Find financial advisors in Bedford, New York ready to help with your financial planning needs so you can enjoy life more with less money stress.
Whether you have lived in Bedford for years or recently moved to town, you may need help finding the right financial advisor in the community best suited for your individual needs.
It’s important to first consider your own financial planning priorities before choosing an advisor. Here are a few quick tips to help you get started along with financial advisors in Bedford featured on Wealthtender you may want to add to your shortlist.
Featured Bedford Financial Advisors
As you prepare to interview financial advisors in Bedford who may be right for you, get to know local financial advisors featured on Wealthtender.
📍 Map: Financial Advisors with their Primary Office Location in Bedford
Double-click (or pinch the map on mobile devices) to zoom in and expand the details for financial advisors whose primary office location is in Bedford.
The Benefits of Hiring a Financial Advisor in Bedford
Hiring a financial advisor can be a great move to help you build a long-term investing strategy. Advisors can help you build an investment portfolio to meet your financial goals and help you plan appropriately for retirement.
As a resident living in Bedford, hiring a financial advisor who lives nearby and understands the local economy, cost of living, and regional employers can be quite valuable, especially if your individual circumstances are deeply tied to such factors.
Who are the largest employers in Bedford?
Do you work for one of the largest employers in Bedford If so, there’s a good chance the local financial advisor you hire will also have other clients who work there. This knowledge could prove valuable if they are already familiar with your employee benefits, such as a 401(k) plan, Health Savings Accounts, and other components of your total compensation package.
When you reach out to financial advisors you’re considering hiring, let them know where you work and ask if they are familiar with your employer’s unique benefits and compensation structure.
Quick Tips For Hiring a Bedford Financial Advisor
Before hiring a financial advisor in Bedford, here are a few quick tips to help you find the best advisor for you.
1. Decide Which Services You Need
Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.
Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:
Budgeting and money management
Debt management
Insurance planning
Retirement planning
Other investment planning
Inheritance planning
Estate planning
Tax planning
As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.
Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.
2. Consider Your Budget and Payment Preferences
Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.
If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.
3. Interview Multiple Financial Advisors
Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:
What services do you provide?
What are all the ways you get paid? (fee transparency)
What is your investment strategy?
How do you measure investment performance?
How do we communicate about my plan?
Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.
4. Review Financial Advisor Credentials
Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website.
You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.
As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.
For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.
Frequently Asked Questions & Additional Resources
How do I know if I’m ready to hire a financial advisor?
You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.
But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.
Before I hire a new financial advisor, should I fire my current advisor?
You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.
Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?
After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings.
Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.
I’m a local financial advisor interested in being featured in this guide. How do I get started?
Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.
Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian
Pursuing your financial goals isn’t about reaching a single endpoint—it’s about committing to steady progress along a path that’s often unpredictable. As you and your spouse continue building a beautiful life for your blended families, the road to financial success is rarely going to follow a straight line. Instead, it’s filled with unexpected turns, challenges, and opportunities. Your financial plan should act as your GPS, guiding you forward in the right direction while adapting to the changes your family will encounter along the way.
When it comes to your financial future, it’s easy to get hung up on the plan. But the truth is, a financial plan is just a snapshot built on assumptions that, over time, may no longer hold true.
That’s why the real value lies in planning. It’s an ongoing process, not a one-time event. Planning gives you and your spouse space to regularly revisit what you want, check your assumptions, and make small course corrections as life unfolds—because over 30 years, even a few degrees off course can send you in a completely different direction. But with continuous planning, you’re able to stay aligned, stay flexible, and keep moving forward—together.
Below, we’re exploring practical strategies for navigating your financial journey with confidence, staying flexible, and maintaining progress toward your family’s long-term goals.
First, Flexibility Is Key
Take a moment and look around you. Find something nearby—a coffee mug, your laptop, a photo on your desk. Notice how easily you can describe it in detail: its colors, texture, and shape. Now, glance out the window at something farther away—a tree across the street, a house down the block. How clearly can you describe it? Likely, the farther the object, the fuzzier the details.
Planning for the future works the same way. Near-term plans—next year’s expenses, vacations, school events—feel tangible and detailed. But looking 30 years ahead? It’s much harder to define. The picture is broader, the outcomes less certain.
That’s why continuous planning matters. Each year, like taking a step closer to that distant object, your vision sharpens. Priorities shift, new realities emerge, and your financial plan must adjust to stay on course.
Think back to where you were three months ago, three years ago, or even a decade ago. Were you married to your current spouse? Were all your kids under the same roof? Were you focused on different financial priorities as a single parent?
As two families blend into one, your goals, ambitions, and circumstances naturally evolve. And beyond personal changes, broader economic shifts, like market cycles or inflation, can also impact your family’s financial well-being. Staying flexible and staying focused on your long-term vision instead of short-term noise is essential to building a life of clarity, balance, and shared success.
Check In with Your Finances Regularly
When two people choose to bring their families together, there may be some unique and complex financial hurdles to address: managing separate college savings, ex-spousal and child support payments, combining accounts, updating beneficiary designations, etc. As time goes on and you both continue growing your savings and supporting your children, more discussions will need to take place to ensure your family stays in financial alignment.
Regular check-ins will help you prioritize both your separate and combined goals as you adapt to new circumstances. Without them, it’s easy to drift off course, which could put your family’s financial progress at risk.
In terms of your financial life, this could mean:
Missing out on key investment opportunities
Falling short of long-term savings goals (like retiring)
Overlooking steps to protect your family or estate
Paying more than necessary in taxes
Accruing high-interest debt
Exposing too much (or too little) of your portfolio to risk
While transitioning to your family’s new normal, regular check-ins help you and your partner stay in control, assess your progress, set guardrails, and make proactive adjustments to keep you moving toward your goals.
If you struggle to talk candidly about your finances (or perhaps finances are a sensitive subject following a contentious divorce), try to remember that these check-ins aren’t just about recalibrating your financial plan. Use them as an opportunity to celebrate the progress you’ve made individually and as a couple and recognize how far you’ve come on your journey as a family.
Rebalance Your Portfolio
Whether you choose to manage your assets together or separately, just make sure you’re both comfortable with your decision and create a system for transparency.
In either case, part of your planning journey will be keeping your portfolio in line with your evolving needs and appetite for risk. Generally speaking, the closer you move towards your goals (like retirement), the more conservative you’ll want your portfolio to be.
Over time, the performance of individual assets within your or your spouse’s portfolio tends to shift its overall allocation, potentially increasing risk or misaligning with those greater goals. Even if your portfolio was initially built with the proper mix of asset classes (for example, 60% stocks and 40% bonds), market fluctuations can cause these percentages to drift.
For example, let’s say your stock holdings performed exceptionally well last year. While growth is exciting, this imbalance could leave you exposed to more risk than is suitable for your new financial circumstances and goals.
This is where rebalancing comes into play. Just like a road trip, you occasionally need to pull over, check the map, and make sure you’re still headed in the right direction. Rebalancing helps keep your portfolio on track, realigning it with your risk tolerance and long-term strategy so you can continue moving steadily toward your destination.
Since rebalancing involves decisions about asset allocation, diversification, and even potential tax implications, it’s often beneficial to work with a financial advisor. They can guide you both through this process and help you make well-informed adjustments. If you’re unsure whether to combine portfolios or leave them separate, an advisor can also help guide these important decisions.
Create (or Boost) Your Emergency Fund
Did you know that only about 53% of adults have enough savings to cover three months’ worth of expenses? [1]
It’s not unusual for a spouse to go through their emergency savings in the years following a divorce. From paying legal fees to buying a new home, or just managing expenses as a single parent, it’s not unusual for at least one spouse to come to the marriage with a fairly exhausted emergency fund.
If you haven’t yet set aside dedicated savings for your family’s unexpected expenses (medical bills, car repairs, house repairs, or a sudden job layoff), consider making this a top financial priority.
While the exact amount will vary depending on your circumstances, a good rule of thumb is to save between three to six months’ worth of essential expenses. However, factors like your family situation and job security may call for adjustments:
If you’re self-employed or work in a career with unpredictable income or the risk of sudden unemployment (like start-ups), consider saving closer to a year’s worth of expenses to account for potential income fluctuations.
If you have multiple children or dependents coming together from both sides of the family, you might need a larger cushion to cover unexpected costs.
If both you and your spouse have steady incomes, you may feel comfortable with a smaller fund, around three months’ worth of expenses.
Keep in mind that setting too much cash aside in a low-interest savings account can mean missing out on opportunities for growth. A financial advisor can help you determine the right balance to maintain security while still working toward your long-term financial goals.
Remember, You Don’t Have to Go It Alone
Your road to reaching your financial goals is rarely straightforward, especially when you’re blending two families into one. Different histories, priorities, and perspectives can add complexity. But with a trusted guide by your side, it doesn’t have to feel overwhelming.
As you move forward, remember the importance of staying flexible, regularly checking in on your progress, and adapting your plan as your circumstances and priorities evolve. These small, consistent actions help ensure you remain on a path that aligns with your goals and needs.
If you’re ready to take the next step, our team is here to help. Schedule a time to connect with us today, and let’s work together to create a strategy that supports your long-term financial success.
When looking for a financial professional who can guide you toward a comfortable retirement, the size of your investment account may not matter.
