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How to Buy and Sell Stocks

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Maybe you haven’t invested in stocks yet. Maybe you have a 401(k) or IRA. Perhaps you have a micro-investing app with steadily increasing gains. No matter where you are in your investing journey, the process of how to buy stock and how to manage your own portfolio can seem daunting.

While there’s definitely a learning curve when it comes to investing, it’s never been easier to buy your first stock. Robo-advisors, micro-investments, and simple web platforms that allow you to buy, trade and sell stocks on your phone have made investing in the stock market effortless.

Why invest in the stock market?

Just because it’s easy to buy and sell stocks doesn’t mean the process is a no-brainer. First, it’s important to understand why you want to invest in the stock market. Why buy stock as opposed to, say, putting your hard-earned money in a savings account? The answer is that unlike other options, such as savings or bonds, stock shares likely have higher potential returns than stocks or bonds. But of course, with high returns comes risk: The volatility of the stock market means while you hope your investment gains value, there’s no guarantee it will do so.

Once you own stock shares, you literally own a small percentage of a company. If the company does well, not only does the stock gain in value, but you may receive what’s known as a dividend — a portion of the company’s earnings, usually paid on a quarterly basis. If the company continues to do well, the share continues to pay dividends, which a stockholder may reinvest in the stock market or withdraw as passive income.

Alternatively, a stock investor may decide to sell all or some shares of their stocks to maximize the gains they made. If the share price has increased in value, an investor can sell those stock shares at a profit.

A beginner’s guide to stocks

The concept of buying and selling stocks is simple. But, in reality, words and phrases like “ETF”, “blue chip”, “index” and “yield” may make you feel like you’re learning a foreign language. So how do you get started?

First, forget about stocks for a second and focus on your financial goals. While investing in the stock market can be a smart financial strategy, experts generally agree that it’s important to focus on paying down debt and establishing an emergency fund before investing extra cash. That’s because while stock returns on long-term investments can be good — the average annual return of the S&P has been around 10% since 1928 — interest rates on debt can be higher.

Once you feel comfortable with your finances, think ahead to your goals to decide on the right investment strategy for you and your family. Do you want to buy a house? Save for retirement? Have money set aside for a rainy day? These answers will affect how to buy and sell stocks, and what your stock portfolio may look like.

A portfolio represents the entire range of assets you own. You may buy shares or securities for specific companies, but it’s common — especially for beginner investors — to invest through a mutual fund, exchange-traded fund (ETF) or index fund. These funds can have any number of stocks, as well as commodities, real estate, foreign investments and bonds that are diversified to protect investors from potential risk. You may choose investment options that range from conservative to aggressive, with aggressive funds generally being chosen if you’re hoping for big gains — and are okay with potentially having a big loss.

While you can withdraw money in the stock market at any time, it’s often best to think of money you invest as relatively untouchable. That’s because it takes time for money to grow, and also because the nature of the stock market is to ebb and flow — if you withdraw all your investments as soon as you see share prices start to fall or your portfolio lose value, you may miss future gains.

Your goals, as well as your comfort with risk, will influence how you buy stock. Many beginner investors don’t buy stock alone: Research, investment advisors, robo-advisors, and portfolio recommendations can all come into play to help you come up with the best investing options for you. It may be that you want to actively monitor your stocks, or you may want to set a strategy and check in once or twice a year.

How to buy and sell stocks

If you’re looking to invest, there are several places to consider as you decide where to buy stocks, with pros and cons to each. It’s also important to note that it’s easier than ever to buy stocks online. That said, different platforms have different fees, limitations and considerations.

A traditional brokerage firm

A few decades ago, the only option to buy stock would be a brokerage firm. Even today, with plenty of online platforms to aid investors, brokerage firm can be a good option if you’re planning to invest in individual stocks. Major brokerage firms include TD Ameritrade, Edward Jones, Charles Schwab and Fidelity. In addition, many banks have brokerage services.

Some brokerages have a minimum amount required to open an account, and may charge fees for any buys, sales or trades. Brokerage firms also have stockbrokers on staff who can work with you to select stocks. A brokerage firm is an ideal option if you want to be hands-on with stock selection.

