If you plan on retiring in Long Beach, NY, you’ll need to be well-prepared. Long Beach, NY consistently ranks among the most expensive places to live in New York state and the country. So, if you want to be ready to retire in Long Beach, NY, it would be best to prepare yourself for that adventure.
A Little About Client Focused Advisors
If you need to hire an excellent financial advisor, then consider Client Focused Advisors. This company always puts its clients first, helping them think about their retirement planning strategies, family legacies, and offers solid financial advice. Client Focused Advisors works with corporations and individuals to create a solid financial planning strategy that maximizes money. If you own a business and you would like to offer retirement options or health care benefits to your employees, then Client Focused Advisors can help you meet those goals. Client Focused Advisors can help you plan so that your family and business are both protected if you experience a long-term disability, need any long-term care, or encounter a premature death. Ensuring that your retirement, family, and business are protected is the main goal of Client-Focused Advisors.
A Little About Long Beach, NY
Long Beach, NY, is famous for its gorgeous beaches and lovely scenery. The area is so visually pleasing that it’s been nicknamed the “City by the Sea” because of its beautiful ocean views. Many people living in nearby Manhattan love flocking to this area because it is relaxing and enjoyable. There are plenty of activities to participate in, including visiting the beach, boating, surfing, shopping, or engaging in the dining options.
Long Beach houses over thirty-three thousand people and comprises nine constituent neighborhoods. Not surprisingly, because this coastal area is so popular for tourists, it isn’t cheap to live in Long Beach. The houses in Long Beach are listed among the highest-priced homes in New York. Also, purchasing property here means you’ll be buying something from one of the most expensive areas to live in within the United States.
While Long Beach, NY, is not a large community, it consistently attracts educated workers who help make its personality. One of the reasons why Long Beach attracts so many highly educated, younger professionals is its very low crime rate. Long Beach is a very safe place to live in, and its crime rate is one of the lowest countrywide.
Since Long Beach is a nautical community, it features historic areas and beautiful tidal bodies of water, including several lovely bays. Visitors and locals alike both enjoy the waterfront activities here, making this an attractive place with which to live.
Long Beach is also a short commute to Manhattan, taking a little over thirty minutes to reach the Big Apple by car. If you don’t like driving your car or dealing with traffic, there is a bevy of public transportation options. Although Long Beach doesn’t have a large population, most of its residents commute to work, so there are plenty of alternative options if you want to reach New York City from here.
Tips to Finding a Good Financial Advisor in Long Beach
Suppose you are considering moving to Long Beach or retiring in the community. If either one of these ideas sounds like your plan, then you should consider hiring a good financial advisor to help you plan for your retirement. Since Long Beach is an expensive place to live in, you’ll want to start planning for your retirement now to ensure you’ll be able to experience plenty of fun later when you retire. Below we offer a few tips to help you find a good financial advisor in Long Beach, NY.
Look for a Real Fiduciary
When searching for a qualified financial advisor, you should start your search by looking for a real fiduciary. A fiduciary is always required to put the needs of the client first. Still, all financial advisors will say that they do this, and you’ll need to figure out if your potential financial advisor practices what they preach.
One of the best ways to assess if your potential financial advisor is a real fiduciary is to ask that person if they regularly invest in ongoing education in things like retirement savings or investments. A real fiduciary would be able to provide you with their ongoing training certifications immediately. Remember, it isn’t wise to invest your money with a financial advisor that doesn’t invest in ongoing training and education.
Check Out Credentials
Another way to ensure your potential financial advisor is right for you is to verify their credentials. You should always verify any professional training or credentials before hiring an advisor. It’s best to hire an advisor with something the industry recognizes as top-quality, like a chartered financial analyst (CFA) or a certified financial planner (CFP). If your potential financial advisor has one of these designations, then that person is also a fiduciary.
The CFA and CFP certifications mean a financial advisor has a lot of education, experience, and knowledge in the industry and also passed an examination or several examinations. Also, an advisor with one of these certifications must always act in the client’s best interests.
You can verify your potential advisor’s credentials by visiting the CFA Institute’s site or the CFP Board’s site. Unfortunately, a financial advisor possessing these credentials may not always be right for your situation. Still, the fact they have one of these certifications means they have experience and are competent in their profession.
Consider Fee-Only Advisors
Another thing you should consider when hiring a financial advisor is how that person gets paid. You don’t want to hire somebody only to have a conflict of interests that harms your retirement planning or investment portfolio. If you can find an advisor that works for you and is only paid by people like you, then you are on the right track.
A fee-only advisor only makes money when you do, so that ensures they’ll have your best interests at heart. A fee-based advisor is more likely to sell you particular products since that’s how they earn money—but the issue here is, you may not need those products. So, you don’t want to wind up investing or buying something you don’t need if it isn’t going to help your long-term financial plans.
Clarify Your Needs
Before you hire your potential financial advisor, it’s a good idea to ask questions and make sure the person you’d like to hire can clearly explain to you so that you feel comfortable. Communication is key here since you are likely to have a lot of questions. So, you don’t want to hire a financial advisor that takes weeks to return your calls or Emails. Instead, you want somebody you can talk with whenever you need to reach them. Asking questions also ensures that the financial advisor is knowledgeable in the financial planning services that interest you.
If you discover that your potential financial advisor only offers proprietary products, then that person probably won’t work in your best interest. If you feel like this advisor is likely to make trades you don’t need simply to earn commissions, you’ll also know that person isn’t right for you. Unfortunately, some financial advisors make money by keeping some of their actions hidden from their clients. So, if your potential financial advisor provides you with a lot of clarity, then that’s a great sign of things to come.
Money Management in Long Beach, NY
Long Beach, NY, is one of the most expensive places to live in the United States. It shouldn’t be surprising that many Americans view people living here as wealthy. Still, not everybody living in Long Beach is rich and famous. Suppose you only have a modest fortune and aren’t part of the wealthier class. Even if you don’t have hundreds of thousands of dollars in savings or assets, you still need a solid financial planning strategy. Regardless of where you are at with your retirement plans, your main goal should be to bolster your savings, make sound investments, and maintain your corporation.
If Long Beach, NY, is the place where you want to spend your retirement, then you’ll need to consider how your current spending could affect your future retirement plans. You don’t want your savings or investment portfolio to decrease or disappear. That’s why you should consider hiring a solid financial advisor.
Why Having a Good Financial Advisor Could Help
Even if you feel you’ve been managing your finances well, if you plan to retire in Long Beach, NY, you need to plan for a higher standard of living during your retirement. So, you’ll likely be spending money if you plan to retire here.
You may already have several assets, a great investment portfolio, and a decent amount of savings. If you have reached this stage, it’s important to keep your wealth protected so that you wind up in excellent financial shape by the time you hit retirement. You can ensure that your financial portfolio stays in great shape by hiring an experienced financial advisor. Once you hire one, you’ll have another eye assessing your finances, guiding you with professional experience. That way, you’ll have the assistance you need to ensure a solid financial strategy.