Find a Financial Advisor in New York

Financial planning in New York at a glance

New York State is home to roughly 20 million people, and the gap between its regions is wide. More than 8 million of them live in New York City, millions more commute from Long Island, Westchester and the lower Hudson Valley, and the rest are spread across upstate metros such as Albany, Syracuse, Rochester and Buffalo, plus small towns in the Adirondacks, the Catskills, the Finger Lakes and along the St. Lawrence River.

The economy is just as varied. Banking, insurance, media and technology dominate downstate. Hospitals and universities are anchor employers in nearly every region. Semiconductor manufacturing has grown around the Capital Region, dairy farms and orchards cover much of the countryside, and the Finger Lakes wine trail draws visitors from across the country. A hedge fund analyst in Midtown, a dairy farmer near Watertown, a state employee in Albany and a retired teacher in Buffalo face very different decisions, yet the same statewide rules apply to all of them.

Financial advisors in New York: what they do and what they charge

A good advisor helps you organize scattered accounts, set priorities and stay the course when markets get rough. New Yorkers have plenty of choice. Wall Street wirehouses and private banks sit beside boutique independent firms, insurance-based practices serve towns across upstate, and fee-only planners now work with clients in every county through video meetings. That means a family in Plattsburgh can work with the same caliber of advice as one on the Upper East Side.

Most advisors use one or more of these pricing models. Treat the ranges as a starting point, not a quote.

Wealth management in New York

Wealth management bundles investment management with tax planning, estate coordination, philanthropy and, for owners, business succession. New York has one of the deepest pools of high-net-worth households anywhere, and wealth managers here regularly handle situations such as:

• Deferred and variable pay. Bankers, traders and lawyers often receive large year-end bonuses, deferred compensation or carried interest, which calls for careful timing of income, charitable gifts and diversification.
• Family businesses upstate. Manufacturers, contractors, auto dealers and farm operations from the Mohawk Valley to Western New York need plans for succession, key-person coverage and retirement benefits for the owners.
• Estate tax exposure. Because the state estate tax applies at a much lower level than the federal one, wealth managers often coordinate lifetime gifts, trusts and charitable strategies with an estate attorney. Our estate planning guide covers the basic documents.
• Moving away. Retirees who plan to leave the state should know that New York applies strict tests to residency changes and reviews those claims closely.

Many firms set account minimums, so ask early whether you fit their model.

Financial planners in New York

A financial planner pulls your cash flow, savings, debt, insurance, investments, taxes and estate documents into one written plan with concrete next steps. Certified Financial Planner professionals complete coursework, pass an exam, meet experience requirements and commit to act as fiduciaries when they give financial advice.

Common planning topics for New York households include:

• College savings. New York’s 529 College Savings Program offers a state income tax deduction on contributions up to an annual limit, and that deduction applies only to the in-state plan. Our college savings guide compares 529 plans with other ways to save.
• Housing decisions. Downstate buyers weigh co-ops, condos and long commutes, while upstate buyers often find lower prices but higher property tax rates relative to home value. A planner can run the numbers on renting, buying or relocating within the state.
• Paying down debt. Graduates of the state’s many colleges and professional schools often carry large loans. Our debt management guide explains how to balance payoff with saving.

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Retirement planning in New York

For an income tax state, New York is surprisingly kind to retirees. Social Security benefits are completely exempt from state income tax. Pensions paid by New York State, New York City, other local governments and the federal government are generally exempt as well. For private pensions, annuities and IRA or 401(k) distributions, each person who has reached 59 and a half can exclude a portion every year under the pension and annuity exclusion, and spouses can each claim it on their own retirement income. Amounts above the exclusion, along with interest, dividends and capital gains, are taxed at regular state rates. Our tax planning guide walks through how state and federal brackets interact.