A growing number of financial advisors across the country have abandoned lofty net worth requirements to focus on serving individuals with average incomes and families coping with credit card debt and paying off student loans.
The Way You Pay Financial Advisors Is Changing
One of the primary reasons it’s historically been difficult for a typical household to afford a financial advisor was their incentive structure.
Traditionally, stockbrokers and financial advisors earned their income based on the scale of the business they conduct. For instance, many received commissions on stock trades or a fee based on a percentage of the client’s assets they manage.
Under these fee arrangements, high-net-worth investors and institutional clients generate considerably more income for advisors than everyday Americans. As such, it made it hard for advisors to prioritize the latter or even make room for them as clients.
This traditional payment model poses a potential risk to ordinary investors. Andrew Dressel, a financial planning expert from Abundo Wealth, explains: “Traditional financial advisors use financial advice to drive to certain outcomes or products that they receive a benefit or compensation from. On the other hand, the scope of the relationship with an advice-only advisor is based on the depth and breadth of the advice that you get.”
The emergence of “advice-only” advisors provides an affordable option for investors who value professional guidance but choose to implement recommendations on their own. This contrasts considerably with commission-based planners and brokers who face significant conflicts of interest in their suggestions.
Commission-based compensation structures also risk incentivizing advisors to put their own interests ahead of their clients’ financial well-being. In the worst cases, they can operate more like salespeople than coaches.
Therefore, finding the right advisor, particularly for ordinary Americans, starts with knowing what type of advisor to look for and compensation arrangements that won’t break the bank.
How to Find an Affordable Financial Advisor
There are several ways to compare different types of advisors, including their compensation structure. If you are unsure how to find a financial advisor who will work enthusiastically with you, this comparison is crucial.
Instead of traditional models like commission-based pay, many individuals and couples prefer advice-only financial planners or advisors who charge hourly rates for their services.
Financial expert advisor Eric Simonson, also of Abundo Wealth, offers some of the reasoning behind this shift: “Every advisor is going to be a little unique in terms of their service offering, but on the whole, you can expect advice-only advisors to be much more comprehensive with their advice since their income is in no way tied to the advice they provide. So, they are really free to ‘go anywhere’ with their guidance/advice.”
Paying financial advisors strictly for their time and services, rather than product sales or investment returns, simplifies matters. It levels the playing field for investors with modest portfolios and drastically reduces the risk of conflicts of interest.
There are many ways to find advisors like these, but platforms like the Advice Only Network and XY Planning Network help to connect investors with the right professionals and streamline the process.
The cost of hiring a financial advisor can vary significantly based on the type of advisor you hire and the services they provide. For instance, AUM-based providers commonly charge a 1% fee on assets within their care.
Among advisors that charge hourly or flat fees, the rate will depend on factors like their experience level, track record, and competition in the local area.
An experienced financial advisor who prioritizes your best interest will always be worth the cost. Even so, it is essential to understand what that cost is and how it works before committing your portfolio to an advisor or firm.
Even after filtering your advisor search to those who charge portfolio-agnostic rates, asking financial advisors about those rates before working with them is still good practice. Knowing how they calculate their fees and what you can expect to pay will allow you to confidently put your financial future into safe, experienced, and affordable hands.
Financial Advice for the Rest of Us
Whether you have $100 or $1 million to invest, many financial advisors will be enthusiastic champions of your financial success. Although not every financial advisor specializes in serving everyday investors and families, countless top-tier professionals do.
Knowing what type of advisor you need, how their pay structure works, and the clients they typically work with is the first step to narrowing your search. From there, you are on the way to finding a local financial advisor with the demeanor, skills, and experience to help you build a nest egg to enjoy your golden years.
About the Author
Sam Stone
Sam is the creator of the personal development blog Smarter and Harder. His mission is to start exciting new conversations that empower people to improve their work, lives, and money, and have fun doing it. In all things, he strives to lead with positivity, understanding, and more than a bit of enthusiasm.
Find a Financial Advisor
Do you have questions about your financial future? Find a financial advisor who can help you enjoy life with less money stress by visiting Wealthtender’s free advisor directory.
Whether you’re looking for a specialist advisor who can meet with you online, or you prefer to find a nearby financial planner, you deserve to work with a professional who understands your unique circumstances.
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This article originally appeared on Wealthtender. To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers.
Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.
Assuming you haven’t been hiding under a rock throughout the first part of 2025, you’ve heard the word on the news or seen it online.
All. The. Time.
Tariffs.
The president even coined a patriotic name for the kickoff date of his tariff barrage – April 2, 2025 – “Liberation Day.”
But what are tariffs?
Tariffs Explained
Tariffs are nothing more than an import duty or tax that the government charges on imported goods.
They can be “ad valorem,” a fancy term for charging a percentage of the goods’ value or a specific amount charged per unit. They can apply equally to every unit of the relevant imported good or start at a low (or zero) level and jump higher once a set quota is reached.
Who Pays the Tariffs?
Nominally, tariffs are not paid by the source country of the tariffed goods, but by the distributor or importer who brings them into the country that sets the tariffs, in our case, the US.
However, since distributors and importers are in business to make a profit, they tend to increase prices to recover the tariffs they pay (more on this below).
Image Credit: DepositPhotos.
Why Did the President Initiate These Tariffs?
Taking the president at his word, these tariffs are intended to restore what he terms fairness in our international trade relations. This is why the percentages were set based on our trade deficit with each country.
For example, in 2024, US trade with Germany comprised about $160.4 billion worth of imports from Germany and $75.6 billion exports to Germany, resulting in a trade imbalance of $84.8 billion. The administration says similar trade imbalances with many of our trade partners resulted from decades of unfair practices by those partners, who limited our exports to them via tariffs charged on US exports, unfair subsidies to their domestic producers, or other means.
The new US tariffs would, according to the administration, help reverse these imbalances by making their exports into the US more expensive, leading to reduced US demand, resulting in a reduction of the value of imports to a level closer to the value of our exports to them. However, this ignores the impact of retaliatory tariffs levied by these partners.
Another benefit, they say, would be that the reduced demand for imports would cause an increase in demand for domestic equivalents, bringing back “good manufacturing jobs” to the US that were lost due to cheaper overseas labor. Even if there are currently no domestic producers who can replace those imports, the higher cost of imports could make it more economically viable for US businesses to start domestic production and compete with the pricey imports.
However, while cheap imports did cost many US manufacturing jobs, automation was responsible for the overwhelming majority of such job losses.
According to the Center for Strategic and International Studies (CSIS), “The narrative… that ‘bad trade deals’ and globalization are chiefly responsible for the United States’ manufacturing decline is economically incomplete… According to a widely-cited study by Hicks and Devaraj, automation and productivity gains explained about 88 percent of manufacturing job losses between 2000 and 2010. Moreover, U.S. manufacturing output actually increased in absolute terms by roughly 20 percent between 2000 and 2020, despite a substantial employment decline.”
Another hoped-for benefit would be that the revenue raised through the tariffs could replace (in part) income taxes that the federal government collects from US companies and taxpayers, allowing the government to reduce income tax levels.
However, since tariffs result in higher costs for consumers (see below), tariffs act as a consumption tax, a regressive tax that hurts the poor more than the wealthy (some numbers on this are given below).
Finally, the president cites poor efforts to stem the tide of illegal immigrants entering the US (or refusal to take back deported aliens) and stop dangerous drugs from flowing into the country.
Are There Downsides to the New Tariffs?
In a word, yes.
Major ones.
First, let’s look at three ways these tariffs hurt your wallet.
The first impact is that increased import prices mean you’ll pay more for those items. Even if you buy a domestic equivalent, its price would, typically, rise to just a bit less than the import’s newly increased cost. This can be for understandable reasons if it’s the result of more expensive components and raw material inputs, or the less savory reason that, with less competition, there’s no economic reason for them to keep prices low. Some imported products may become so unprofitable that they’ll stop coming into the country, and if no domestic equivalent is available, you’ll have to do without.
What’s worse, such price increases disproportionately hit poor Americans, with those earning under $20k suffering an 11-14% impact due to higher tariffs on Chinese goods, while those earning over $150k suffered a far smaller impact of just 5.24%.
Second, higher prices reduce consumer demand, which slows down the economy, potentially pushing us into a recession. Recessions lead to higher unemployment, so you may lose your job. Even if you, personally, keep your job, higher unemployment goes hand in hand with downward pressure on wages, so you won’t be getting that raise or bonus and may even suffer a pay cut. This is especially devastating when prices go up. When this happens – high inflation at the same time as the economy stagnates, we get the pernicious economic ill called “stagflation.”
A third impact of tariffs is that by protecting domestic producers from competition from imports, they remove pressure to innovate and improve productivity. This makes our country as a whole less productive, reducing our standard of living.
According to the Tax Foundation, the new tariffs will reduce the US Gross Domestic Product (GDP) by as much as 1%, saying, “We estimate that before accounting for any foreign retaliation, Trump’s tariffs will reduce long-run US GDP by 0.8 percent. As of April 10, threatened and imposed retaliatory tariffs affect $330 billion of US exports based on 2024 US import values; if fully imposed, we estimate they would reduce US GDP by 0.2 percent. Combined, the US-imposed tariffs and the threatened and imposed retaliatory tariffs reduce US GDP by 1.0 percent.”
What Else Could Go Wrong?
