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Buffalo Financial Advisors

You can find plenty of certified financial planners (CFPs) in Buffalo and the surrounding areas. You may not realize that you need their help, but if you are worried about whether or not you are saving enough for retirement, or how to get started on a nest egg that will last 20 to 30 years past retirement age, a CFP can help you create a financial plan.

From giving investment advice to trading to managing your money, an advisor can get you on the road to meeting your financial goals. Before you hire an advisor, you will want to know where to find reliable CFPs and how they make their money from your investments.

When to Begin Working with a Financial Advisor

A financial advisor can review your finances to see if you are paying too much in investment fees or paying the wrong amount in taxes before creating your financial blueprint to diversify and increase your portfolio. If you can begin working with a financial planner right away, you will have a better chance of meeting your financial goals, especially if you are still in the workforce and contributing to retirement accounts like a 401(k).

If you have a financial advisor you use, consider meeting with them or the brokerage firm annually to discuss any major life events, such as marriage or divorce.

Where to Find Advisors in Your Area

You can find financial advisors on the National Association of Personal Financial Advisors (NAPFA) website. This site lists CFPs that charge using a fee-only model. If you want CFPs certified by the Board, use the database on the CFP Board of Standards. You can learn about the credential status, bankruptcy history, and disciplinary reports for CFPs across the nation.

The Better Business Bureau (BBB) of Upstate New York is another excellent resource to locate CFPs. The site currently lists nine financial advisor businesses within 100 miles of Buffalo.

Choosing a Financial Planner

While choosing a financial advisor, make sure to research and compare CFPs in your area. Your friends and family may be able to offer you suggestions for financial advisors they are currently using in Buffalo. Ask them how their CFPs are paid.

CFPs are typically paid one of three ways: fee only, commission-based, or a combination of fees and commissions. CFPs that charge fees tend to charge a percentage annually based on your holdings and the portfolio’s performance. Advisors accepting commissions from the investment products you purchase may have a conflict of interest. Discuss any products the advisor recommends to see if your financial portfolio really needs it. You will want to ask the advisor if they are a fiduciary to confirm that the CFP has your best interest in mind during transactions (and not their own monetary goals).

CFPs offering a variety of services charge a fee as well as earn commissions for the products purchased. These CFPs may trade stocks, manage your money in other areas, or act as your representative during transactions.

Learn more about Buffalo Retirement Planning here:

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