When comparing financial advisors, it’s important to consider the cost. Financial advisors in New York can base their fees on a percentage of assets under management or charge an hourly or fixed fee. They can also earn money through commissions, performance-based fees, subscription fees or fees negotiated for custom account management services.
When discussing costs with a financial advisor in New York, be sure to ask whether they’re fee-based or fee-only. A fee-only advisor may have fewer potential conflicts of interest, as they only earn money through the fees their clients pay, whereas fee-based advisors may also earn commissions.