Online-only broker

Is there a way to avoid a fee for buys and trades? While the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) charge a fee for all stock sales orders regardless of brokerage, commission fees can range between brokerage options. Some traditional brokerage accounts have fee-free options for ETF sales or trades, and some online startups, like Robinhood, charge no commission fees for any stock buys, sells, and trades (though fees from third-parties may apply).

Some online-only brokers have the option of working over the phone with a live broker, which can be an option if you wish to buy and sell individual stocks. In general, being aware of any fees — regardless of which option you choose — is smart, since over time, fees can eat into your hard-earned capital.

A robo-advisor

In the past decade, robo-advisors have become popular for those interested in buying stocks online. These providers offer automated portfolio management. Algorithms, as well as the information you input regarding financial goals and risk tolerance, will create a customized portfolio.

Robo-advising services are offered by many traditional brokerages, but companies such as Betterment, Wealthfront, Wealthsimple and Ellevest are devoted to robo-advising. This can be a good option if you don’t wish to actively be involved in your investments, as these providers also tend to automatically recalibrate your portfolio if there’s any dramatic shift or change.

In general, robo-advisors specialize in algorithmically created portfolios and may not give you the option of buying individual stock. The fees may be lower than traditional brokerages, and may be based on a percentage of your overall portfolio.

A micro-investing platform

These providers take small amounts of money — in some cases, just a few pennies — and invest in ETFs and mutual funds. Micro-investing platforms may be exclusively on an app, and can be a good way to dip your toe into the stock market without a big commitment.

Acorns, Clink, and Stash are three examples of robo-advisors that have micro-investment options. These investment options — which tend to charge a monthly fee of around $1 — can be a good way to watch your money grow, but depending on fees, it may make sense to move the money gained in these accounts into another investment vehicle that offers more robust services. That’s because some micro-investing platforms switch from a flat monthly fee to a fee-based percentage once the account reaches a certain threshold, and it may make more sense to compare fees and choose a lower-fee account once your account reaches that point.

Choose your investment strategy carefully

Your investment portfolio is personal, and while there’s no “right” or “wrong” reason to buy a stock, there are some general best practices. Like so many skills, one of the best ways to learn how to invest is to learn by doing. Brokerages and robo-advisors, in addition to sites like MagnifyMoney, are great for learning common terms and strategies. But you can simultaneously learn and invest, and robo-advisors, brokers and financial planners can give you options for the type of portfolio that makes sense to you based on your financial goals.

For example, a retirement portfolio may look different than a portfolio meant to help you buy a house in the next five years because of the way assets are allocated. Aggressive assets have a bigger risk of loss but potentially bigger rewards; conservative assets may have the lowest risk and lowest potential of return. A customized portfolio will contain some of each in the attempt to help you reach your goal with as much money as possible.

A huge differentiation for new investors to realize is that investing in a portfolio through a robo-advisor or brokerage is very different than, say, actively buying and selling individual stock in the hopes of maximizing return. For example, investing in cryptocurrencies, initial public offerings (IPOs) and even individual stocks is very different than investing in a diversified portfolio meant to grow your money over the long term.

If you do wish to choose individual stocks, it’s smart to research a company and look at their quarterly or annual financial report with an eye toward positive cash flow. You may also wish to invest in stocks simply because you like the company and its mission, you’ve seen a proven track record of the company’s success, or it’s a company that you’ve followed over the years. That said, investing a small amount and watching the performance of the stock can help you suss out a strategy or make a decision whether you’d like to buy more.

How to buy stock today

You’ve done your research, opened a brokerage account and are ready to make your first stock investment. Once you’ve decided what stock to buy and how much money you want to invest, the next step to buying stock is to figure out how many shares to purchase.

Instead of focusing on shares, one common strategy for investors is to use is called “dollar cost averaging.” This strategy focuses on buying shares based on the money you wish to invest, not the number of shares you want. To use dollar cost averaging, simply purchase the same dollar amount of stock at regular intervals. For example, if you wish to buy $100 of stock and Company X is trading at $10 a share, you can buy 10 shares this month. Next month, when Company X is trading at $12.50, you can afford just 8 shares.

