Best Financial Advisors in Utica

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.
  

• What differentiates Net Asset Value (NAV) from Assets Under Management (AUM) in Utica?

  In Utica, the total value of a fund's assets minus all of its obligations is known as Net Asset Value (NAV) and is frequently displayed on a per-share basis. NAV shows the share price for buying and selling fund shares. The value of the assets managed by a person or business, excluding funds, is referred to as Assets Under Management (AUM). In contrast to NAV, which is reported as a per-share figure, AUM represents the total value of managed assets.

• What are the consequences in Utica if you fail to take a Required Minimum Distribution (RMD) by the designated deadline?

  A 25% penalty will be applied to the unwithdrawn portion of the Required Minimum Distribution (RMD) if you fail to take it before the deadline in Utica. However, if you can show that the failure was due to an appropriate reason and not deliberate neglect, the penalty may be lifted.

• Why is passive income significant in Utica?

  Passive income in Utica is essential for maintaining one's financial security when one's ability to earn active revenue is constrained. Other advantages of passive income encompass:

  • Alleviating stress through an additional income source for bills and unexpected expenses.
  • Enhancing cash flow with supplementary revenue streams.
  • Expanding opportunities for early retirement through passive income, whether derived from stock market investments, diversifying income streams, or establishing a self-sustaining business.

• Which individuals qualify to receive Social Security survivors' benefits in Utica?

  In Utica, eligible individuals for Social Security survivors' benefits include:

  • Widow or widower caring for the deceased's disabled or under-16-year-old child.
  • Surviving divorced spouse.
  • Dependent parent aged 62 or older.
  • Unmarried child of the deceased, 18 years old or older with a disability that took place before turning 22, or below 18 years old (or up to 19 if a full-time student in elementary or secondary school).
  • Widower or widow aged 60 or older (or 50 or older with a disability).

• What medical expenses are not covered by Medicare in Utica?

  Some medical expenses not covered by Medicare in Utica include:

  • Eye care: Glasses, regular eye exams, and contact lenses are generally not covered, but specific optical care services may have coverage for long-term eye issues.
  • Dental care: Routine dental care is not covered by Medicare Parts A and B.
  • Hearing aids: Medicare does not cover hearing aids, but certain Medicare Advantage plans may offer coverage.
  • Long-term care: Basic Medicare does not cover long-term care.

• 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.