Find the Best Financial Advisors in Buffalo, NY

How to find a good financial advisor in Buffalo

Finding a financial planner in Buffalo can be a time-consuming process. Research several advisors in the Buffalo area, and compare their certifications, reputation and approach to wealth management before deciding which one is a good fit.

After narrowing your choices, schedule a free consultation or two to get more information about an advisor’s fees, financial philosophy and overall personality. The New York state attorney general recommends having the advisor fill out a form with licensing information and verifying it with the proper agency. By thoroughly vetting the financial planner, you ensure a good fit and avoid common scams.

How much does a financial advisor cost in Buffalo?

There are four ways financial advisors determine their fees. The most common fee structure is charging a percentage of the managed assets. On average, this fee is around 1%. An advisor might also charge by the hour or charge a flat rate for individual services. For example, if you want a financial plan drafted, an advisor might charge a flat fee ranging from $1,500 to $2,500.

Commission-based services are the fourth type of fee structure. This option is most commonly used by investment advisors. This payment style has the potential for abuse or conflict of interest. Registered investment advisors are required to provide a relationship summary, which explains fees and costs and conflicts of interest, according to the Securities and Exchange Commission.

What does a financial advisor do in Buffalo?

Financial advising encompasses a variety of services. Buffalo residents have the opportunity to customize services to suit their needs, whether they need investment advice or retirement planning. The following are common financial services offered by advisors in Buffalo.

• Financial planning: Advisors apply this term to refer to a variety of life events and financial decisions, such as retirement, investing, educational savings and more. Buffalo residents request these services individually or as part of a long-term plan.
• Investment management: For Buffalo residents seeking smart, experienced investment advice, an investment advisor is a great option. In order to avoid potential conflicts of interest, many investors choose to work with registered investment advisors, who have a fiduciary responsibility to their clients.
• Retirement planning: Planning for retirement is one of the most common reasons consumers seek the services of a financial advisor. Whether you’re still working or already in retirement, retirement planning can maximize the value of your savings.

Buffalo financial advisors FAQ

How much do I need to retire?

The general rule is you should have enough to cover 80% of your pre-retirement income per year. Financial advisors help Buffalo residents plan for retirement if they’re still working, or optimize their savings if they’re already retired.

What is a fiduciary?

A fiduciary is someone who manages money and/or property on behalf of somebody else. Fiduciaries, including investment advisors, are required by law to make decisions in their clients’ best interests and not their own.

How do I buy a stock?

Buy stocks online yourself, or work with a financial advisor to build a portfolio. These experienced professionals can purchase and monitor stocks for you.

What is asset management?

Asset management is the professional servicing of investments. Whether you’re establishing a new portfolio or looking to maximize existing assets, an asset manager helps you achieve investing goals.

Are wealth management fees worth it?

Ideally, a wealth management firm obtains a return on investment on a client’s assets to the point that the fees are more than covered. Discuss the cost of wealth management services compared with returns during your initial consultation.