- Home
- Financial Advisors
- New York
- New York City, NY
Find a Financial Advisor in New York City, NY
Connect with a financial advisor who works with clients across the five boroughs, for help with planning, wealth management, retirement, life insurance and investments. Your first conversation is free, by phone or video, with no obligation.
- Free, no-obligation first conversation
- By phone or video, on your schedule
- Advisors who serve the New York City area
Talk to a New York City financial advisor
Share a few details and an advisor who serves the five boroughs will contact you to schedule a free call at a time that suits you.
Free, private and no obligation
On this page
- Financial planning in New York City at a glance
- Financial advisors in New York City: what they do and what they cost
- Wealth management companies in New York City
- Financial planners in New York City
- Retirement planning in New York City
- Life insurance in New York City
- Investment advisors in New York City
- How to choose a financial advisor in New York City
- Areas we serve around New York City
- Frequently asked questions
New Yorkers juggle a mix of costs that few other places share: a city income tax on top of the state one, expensive housing that most households rent, Wall Street and tech pay packages full of bonuses and stock, and a state estate tax with a steep cliff. A good first step is a free call with two or three advisors who serve the city, then choosing a fiduciary who puts every fee in writing.
Key takeaways for New York City
- City residents pay New York City income tax in addition to state income tax, so the location of your home matters when you plan withdrawals and Roth conversions.
- New York does not tax Social Security, fully exempts most government pensions, and excludes part of other pension and IRA income for people 59 and a half or older.
- New York has its own estate tax, and estates that go slightly over the exemption can lose it entirely, so larger estates need careful planning.
- Bonus-heavy and stock-heavy pay is common here, which makes tax timing and diversification central to many plans.
- Look up any advisor on the SEC and FINRA tools, and ask for a written breakdown of how they are paid.
Financial planning in New York City at a glance
New York City is the most populous city in the United States, home to roughly 8.6 million people across five boroughs, each of which is also its own county: Manhattan, Brooklyn, Queens, the Bronx and Staten Island. Close to 20 million people live in the wider metro area that reaches into Long Island, the Hudson Valley, northern New Jersey and southwestern Connecticut. Finance is the signature industry, alongside healthcare, universities, technology, media, tourism, real estate and a huge public workforce.
That mix produces very different money questions: a trader with a deferred bonus, a nurse weighing a pension against a 403(b), a Brooklyn couple debating a co-op purchase, or a retired city worker living on a fixed income.
| Local factor | What it means for your plan |
|---|---|
| City income tax for residents | Your total state and city rate shapes Roth conversions, bonus timing and where you retire |
| Very high housing costs | Most households rent, and buyers often face co-op board rules, maintenance fees or common charges |
| Combined sales tax of 8.875 percent | Everyday spending in retirement costs noticeably more than the price tag |
| Bonus and stock-based pay | Uneven income makes cash flow, tax withholding and diversification planning essential |
| Coastal flood exposure | Hurricane Sandy flooded low-lying neighborhoods across the city, so flood coverage deserves a look |
| New York estate tax | Estates near the exemption need planning to avoid a sharp jump in state tax |
Financial advisors in New York City: what they do and what they cost
A financial advisor helps you set priorities and turn them into decisions about saving, investing, insurance, taxes and retirement income. Some specialize in one service, while others coordinate everything with your accountant and estate attorney.
New York City has an enormous choice of advisors, from private banking groups in Midtown and the Financial District to small independent practices in Brooklyn and Queens. How an advisor is paid can tell you more than the name on the door. Typical arrangements:
| How the advisor is paid | Typical cost | Best fit |
|---|---|---|
| Percentage of assets managed | Often near 1 percent a year on smaller accounts, falling as balances grow | Ongoing portfolio management and planning |
| Flat fee for a written plan | Often 1,000 to 3,000 dollars or more, and sometimes higher for complex Manhattan households | A one-time plan or an independent second opinion |
| Hourly advice | Often 150 to 400 dollars an hour, sometimes more in the city | A focused question, such as a stock option exercise |
| Subscription or retainer | Ranges widely by firm | Earlier-career professionals with high income but modest savings |
| Product commissions | Built into the price of the product | Buying insurance or an annuity, with attention to conflicts |
Fee-only advisors are paid solely by their clients. Fee-based advisors can collect fees and commissions. Either model can serve you well, but you deserve a clear, written answer on how your advisor earns money.
Tell us what you need help with and we will introduce you to a financial advisor who serves New York City. Your first call costs nothing.
Wealth management companies in New York City
A wealth management company usually combines portfolio management with tax strategy, estate and trust coordination, charitable planning and business succession. Many firms require several hundred thousand dollars or more in investable assets, and some private wealth groups set far higher minimums.
