Rd, Orchard Park, NY 14127
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  • Financial Planning

Business Description

ClearPlan Financial, Inc., is a firm that serves clients in Cheektowaga. It is composed of independent financial advisors who help individuals plan their estate, personal and business tax, and retirement and investments. The firm also provides assistance on budgeting and debt management, education funding, employee benefits, and long-term care. Robert Kloss, ClearPlan Financial's president, has more than 30 years of experience in wealth management. He was the president and board chairman of the Western New York Financial Planning Association.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (9)
Eudaimonia Wealth logo
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Eudaimonia Wealth

1207 Delaware Avenue, Suite 110, Buffalo, NY 14209
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  • Wealth Management

Business Description

Eudaimonia Wealth is an independent financial advisory company based in Buffalo that serves Cheektowaga and nearby metros. Among its financial services are retirement, estate, and tax planning; investment management; risk management; and personal finance services. The fiduciary firm aims to simplify the process of financial planning to help people achieve the clarity and confidence they need to make smarter decisions regarding money. Brett Koeppel, its founder, is a CFP and a member of the National Association of Personal Financial Planners.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (9)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Goldfarb Financial logo
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Goldfarb Financial

4549 Main St Suite 200, Buffalo, NY 14226
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  • Certified Financial Planner (CFP)

Business Description

Founded in 1998, Goldfarb Financial is a boutique financial advisory firm that focuses on helping individuals in Cheektowaga and the surrounding areas achieve their financial goals. The firm's team of financial advisors works with lawyers, accountants, and other experts in assisting clients with impact and socially responsible investing, financial planning, retirement planning, estate planning, and business planning. Jeffrey Goldfarb, the founder of the firm, is a Certified Financial Planner and a Chartered Advisor in Philanthropy.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)
Haven Financial Planning logo
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Haven Financial Planning

8469 Sheridan Drive, Williamsville, NY 14221
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  • Certified Financial Planner (CFP)
  • Financial Planning

Business Description

Haven Financial Planning is a firm serving Cheektowaga and surrounding communities. It assists individuals, families, and businesses in creating and developing financial strategies to manage potential risks and obstacles in the future. Its financial advisor, Katie Weibel, works with professionals from different industries to deal with other areas of financial planning, such as CPAs and lawyers. She is a Certified Financial Planner and a Certified Divorce Financial Analyst who also serves on the development committee of Habitat for Humanity Buffalo.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Jensen, Marks, Langer & Vance LLC logo
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Jensen, Marks, Langer & Vance LLC

360 Delaware Avenue Suite 400, Buffalo, NY 14202
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  • Financial Planning
  • Wealth Management

Business Description

Jensen, Marks, Langer & Vance LLC is an independent firm that advises Cheektowaga residents to help them grow and keep their wealth. It assists in developing investment strategies covering custom portfolios comprising bonds, stocks, mutual funds, and alternative investments. The firm works with clients in making financial plans for wealth preservation, tax compliance, and estate planning. In addition, its advisors offer annuities, long-term care insurance, and disability income indemnity. Brian J. Jensen, a partner at the firm, received the Distinguished Service Award from the Society of Financial Service Professionals Buffalo Chapter.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
L&M Wealth Management logo
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L&M Wealth Management

3820 Sheridan Drive, Amherst, NY 14226
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  • Certified Financial Planner (CFP)
  • Financial Planning
  • Wealth Management

Business Description

L&M Wealth Management serves individuals from Cheektowaga and the surrounding communities. It has been providing financial solutions since 1972, assisting clients in navigating the areas of investment, financial planning, generational wealth planning, and retirement accumulation or distribution planning. It also creates educational investment strategies and offers insurance and tax assistance. Founded by Russ Lipsitz, the business opened its doors to help firefighters secure proper health insurance. Max Lipsitz, one of its third-generation owners, is a certified financial planner.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.1
Google
4.1 / 5 (11)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Lauber Financial Planning logo
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Lauber Financial Planning

3976 Seneca Street, West Seneca, NY 14224
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  • Retirement Planning
  • Financial Planning

Business Description

Lauber Financial Planning is an advisory firm that helps people from different wealth and income levels residing in Cheektowaga. Established in 2010 by Amy Jo Lauber, the firm provides financial planning services for families and financial wellness guidance in the workplace for companies and employees. She also assists clients in preparing for the future financially and planning for retirement. Lauber is a Certified Financial Professional (CFP). She previously worked as Wealth Management Consultant for HSBC Bank USA.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Moldenhauer & Associates logo
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Moldenhauer & Associates