Tariffs have broader impacts than the three cited above that impact you directly.
When the president set triple-digit tariffs on goods imported from the People’s Republic of China, the Chinese didn’t take it well, to say the least.
First, they raised their tariffs on US exports to triple digits.
Returning to tit-for-tat mutual tariff increases, these hurt American exporters, as foreign demand for their goods decreases. They can reduce their prices to offset these higher foreign tariffs, but doing so hurts their profit margins.
Another wrinkle is that China could move its manufacturing and/or assembly of products to countries with lower US tariffs to sidestep the especially punishing tariffs imposed on its direct exports to the US.
Is There Yet More?
Yes, unfortunately.
The economic uncertainty and inflation expectations caused by the new tariffs and the resulting trade war lead to higher bond rates, which cause losses to bond investors, since bond valuations move in the opposite direction of interest rates.
Even worse, from the national perspective, the US government relies on selling treasury bonds to finance its huge annual budget deficit, currently estimated at $1.3 trillion (yes, with a “t”).
It also needs to refinance debt when treasury bonds mature. Current estimates are that over $14 trillion in debt will mature in the coming three years, and since we’re not running budget surpluses, all of that matured debt will need to be refinanced.
If interest rates increase, new treasuries issued by the government have to promise higher rates, making our national debt service more expensive. The Congressional Budget Office (CBO) projects that interest payments on our national debt will total $952 billion in Fiscal Year 2025, 13.5% of the total government outlay of $7.028 trillion.
In 2026, they project interest payments will grow to $1.01 trillion, 13.8% of the $7.294 trillion total outlays. By 2035, interest payments will balloon to $1.783 trillion, eating up a full 16.1% of the $10.73 trillion projected total outlays.
Every percentage point increase in the interest the government needs to pay bond buyers will increase those nearly imaginary interest numbers even more. And when debt service costs increase, the government has to cut services, increase taxes, and/or borrow even more, leading us into a debt spiral.
It appears that this impact on bonds led the president to put off much of the new tariff regime by 90 days, which resulted in the major stock indexes recovering most (though not all) of their losses from the start of 2025.
Should You Change Your Investments Due to These Tariffs?
Elias Friedman, Founder and Senior Wealth Advisor of Kadima Wealth, responded, “The stock and bond market do not like uncertainty. Until there is a definitive decision regarding how tariffs will be used, these markets will continue to be volatile. Staying the course does not necessarily mean ‘set it and forget it.’ If you feel uncertain about your investments, consider meeting with your advisor to discuss your concerns.”
Evan Luongo, Founder of NoDa Wealth, elaborates, “Markets constantly absorb new information, and stock prices adjust quickly to reflect what investors know at any given time. Tariffs have added a layer of uncertainty, and when new announcements are made or existing policies change, stocks react almost immediately.
“Sectors that are more sensitive to trade, like industrials, technology, and consumer goods, tend to move the most. However, market prices typically stabilize once the news is absorbed because the information becomes part of the current valuation. In the bond market, uncertainty in stocks often causes investors to seek safer assets like US Treasuries. As fear rises with new developments, bond prices tend to rise and yields fall.
“Overall, tariffs have made short-term swings sharper, but markets remain efficient at pricing in what is known at the time. In most cases, however, I don’t recommend changing your asset allocations due to news flashes. Asset allocations are built to withstand uncertainty and are tied to long-term goals, not short-term headlines. Tariffs and other economic developments are important, but much of that risk is already reflected in today’s market prices.
“For clients with major life changes coming up or those who feel especially uneasy, I might recommend small adjustments. However, the core strategy remains focused on staying diversified, maintaining discipline, and avoiding emotional reactions to short-term news.”
What Tariffs Mean to You
The Trump administration is pursuing a massive tariff regime on nearly all imports, offering multiple reasons why this is a good thing.
However, the law of unintended consequences will hit our individual wallets in several ways, not least of which is higher inflation. We may also find fewer options available when shopping for many products.
Further, many of us may lose our jobs, and those who keep their jobs will have a harder time getting pay raises and bonuses.
Possibly most concerning is that the higher interest rates that will result from the uncertainty and inflation expectations will make it more expensive for the government to borrow new money through the sale of treasuries to cover our huge budget deficits, refinance our massive national debt (over half of which is expected to mature within the coming three years, and the interest payments on our debt that already take up nearly one part in seven of the federal budget. All this risks pushing us into a debt spiral that will be very hard to stop.
Are You Ready to Hire a Financial Advisor?
You’ll find a growing number of financial advisors featured on Wealthtender. You can search based on the areas of specialization most important to you and where they’re located, or browse our financial advisor directory for more search options to find advisors who may be a good fit for you.
Find Your Next Financial Advisor on Wealthtender
📍 Click on a pin in the map view below for a preview of financial advisors who can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.
Disclaimer: This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.
About the Author
Opher Ganel, Ph.D.
My career has had many unpredictable twists and turns. A MSc in theoretical physics, PhD in experimental high-energy physics, postdoc in particle detector R&D, research position in experimental cosmic-ray physics (including a couple of visits to Antarctica), a brief stint at a small engineering services company supporting NASA, followed by starting my own small consulting practice supporting NASA projects and programs. Along the way, I started other micro businesses and helped my wife start and grow her own Marriage and Family Therapy practice. Now, I use all these experiences to also offer financial strategy services to help independent professionals achieve their personal and business finance goals. Connect with me on my own site: OpherGanel.com and/or follow my Medium publication: medium.com/financial-strategy/.
Do you work at Raytheon Technologies (RTX)? Get the resources you need and expert insights from financial professionals who specialize in helping Raytheon Technologiesemployees make the most of their compensation package and benefits.
Whether you’re a new Raytheon Technologies employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:
✅ Do you know the right moves to make to get the greatest value from the Raytheon Technologies benefits available to you?
✅If you’re thinking about leaving Raytheon Technologies for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?
Get the Most Value from Your Raytheon Technologies Benefits and Compensation Package
Throughout the year, Raytheon Technologies provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Raytheon Technologies who specialize in helping Raytheon Technologies employees make the most of their income and benefits.
Whether you work in the Raytheon Technologies headquarters in Arlington, Virginia, another office location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.
For example, sensitive topics like discussing the steps you should take before quitting your job at Raytheon Technologies to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.
Should you hire a Raytheon Technologies (RTX) specialist financial advisor or an advisor close to home?
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving Raytheon Technologies employees.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live.
This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with Raytheon Technologies employees is a better fit to help with your unique needs.
💡 In the Q&A below, you’ll gain insights from financial advisors who work with Raytheon Technologies employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.
🙋♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.
Answers to RTX Employee Questions with Jeffrey Davis, AAMS®
Jeffrey Davis is a financial advisor based in Santa Barbara, California who specializes in offering financial planning services to Raytheon employees. Jeffrey helps his clients get the most value from their Raytheon benefits and compensation package so they can enjoy life and feel confident about their financial future.
Q: As a financial advisor with experience helping Raytheon employees save for their retirement, how do you help them make the most of their employee benefits?
Jeffrey: When working with Raytheon employees, I start by helping them understand the full scope of their benefits package—because maximizing retirement readiness begins with leveraging what’s already available. I focus on strategies that integrate the Raytheon savings plan (such as the RTX 401(k) with potential employer match), as well as supplemental benefits like the Employee Stock Purchase Plan, all within a broader financial plan.
We explore contribution limits, Roth versus traditional deferrals, and tax-efficient withdrawal strategies to enhance long-term growth potential. I also guide clients through decisions around pension options and deferred compensation, ensuring they align with their broader retirement goals and cash flow needs. Ultimately, I tailor each strategy to the individual’s career stage and life priorities, bringing clarity to complex choices and helping them confidently move toward financial independence.
Q: When you first speak with a Raytheon employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?
Jeffrey: When I first meet with a Raytheon employee, my goal is to understand both their financial picture and what truly matters to them—because a great plan is built around purpose, not just numbers.
I typically start with questions like:
What areyour short-term and long-term goals—both personally and financially?
How confident do you feel about your current retirement strategy?
Are you aware of all the benefits available to you through Raytheon, and are you using them to their full advantage?
Do you have other financial priorities right now, like college savings, buying a home, or reducing taxes?
I also want to understand any life transitions on the horizon—whether it’s a career change, relocation, or family event—so we can anticipate and plan proactively.
These conversations often uncover opportunities to optimize their current benefit elections, adjust savings strategies, or build in tax-efficient planning. Ultimately, it’s about crafting a plan that’s aligned with their values, evolves with their life, and gives them peace of mind.
Q: Is there a particular benefit available to Raytheon employees you feel isn’t as well utilized or understood by employees as it should be?
Jeffrey: One particularly powerful but underutilized benefit available to Raytheon employees in 2025 is the ability to implement a backdoor Roth strategy through the RTX 401(k) Plan (RAYSIP).
Raytheon allows employees to make after-tax contributions beyond the standard pre-tax and Roth limits—up to the 2025 total contribution cap of $70,000 (or $81,250 for ages 60–63 with catch-ups). These after-tax dollars can then be converted to Roth within the plan, creating a significant opportunity for long-term, tax-free retirement growth. Despite its potential, many employees overlook this option due to its complexity or lack of awareness.
