Finding Trustworthy Wealth Management Firms in NYC

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Wealth management comes in a variety of names, specialties and professions. It also comes with certain goals and responsibilities. By gaining a better understanding of wealth management firms in NYC, we hope to clarify some common questions and help you find a trustworthy wealth management firm in New York City.

What exactly is wealth management and why do you need it?

Perhaps you can think of wealth management as a blanket that surrounds your entire financial picture. Wealth management firms in NYC incorporate all facets of your financial dealings, looking at them both individually and in total, to determine if your investment goals are being met, and better yet, surpassed.

Your wealth management picture could include:

  • Income tax planning
  • Insurance policies
  • Life
  • Long-term care
  • Health
  • Disability
  • Liability
  • Life stages strategies
  • Children
  • Divorce
  • Death
  • Inheritances
  • Estate tax planning
  • Trust development and maintenance
  • Life estates
  • Investment strategies
  • Charitable giving
  • Preservation of social capital
  • Family business exit planning

How do NYC wealth management firms provide services?

Generally, at a minimum, an annual meeting would be held with you. All of the significant professionals involved in your financial picture would attend that meeting. Those professionals could include:

  • CPA
  • Lawyer
  • Estate tax advisor
  • Financial planner
  • Investment advisor
  • Insurance professional
  • Wealth management expert

Your wealth management professional will enable the meeting to encompass all aspects of your financial wealth to include your personal goals, and in turn, create a unified plan going forward. This thought leadership will determine the successful realization of your investment goals.

How do you find a trustworthy wealth management firm in New York City?

This can be achieved by asking friends and relatives the names of wealth management firms in NYC that they are using and would recommend. If these firms are providing the level of service and results that you are looking for then this would be a good place to start.

Another source would be your respected CPA, lawyer, investment advisor or other professionals within your network who could reference wealth management firms with whom they have worked with and trust to be a firm that would work for you.

What are your requirements for NYC wealth management firms?

Examples of your needs could be:

  1. Customized plans for individuals and family businesses
  2. Building, preserving, managing of assets
  3. Inheritance from parents/others
  4. Meeting your life’s stages
  5. Risk management
  6. Creating an enduring legacy for you
  7. Personal attention

How do the NYC wealth management firms charge for their services? First, ask if there is a charge for meeting time and phone calls. Determine what that charge is for management of assets. The firm should provide a fee schedule that clearly outlines the fees for services, transactions and management of any assets.

Ask about the credentials. CFP®, PFS, CFA, CIMA, ChFC are some of the more common certifications achieved by wealth management professionals.

Is bigger necessarily better?

Building a quality relationship with your wealth manager is important in your selection process. Will very large wealth management firms be able to meet your expectations and needs? Will a medium to smaller size firm work out better for you? Is it important for you to be able to pick up the phone and speak with your personal wealth manager quickly? Some wealth managers work in a team. Will the team approach work for you? These questions should be asked and answered by you in your wealth management firm selection process.

Diversity within wealth management firms in NYC is worthy of your consideration. There is value in having continuity of services within one firm. Some advisors only provide advice on your investments. Others do comprehensive financial planning around retirement, insurance, estate planning or income tax planning. Your needs and goals will determine the importance of this range of expertise within the wealth management firms in NYC that you are considering.

Is there a specialty that you need?

Some wealth managers have a niche. If you have a specific interest such as nearing retirement, perhaps advisors focusing on retirees may be of utmost interest to you. Ask the right questions to determine the right fit for you.

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Author Jeff Gitterman

Jeff Gitterman has specialized in financial, wealth and distribution planning within the academic community since 1991. In 1997, Jeff founded his own firm, which focuses on educating college and university professionals and helping them manage all aspects of their finances. In 2004, Jeff was honored by Fortune Small Business Magazine and Winning Workplaces as being one of our nation's Best Bosses. Jeff's success was highlighted with a featured article in Money Magazine and 150 commercial spots on CNN recognizing his work within the academic community.

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