Property taxes are often the larger concern, especially in Westchester, Long Island and many upstate suburbs. Several programs can lower the bill on a primary home:

• Enhanced STAR. Homeowners who meet the age and income tests can receive a larger school tax break than the Basic STAR benefit. New applicants generally receive it as a credit check from the state.
• Senior citizen exemption. Counties, cities, towns, villages and school districts may choose to offer a partial property tax exemption to owners 65 and older with limited income. Whether it is available depends on where you live.
• Real property tax credit. Lower-income homeowners and renters may qualify for a refundable state income tax credit tied to property taxes or rent.

Benefit levels and income limits are updated regularly, so confirm current figures with your local assessor or the Department of Taxation and Finance.

Public service is a big part of retirement in New York. The New York State and Local Retirement System, run by the State Comptroller, covers state workers and most local government employees, including police and firefighters outside New York City. The New York State Teachers’ Retirement System covers public school teachers outside the city, while New York City runs its own systems for city workers, teachers and uniformed services. Pension elections, such as how much income to leave a surviving spouse, are usually permanent. Our retirement planning guide outlines the broader steps.

A solid New York retirement plan usually covers:

1. A realistic spending budget that includes property tax, heating costs, health insurance and Medicare premiums.
2. A decision on when to claim Social Security and how to elect any pension, coordinated with a spouse.
3. A withdrawal order that uses the pension and annuity exclusion each year and limits taxable income in high-bracket years.
4. A plan for long-term care, an updated will, a health care proxy and a durable power of attorney.

Life insurance in New York

Life insurance protects the people who rely on your income or share your debts, such as a spouse on a joint mortgage. Term coverage offers the most protection per dollar for a fixed period, such as until children finish school or a mortgage is paid. Whole life and universal life cost more but can last a lifetime and accumulate cash value. Our life insurance guide explains how to estimate the amount you need.

New York has some of the strictest insurance rules in the country:

• Best interest regulation. Agents must act in your best interest when they recommend a life insurance policy or annuity and explain why it suits you, under a regulation issued by the Department of Financial Services.
• Estate liquidity. Families exposed to the state estate tax sometimes hold a policy inside an irrevocable life insurance trust so the payout can cover taxes without being counted in the estate. An estate attorney should set this up.

The Department of Financial Services licenses insurers and agents, publishes consumer guides and accepts complaints. Before replacing an older policy, consider having a fee-only advisor compare it with the new offer.

Investment advisors in New York

Firms that charge for investment advice are registered investment advisers and owe clients a fiduciary duty. Most larger firms register with the Securities and Exchange Commission, while smaller firms file with the state. In New York, investor protection and securities enforcement fall to the Office of the Attorney General, which handles adviser filings and investigates fraud. Brokers are overseen by FINRA, and many professionals hold both registrations.

Look up any advisor on the SEC Investment Adviser Public Disclosure site and FINRA BrokerCheck before you hire them, and read their Form ADV Part 2 brochure for fees, services and conflicts. Good topics for a first meeting include:

• Employer stock. Workers at New York banks, drug makers and tech firms may hold a large share of their wealth in one company through grants or purchase plans.
• Municipal bonds. Interest on New York municipal bonds is generally exempt from state income tax for residents, and from New York City tax for city residents, which can make them attractive in higher brackets. Our investing basics guide covers bonds and diversification.

How to choose a financial advisor in New York

1. Write down what you need, whether it is a one-time plan, ongoing portfolio management, retirement income or estate coordination.
2. Ask each candidate whether they act as a fiduciary for every recommendation, and get the answer in writing.
3. Request a full breakdown of how they are paid and your expected annual cost.
4. Check their history on the SEC and FINRA lookup tools before scheduling a second meeting.
5. Ask whether they regularly work with people like you, such as public employees, physicians, small business owners or retirees moving out of state.
6. Meet two or three advisors and pick the one who explains things plainly and asks thoughtful questions about your goals.

With advice now delivered over video, you do not need to live near Manhattan or downtown Buffalo to work with an experienced advisor.

Cities and counties we serve in New York

Cities

Frequently asked questions