This strategy can help can help mitigate risk, since you purchase more shares when prices are low and fewer shares when costs are high. New investors can also learn to ride the ups and downs of the stock market by sticking to a strict budget and purchase schedule.

No matter what investment strategy you choose, the purchase experience varies across platforms. In general, you may be prompted to opt for a market order — which means the stock will be purchased at current market price — or a limit order, which allows you to name a target price at which the shares will be bought. It’s also important to be aware of any fees or commissions that may come from the purchase, and be aware of any limitations on purchases — some brokerage accounts have a cap on the number of buys, sells or trades made in a day.

While it’s smart to research the company you wish to invest in, it’s important not to get overly bogged down on any “best day of the week to buy stock” advice. If you’re planning to invest for the long term, it doesn’t really matter if the stock you buy is slightly lower a day or two after you’ve bought it; what matters most is long-term patterns and movement.

When to sell stock

Is it ever a good idea to sell stock? That depends. In general, money in a retirement account like a 401(k) or a Roth IRA has penalties and tax implications for withdrawals before a certain age, so many financial advisors would suggest those portfolios are left untouched.

But what if you opened a brokerage account or have bought individual stocks? There’s no wrong reason to sell stock — for example, you may need that money to be liquid for an emergency fund or an unexpected bill. Other reasons to sell stocks include diversifying your portfolio, moving away from a company with haphazard performance results, or simply feeling like the time is “right.” Some investors sell stock when the price has appreciated rapidly, using the money to invest in a less expensive stock. Other investors look closely at the valuation of the company. Working with a personal investment advisor can help you figure out smart strategies to sell stock, and your own experiences and research can help you become more familiar with common points at which investors consider selling stock.

In general, it’s usually not a good idea to sell stocks based on emotion alone — seeing a stock dip may make you nervous, but it could be smart to ride out an initial dip or look for larger trends over time.

How do you sell a stock when you’re ready? Platforms vary, but in order to sell a stock, an investor triggers what’s called a sell order. A sell order can be a market order (the stock is sold right now), a limit order (a seller names the minimum price they’ll accept), or a stop order (the sale will be stopped when the stock dips beyond a price limit) Again, it’s smart to be aware of any sale fees or limits within your investment platform.

Investing is an art and a science

There’s no limit to the number of investment strategies, tips and techniques you can try, but one of the best ways to learn to invest is to simply practice. With so many platforms offering investment opportunities for the cost of a latte, it’s never been easier to buy stocks. Keeping track of your long-term investment goals, your capacity for risk, and making sure you’re never investing more than you can afford to lose can help grow your money — and your confidence.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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SIMPLE IRA Contribution Limits 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

SIMPLE IRAs are tax-advantaged retirement savings accounts that benefit small business owners and the people who work for them. In addition, you can use the SIMPLE IRA to save for retirement if you are self-employed. Like many other retirement savings vehicles, SIMPLE IRAs are subject to annual contribution limits.

SIMPLE IRA contribution limits

The annual SIMPLE IRA contribution limits for employees and employers in 2020 are as follows:

Annual SIMPLE IRA Contribution Limits

Employees under the age of 50


Employees 50 years and older

$13,500, plus $3,000 in catch-up contributions

Employer matching contributions

Up to 3% of employee’s salary

Employer non-elective contributions

2% of the employee’s salary

SIMPLE IRA contribution limits 2020 for employees

For 2020, the amount employees may contribute to a SIMPLE IRA plan is capped at $13,500 per year. That’s an increase from 2019’s limit of $13,000, and an even bigger leap from the $12,500 limit imposed from 2015 to 2018.

It’s worth noting that for employees who are also participating in other employer-sponsored retirement plans, such as 401(k) or 403(b) plans, aggregate annual contributions to all plans cannot exceed $19,500 in 2020. For those 50 and older, the overall annual limit for catch-up contributions is $6,500 for 2020, for a total ceiling of $26,000.

SIMPLE IRA contribution limits 2020 for employers

If a small business owner chooses to offer a SIMPLE IRA plan, they are required to make contributions to their employees’ accounts. They may choose to either match their employees’ contributions, up to a certain limit, or make non-elective contributions.

