New York City has become a magnet and home to many wealthy people. Today, it has the largest number of UHNW individuals of any other city in the world. According to the Altrata World Ultra Wealth Report 2024, New York is home to 16,630 ultra-high-net-worth individuals, which is almost twice as many as the second-largest UHNW city in the United States, Los Angeles (8,955). New York also leads all cities in the world in terms of the number of billionaires, with 119 of the richest people choosing to live there.
It seems that this city helps its residents multiply their wealth. And financial advising firms play a major role in achieving this aim. By sharing their experience and expertise with clients, they show them the way to wealth and prosperity. Find out how to choose professionals who know how to arrive at prosperity from hundreds of financial consulting firms.
Financial Advisory Services Market in New York
Achieving financial success depends not only on a balanced investment portfolio or finding a suitable market niche for your business. It is based on the ability to distinguish between promising investment or business projects and unprofitable ones. This also applies to the ability to distinguish between professionals in economy and finance and those who pretend to be such specialists.
Like any market, the financial advisory services sector is filled with a variety of companies:
- Responsible professionals who have Registered Investment Advisor (RIA) status and strictly adhere to the fiduciary standard. They act in the interests of clients and earn an excellent reputation among wealthy clients.
- Beginner financial consultants who are just trying their hand, experimenting with clients’ capital. Perhaps over time, they will also become real professionals, but not every wealthy client is ready to risk their capital following the advice of beginners.
- Unsuccessful financial advising firms, whose advice does not lead to the enrichment of clients but to losses. Perhaps they lack the knowledge or intuition to see the right solution. But often, after communicating with such consultants, clients prefer to rely on their own decisions rather than follow other people’s advice.
- Fraudulent companies whose main goal is to get rich at the expense of their clients. Sometimes, their schemes are so cunning that it is difficult to catch them red-handed. That is why they may be absent in the databases of fraudsters.
To find real professionals among this diversity of advisors, you will need to compare all potential candidates by significant indicators. They will tell you how close the company is to the ideal financial advising firm that can help you.
Choosing a Financial Advisory Firm: Where to Start?
The first thing you need to decide is what type of company you should contact for financial advisory services. If you have a large capital, you will need a company with wealth management experience. For example, the solid expertise of Certuity Company guarantees an effective wealth management strategy tailored to your needs. And if your goal is to earn your first million, you can contact a financial coach or planner. Here are just some types of financial advisors that you can find in the advisory services market.
| Type of the advising company | Main functions | Payment for services |
| Investment Advisor | Investment advice and investment portfolio management | Annual advisory fee, the size of which depends on the size of assets under management |
| Financial Planner | Professional advice on budgeting, savings, insurance coverage, retirement planning, etc. | Fee-only payments or fee-based payments + commission from some recommendations |
| Wealth Manager | Comprehensive service for high-net-worth individuals and ultra-high-net-worth individuals. All the above functions plus estate planning, philanthropic planning, and other tasks important for wealthy families | Annual advisory fee, the size of which depends on the size of assets under management |
| Robo-Advisor | Automated investment portfolios solutions, formation and rebalancing of investment portfolio | Advisory feed in accordance with tariff plans |
Factors to Compare When Choosing a Financial Advisory Firm
- Certification. If the website says that it provides financial advisory services, this does not confirm its skills and professionalism. Check for certification and look it up in the databases of regulatory authorities. This is important because fraudsters may list non-existent certifications.
- Typical Client. To be sure that a financial advisor can give you sound advice, find out who their average client is. This will tell you whether they have experience managing large assets.
- Customer Reviews. Companies with a solid track record may have well-known clients. In addition, their activities are widely covered on online recommendation platforms. Read these reviews to know their advantages and disadvantages in advance.
- Method of communication. More and more financial advising firms choose remote forms of interaction with clients. Give preference to mixed forms of communication, because online consultations have some disadvantages. The main ones are the impossibility of detailed discussion of all issues and the use of the online format as a protective screen for fraudsters.
- Professionalism of consultants. Do not hesitate to ask for information about the education and work experience of the company’s specialists. This request will not undermine the trust between you but, on the contrary, strengthen it.
The Bottom Line
New York is home not only to millionaires and billionaires but also to financial consulting companies. They help you see promising business and investment opportunities, reduce tax liabilities, choose the right insurance coverage, etc. With their help, you will understand the laws of capital growth and subsequently not need their advice. But to achieve financial success, choose proven and reliable companies with a solid client base and good recommendations. Only in this case, all your investments will give tangible profits and take you to a new level of prosperity.