6195 West Quaker Street, Orchard Park, NY 14127
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  • Chartered Financial Analyst (CFA)
  • CFA Charterholder
  • Financial Planning

Business Description

Moldenhauer & Associates offers services to help clients in Cheektowaga understand, prepare, and manage their financial future. It develops investment plans, helps grow portfolios, and recommends strategies to achieve their ideal lifestyles and retirement goals. Its advisors introduce strategies for allocating assets and insurance options for risk protection. In addition, they offer advice and assistance with business and estate planning. Richard C. Moldenhauer, a Certified Financial Planner and a Chartered Financial Consultant, is a member of the Association of Registered Financial Planners.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.2

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Northeastern Financial Partners LLC logo
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Northeastern Financial Partners LLC

5780 Main Street, Williamsville, NY 14221
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  • Estate Planning
  • Retirement Planning
  • Financial Planning

Business Description

Northeastern Financial Partners LLC is a company that caters to the needs of clients in Cheektowaga. It provides financial planning solutions for retirement, estate, and college funding. The establishment also offers a range of protection services, including permanent and term life, long-term care, and disability income insurance policies. In addition, it handles business planning options like qualified plan design and installation, key person insurance, and executive compensation plans. The firm’s senior partner, Anthony Vincent Burgio, is an Accredited Wealth Management Advisor and Accredited Investment Fiduciary.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Google
4.6 / 5 (10)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Ocean Wealth Group logo
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Ocean Wealth Group

5550 Main St. Ste. 1, Williamsville, NY 14221
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  • Retirement Planning
  • Financial Planning

Business Description

Serving Cheektowaga, Ocean Wealth Group is committed to helping its clients create a personalized retirement plan. It guides them in comprehensively organizing their finances, covering various aspects like college funding, insurance, and estate planning. Its advisors also develop financial plans that last for decades by working with attorneys, insurance agents, and accountants. In addition, they provide counsel about investment selection and portfolio allocation. Ocean Wealth Group has been featured in Forbes, The Buffalo News, and Nasdaq.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)
Facebook
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Pignataro Financial Group logo
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Pignataro Financial Group

5949 Transit Road, Depew, NY 14043
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  • Certified Financial Planner (CFP)
  • Retirement Planning

Business Description

Pignataro Financial Group provides its services in Cheektowaga. It offers wealth and financial management, estate and retirement planning, insurance and investment planning, lifestyle management, and tax and money strategies. President and financial advisor Lawrence F. Pignataro, Jr., has served as a financial consultant since 1987. He is a former president of the Financial Planning Association of WNY. He is a member of the CFP Society, the Independent Association of Accountants, and the Lancaster Chamber of Commerce.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.0
Google
4.0 / 5 (4)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
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Detail
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Sgroi Financial logo
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Sgroi Financial

965 Union Road, Buffalo, NY 14224
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  • Estate Planning
  • Certified Financial Planner (CFP)
  • Retirement Planning
  • Financial Planning

Business Description

Sgroi Financial is a full-service independent financial planning firm serving Cheektowaga. For 50 years, it has been assisting individuals in developing plans to help them achieve their financial goals. It assesses their financial situations to establish their needs and uses the data to tailor customized plans. It also educates them on various financial products available, such as insurance. In addition, it recommends an array of investment options to maximize their wealth, such as bonds, common stocks, and mutual funds.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.6
Google
4.6 / 5 (7)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Sherwood Financial Management logo
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Sherwood Financial Management

8463 Sheridan Drive, Williamsville, NY 14221
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  • Certified Financial Planner (CFP)
  • Investment Management
  • Financial Planning

Business Description

Sherwood Financial Management offers wealth management services including financial planning and investment management to the Cheektowaga metro and surrounding neighborhoods. The firm delivers various financial solutions for individuals and families, executives and professionals, and retirees to help coordinate their finances and improve their overall wellbeing. It delivers various financial advisory services, including comprehensive financial review, cash flow management, insurance analysis, retirement planning, investment management, and tax and estate planning. Founder Tracy Sherwood has worked as a fiduciary in the wealth management industry for over 25 years.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (3)
Spectrum Wealth Management logo
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Spectrum Wealth Management