If an employer chooses matching contributions, their match is capped at 3% of an employee’s annual compensation. While an employer can make matching contributions of less than 3%, the match cannot be less than 1% of the employee’s annual compensation — and it cannot be less than 3% for more than two out of five consecutive years.

If an employer chooses non-elective contributions, they are required to put money into their employees’ SIMPLE IRAs regardless of whether the employees themselves make contributions. With non-elective contributions, the employer must make fixed contributions of 2% of their employees’ compensation. For 2020, the maximum amount of an employee’s total compensation that can be considered for calculating a non-elective contribution is capped at $285,000, up from 2019’s cap of $280,000.

What are the contribution deadlines for a SIMPLE IRA?

Employers are required to deposit their employees’ SIMPLE IRA contributions within 30 days after the end of the month in which those contributions were withheld. Employers are required to make their matching or non-elective SIMPLE IRA contributions by their tax return filing deadline, including extensions.

For people who are self-employed, the deadline for depositing SIMPLE IRA contributions for a calendar year is 30 days after the end of year, or Jan. 30.

SIMPLE IRA contribution limits vs. Roth contribution limits

While SIMPLE IRA contributions are capped at an annual limit of $13,500, annual Roth IRA contribution limits are much lower. For 2020, Roth IRA contributions are capped at $6,000, with an additional $1,000 allowed for catch-up contributions for those 50 and older.

Another differentiating factor of Roth IRAs is that they have income phaseout limits. Depending on how much you make, you may be limited to how much you can contribute or whether you can contribute at all. For 2020, single filers cannot contribute to a Roth IRA if they make more than $139,000, and if married and filing jointly, you’re only able to contribute if you earn less than $206,000.

Can you contribute to both a SIMPLE IRA and a Roth IRA?

You can contribute the maximum allowed amounts to both a SIMPLE IRA and a Roth IRA, as their contribution limits are not cumulative. In fact, most financial advisors recommend you max out both your SIMPLE IRA and Roth IRA if you can afford to do so, as they offer different tax benefits.

While SIMPLE IRA contributions are made pre-tax, and therefore lower your taxable income, your Roth IRA contributions are made with after-tax dollars, so qualified distributions are tax-free.

“Advisors talk about diversification all the time, and usually they are talking about stocks and bonds,” said Gregory Kurinec, a certified financial planner with Bentron Financial Group in Downers Grove, Ill. “But investors will want to diversify their accounts into different tax categories as well. By having a combination of pre-tax (SIMPLE IRA), after-tax advantage (Roth IRA) and non-qualified, this will allow the investor to pick and choose which account to take funds from to best impact their tax situation.”

What is a SIMPLE IRA?

A SIMPLE IRA is an effective retirement savings match plan, especially for small business owners. SIMPLE IRAs are available to small businesses with 100 employees or fewer.

SIMPLE IRAs require employers to make contributions on behalf of their employees, either up to 3% of their employee’s compensation as an employer match or a flat 2% of the employee’s compensation.

As with most financial products, when it comes to saving for your golden years, a SIMPLE IRA is just one of the many options available to you. Explore all of the options at your disposal when deciding how to build your nest egg.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Review of Altfest Personal Wealth Management

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Altfest Personal Wealth Management is an investment management firm based in New York City. The firm typically only accepts clients with a minimum investment of $1 million. For these high net worth clients, Altfest Personal Wealth Management provides customized investment portfolios with comprehensive financial planning services. The firm has 16 employees who provide investment advisory services, and currently oversees $1.21 billion in assets under management (AUM).

All information included in this profile is accurate as of February 10th, 2020. For more information, please consult Altfest Personal Wealth Management’s website.

Assets under management: $1,210,000,000
Minimum investment: $1 million (waivable at the firm’s discretion for young professionals)
Fee structure: A percentage of AUM, ranging from 0.50% to 1.40%, depending on account size; hourly fees; fixed fees
Headquarters: 445 Park Avenue
Sixth Floor
New York, NY 10022

Overview of Altfest Personal Wealth Management

Dr. Lewis Altfest launched Altfest Personal Wealth Management in 1983. He is still the majority owner of the firm and acts as CEO. He runs the organization along with his wife, Dr. Karen Altfest, the firm’s executive vice president, and their son, Andrew Altfest, the firm’s president. Both Lewis and Karen hold Ph.Ds; Lewis is an associate professor of finance at Pace University.