Another valuable and often overlooked benefit is the MetLife Group Legal Plan, still available in 2025. For a modest monthly payroll deduction (typically $16–$20/month), Raytheon employees can access estate planning services like wills, trusts, and powers of attorney at no additional cost. It also covers a wide range of personal legal matters—without deductibles or copays when using in-network attorneys.
Both benefits can make a meaningful difference when incorporated into a thoughtful, comprehensive financial strategy. Helping employees understand and confidently navigate these opportunities is a key part of the work I do.
Q: Beyond Raytheon employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients?
Jeffrey: Absolutely—beyond retirement savings, Raytheon offers several benefits that can significantly enhance a client’s financial well-being when integrated into a broader plan.
One standout is the Employee Stock Purchase Plan (ESPP), which allows employees to purchase RTX stock at a 15% discount through payroll deductions. This can be a powerful tool for long-term wealth accumulation, especially when paired with a disciplined diversification strategy.
Raytheon’s Employee Scholar Program is another exceptional benefit. It provides 100% reimbursement for tuition, books, and fees for approved degree programs—with no cap on the number of degrees. For clients looking to advance their careers or pivot professionally, this is a tremendous value.
The Health Savings Account (HSA), available with Raytheon’s high-deductible health plans, is also worth highlighting. Contributions are triple tax-advantaged, and Raytheon contributes to the account as well. For clients who can afford to pay current medical expenses out of pocket, the HSA becomes a stealth retirement account for future healthcare costs.
Lastly, the MetLife Group Legal Plan continues to be a cost-effective way for employees to access estate planning services like wills and trusts—services that are often overlooked but critically important.
These benefits often go underutilized simply because they’re not well understood. I help clients evaluate which ones align with their goals—whether that’s reducing taxes, funding education, or protecting their family’s future.
Q: For Raytheon employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?
Jeffrey: For Raytheon employees nearing retirement, the transition from a steady paycheck to drawing income from various sources requires careful planning and coordination. I guide clients through a multi-step process that helps them feel confident and in control of this next chapter.
We start by mapping out all available income streams—401(k), pension (lump sum or annuity), Social Security, brokerage accounts, and any deferred compensation. From there, we build a tax-efficient withdrawal strategy that balances income needs with long-term sustainability.
One key opportunity is to take advantage of the ‘income valley’—the window between retirement and the start of required minimum distributions (RMDs). During this period, we often implement Roth conversions, harvest capital gains at favorable rates, or draw down taxable assets to manage future tax brackets.
We also evaluate healthcare coverage, including retiree medical benefits and Medicare timing, and ensure estate planning documents are up to date.
Ultimately, it’s about replacing the predictability of a paycheck with a well-structured income plan that aligns with their lifestyle, values, and legacy goals. I help clients make this shift with clarity and confidence—so they can focus on enjoying the freedom they’ve worked so hard to earn.
Q: For Raytheon employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?
Jeffrey: For Raytheon employees who’ve done a great job managing their finances independently, the decision to work with a financial advisor often comes down to complexity and confidence. As they near retirement or experience major life transitions, the stakes get higher—and so does the value of having a second set of eyes.
I encourage them to consider a few key questions:
Are you confident in your retirement income strategy—including how and when to draw from your 401(k), pension, and Social Security?
Have you evaluated the tax impact of your decisions, including Roth conversions, RMDs, and capital gains?
Do you have a plan for healthcare costs, estate planning, and legacy goals?
Are you making the most of Raytheon’s more advanced benefits—like deferred compensation, the backdoor Roth strategy, or the ESPP?
Q: What are some of the unique financial planning challenges you commonly see among your clients who are Raytheon employees and how do you help them overcome these obstacles?
Jeffrey: Raytheon employees often encounter unique planning challenges that stem from the structure of their compensation, evolving retirement benefits, and the tax implications of various elections. One common issue is navigating the transition from legacy pension plans to cash balance plans following the merger with United Technologies. Many employees are unsure how to weigh lump sum versus annuity options, or how these fit into their broader retirement income strategy.
Another challenge is the underutilization—or mismanagement—of advanced savings opportunities like after-tax 401(k) contributions and in-plan Roth conversions. While Raytheon offers the ability to implement a backdoor Roth strategy, many employees either miss the conversion step or don’t understand the tax implications, which can lead to missed opportunities or unintended tax bills.
Deferred compensation planning is also a key area of concern, especially for higher-level employees. Elections must be made well in advance and are irrevocable, so aligning those decisions with future cash flow needs and tax brackets is critical.
Finally, equity compensation—such as RSUs and ESPP participation—can create concentrated stock risk and unexpected tax consequences if not managed proactively.
I help clients overcome these challenges by building integrated plans that coordinate all these moving parts. We model different scenarios, optimize tax strategies, and ensure that each decision—from pension elections to stock diversification—is aligned with their long-term goals. The goal is to bring clarity to complexity and help them make confident, informed choices.
Q: What questions do you recommend Raytheon employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?
Jeffrey: I always encourage Raytheon employees to ask prospective financial advisors questions that go beyond investment performance. The goal is to find someone who understands the nuances of Raytheon’s benefits and can provide truly personalized guidance. Here are a few key questions to consider:
Do you have experience working with Raytheon employees or are you familiar with the RTX Savings Plan, pension options, and deferred compensation?
Do you act as a fiduciary at all times—and can you explain what that means in practice?
How are you compensated? Are there any commissions or product sales involved?
Can you help me with more than just investments—like tax planning, estate strategies, and benefit elections?
What is your process for building a retirement income plan that includes my 401(k), pension, Social Security, and other assets?
How do you stay up to date on changes to Raytheon’s benefits and the broader financial landscape?
What kind of ongoing support and communication can I expect from you?
These questions help uncover whether an advisor is not only technically competent but also aligned with your values, communication style, and long-term goals. It’s about finding a partner—not just a portfolio manager.
Q: Is there anything that comes up frequently in your initial meeting with Raytheon employees that surprises you?
Jeffrey: One thing that frequently comes up—and surprises both me and the Raytheon employees I meet with—is just how underutilized and complex their benefits package can be, especially for those who’ve spent years with the company.
Many are unaware of advanced planning opportunities like after-tax 401(k) contributions and in-plan Roth conversions (a backdoor Roth strategy), or they haven’t evaluated deferred compensation elections, which require early, irrevocable decisions that can significantly impact future cash flow and taxes.
Pension decisions are another common challenge—particularly for employees navigating the transition from legacy defined benefit plans to cash balance formats after the Raytheon–UTC merger. Choosing between lump sum and annuity options often comes with uncertainty and wide-ranging financial implications.
It’s also surprising how many employees have accumulated substantial retirement savings but haven’t yet mapped out a coordinated withdrawal strategy—one that aligns income sources like 401(k), pension, and Social Security while managing taxes across retirement.
Lastly, I often discover that clients are paying into the MetLife Legal Plan but haven’t taken advantage of the included estate planning services such as wills, trusts, and powers of attorney.
These realizations can be eye-opening—and they reinforce how valuable it is to work with someone who can integrate all these moving parts into a cohesive, personalized strategy.
Q: For highly compensated Raytheon employees and executives, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?
Jeffrey: For highly compensated Raytheon employees and executives, there are several specialized benefits that warrant close attention when building a comprehensive financial plan.
One of the most impactful is the RTX Compensation Deferral Plan, which allows eligible employees to defer salary, bonuses, and other compensation beyond IRS limits. This can be a powerful tool for managing taxable income and aligning cash flow with future retirement needs. Timing and structure are critical, as elections must be made in advance and are irrevocable.
Executives may also receive Performance Share Units (PSUs), Restricted Stock Units (RSUs), and Stock Appreciation Rights (SARs) through Raytheon’s Long-Term Incentive Plans. These awards come with vesting schedules, tax implications, and concentration risk—especially when combined with 401(k) holdings and ESPP participation. I help clients evaluate when to exercise, diversify, or hold based on their broader portfolio and tax strategy.
Additionally, Raytheon offers a Lifetime Income Strategy (LIS) within the 401(k) plan, which provides guaranteed income options. While this can be attractive for some, it may limit flexibility and preclude strategies like Net Unrealized Appreciation (NUA), so it’s important to assess fit on a case-by-case basis.
Finally, executives should consider supplemental disability insurance and legal benefits that go beyond standard offerings, especially given income levels that exceed base policy caps.
These benefits can be incredibly valuable—but only when integrated thoughtfully into a broader plan that considers taxes, timing, and long-term goals.
Q: Is there a particularly memorable experience or a moment you recall with a client who worked at Raytheon when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?
Jeffrey: One particularly memorable experience was working with a long-tenured Raytheon engineer who was approaching retirement and had accumulated a significant balance across multiple benefit plans—including a legacy pension, after-tax 401(k) contributions, deferred compensation, and unexercised stock options.
What stood out was how unaware he was of the tax implications tied to each of these accounts. For example, he hadn’t yet initiated in-plan Roth conversions on his after-tax 401(k) contributions, which meant he was missing out on a powerful backdoor Roth opportunity. He also hadn’t considered how his deferred compensation payouts would overlap with required minimum distributions, potentially pushing him into a much higher tax bracket.
Through our planning process, we were able to model different income scenarios, optimize the timing of his pension election, and implement a multi-year Roth conversion strategy during his lower-income retirement window. We also helped him diversify out of concentrated RTX stock positions and take advantage of the MetLife Legal Plan to update his estate documents.