Certain New York situations come up again and again:
- Wall Street compensation. Bankers and traders often receive part of their pay as deferred bonuses or restricted stock that vests over several years. A wealth manager can map out vesting dates, tax withholding and how much exposure to an employer is too much.
- Tech and startup equity. Restricted stock units and stock options need a plan for exercise timing, taxes and lockups.
- Property-heavy balance sheets. Owners of brownstones or rental buildings may have most of their net worth in real estate, which affects liquidity and estate plans.
When comparing firms, ask who your contact will be, how often you will meet, the total yearly cost and whether the firm is a fiduciary on every account.
Financial planners in New York City
A financial planner turns your whole financial life into a written plan with practical steps. It is a natural starting point if you are not ready for wealth management or want an objective review. Many planners hold the Certified Financial Planner designation, which requires coursework, an exam, professional experience and a duty to act as a fiduciary when providing financial advice.
Planners who work with New Yorkers often help with questions like these:
- Renting versus buying. In a city where most households rent, a planner can compare the full cost of owning a co-op or condo, including maintenance, closing costs and transfer taxes, with renting and investing the difference.
- Saving for college. New York taxpayers can deduct contributions to the state’s own 529 college savings program, up to an annual limit, on their state return. Contributions to another state’s plan do not earn that deduction.
- High income, high costs. Young doctors, lawyers and finance professionals often earn well but carry student loans and steep rent.
Standard homeowners and renters policies generally exclude flood damage. Coverage through the National Flood Insurance Program usually has a waiting period before it begins, so if you live near the waterfront in places like the Rockaways, Red Hook, Lower Manhattan or the east shore of Staten Island, review it well before storm season.
A financial planner who works with New York City clients can review your budget, savings and goals in a free, no-pressure conversation.
Retirement planning in New York City
New York treats many kinds of retirement income gently. Social Security benefits are not taxed by the state. Pensions from New York State, New York City and other local governments, along with federal pensions, are generally exempt from state income tax. For other retirement income, such as private pensions, annuities and IRA or 401(k) distributions, people who are 59 and a half or older can exclude a portion each year under the state pension and annuity exclusion. City income tax generally follows the same treatment; confirm details with the state tax department or a tax professional.
If you plan to split retirement between the city and another state, residency rules are strict, and an advisor and tax preparer can help you document where you truly live.
The city and state offer relief programs aimed at older residents:
- Senior Citizen Homeowners’ Exemption. Eligible homeowners 65 and older with income under a set limit can receive a reduction in property taxes on their primary residence.
- Enhanced STAR. Older homeowners who meet age and income rules can receive a larger school tax benefit than the basic STAR program.
- Rent Freeze Program. Tenants 62 and older in rent-regulated apartments, and eligible tenants with disabilities, can apply to have their rent frozen at its current level through the Senior Citizen Rent Increase Exemption or the Disability Rent Increase Exemption.
Income limits and benefit amounts change, so check current rules with the New York City Department of Finance before you count on a figure.
City workers may belong to the New York City Employees’ Retirement System, the Teachers’ Retirement System of the City of New York, the Board of Education Retirement System or the police and fire pension funds, while state and many local employees belong to the New York State and Local Retirement System. Pension option elections, such as how much to leave a surviving spouse, are usually permanent, so review them with an advisor before you sign.
A New York City retirement plan usually comes together in a few steps:
- Estimate spending, including rent or maintenance, healthcare before and after Medicare begins at 65, and the higher everyday costs of city life.
- Add up guaranteed income from Social Security and any pension, and decide when to begin each one.
- Set a withdrawal order across taxable, tax-deferred and Roth accounts that uses the state exclusion and keeps federal brackets in check.
- Plan for long-term care, keep beneficiary designations current and make sure your will and health care proxy are in place.
Speak with a financial advisor who works with retirees and soon-to-be retirees across the five boroughs. It is free and confidential.
Life insurance in New York City
Life insurance gives the people who rely on you money for living costs, debts and future goals if you die. Term coverage lasts a set number of years and is usually the cheapest way to buy a large benefit. Permanent coverage, such as whole or universal life, builds cash value but costs much more.
A few New York rules and realities shape life insurance decisions in the city:
- Best interest standard. New York requires agents to act in the consumer’s best interest when recommending life insurance policies and annuities, under a rule from the Department of Financial Services. You should receive an explanation of why a recommended product suits you.
- Estate tax planning. Because the New York estate tax has a cliff, families with larger estates sometimes use life insurance held in an irrevocable trust to provide cash for taxes. This calls for coordination with an estate attorney.