4925 Main St, Suite 202, Amherst, NY 14226
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  • Tax Planning
  • Retirement Planning

Business Description

Spectrum Wealth Management is a full-service financial services firm that serves Cheektowaga. For more than 30 years, it has been providing customized financial planning solutions focusing on retirement planning. It assists its clients in developing plans to maximize their assets and offers a wide range of products. These include 401(k) and 403(b) rollovers, investments, and life and long-term care insurance. Its other services include estate, Medicaid, retirement, and tax planning. Its president, John M. Lunghino, is a CPA and a Registered Financial Consultant.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
The Financial Guys logo
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The Financial Guys

319 West Main Street, Batavia, NY 14020
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  • Certified Financial Planner (CFP)

Business Description

The Financial Guys is an independent wealth management firm that offers its services to the individuals, families, and businesses of Cheektowaga. It deals with Medicare, 401k plans, estate planning, auto and home insurance, corporate retirement plans, and home loans and mortgages. Co-founders and partners Glenn Wiggle and Michael Lomas founded the firm in 1999. They also co-host "The Financial Guys Radio Program" on News Radio 930 WBEN, which has become a local talk show community pillar.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
4.7
Google
4.7 / 5 (59)
Facebook
4.4 / 5 (15)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
4.0
Responsiveness
Friendliness
Helpfulness
Detail
––
Tyrpak Wealth Strategies logo
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Tyrpak Wealth Strategies

6622 Main Street, Suite 6, Williamsville, NY 14221
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  • Retirement Planning
  • Financial Planning
  • Wealth Management

Business Description

Tyrpak Wealth Strategies is a firm serving Cheektowaga and surrounding communities. It assists individuals, families, and businesses in different areas of financial planning such as investments, wealth management, retirement planning, charitable giving, and insurance or risk planning. Its team of professionals conducts meetings and discussions with clients to tailor a financial plan that meets their goals and establishes financial security. The firm's business leader, James J. Tyrpak, is a Chartered Financial Consultant who served as president of the Society of Financial Service Professionals.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (1)

Professionalism:

We hire mystery shoppers to call our providers anonymously and evaluate them. Providers who respond quickly, answer questions thoroughly, and communicate politely score higher.
5.0
Responsiveness
Friendliness
Helpfulness
Detail
Wilcox Financial logo
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Wilcox Financial

1323 N. Forest Road, Williamsville, NY 14221
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  • Certified Financial Planner (CFP)

Business Description

Wilcox Financial is a company that caters to women with various insurance matters and financial planning needs. It helps clients in Cheektowaga gain an understanding of various financial planning aspects, such as asset allocation, Social Security, and education funding. It also provides corporate financial wellness programs that can assist employees in learning more about different financial situations like retirement. Company founder and CEO Nicholle Overkamp is a recipient of the 2013 Woman of the Year Award given by the American Business Woman's Association of WNY.

Reputation:

We scour the internet for reviews from well-known resources. Each provider is evaluated based on the quality and quantity of their reviews, their presence on multiple review sites, and their average minimum rating.
5.0
Google
5.0 / 5 (2)
Yelp
5.0 / 5 (1)
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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.

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.

What does a financial advisor do?

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.

How much money do I need to work with a financial advisor?

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.

What does a financial coach do?

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.

When should I use a financial advisor vs. doing it myself?

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.

How do I know if my financial advisor is trustworthy?

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.

What\'s the difference between a financial advisor and a financial planner?

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.

Are financial advisor fees tax deductible?

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.

What is a financial consultant?

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.

What is a robo-advisor?

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.

What makes someone a fiduciary?

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.

How often should I meet with my financial advisor?

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.

Should your financial advisor be a fiduciary?

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.

Can my financial planner help with taxes?

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).

Do I need a financial advisor?

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.

How do financial advisors get paid?

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.

What experience should I look for in a financial advisor?

 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.

How much does a financial advisor cost?

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.

Should I hire a financial advisor before buying a house?

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.

How many financial advisors are there in the U.S.?

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.

Do banks offer financial advisors?

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.

Should I hire a wealth manager?

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.

Is wealth management worth it?

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.

How can you tell if a financial advisor is bad?

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

What do you need to be a financial advisor?

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

Where do financial advisors work?

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

How much do financial advisors make?

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.

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