Financial Planning and Advice Blog for Syracuse

Want to keep up with the latest news in the financial sector? HighPoint Advisors in East Syracuse, NY makes sure all our clients have the latest up to date financial information to better plan for their future. Feel free to browse the blog below to learn more about the current financial market.
If this blog raises interest or concerns please contact us at info@highpointadv.com.

The Difference Between a Stockbroker and a Financial Advisor

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By admin July 19, 2018

Businesspeople With PapersEven if you’ve done your research, the world of finance can be confusing, as it’s packed with terms that seem similar and yet have very different meanings. Two such terms are “financial advisor*” and “stockbroker.” While both figures share a number of similarities, they’re distinctly different for a variety of reasons. Below, we’ll outline what makes financial advisors and stockbrokers different, and why you might prefer one over the other when it comes to developing your wealth management strategy.

Financial Advisors

As their title suggests, financial advisors* are financial professionals who typically provide a diverse selection of wealth management services. These can include everything from general financial planning to precise investment advice designed to help clients work towards their long-term financial goals. This broad scope of specialization is the most notable distinction between financial advisors and other industry professionals, such as stockbrokers, who also offer advice concerning investments.

But another key difference lies in how financial advisors provide their advice. Many advisors – namely registered investment advisors – can also be known as fiduciaries, who are advisors that must act with their clients’ best interests as a first priority. Some financial advisors choose to act as fiduciaries as their fundamental obligation, while others join associations or receive certifications, such as CFP®, that necessitate a pledge of fiduciary responsibility.

Stockbroker

Though they’re still financial professionals, stockbrokers differ from financial advisors in that they focus on one type of service – the buying and selling of stocks and other securities. Interactions with clients may bear a closer resemblance to a transaction than the long-term relationships that are often nurtured by financial advisors. Without this relationship, you may find a lack of connection to your long-term goals and overall wealth management strategy. 

Additionally, while stockbrokers are still required to provide advice that’s “suitable” for clients, that’s their key limitation – suitability. This means that stockbrokers are able to place their own best interests first, so long as their advice is appropriate in respect to their client’s needs and resources.

Comprehensive Financial Services

If you’re seeking professional assistance to help reinforce and manage your financial stability, look no further than HighPoint Advisors, LLC in East Syracuse, New York. Though we’re a small, boutique firm, our team features seasoned financial professionals who take a client-first, in-depth approach to wealth management and every service we provide. For more information, contact us today.

* Financial advisors that are also registered investment advisors.

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Is A Robo Advisor The Best Advisor For You?

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By admin June 12, 2018

Young Investor You may have heard of robo advisors – those digital platforms and automated investment apps that provide financial planning services and advice using advanced algorithms. While digital advisors have surged in popularity over the past few years, robo-advisory services aren’t for everyone. Below, we break down the types of investors that will benefit most from using a robo advisor.

You’re Fresh Out of College

If you’re just leaving school or you’ve only been at your first job for a couple years, it’s likely that you have a low net worth. Yet some financial advisors may have account minimums reaching upwards of $100,000, making investment inaccessible. Robo advisors, on the other hand, allow you to begin investing with as little as $5,000. When you want to start investing, but have limited financial means, a robo advisor might be an appropriate choice for you.

You’re Building Your Portfolio

If you’re a business professional past the age of 30, odds are that your portfolio includes a 401(k) or an IRA and perhaps even a college savings plan for the kids, mutual funds and other investments. Now is a great time to work on building your portfolio, and a robo advisor makes it easy to see and manage all your accounts in one place. Plus, you’ll be able to adjust portfolio allocations based on sophisticated algorithms to make the most out of your hard-earned cash.

You’re Nearing Retirement

If you’re putting in those last few years of hard work, a hybrid robo advisor, like the guided wealth portfolios (GWPs) at HighPoint Advisors, LLC, can help you navigate the road to retirement while still giving you access to a dedicated human advisor. Since you’ve probably already made the switch to a more conservative investment portfolio, a robo advisor provides a low minimum platform alternative to traditional financial advising, helping you focus on putting your money toward life after work.

See If a Robo Advisor Is Appropriate for You

At HighPoint Advisors, we provide financial advisory services to all types of investors. If you think that our GWPs would be a good fit for your current situation, contact us today by phone or via online form. Guided Wealth Portfolios (GWP) is a centrally managed, algorithm-based, investment program sponsored by LPL Financial LLC (LPL). GWP uses proprietary, automated, computer algorithms of FutureAdvisor to generate investment recommendations based upon model portfolios constructed by LPL. FutureAdvisor and LPL are non-affiliated entities. If you are receiving advisory services in GWP from a separately registered investment advisor firm other than LPL or FutureAdvisor, LPL and FutureAdvisor are not affiliates of such advisor. Both LPL and FutureAdvisor are investment advisors registered with the U.S. Securities and Exchange Commission, and LPL is also a Member FINRA/SIPC. ...

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