In New York and looking to kick your finances into high gear? Enlisting the expert guidance of a financial advisor is a smart way to do that. New York City is the economic hub of the U.S., if not the world, and the state of New York is a magnet for money and those who work with it. Competition is fierce, but don’t worry — Benzinga sussed out the best in digital and traditional financial advisors. Use our list to get in touch with a pro today.
Best for Family Wealth Planning: Silvercrest Asset Management
Silvercrest Asset Management is a fee-free advisory firm primarily catering to high-net-worth individuals and families, including those with multigenerational wealth considerations, endowments and foundations.
Silvercrest’s services span the following: portfolio management, investment management and family office services. Portfolio strategy is custom built on a client-by-client basis and falls within income, fixed income and balanced structures. You’ll benefit from the collective knowledge of a team of advisors, ensuring your portfolio looks good from every angle.
The firm is particularly adept at tackling issues that come with generational and familial wealth. Private clients will receive financial advice that seeks to incorporate estate planning into the overall strategy. This guidance can address philanthropic planning, wealth transfer, tax optimization strategies or all of the above.
- Customizable Auto Investing
Best Robo-Advisor: M1 Finance
Already a solid automated advisor, M1 Finance has rebranded itself as the “finance super app.” Retaining its status as trusted robo-advisor, M1 has beefed up its offerings so it can act as your all-in-one financial hub.
You’ll be able to invest, borrow and earn on your spending account balance with M1. While M1 doesn’t offer financial planning in the traditional sense, it will act as your digital investment manager while you dictate the strategy.
M1 has 2 account levels, M1 Basic and M1 Plus. With either, you can invest for free, although Plus offers a 2nd-afternoon trading window, affording you more flexibility. You choose how you invest and dynamic rebalancing handles the rest.
Your portfolio can be modeled from nearly 100 expertly-designed mixes. Or choose a custom mix from low-cost exchange-traded funds (ETFs) and individual stocks. M1 uses fractional shares, so every cent you invest is put to work.
M1 Basic is free to use. You can access a flexible portfolio line of credit once your investments total at least $10,000. M1 Plus costs $125 per year. You can choose between morning and afternoon trading windows. If you have at least $25,000 invested, you can invest with both windows.
With Basic, you’ll enjoy low rates on lines of credit, but you’ll receive a discounted rate as a Plus member. Plus members also earn interest on their balance and cash back on purchases with their M1 Spend account.
Best for Executive Financial Counseling: Cerity Partners
Cerity Partners, LLC, is a financial planning firm offering investment advisory, wealth planning, tax services, executive financial services and retirement plan services. The firm is headquartered in New York and also has offices in Colorado, Illinois, Michigan, Ohio and Texas. Regional retirement plan consultants under Cerity Partners are located throughout the nation.
The executive financial services from Cerity Partners are tailored to the unique and challenging financial needs of company executives. Cerity Partners will help you tackle issues like compensation in the form of stocks and bonds, helping you capitalize on all the types of income you receive and minimizing your tax obligation.
These services are comprehensive, striving to integrate and streamline the whole of your finances. Your executive financial counseling will cover executive compensation and benefits, tax planning and preparation, risk management and insurance strategies, investment management and retirement planning.
Cerity Partners is a fee-only fiduciary. Aside from individuals and families, they also serve businesses and institutions and nonprofit organizations.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Performance-based fees
- Financial planning services
- Pension consulting services
- Selection of other advisers (including private fund managers)
- TAX SERVICES; BILL PAY
Address
335 MADISON AVENUE 23RD FLOORNEW YORK NY, 10017
Phone number
212-850-4260
Best for High Net Worth Individuals: TAG Associates
If you’re a person of considerable means, you can’t go wrong with TAG Associates. With 70 professionals advising a relatively small pool of 110 clients, TAG Associates offers personalized, focused wealth management services. You’ll benefit from its deep well of expertise — a business history since 1983 and manages over $8 billion in assets.
Although there is no set account minimum, the clients at TAG Associates are high-net-worth individuals. TAG Associates provides its advisory services to trusts, pensions and profit-sharing plans, endowments, foundations and various other types of business entities.
TAG Associates is well-known for its ventures into alternative investments. These investments don’t fall into the standard classes of equity, income or cash options and can include real estate, private equity or venture capital, hedge funds, managed futures, art and antiques, commodities and more. TAG Associates believes that these types of investments are vital to a well-balanced portfolio. Benefits may include higher returns and less volatility.
- Budget App for Investments
Best Portfolio Analysis: Personal Capital
Personal Capital is a digital financial management platform specializing in wealth management services for investors keeping at least $100,000 in assets under advisement. Or, if you need some help getting there, Personal Capital has a free suite of digital financial tools. These will help you become more financially literate so you can grow your wealth faster.
The advisory services with Personal Capital’s span comprehensive financial planning and investment management. Personal Capital uses the following in its investment strategy: Smart Weighting, Tax Optimization, Intelligent Rebalancing and Dynamic Portfolio Allocation.
Personal Capital has 3 wealth management tiers. Investment Services is available to those whose accounts fall between $100,000–$200,000. This tier offers financial advising by a team of experts.
Once your account reaches $200,000 to $1 million, you’re eligible for Wealth Management. At this tier, 2 financial advisors will offer personalized advice and an intimate client-advisor partnership.
If your account exceeds $1 million, you unlock the Private Client tier. You’ll have 2 dedicated professionals who provide comprehensive financial planning and custom-fit investment strategy. You can use its expert guidance on retirement and wealth planning as well.
Although it’s free to join, Personal Capital charges a management fee for its wealth investment services based on the size of your balance. Management fees range from 0.89% to 0.49%, with larger accounts receiving lower rates.
Frequently Asked Questions
Can financial advisors help mitigate debt?
Yes! While your advisor can’t directly deal with creditors on your behalf, they will help you plan how to best handle your debts. Talk to your advisor to figure out what is the most advantageous way to deal with your debt as part of your overall financial plan.
What’s the difference between financial planning and retirement planning?
Financial planning typically addresses your financial strategy as a whole. Retirement planning is often a modular unit of financial planning but can also be addressed as a standalone plan.
The goal of retirement planning is to make the most of your money while you’re still working, ensuring a secure income after you retire. Financial planning seeks to capitalize on your earnings while you’re actively receiving income with either segmented or comprehensive strategy.
Which certifications should my financial planner have?
Look for planners with the following certifications: Certified financial planner™ (CFP®), certified public accountant (CPA) or chartered financial analyst (CFA).
A professional with the CFP® designation has the most comprehensive certification while CPAs are experts in accounting and tax planning. Investment and financial analysis is the specialty with CFA designated advisors.
Find a Financial Advisor
A good financial advisor can make a world of difference for your money. The guiding hand of a professional will help you determine your unique financial goals and strategize how to meet them. Join one of the digital platforms from our list or set up a consultation with an advisor today. Many offer free 1-time initial consultations, so you can shop around before you decide.
Methodology
To determine the top financial advisors in New York, we pored through all SEC-registered advisory firms who have an office in New York. We winnowed the list by only including advisors who are registered fiduciaries, have no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have offices in multiple states, have a wrap fee program and over $50 million in assets under management.
About Rebekah Brately
Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.