That experience reinforced how uniquely complex—and potentially rewarding—Raytheon’s benefits can be when integrated thoughtfully. It also highlighted the value of proactive planning, especially for employees who’ve done a great job accumulating assets but haven’t yet mapped out how to turn them into a sustainable, tax-efficient retirement income.
Get to Know Jeffrey Davis Financial Advisor for Raytheon Employees:
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With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
Ratings and awards issued by reputable organizations can boost advisor credibility and client trust
The SEC Marketing Rule and FINRA Rule 2210 provide guidance advisors must follow to promote awards
SEC Risk Alerts and enforcement actions reinforce the importance of compliance to avoid monetary fines
Wealth management firms that earn reputable awards can gain a marketing edge while staying compliant
Before publishing and promoting third-party ratings and awards, it’s important for financial advisors to consult with their compliance officer. The scope of this article is limited to a general discussion of SEC and FINRA regulations, while advisors may be subject to additional regulations and must abide by relevant firm policies and procedures. This article does not constitute legal advice and is for informational purposes only.
Earning and promoting third-party ratings and awards can significantly boost the credibility and visibility of financial advisors and wealth management firms. While qualification requirements can vary considerably, awards issued by reputable organizations provide advisors with a competitive edge in attracting and retaining clients.
On the other hand, advisory firms that fail to adhere to the rules and disclosure requirements for promoting awards could face significant fines as regulators ramp up enforcement efforts. Fortunately, whether advisors are subject to SEC and/or FINRA oversight, each regulator has published clear guidance that advisors can follow to promote third-party ratings and awards compliantly.
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Understanding the Regulatory Requirements for Third-Party Ratings and Awards
Both the SEC and FINRA provide important guidance that financial advisors must follow when publishing and promoting third-party ratings and awards. Just below, we summarize key provisions from the SEC Marketing Rule and FINRA Rule 2210 that must be followed to satisfy regulatory compliance requirements. This summary is not intended to be comprehensive and advisors should consult with their compliance officer for further guidance on regulatory matters and firm policies and procedures.
SEC Marketing Rule
The Securities and Exchange Commission’s (SEC) Marketing Rule took effect on May 4, 2021, subject to an 18-month transition period. Since the November 2022 transition period deadline, all registered investment advisers (RIAs) and investment adviser representatives (IARs) regulated by the SEC must abide by the SEC Marketing Rule’s provisions when promoting testimonials or third-party ratings/awards.
Are you a state-registered investment advisor? Many states have incorporated the SEC Marketing Rule by reference into their rules that in-state advisors must follow (refer to our tracking database for updates), though many other states maintain their own rules that may govern your use of third-party ratings and reviews.
Q: What does the SEC consider to be a “third-party rating”?
A: The SEC Marketing Rule defines a “third-party rating” as a “rating or ranking of an investment adviser provided by a person who is not a related person* (as defined in the Form ADV Glossary of Terms), and such person provides such ratings or rankings in the ordinary course of its business.”
In its Adopting Release, the SEC goes on to state “This definition is intended to permit advisers to use third-party ratings, subject to conditions, when the ratings are conducted in the ordinary course of business. We continue to believe that the ordinary course of business requirement would largely correspond to persons with the experience to develop and promote ratings based on relevant criteria. It would also distinguish third-party ratings from testimonials and endorsements that resemble third-party ratings, but that are not made by persons who are in the business of providing ratings or rankings. The requirement that the provider not be an adviser’s related person* will avoid the risk that certain affiliations could result in a biased rating.”
* Related Person Definition: From the SEC Marketing Rule Adopting Release: [An adviser’s “related person” is defined in Form ADV’s Glossary of Terms as “any advisory affiliate and any person that is under common control with your firm.” Italicized terms are defined in the Form ADV Glossary. We believe that a rating by a person under common control with the adviser could present the same bias towards the adviser as a rating by an adviser’s other advisory affiliates.]
Q: What must financial advisors consider before proceeding with the publication and promotion of a third-party rating or award?
A: The SEC Marketing Rule introduced a new section of Form ADV (subsection L under Item 5) that requires financial advisors to indicate if they use third-party ratings in advertisements, and if so, whether cash or non-cash compensation is paid in connection with their use. These questions are simply ‘yes’ or ‘no’. Many popular industry awards include a cost for award eligibility and/or a licensing fee to promote the award logo. In these instances, advisors should check both ‘yes’ to their use of third-party ratings and ‘yes’ to the compensation question.
Before accepting and promoting an award, the SEC Marketing Rule also states that financial advisors must perform due diligence to establish “a reasonable basis to believe that any questionnaire or survey used in the preparation of the third-party rating is structured to make it equally easy for a participant to provide favorable and unfavorable responses, and is not designed or prepared to produce any predetermined result.”
Q: How can financial advisors satisfy the third-party rating due diligence requirement (referenced in the answer above)?
A: In its adopting release, the SEC states: “an adviser could satisfy the [due diligence] requirement by accessing the questionnaire or survey that was used in the preparation of the rating.”
The SEC goes on to acknowledge that some third-party rating agencies may be reluctant to share proprietary survey or questionnaire information to advisers, such as their calculation methodology. Accordingly, the SEC suggests a couple of ways financial advisors can satisfy the due diligence requirement, including:
1. Seeking representations from the third-party rating agency regarding general aspects of how the survey or questionnaire is designed, structured, and administered.
2. Accessing information publicly disclosed by a third-party rating provider about its survey or questionnaire methodology.
Through either of the above approaches, the SEC states that financial advisors “could obtain sufficient information to formulate a reasonable belief as required by the due diligence requirement without obtaining proprietary data of third-party rating agencies.”
Q: What disclosures must accompany third-party ratings and awards published and promoted by financial advisors to ensure SEC Marketing Rule compliance?
A: The SEC Marketing Rule requires that a) financial advisors “clearly and prominently disclose”, or b) financial advisors “reasonably believe that the third-party rating issuer clearly and prominently discloses”:
1. The date on which the rating was given and the period of time upon which the rating was based
2. The identity of the third-party that created and tabulated the rating
3. (If applicable) That compensation (cash or non-cash) has been provided directly or indirectly by the financial advisor in connection with obtaining or using the third-party rating
To satisfy the requirement to “clearly and prominently” display disclosures, it’s important to note these disclosures must be displayed alongside or in very close proximity to the published rating/award. Financial advisors cannot link to disclosures on another page to satisfy this requirement.
Q: Can financial advisors that publish third-party ratings with the required disclosures still be at risk of not meeting all SEC Marketing Rule requirements?
A: Yes. Beyond the disclosures noted above, the SEC Marketing Rule prohibits the publication or promotion of ratings/awards that could be considered false or misleading. Here are a few examples of advertisements featuring ratings/awards that could be considered false or misleading, even if the above disclosures were provided:
Promoting a rating based on services that a financial advisor no longer provides or has materially changed
Advertising that a financial advisor is ‘highly rated’ without disclosing that the rating is solely based on a metric like ‘assets under management’
Promoting an award that was earned based on the qualifications of a financial advisor no longer employed by the firm
FINRA Rule 2210
Financial advisors who are registered representatives of broker-dealers must abide by FINRA Rule 2210 that governs communications with the public, including the use of third-party ratings and awards. Financial advisors who are dually SEC and FINRA registered must abide by all SEC Marketing Rule Requirements, in addition to the regulations prescribed by FINRA Rule 2210. Many of FINRA’s requirements are similar to those found in the SEC Marketing Rule, therefore best practices include establishing a compliance program for third-party ratings and awards designed to satisfy the requirements of both the SEC Marketing Rule and FINRA Rule 2210.
This summary is not intended to be comprehensive and advisors should consult with their Supervisory Principal for further guidance on regulatory matters, including understanding the approval process, recordkeeping requirements and steps to comply with firm policies and procedures.
Q: What provisions of FINRA Rule 2210 are most relevant to the promotion of third-party ratings and awards?
A: It is important for financial advisors to ensure any promotion of third-party ratings and awards meet the Content Standards (General Standards) established in FINRA Rule 2210, including:
Avoidance of statements or claims that could be considered false, exaggerated, unwarranted, promissory, misleading, or include any untrue statement
Avoidance of any presentation of a rating or an award that explicitly or implicitly predicts or projects what future performance may be or that past performance will recur
Considerations regarding the nature of the audience where a rating or award is published, and ensuring relevant details and explanations are audience-appropriate
Placement of disclosures and details in areas that ensure the audience will understand how this supporting content is relevant to their understanding of the rating/award
Further, financial advisors should be familiar with the requirements related to testimonials as described in the next question just below, both to understand and incorporate the disclosures required for testimonials, and to ensure the third-party rating issuer, when awards concern a technical aspect of investing, “have the knowledge and experience to form a valid opinion” about the subject matter.
Q: What disclosures does FINRA require accompany third-party ratings and awards?
Beyond any disclosures necessary to satisfy the General Standards discussed in the question and answer above, advertisements and communications to a retail audience promoting ratings/reviews must also prominently disclose the name of the advisor and/or their firm, the name of the organization that issued the rating/award, and the nature of the relationship between the advisor and the third-party rating firm.