- Job-based coverage. Group life insurance from an employer usually ends when you leave the job, so it should not be your only protection.
The New York State Department of Financial Services licenses insurers and agents and handles complaints. An advisor can help size coverage and compare quotes, and a fee-only advisor can review an existing policy without a sales incentive.
Investment advisors in New York City
An investment advisor manages your portfolio by recommending investments or trading for you with your consent. Firms paid for investment advice are registered investment advisers and owe clients a fiduciary duty. In New York, the smallest advisory firms register with the state through the Office of the Attorney General, while most firms register with the Securities and Exchange Commission.
Brokers are overseen by FINRA, and many professionals hold both registrations. Before hiring anyone, search the SEC’s Investment Adviser Public Disclosure website and FINRA BrokerCheck, which list registrations, work history and disciplinary events, and ask for the firm’s Form ADV Part 2 brochure on services, fees and conflicts.
For New York City investors, a few topics deserve a conversation with any investment advisor:
- Concentration in finance. If your pay and stock awards all come from finance, a downturn could hit your paycheck and portfolio together.
- Tax-aware investing. With federal, state and city income taxes all in play, holding the right investments in the right accounts can make a real difference. Some investors also consider New York municipal bonds, whose interest is generally exempt from federal, state and city income tax.
How to choose a financial advisor in New York City
A clear process helps you find the right fit:
- Write down what you want help with, whether that is a one-time plan, investment management, retirement income, insurance or full wealth management.
- Ask if the advisor acts as a fiduciary at all times, and get the answer in writing.
- Ask how they are paid and what your total yearly cost would be, fund expenses included.
- Check their history on the SEC and FINRA lookup tools.
- Ask about their typical client. Someone who regularly works with finance professionals, city employees or retirees may understand your situation sooner.
- Talk with two or three advisors before choosing.
Meeting by phone or video is now common, and it saves a long subway ride.
Areas we serve around New York City
We connect people throughout the five boroughs with financial advisors who work by phone or video, including Manhattan neighborhoods from Harlem and the Upper West Side to Tribeca and the Financial District, and Brooklyn neighborhoods such as Park Slope, Williamsburg and Bay Ridge. We also serve Queens neighborhoods such as Astoria, Long Island City, Forest Hills, Flushing and Bayside, the Bronx from Riverdale to Throggs Neck, and Staten Island from St. George to Tottenville.
Nearby cities we also serve:
Frequently asked questions
How much does a financial advisor cost in New York City?
It depends on how the advisor is paid. Many charge around 1 percent of managed assets a year on smaller accounts, less on larger ones. Written plans often cost 1,000 to 3,000 dollars or more, and hourly advice often runs 150 to 400 dollars. Ask for your total yearly cost in writing.
Does New York tax Social Security and retirement income?
New York does not tax Social Security benefits, and pensions from New York governments and the federal government are generally exempt. People 59 and a half or older can also exclude part of their other pension, annuity and IRA income each year. Rules can change, so confirm details with the state tax department.
Do I pay New York City income tax in retirement?
Residents owe city income tax on taxable income. The city generally follows the state treatment of Social Security and pensions, so much of a typical retiree’s income may not be taxed. A tax professional can review your mix.
What is the New York estate tax cliff?
New York has its own estate tax with an exemption amount set by law. If a taxable estate exceeds the exemption by more than a small margin, the exemption phases out quickly and can disappear completely, so the whole estate may be taxed. Families near that level often plan ahead with an estate attorney.
Is a wealth management company worth it in New York City?
Wealth management tends to make sense when finances are complex, such as deferred bonuses, startup equity or rental properties. If you mostly need a plan and retirement investing help, a planner or advisor may cost less.
How do I check whether a New York City investment advisor is legitimate?
Look up the advisor and firm on the SEC Investment Adviser Public Disclosure site and FINRA BrokerCheck, which show registrations, work history and disciplinary records. You can also request the firm’s Form ADV Part 2.
This page is for general education and is not individual financial, tax, insurance or legal advice. Local figures come from U.S. Census Bureau estimates and may change. Tax rules, exemptions and limits change over time, so confirm current details with official sources or a qualified professional.
Learn before you talk to an advisor
Retirement Planning
How much you may need, where to save it, and how to turn savings into income.
Read the guide →
Investing Basics
Stocks, bonds, funds, risk and diversification, explained without the jargon.
Read the guide →
Life Insurance
Term vs. permanent coverage, how much you might need, and who it protects.
Read the guide →Ready to talk with a financial advisor in New York City?
A free, no-obligation conversation by phone or video. Tell us a little about your goals and we will take it from there.