Including the Altfests, the firm has 37 total employees, 16 of whom provide investment advisory services. Altfest Personal Wealth Management specializes in creating customized, actively managed investment portfolios for high net worth clients. The firm and the Altfest family have won numerous awards for their performance, and both Lewis and Karen are regular contributors to financial news programs and publications.

What types of clients does Altfest Personal Wealth Management serve?

Altfest Personal Wealth Management primarily works with individual investors. A client usually needs a portfolio of at least $1 million to open an account with the firm — however, Altfest does make exceptions to this account minimum for “young professionals” who they believe will become high net worth clients in the future. The firm’s individual client base is currently split 40/60 between individuals and high net worth individuals, with the SEC defining high net worth individuals as those with at least $750,000 under management or a net worth of at least $1.5 million.

While the firm works with a diverse range of clients, it specializes in advising women, executives and healthcare professionals. In addition to individual investors, Altfest Personal Wealth Management also works with pension plans, profit-sharing plans, trusts, estates, corporations and other business entities.

Services offered by Altfest Personal Wealth Management

Altfest Personal Wealth Management specializes in investment management and financial planning. However, the firm’s investment management services are available to individuals and small businesses only; these services are not offered to investment companies, pooled investment vehicles, large businesses and institutional clients.

Most of the firm’s investment accounts are run on a discretionary basis, meaning that Altfest Personal Wealth Management advisors can make trades on behalf of the client. The firm does have a few nondiscretionary accounts, where the client must approve all trades themselves.

If a client only wants a few investment recommendations, rather than the management of their entire portfolio, the firm can provide this service as well.

Altfest Personal Wealth Management also offers comprehensive financial planning, as many of its advisors hold the certified financial planner (CFP) designation, a professional certification for financial planners. The firm’s financial planning services include the creation of a detailed financial plan outlining the necessary steps to achieve their goals and objectives. The plan can address specific areas, such as college savings, estate planning and debt management.

More specifically, Altfest’s services include:

  • Investment advisory services and portfolio management (mainly discretionary but some non-discretionary)
  • Financial planning
    • Retirement planning
    • Trust and estate planning
    • Charitable planning
    • Education planning
    • Tax planning
    • Cash flow forecasting
    • Budgeting and strategic planning
    • Long-term care planning
    • Debt management
    • Divorce planning
  • Insurance and risk management
  • Workshops and seminars
  • Newsletters and publications

How Altfest Personal Wealth Management invests your money

Altfest Personal Wealth Management builds unique, customized portfolios for each client based on their time horizon, risk tolerance, income level and long-term goals.

As part of this analysis, the firm follows a system called Total Portfolio Management. Rather than only looking at a client’s investment history, the firm also gets to know their entire financial plan, including income, debts, spending requirements and future earnings potential. The firm uses this information to finetune a portfolio comprised of stocks, bonds, mutual funds, ETFs and private funds.

Altfest Personal Wealth Management follows an active investment approach: this means the firm is regularly trading in an attempt to earn above-average portfolio returns.

Fees Altfest Personal Wealth Management charges for its services

For portfolio management services, Altfest Personal Wealth Management charges a fee based on a percentage of assets under management, with the rate ranging from 0.50% to 1.00%, depending on the size of the client’s portfolio. Altfest does not charge trading commissions or performance-based fees.

Portfolio Size Annual Asset-Based Fee
First $3 million* 1.00%
Between $3,000,001 and $6,000,000 0.75%
Over $6,000,000 0.50%
*If a portfolio falls below $2 million in value at the end of the quarter, the firm will assess an additional 0.10% fee on top of the asset-based fee listed above.

For “young professional” clients who don’t meet the firm’s portfolio minimums, Altfest charges the following fee schedule:

  • In the first year, the firm charges an annual fee of either 1.10% of assets under management or $2,500 whichever is greater.
  • After the first year, the firm charges 1.10% of the portfolio value or $1,500 per year whichever is greater.

