Best Financial Advisors in Pawtucket

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.
  

• Does Pawtucket have a suite of loan programs to attract business investors?

  Through Pawtucket’s Business Development Corporation, the city provides loan programs for commercial ventures, working capital, equipment, and real estate. It helps businesses overcome problems and growth issues for industries such as retail, food, and arts and entertainment. The point of contact for these programs is the Economic Development Director who can be reached at 401-728-0500 ext. 432. The City Hall is situated at 137 Roosevelt Avenue Pawtucket, RI 02860.

• What are the advantages of investing in a CollegeBound Saver (529 Plan) in Pawtucket?

  One of the advantages of investing in a CollegeBound Saver (529 Plan) is that there is no minimum amount required. The plan is also tax-free and convenient to set up-- usually just in 10 minutes. Plan holders in Pawtucket may also enjoy tax deductions on their state income taxes at $1,000 for couples and $500 for individuals. Should the beneficiary not go to college, the plan can be transferred to another recipient or withdrawn for non-school-related reasons but incur penalties.

• Why should you invest your money in Pawtucket instead of just putting it in a savings account?

  Investing may be a good plan if you are looking to grow your money for retirement or save for college. A savings account is a good way to store money for short-term goals or emergency funds. Before considering investing, you must evaluate your goals, financial situation, and risk tolerance. Additionally, try consulting with a financial advisor in Pawtucket to guide your decisions and help you avert potential financial disasters.

• Does the Employees’ Retirement System of Rhode Island (ERSRI) provide healthcare benefits to retirees in Pawtucket?

  No, the Employees’ Retirement System of Rhode Island (ERSRI) does not provide healthcare benefits. Retirees in Pawtucket can check the Rhode Island Office of Employee Benefits for healthcare coverage. They can call (401)-574-8530. In addition, some members could be covered by Medicare. To check for eligibility or review plan options, call Via Benefits at (844)-448-7298.

• Can someone in Pawtucket possibly invest during a recession?

  While a recession can trigger fear in an investor, one of the best times to invest would actually be during a recession. This is because the prices of bonds, mutual funds, and stocks are low at this point and many securities can be purchased by someone in Pawtucket than when the market is good. When investing during a recession, experts recommend using strategies such as getting dividend-producing stocks, checking on emerging growth sectors, and diversifying stock portfolios.

• 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.