Additionally, because third-party ratings/awards could be construed as a form of ‘testimonial’, financial advisors should incorporate the disclosure requirements for testimonials outlined in FINRA Rule 2210 as a matter of good practice, including:
The fact that the rating/award, often assessed with a historical lens, may not be representative of the experience of all past or future customers,
The fact that the rating/award should not be construed as a guarantee of future performance or success, and
If more than $100 in value is paid to be considered for the award or to promote the award, the fact that payment was made for the rating/award
Further, financial advisors must ensure that any promotion of ratings/awards are approved by an appropriately qualified Registered Principal before use or filing with FINRA’s Advertising Regulation Department.
SEC Risk Alerts and Enforcement Actions
After the SEC Marketing Rule first took effect in May 2021 and subsequent to the final compliance date established in November 2022, the SEC began issuing “Risk Alerts” to provide financial advisors and wealth management firms with insights into what their examiners we’re seeing in practice. These Risk Alerts provide guidance for firms to follow to reduce their risk of violating the SEC Marketing Rule.
The SEC followed its Risk Alerts with a series of press releases announcing enforcement actions, with sizable fines for firms that failed to properly promote third-party ratings and reviews, often on advisory firm websites, but also in offline advertisements as well. For example, the SEC charged nine firms for publishing advertisements that included unsubstantiated statements or third-party ratings that lacked required disclosures, resulting in combined civil penalties of $1.24 million (with the smallest fine of $60,000 indicating that fines could be steep, even for smaller advisory firms).
More recently in Q2 2025, SEC staff has participated in conversations with industry participants, including the National Society of Compliance Professionals, indicating that additional Risk Alerts, and likely enforcement actions, can be expected.
Develop a Plan to Promote Third-Party Ratings and Awards Compliantly
Third-party ratings and awards can be powerful marketing tools for financial advisors and wealth management firms, but their promotion must comply with SEC and FINRA regulations to ensure transparency for consumers and to avoid the potential of sizable monetary fines.
By working in partnership with CCOs and compliance professionals, financial advisors and wealth management firms can ensure they satisfy all necessary regulatory requirements and make the most of industry awards and accolades to build trust, stand apart from other firms online and in their communities, strengthen client retention, and convert a higher percentage of prospects into clients.
About the Author
About the Author
Brian Thorp
Brian is CEO and founder of Wealthtender and Editor-in-Chief. He and his wife live in Austin, Texas. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress. Learn More about Brian
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The Tampa Bay region has had a significant head start in building an entrepreneurial startup ecosystem. Since 2017, the annual Synapse Summit has strategically positioned itself and successfully engineered a premier Tampa Bay, Florida-based hub and rallying point for entrepreneurs, innovators, universities, business leaders, entrepreneurial service organizations (ESOs), and local/state government agencies to help drive engagement towards accelerating innovation across the state.
More than a traditional conference, nonprofit Synapse Florida has designed their Summit to be a “celebration” of Tampa Bay’s vibrant innovation and entrepreneurial ecosystem that encourages chance encounters, sharing of innovative ideas, collaborative discourse, and discovery of new technologies and approaches to solving business and life challenges. They accomplish this by carefully curating inspiring keynotes, interactive breakout sessions, dynamic exhibits, and immersive experiences.
The 2025 Synapse Summit broke down the agenda into six tracks or “pillars of innovation” – Cybersecurity, Entrepreneurship, Environmental Science/Sustainability, FinTech, Healthcare/Health Sciences, National Security. These tracks put a spotlight on groundbreaking companies, visionary startup founders, progressive corporate leaders, and vibrant community organizations driving growth and transformation in the Tampa Bay and greater Florida region.
The importance of this effort is clear and of paramount economic importance. The success of a region’s entrepreneurial startup ecosystem can have a significant impact on job creation, economic growth, and the region’s reputation as a hub for innovation and entrepreneurship to attract talent and capital investment.
The sheer size of the Summit hosted at Raymond James Stadium in northern Tampa forced me to focus my review on the financial services and FinTech sessions that would appeal to my financial industry readership.
Synapse 2025 Highlights
Building a Vibrant Startup Ecosystem: A Call to Action for Tampa Bay
Tim Holcomb, CEO of Embarc Collective – a top-ranked Tampa Bay nonprofit startup incubation program – outlined how they currently serve about 270 founders and 134 early-stage high-growth companies and, over the past five years, Embarc has helped create 1,000+ tech jobs, provided 9,300+ hours of business coaching delivered, and raised $565+ million in funding (60% from outside Florida) for their cohort startup companies.
In his presentation, Tim shared some amazing facts and statistics on the State of the Startup Community that revealed some important truths about startups:
Startups are primary drivers of job growth in the U.S., accounting for nearly all net job growth. Young firms (<5 yrs old) account for 2/3rds of net new jobs created, averaging 4 new jobs per firm per year. Older firms (>10 yrs old) are net job destroyers, losing one million jobs net combined per year; by contrast, new firms add 3 million jobs in year one.
Startups grow and fail at high rates – Historically, 20% of startups fail in year one, 50% in the first 3 years. Startup failures hit a new high in 2024 with a 58% increase compared to 2023; 70+% of companies that were 2-5 years old failed last year.
A startup “deficit” exists … and it is exacerbated by barriers facing specific populations. Startup density, measured as the number of startups relative to the total number of companies, has declined from 170 per 1,000 companies in 1977 to 85.4 in 2016. The playing field is also not level, and certain groups face more significant and more persistent barriers to starting companies leaving untapped human potential on the sidelines. As an example, he cited the challenges for women-led businesses, noting they receive only 2-3% of venture capital despite growing 5x faster than male-led businesses.
Startup funding has fallen sharply and remains well below peak in 2021. Overall startup funding regained its footing in 2024 reaching close to $314 billion, up around 3% compared to 2023, but less than half of a record high of $643 billion reached in 2021.
Startups waiting longer between rounds. The median time between rounds in 2024 was 28 months – longest span since 2012. Less cash and longer fundraising runways are forcing startups to stretch current funding further and focus on profitability earlier.
Starting a company is hard, taking a psychological toll on founders who often struggle silently. 72% of founders struggle with mental health issues compared to just 48% of non-entrepreneurs. 37% suffer from anxiety; 36% experience burnout; 81% hide their stress, fears, and challenges from others; and 77% refuse to seek qualified professional help.
The number one reason why startups fail – Failure is not because they do not have enough money, and it is not because they do not have access to talent. It is because often they solve a problem people do not care about. That is what we call a lack of “product-market fit”. There is no natural “build it and we will come” dynamic. You have to consciously design your innovation around your client and their specific problems or needs and not rely on innovating from your head and “great ideas”.
Supporting startup founders and their companies is a crucial regional imperative. As an example, Embarc Collective’s entrepreneurial support platform consists of four key elements: curricular programming, coaching, membership, and connectivity to ecosystem partners. Tim emphasizes that building a startup ecosystem is a “team sport” and outlined the “power of six” partners as key ecosystem components: investors, universities, startups, ESOs (Entrepreneurial Support Organizations), corporations, and government. He further stated that: “Successful startup ecosystems create an intentional orbit around the startup community.”
Tim then issued a friendly challenge to all Summit participants to “Be a Catalyst for Change” by actively engaging to support your local startups that can drive innovation, foster economic growth, and build a thriving community that benefits everyone. He offered these suggestions on how to do so:
Offer your expertise and guidance to budding entrepreneurs.
Provide funding to promising startups and share in their success
Partner on innovative projects that align with your strategic goals.
Collaborate with startups to bring new products and services to market faster on programs that complement your resources and expertise.
Support or establish programs that nurture startup growth.
Linda Olson CEO of Tampa Bay Wave was also at the Summit whose organization is another major example of an entrepreneurial service organization (ESO) in Tampa Bay which is a nationally recognized accelerator program that provides co-working space, mentorship, and guidance to tech entrepreneurs to build, launch, and grow their businesses into successful ventures. Of particular interest with Tampa Bay Wave is, besides running their own accelerator with multiple tracks and cohorts like a regular FinTech one, they also help build accelerator programs for other organizations and corporations.
The Future of Fintech: Innovation and Positive Impact for Our Region
Michael D. Wiemer, MBA – Director of the FinTech Center at University of South Florida’s (USF) Muma College of Business (which offers a MS, BS, FinTech concentrations, and multiple FinTech certificates) – discussed the university’s commitment to the FinTech business sector by addressing their initiatives, such as an online FinTech certificate program and sponsoring a FinTech business accelerator. The FinTech Center at USF was launched as a hub of engagement and a center of excellence in FinTech, focusing on teaching, research, engagement, and innovation. The three-year-old Center has already developed a robust ecosystem of strategic partnerships with the business community to support experiential learning, research collaboration, student mentoring, and faculty engagement.
Michael explained the University’s growing commitment of educational resources to FinTech by the numbers:
Research from Mckinsey and BCG projects the FinTech industry becoming a $1.5 trillion industry by 2030 from a baseline of $245 billion in 2021. It also shows that revenues in the FinTech industry are expected to grow almost three times faster than those in the traditional banking sector through 2028. Compared with the 6% annual revenue growth for traditional banking, the FinTech industry could post annual revenue growth of 15% over the next 5 years.
They see FinTech as ubiquitous in today’s economy, moving quickly and changing constantly. The key trends they see as shaping the future of business across all industries include AI-driven technological convergence, blockchain, Internet of Things (IoT), cloud computing, hyper-automation, and open-source software.
