If you live on Long Island, you reside in one of the most expensive cities in the United States. In fact, Long Island is the second most expensive place to live in the country. It costs an average of $100k a year just for a family of four to get by in Long Island.
A Little About Client Focused Advisors
If you’re looking for sound financial advice, then consider hiring Client Focused Advisors. Client Focused Advisors is a firm that works with its clients in mind, helping them consider their retirement planning strategies, family legacies, or plan for university-level education. This company works with corporate entities and individuals to incorporate a sound financial planning strategy. If you need corporate assistance to offer health care or retirement options to your employees, then Client Focused Advisors can help you meet your objectives. You can also get assistance in planning for familial and business protection if you incur a long-term disability, require any long-term care, or in case of premature death. Client Focused Advisors can assist you with all of your wealth management plans, financial planning, retirement savings, insurance options, and investments.
A Little About Long Island
Long Island is 118 miles long, making it the longest island found in the country. While many people living in New York know that Long Island is located near the famous area of New York City, Long Island has various distinguishable attractions and activities that both adults and children love. For instance, the beaches in Long Island feel like sugar on your feet. The famous Hamptons are also found here, and many well-known golf courses and several other famous attractions.
There’s no doubt that Long Island’s beaches are some of the most scenic and attractive in the United States, if not the world. The gorgeous scenery around this city’s beaches is one reason so many celebrities flock to the Hamptons.
The climate at Long Island resembles what you’d find in Bordeaux, France. That means Long Island has some of the best wineries in the country. Visiting Long Island’s East End means seeing one beautiful vinery after another. The most famous vineyards are found on the North Fork, but there are still a few worth seeing on the South Fork.
The Hamptons is probably the most famous location in Long Island, known as the rich and famous home. The Hamptons are found in the South Fork area and feature many hamlets and villages that offer plenty of beautiful scenery. The yearly Hampton Classic horse show is located in Bridgehampton. The Hamptons offer plenty of lovely gourmet dining opportunities, wonderful museums, and gorgeous beaches.
All of the glitz, glamour, and beauty you’ll find in Long Island means Long Island isn’t the most affordable place to live. Housing in Long Island costs close to two thousand dollars monthly. Still, because of the higher cost of living associated with this area, the average family monthly income is also higher to balance that standard of living.
Tips to Finding a Good Financial Advisor in Long Island
Long Island has a bevy of financial advisors located in the area. While that can be a benefit, it’s also overwhelming when trying to figure out which one to select. If you are looking for a high-quality financial advisor in Long Island, then you should consider the tips below to help you make the right choice.
Seek Out a Referral
While you might not always be able to get a referral, if you can do so, this is a great step in the right direction. If you can get a referral from somebody that already works with a trusted and accomplished financial advisor, then you’ll have a great starting point. Still, even with a referral, make sure you ask the person giving you the referral the positives and negatives of their experiences. That way, you’ll know if the referral is a good one.
Ask Questions Regarding Asset Requirements
If you are new to the process of hiring a financial advisor, then you’ll need to ask about asset requirements. Most financial advisors require their clients to have already ascertained a particular amount of investable assets. Most experienced financial advisors are upfront about this and provide this data on their websites. Still, not all of them freely list this information because of their competition, which is understandable. So even if the information isn’t listed, you don’t have to discount that financial advisor—give them a call. It’s a wonderful idea to seek out a financial advisor with a lot of experience dealing with clients with similar assets and income situations that resemble yours.
Check Out the Advisor’s Experience
Since there are so many experienced financial advisors in the Long Island area, you can find one that has been in the industry for years. It’s an excellent idea to ensure your advisor is well-experienced because you don’t want to hire somebody that makes rookie mistakes with your finances. Thus, it would be best to locate an advisor around the block a few times. That way, you can ensure that the advisor can manage your money in different situations and when the financial climate constantly fluctuates.
Understand Credentials and Skills
Financial advisors are required to possess certain credentials and skills. The best financial advisors are considered Certified Financial Planners, meaning the CFP designation. Other designations also exist that vary from the CFP designation, but the CFP is considered the best in the business. If the financial advisor you plan to work with has something else, then you might want to ask about those credentials and skills.
Ask About Their Compensation
It would be best if you also inquired about how your financial advisor receives compensation. You want a lot of transparency when it comes to assessing how your chosen financial advisor gets paid. Figuring out how your financial advisor gets paid will let you assess how they will work towards your goal or their exact schedule and plans. Nowadays, most financial advisors use fee-based systems, meaning they receive a small percentage of your assets while working for you. While that does mean you’re giving up a portion of your assets, this structure is excellent when it comes to motivating your financial advisor towards your best interests. Your financial advisor will make money when you do, so they’ll do what benefits you and them. Keep in mind that some financial advisors earn commissions when they sell certain investment products. Others work out fees or commissions and charge flat or hourly fees, so it’s vital to comprehend this information before hiring a financial advisor.
You also want to figure out the best way to contact your financial advisor when needed. You don’t want to hire a financial advisor that makes you go the distance to communicate. So, when you want a response, it should be a prompt one. Before you hire a financial advisor, ask your potential advisor about the best contact methods and when you can expect a response.
Money Management in Long Island
Not surprisingly, many people equate living in Long Island to wealth. Since Long Island is the notorious home of the Hamptons, this shouldn’t come as any surprise. Regardless, even if your fortune is modest or you aren’t a member of the elite society, you should still have a solid financial planning method. Your top priority should be to increase your savings, discover worthwhile investments, and keep your business strong.
If you are planning to retire and you want to live the rest of your life in Long Island, then the amount of money you spend will affect how you can enjoy your retirement and for how long you’ll get to enjoy it. You certainly don’t want to see your savings and investment strategy slowly deplete your resources, or watch them vanish. Nobody wants to live beyond their savings or tap into their investments before they need to, and since you’ve worked hard for your money, it’s time to ensure that it works for you.
Why Having a Good Financial Advisor Could Help
People enjoy assuming that they can manage their finances. In some instances, you absolutely can. Still, if you plan on staying in Long Island for your retirement, you’ll need to expect a higher cost of living, so you know you’ll be spending money.
If you have a bevy of assets, an excellent investment portfolio, and a large amount of savings, then you’ll want to keep all of that protected. Protecting what’s important means, you’ll wind up in great financial shape when you retire. The best way to ensure your financial portfolio stays solid is to hire an excellent financial advisor. With an experienced financial advisor, you’ll have another eye evaluating your expenses and assessing where you are at financially. That way, you’ll always have assistance when ensuring that you spend and invest your money correctly.
No matter where you stand financially, hiring a professional financial advisor can help you preserve your financial well-being throughout your retirement. With an experienced financial advisor at your side, you’ll be able to plan your finances with confidence well into the future.