How To find The Best Financial Advisor in Buffalo NY

How To find The Best Financial Advisor in Buffalo NY

If you’re planning on buying a house, setting some long-term financial goals or wondering what to do with a lump sum of cash, you might be in need of some professional financial advice.

Financial planners and advisors can make managing your money a whole lot easier, but it’s important to know who you’re dealing with, what they can do for you, and what’s in it for them.

One key thing to remember is that your needs will be different from others for many reasons.

Think about your personal needs and goals.

These will shape the type of financial planner you look for.

Some factors might include:

  • Your personal level of expertise
  • Your desired level of involvement
  • Your goals – building personal wealth vs. supporting others vs. simply ensuring that you will never run out of money
  • Your nagging questions – “How can I save taxes?” “How can I make things simple for me today, and for my spouse or family after I am gone?” “How do I get some of those great investments that I keep hearing about?” “Am I going to be OK if I have health problems?” “Will I be OK if I live to 100?”
  • Do you want peace of mind or do you want to take some financial risks?

Once you have a handle on what you want from a financial planner, a good next step would be to think about people you know who might have similar goals.

Ask them if they have a financial planner and, if so, are they happy with them.

Ask them the areas where the planner adds the most value.

If they are happy, and the value-added areas match some of your key personal needs and goals, then it makes sense to set up a meeting.

How to find a good Financial Advisor online

The Internet.

Search some of the key words that match your nagging questions.

You can simply type in “financial planner (and the name of your city).”

If you find a couple of potential names, search their websites – does it feel like a sound philosophy and good fit for you?

Once you have a couple of names, you will want to have a meeting.

In the meeting, you will want to cover a number of issues, including:

  • Chemistry: Do you feel comfortable with the advisor or advisors?
  • Fit with clients like yourself: Is what you are looking for something they do every day?
  • Expertise: Do they know their stuff? While it is sometimes hard to measure, you should be able to get a sense of their expertise and professionalism. Designations help, but nothing matches their ability to speak intelligently to your situation and questions.
  • Philosophy about money: It is important that a financial planner is supportive of your goals and is not “possessive” of your money.
  • Product availability: If they can only offer limited options, such as only mutual funds or only products from their own firm, this is a weakness that you should be wary of.
  • Clear understanding of fees: There should be an easy and clear answer to the question, “What do I pay for your services and products?”
  • Investment track record: How have actual client investments performed?

Do I need a financial advisor?

If your financial life has gotten complicated, a good advisor can be a major asset when it comes to making the right long-term financial decisions.

It could be a good idea to consider an advisor when:

  • planning for your family’s long-term financial health, in particular buying a home
  • considering your options if you’ve been retrenched
  • planning for retirement.

How to prepare for a financial planning session

If you need to create a full-scale financial plan, doing your homework in advance will make all the difference in how the session turns out. It’ll also help you get the best out of your adviser:

  • Prepare a household budget detailing all sources of income and summarizing your living expenses.
  • Make a list of all assets and their value, and all liabilities (credit cards and other loans).
  • Make a list of your financial needs and goals for the short, medium and long term.
  • Learn as much as you can about different investments and markets.
  • Think about how much risk you’re prepared to take when investing.
  • Make a list of all existing investments, including information about their current value, past performance and fees.

 

What happens at the first meeting in a financial planning

The planner should use the first meeting to analyse your needs, goals and risk profile.

After the first meeting, you should have a good sense of which financial planner is a better fit.

However, this is still an early stage.

Before signing on the dotted line, you should expect a couple of meetings in which the planner asks many questions in return.

At that point, you should have a clear direction that includes an investment plan, tax minimization plan, retirement/estate plan – and a clear implementation plan.

The level of detail would depend on your wealth, your priorities and the level of complication in your financial life.

When you are close to moving forward, it is often a good idea to ask for client referrals from people who are at a financial stage similar to yours.

If the references are positive, you are now ready to sign on the dotted line.

If this all sounds like a lot of work, it is.

The payback is that if you do a good job up front, you will have a key part of your life well taken care of for years to come.

What is Financial Planning in Buffalo NY?

How To find The Best Financial Advisor in Buffalo NY

Financial planning is much more than just saving and investing.

It is a systematic way to assess the current household financial health.

It also includes projecting the growth and possibly, later on, depletion of assets.

During the financial planning process, our financial planners do a comprehensive review of a client’s situation.

First, we study their balance sheet of assets and liabilities. Then we run modelling scenarios to project income through retirement under different conditions.

We also tweak multiple variables including income assumptions, expenses, investment returns, any inheritance, any donations, etc.

 

Similar to what businesses do, it includes forecasting a household’s income statement and cash-flow.

 

Mintco Financial – A Fiduciary Financial Advisor in Buffalo NY

What’s a fiduciary?

Someone who must act strictly in the best interests of another individual based on the nature of the business relationship between them.

A Fiduciary must put the interests of those to whom they owe a duty ahead of their own and a Fiduciary must avoid conflicts of interest.

How would adoption of a fiduciary standard affect advisors?

They would have to recommend products and services that suit the client’s needs.

What’s the status quo?

Some advisors already meet the fiduciary standard, but others put a greater priority on generating commission revenue from the sale of products than they do on client needs.

 

I don’t tell any of my clients I’m going to make them rich,” Minter says. “What I promise them is that I will relieve the stress of finance in their lives. When I meet with a client, my No. 1 measurement is that when they leave my office, they feel better about themselves and about their finances.

Due to our portfolio manager licencing, we are fiduciaries and so we have to give you advice that’s in your best interest.

Whether you are an individual investor, business owner or retirement plan sponsor, Mintco Financial Advisors, understand that you have a choice when selecting an investment advisor.

Our goal is to build a long-term trusted relationship with you by providing ongoing financial advice to help your family or business to make better investment decisions.

We work closely with you to gain a full understanding of your overall financial situation.

It is this close relationship that sets us apart from the large investment, insurance and banking organizations.

We are committed to providing you with objective, holistic, and creative solutions to the array of financial challenges that you may face throughout your life.

Mintco Financial is a unique organization in that we provide institutional-quality investment management services coupled with the intimacy of a privately held boutique firm.

It is our steadfast goal to develop and maintain a long-term relationship with your family and to be a valued resource for your professional practice or business.

Investors have more environmentally conscious opportunities today than ever before.

As independent advisors, we can employ environmental considerations across asset classes and investment disciplines.

We have diversified portfolios that are designed for investors seeking a more environmentally conscious approach while pursuing their financial goals.

We offer an initial introductory appointment at no charge.

This provides an opportunity for us to learn about your financial situation, concerns and expectations.

Together, we will determine if it will be mutually beneficial to proceed.

Our advisors are dedicated to the financial planning process, the professional Code of Ethics and continuing education.

We work closely with your other professional advisors or refer you to our professional affiliates to properly implement your financial plan.

Our goal is that our firm becomes the conduit by which all of your financial needs are met.

 

Schedule a complimentary meeting today at:

 

716-565-1300

 

info@mintcoFinancial.com

 

www.MintcoFinancial.com

How To find The Best Financial Advisor in Buffalo NY