Michael emphasized the growing importance of FinTech which requires specialized education and training in this field. The FinTech learning journey roadmap he suggested should include:
Innovations in banking, credit Unions, and Insurance
AI and automation
Blockchain, crypto, and regulation
Bitcoin, stable coins, and the future of finance
Fostering talent pipelines in FinTech through intergenerational mentorship
Their commitment as a university is to help drive regional/national growth and prepare their students for these real-world challenges and opportunities by being an active part of Tampa Bay’s Innovation Ecosystem and improve “FinTech Literacy.”
Michael also ended his talk with a friendly invitation to be an active participant in the regions entrepreneurial ecosystem by stating “the doors are open for collaboration”, inviting business leaders to engage with the FinTech Center, especially financial services leaders.
Leadership & Cybersecurity in Financial Services
Raymond James Fireside Chat – The speakers, Paul Shoukry, new CEO of St. Petersburg, FL-based Raymond James and Brian Murphy CEO of ReliaQuest, a cybersecurity company based in Tampa, discussed the importance of cybersecurity, the role of AI, and the challenges of translating technical concepts to business leaders. Key points shared:
Cybersecurity is a critical and dynamic threat that requires constant attention and investment. At Raymond James, it is discussed at every board meeting due to the dynamic nature of the threat and the importance of protecting client data.
Raymond James has created a new role of Chief AI Officer to proactively evaluate how AI is changing the industry and how the company can integrate it into the business.
Translating technical concepts like cybersecurity and AI to business leaders is a significant challenge, and they both emphasized the importance of finding ways to communicate business impact effectively.
Building a strong, trusted team and maintaining direct communication with frontline employees and customers is essential for effective leadership.
Leslie Norman, Chief Technology Officer at Dynasty Financial Partners, has over a decade of experience delivering technology solutions for financial advisors.
Priscilla Drummond Costa, VP at Raymond James, has been with the company for 19 years and currently co-leads the AI team.
Rick Pinkerman, Co-founder of Notice Ninja, has over 17 years of experience in the payroll and compliance industry, leveraging AI and machine learning to automate workflows.
The panel discussion focused on the current landscape of AI and automation in the FinTech sector and its potential to unlock new opportunities for efficiency, personalization, and innovation, as well as the potential impact on consumers and the industry as a whole. They highlighted the opportunities for democratizing financial services and improving financial inclusion by improving access for underserved communities through technology.
The panelists emphasized the critical importance of data readiness, regulatory considerations, and the need for transparency and trust when implementing AI solutions. They also touched on various industry trends and developments, such as the rise of open banking, embedded finance, and the increasing focus on cybersecurity and know-your-customer (KYC) processes.
Key talking points:
The AI landscape in FinTech is still in the early stages, with concerns around regulatory and compliance hurdles slowing adoption.
The growing role of AI and machine learning in automating and streamlining financial processes.
Ensuring data readiness and quality is crucial for effectively leveraging AI and machine learning solutions.
Transparency, trust, and education are key factors in driving adoption and acceptance of AI-powered technologies in the financial services industry.
60% of wealth management executives are targeting talent in data and AI, but only 20% are actively piloting projects.
“Anything that we’re building right now within the AI space [ensures] that there is a human in the loop… until we can actually prove that it has a very, very small percentage of any error.” – Priscilla Drummond Costa (Raymond James)
“You’ve got to be AI ready from a data perspective. You got to get your data in order… It means diligence around your processes for managing data, keeping it clean, keeping it organized, and making sure that it is as context rich as possible.” – Leslie Norman (Dynasty Financial Partners)
Conclusion
The reason that I report on Synapse and the innovation community regularly is to offer insights for my financial services readers on how innovation is actively happening around us. This is important because the financial services industry – like all other industries – are in a new operating environment driven by an accelerating, compounding rate of change. This requires challenging our traditional practices, legacy operations, business models, and even our way of thinking.
Mistakenly, many equate “innovation” as representing technology but, at core, innovation is a mindset – a way of behaving, a way of handling challenges, an open and growth-oriented way of thinking. The only way to keep up competitively with this rapid rate of change is to innovate as fast as the business environment around us by consistently being open to creating new ideas and new ways of operating that add client value.
The rise of entrepreneurial and innovation ecosystems, like the one in Tampa Bay and all across this country, are illustrating a new business dynamic for success in this hyper-changing operating environment. It is a radical mind shift from closed insulated corporations to open ecosystems, from leveraging internal assets to accessing external networks, from a traditional operating focus on efficiency to dynamic open innovation.
I highly recommend that all financial services leaders at all levels should seek out their local/regional entrepreneurial ecosystems in their area. Witnessing the behind-the-scenes mechanics of modern-day business innovation and learning how to participate can be a very motivating catalyst for all financial professionals and their business owner clients. In today’s business environment of accelerating change, it is essential to develop a greater practical understanding of the need to tap into this new mindset and business innovation dynamic.
Bill Hortz is an independent business consultant and Founder/Dean of the Institute for Innovation Development- a financial services business innovation platform and network. With over 30 years of experience in the financial services industry including expertise in sales/marketing/branding of asset management firms, as well as, creatively restructuring and developing internal/external sales and strategic account departments for 5 major financial firms, including OppenheimerFunds, Neuberger&Berman and Templeton Funds Distributors. His wide ranging experiences have led Bill to a strong belief, passion and advocation for strategic thinking, innovation creation and strategic account management as the nexus of business skills needed to address a business environment challenged by an accelerating rate of change.
Are you a busy professional in your 30s or 40s beginning to accumulate wealth? A financial advisor who specializes in serving emerging affluent clients can help you enjoy life more with less money stress.
In the US, households with investable assets of $500K to $1M are generally known as the mass affluent. If you’re on a trajectory to join this group of approximately 6 million households in the next few years, you’re counted among a group known as the emerging affluent.
Many emerging affluent individuals and couples earn an above-average income and are early in their careers. And many have handled their finances on their own through this point. But as significant life events such as starting a family, making a career change, or moving to a new town disrupt the status quo, the guidance provided by a specialist financial advisor can prove timely and incredibly valuable.
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving the emerging affluent.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live. This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with emerging affluent clients like you is a better fit to help with your unique financial planning needs.
Financial Advisors Specializing in Serving Emerging Affluent Clients
💡 In the Q&A below, you’ll gain insights from financial advisors who work with emerging affluent clients in their 30s and 40s to help them make smart decisions to enjoy life more today while preparing for a comfortable retirement in the future.
🙋♀️ Do you have questions not answered below? Use the form on this page to submit your questions, and we’ll update this article with answers from the financial professionals and educators in the Wealthtender community. You can also contact the financial advisors featured in this article directly to set up an introductory call or ask your questions by email.
💸 Smart Money Insights for the Emerging Affluent
This page is organized into sections to help you quickly find the information you need and get answers to your questions:
Q&A with Financial Advisors Specializing in Serving Emerging Affluent Clients
Get Answers to Your Questions About Financial Planning for the Emerging Affluent
Browse Related Articles
Q&A: Financial Advisors Specializing in Serving Emerging Affluent Clients
Eight Questions with Carleton McHenry, CFP®
We asked Leavenworth, Washington-based financial advisor Carleton McHenry to answer questions useful to individuals and couples among the emerging affluent interested in building their wealth.
Q: What is a common financial planning challenge unique to the emerging affluent that you frequently encounter when working with your clients? How do you work with them to overcome this challenge?
Carleton: Typically it is a job or career change. Many are working high stress, high paced jobs and they want to find a way to achieve more balance in their life. They want to make sure they are maximizing their earning potential in their peak earning years, but they also don’t want to burn out and lose other important things in their life, such as their family or health.
We help our emerging affluent clients get a better understanding of where they currently stand financially and what things would look like if they did something else – Perhaps they are pushing towards a big promotion, knowing that it will lead to earlier retirement and more financial freedom. Or changing to a different job in the same industry that might be less pay but less hours, or moving to a different career that might allow them to have more balance.
We help them evaluate their executive compensation packages and determine if they do make a change, what is the best way to maximize their income potential and keep both their personal and financial goals aligned.
Q: For individuals and couples who fit into the emerging affluent category and are unsure whether or not they should hire a financial advisor at the current point in their lives, what guidance can you provide to help them make a more informed and educated decision?
Carleton: I would start with asking whether or not you enjoy managing your finances on your own. If you enjoy it, do you also have the time to do it effectively? If you can answer yes to this as well, then you may not need to hire someone.
But one last thing – ask yourself what your time is worth and how many hours are you putting into managing your finances? If this is a significant number and your time is worth a lot, perhaps you should consider hiring a professional who could do this for you.
This person can be a sounding board for you and your family when needed as well as being able to step in and continue managing your money for your family in the event something ever happened to you. Is having that additional peace of mind worth it to you?
Q: How do the services you offer the emerging affluent distinguish your firm from other advisory firms?
Carleton: Our entire focus is on serving this niche of people we call emerging affluent. They are coming into affluence and wealth, whether making it on their own or through inheritance, and they need guidance on how to manage it in a way that will improve their quality of life.
Most of our clients are going through major transitions in their lives, and there are a lot of decisions they have to make that will impact them financially. They want to make sure they make the right choices in these situations and are well prepared for anything.