This rate includes cash flow analysis, investment analysis, investment management and 401(k) recommendations. Clients who want additional financial planning services will be billed at a rate of $250 per hour.

If a client only wants standalone investment recommendations, Altfest Personal Wealth Management charges either an hourly fee ranging from $500 to $800 an hour, or a fixed fee of at least $3,500 for specific investment recommendation requests.

Finally, some of the investments included in Altfest’s portfolio recommendations may carry additional fees. Clients are responsible for covering these costs, though the money won’t go to Altfest Personal Wealth Management.

Altfest Personal Wealth Management’s highlights

  • Wide range of awards: Over the past few years, Altfest Personal Wealth Management has been recognized as a top investment advisor by publications including Barron’s, Forbes, Financial Times and Financial Advisor magazine.
  • Highly educated management team: The heads of the firm, Dr. Lewis Altfest and Dr. Karen Altfest, both hold Ph.Ds; Lewis is also an associate professor of finance at Pace University. In addition, many of the financial advisors at the firm hold the CFP designation.
  • Customized investment approach: Altfest Personal Wealth Management designs a customized portfolio for every client, tailored to their specific needs, and don’t lump people into one-size-fits-all funds as some firms may do.
  • Extensive financial planning in addition investing: Altfest Personal Wealth Management also specializes in financial planning. When the firm creates a portfolio recommendation, it goes over a client’s entire financial situation before designing the portfolio, not just their existing investments.
  • Specialty in advising women, executive and healthcare clients: The firm specializes in advising women, executives and professionals in healthcare. Additionally, Forbes named Dr. Karen Altfest one of the top women advisors in the country in 2017, 2018 and 2019.

Altfest Personal Wealth Management’s downsides

  • Above-average investment fees: Altfest Personal Wealth Management charges an annual 1.00% asset-based fee on the first $3 million in a client’s account (plus an additional 0.10% per quarter if their portfolio value falls below $2 million). In comparison, the median investment management fee charged by firms for accounts over $2 million is 0.75%, according to Kitces.
  • High minimum to open an account: It takes at least $1 million to open an account with Altfest Personal Wealth Management. While the firm does waive the minimum at its discretion for “young professionals,” the typical investor would need to be quite wealthy to make use of the firm’s services.
  • Only has one location in New York City: The only way to visit the Altfest Personal Wealth Management office in person is in New York City, the firm’s only location.

Altfest Personal Wealth Management disciplinary disclosures

Whenever an SEC-registered firm or its employees or affiliates face disciplinary action, including a criminal charge, a regulatory infraction or a civil lawsuit, the firm is required to report that incident in its Form ADV, paperwork filed with the SEC. Altfest Personal Wealth Management reports in its Form ADV that it has faced no such incidents over the past 10 years, indicating a clean disciplinary record.

Altfest Personal Wealth Management onboarding process

To start the onboarding process with Altfest Personal Wealth Management, you can request a free consultation with one of its advisors. You can contact the firm either by phone at 212-406-0850, by email at [email protected] or by filling out a form on the firm’s website. As part of the onboarding form, the firm asks you to share your story, which helps the firm start determining whether you are a good fit based on your income and profession.

If it seems like a good match, the firm’s advisors will then get to work designing your customized investment portfolio based on your goals, risk tolerance and overall financial situation. When you’re ready to launch, the firm’s advisors would then take care of opening your new accounts, transferring over your existing accounts, making the necessary investments and keeping up with the records for your portfolio.

The bottom line: Is Altfest Personal Wealth Management right for you?

If you’re a high net worth individual or a young professional who wants personalized investment recommendations combined with financial planning, Altfest Personal Wealth Management could be a good choice. This may be especially true if you are in one of the firm’s specialty client categories: women, executives and healthcare professionals. Since Altfest Personal Wealth Management only has one location in New York City, however, the firm might be a better choice if you live in the Northeast rather than other parts of the country.

On the other hand, Altfest Personal Wealth Management’s comprehensive services do not come cheap. The firm’s fees are higher than average, and you’d need at least $1 million to open an account (unless Altfest waives the minimum because you’re a young professional). If you want a simpler investment strategy or prefer to manage your portfolio more on your own, you could find less expensive advisors than Altfest Personal Wealth Management.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.