Our clients are typically Generation X, but we also work with younger Millennials as well. Many are in the technology field as well as offshoots of this industry.
A lot of other firms are focused on the retiring Baby Boomer niche, but this is not us. Our clients are usually still in the wealth accumulation phase and may have many more years of their career still left to go. Many seek financial independence more than retirement. As such, we help our clients in these areas.
Get to Know Carleton McHenry, Financial Advisor for the Emerging Affluent:
Q: When you first speak with an emerging affluent individual or couple, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?
Carleton: We always start with this concept called Return on Life or ROL. We ask them “Are you managing your money in a way that is improving your life?” We have them rank and score 10 different areas of their life, and then we dig deep into those areas to see what is going on and where they need help.
We also uncover their past history and philosophy about money through a tool we use in our Return on Life (ROL) process. This is a very interesting exercise with couples as oftentimes, each individual has a different philosophy in a certain area, such as spending or saving that will conflict with their significant other. This can be a reason why that area may score less than others, and can be a source of tension in the family. As we work with a couple to determine the best way to manage their finances, we also do our best to align their financial philosophies to create a more holistic plan for their family.
Q: For emerging affluent clients who are thinking about a career change and worried about the ramifications of giving up their primary source of income, what guidance do you often suggest they consider to help make an informed decision?
Carleton: We not only suggest but run the what-if traps on lots of different scenarios to show them how things could play out.
This could include not making any money for the next 12-24 months and how this would impact them financially. Do they have other things to fall back on for support – a working spouse, borrowing from a friend or extended family member, etc. Can they cut back on their lifestyle expenses? Do they have stock options from work they can exercise and liquidate to provide a longer financial runway? How will this impact their long-term financial goals? Will a career change mean pushing back retirement?
All of these things have to be factored into the mix and planned accordingly, which is where we come in and help. This is the reason we get to know our clients on a 360 degree level so we can help them make better and more informed decisions in areas such as this.
Q: For emerging affluent couples with aging parents likely to require financial assistance, what actions do you suggest they consider taking sooner rather than later?
Carleton: We suggest they factor this cost of care into the mix for aging parents.
Will they need assisted living help? Will they need full-time care? Memory care? Other? Can they provide this care in-home or will it require an outside facility? Are there other family members willing to help out? Is their estate plan updated to reflect all of this?
Q: What questions do you recommend emerging affluent individuals and couples ask financial advisors they’re considering hiring to help them decide if they’re a good fit?
Carleton: We recommend first going to the advisor’s website and getting a better understanding of who they are and their story. Who do they help? What is their background and experience level? How are they compensated – fee or commission? What are their fees? Are they holding themselves out as fiduciaries at all times when working with their clients? Lastly, check their disciplinary record with the regulatory bodies to make sure they don’t have anything negative reported there.
Q: Is there a particularly memorable experience or a moment you recall with an emerging affluent client when you first realized they have unique opportunities and circumstances when it comes to their financial planning needs?
My wife and I left the big city in search of more, and we found it in the beautiful Cascade mountains here in Leavenworth, WA.
We are now meeting lots of people who have done the same or who are looking to do the same. COVID has only sped this up where people can now work from virtually anywhere in the world but there might be some sacrifices they have to make along the way in order to accomplish this and make it truly work.
What our clients all have in common is this desire for more – a way to maximize and achieve their best Return on Life (ROL). When you’re living your best life, you are truly happy! You stop chasing money, and your money starts working for instead of against you.
Are you a financial advisor who specializes in the emerging affluent?
✅ Join Wealthtender and get featured as a specialist financial advisor based on your knowledge and experience. (Subject to availability and terms.) ✅ Sign up today and join financial advisors attracting their ideal clients on Wealthtender ✅ Or request more information by email:
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About the Author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
Starting a new career or changing jobs can be stressful. Learn expert tips from a financial advisor specializing in helping job changers.
Congratulations! You’ve decided to change jobs or begin a new career. Or perhaps, the decision was made for you? Either way, the weeks or months it takes to move from one employer to the next may be filled with uncertainty and anxiety. Beyond the emotional rollercoaster of saying your goodbyes to former colleagues, you’re tasked with remembering the names of your new coworkers and trying to assimilate into the new organization quickly.
From a financial perspective, you’ll need to determine what to do with your old 401(k) and research how you can get the most value from your new employee benefits package. Not to mention, your salary may be changing, and your expenses may spike as you upgrade your wardrobe or incur new expenses. The financial decisions you make during this period can have a significant impact on your personal finances.
Hiring a financial advisor who understands the right money moves to make throughout the job-changing process is a smart way to reduce your stress and increase your confidence in the decisions you make throughout the transition.
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in helping job changers successfully manage this complicated stage of life.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live. This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with job and career changers is a better fit to help with your unique financial planning needs.
Financial Advisors Specializing in Helping Job Changers
Financial Planning Tips for Job and Career Changers
💡 In the Q&A below, you’ll gain insights from financial advisors who work with job changers to help them make smarter decisions so they can enjoy life more with less money stress.
🙋♀️ Do you have questions not answered below? Use the form on this page to submit your questions, and we’ll update this article with answers from the financial professionals and educators in the Wealthtender community. You can also contact the financial advisors featured in this article directly to set up an introductory call or ask your questions by email.
💸 Smart Money Insights for Job and Career Changers
This page is organized into sections to help you quickly find the information you need and get answers to your questions:
Q&A with Financial Advisors Specializing in Helping Job Changers
Get Answers to Your Questions About Changing Jobs or Starting a New Career
Browse Related Articles
Q&A: Financial Advisors Specializing in Helping Job Changers
Five Questions with Ayad Amary, MBA, CFP®, AIF
We asked Center Valley, Pennsylvania-based financial advisor Ayad Amary, a specialist serving people going through a career transition, to answer questions useful to people preparing to change jobs or begin a new career.
Q: What is a common financial planning challenge faced by people who are preparing to change jobs or begin a new career? How do you work with them to overcome this challenge?
Ayad: In general, a new job or position often comes with higher pay. If you are receiving an increase in pay as a result of your new job, the one challenge that is often an unintended consequence is a phenomenon known as lifestyle creep. Said another way, the more you earn, the more you spend.
I often counsel clients on the importance of staying within the same budget as prior to their increase in income until they increase their savings rate. Yes, it is ok to reward yourself with a bigger spending budget but not to the detriment of your long-term plan.
Q: For people who are preparing to change jobs but who are unsure whether or not they should hire a financial advisor at the current point in their lives, what guidance can you provide to help them make a more informed and educated decision?
Ayad: This all depends on the complexity of your current situation. If there are specific decisions that require expertise in dealing with topics such as incentive stock options, restricted stock units (RSUs), or performing due diligence on comparing benefits packages, then hiring an advisor makes sense.
If relocation is involved with your job change, that may be another situation that calls for advisor expertise to determine how the cost of living may impact your near-term and long terms plans.
In essence, you should consider hiring an advisor if you feel they can add value to your circumstances. It may not always be necessary but generally speaking, the right advisor can add value to your life in many ways as you contemplate major life changes.
Get to Know Ayad Amary, Financial Advisor for Job and Career Changers:
Q: How do the services you offer people who are preparing for a significant job or career change distinguish your firm from other advisory firms?
Ayad: Since I run a planning-based practice, I am always keeping the big picture in mind for my clients. I use an approach that incorporates both statistical analysis and emotional analysis. Many people often say, “do not use emotions to make financial decisions,” but I am not one who always agrees with that philosophy.
Life is full of emotional decisions, and this should be part of the conversation along with the “numbers”. When major decisions are to be made, I will run different scenarios using our proprietary software to see the financial impact on their long-term plans, but the numbers are only half the battle.
The other decision points involve conversation around how this decision will impact their life in other ways. It is important never to lose sight of the purpose of their career and why they are looking to make this change. How will this move fit with your overall life goals?
Q: When you first speak with a client who says they are thinking about a job or career change, what questions do you like to ask to understand their unique circumstances better and determine how you can best help them achieve their goals?
Ayad: What is the driving force behind your desire to make this change? Is it strictly for higher pay, a particular company you want to work for, or is it a developmental move for career progression, etc.?
The motivation for the change can tell a lot about an individual and their long-term plans. I want to be sure they are considering this career move for the right reasons. Every step one takes today will shape their road map to their future life. I try and put my clients in the best position possible for long-term success.
Q: For clients thinking about leaving their current employer to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?
Ayad: Make a list of important contacts that you may need to get in touch with after leaving. HR, benefits coordinators, former supervisors, etc. Always leave your former employer on good terms and be a professional.
Most industry circles are smaller than you think, and word travels fast if you burn your bridges. Also, one never knows where the future takes you, you could run into a former colleague at your new employer someday or maybe have an opportunity to return to your old employer for a better position.
Are you a financial advisor who specializes in helping job changers?
✅ Join Wealthtender and get featured as a specialist financial advisor based on your knowledge and experience. (Subject to availability and terms.) ✅ Sign up today and join financial advisors attracting their ideal clients on Wealthtender ✅ Or request more information by email:
Are you ready to enjoy life more with less money stress?
Sign up to receive weekly insights from Wealthtender with useful money tips and fresh ideas to help you achieve your financial goals.
About the Author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
