Business

Wendy’s drive-thru accuracy and customer satisfaction is lagging behind the competition, according to Intouch Insight’s annual drive-thru study.
Drive-thru speed at Wendy’s has also deteriorated the most out of the chains surveyed, with service time 20% longer compared with 2019, according to Evercore ISI analyst David Palmer.
For the third year in a row, Chick-fil-A had the fastest service.

A worker hands a customer their order in the drive-through of a Wendy’s fast food restaurant in Pinole, California, on Wednesday, May 25, 2022.
David Paul Morris | Bloomberg | Getty Images

Wendy’s is often credited with pioneering drive-thru ordering, but the burger chain’s drive-thru accuracy and customer satisfaction scores lagged behind its rivals this year, according to a new study.
The study released Tuesday comes after drive-thru lanes became even more of a critical sales driver for the fast-food sector during the early days of the Covid pandemic, when many restaurants closed their dining rooms and customers felt safer inside their cars.

The shift to drive-thru ordering has pressured fast-food chains, which are still working on getting service back to pre-pandemic speeds. This year, the total average time spent in the drive-thru lane was 6 minutes and 13 seconds, according to Intouch Insight’s annual drive-thru study. That’s about 10 seconds faster than last year, but still about 45 seconds slower than 2019’s average.
The lagging performance by Wendy’s comes even though founder Dave Thomas helped popularize drive-thru windows by building a pickup window as part of the chain’s second restaurant in 1970. The concept has since become a staple in the fast-food industry, with drive-thru orders accounting for roughly two-thirds of sales. Many chains like Taco Bell and Burger King are building restaurants with two or even three drive-thru lanes, and McDonald’s and Panera Bread are among the companies testing out automating drive-thru ordering.
The Intouch Insight study was based on visits to more than 1,500 locations of Arby’s, Burger King, Carl’s Jr., Chick-fil-A, Dunkin’, Hardee’s, KFC, McDonald’s, Taco Bell and Wendy’s. Mystery shoppers ordered from the drive-thru lanes during a range of times from June to July.
Wendy’s had the lowest order accuracy and customer satisfaction scores of the chains surveyed, with only 79% of drive-thru orders fulfilled correctly. McDonald’s and Arby’s had the best accuracy rates at 89% of orders correct. Wendy’s earned a customer satisfaction score of 82%, while Carl’s Jr. and Chick-fil-A split the top spot with 95% satisfaction.
Wendy’s relatively low customer satisfaction scores are likely contributing to its recent financial performance, Evercore ISI analyst David Palmer wrote in a research note. In its second quarter, the burger chain reported U.S. same-store sales growth of 2.3%, falling short of expectations.

A representative for Wendy’s did not immediately return a request for comment from CNBC.
For the third year in a row, Chick-fil-A had the fastest time when accounting for the number of cars in line, while McDonald’s took second place. But Chick-fil-A also had the longest lines, with an average of 4.74 cars waiting for their orders. That meant it had the longest average total time spent in the drive-thru lane despite its relatively speedy service. Yum Brands’ Taco Bell leapfrogged from fifth place to third place this year, while Wendy’s slipped to sixth place, according to a CNBC analysis of the data.
Wendy’s drive-thru speed has deteriorated the most among the chains surveyed. It had an average service time of 4 minutes and 35 seconds, which was 20% longer than in 2019, according to independent analysis by Evercore’s Palmer. Other chains nearly maintained their pre-pandemic speed of service. For example, top performer Chick-fil-A’s service time of 5 minutes and 25 seconds was only 1% slower despite growing sales per restaurant by 27% in the same time, Palmer wrote in a research note.
Chick-fil-A also took first place for other metrics. Its employees were ranked the most friendly, and it tied with Taco Bell as the chain with the best food quality, meaning the food tasted as expected.
Chick-fil-A’s drive-thru lanes and reputation for customer service have helped fuel the chicken chain’s sales growth in recent years, despite controversy over donations to anti-LGBTQ groups. In 2018, it became the third-largest restaurant chain in the U.S. by sales, trailing just McDonald’s and Starbucks. The privately held chain reported $16.67 billion in systemwide sales for 2021, according to franchise disclosure documents.

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NBCUniversal CEO Jeff Shell said Universal’s film business is performing well with a pandemic-inspired model of film releases.
Shell said in an interview with CNBC’s David Faber that Universal is “attracting the best filmmakers.”
Universal’s film slate has been a boost to Peacock, which now has 15 million paying subscribers, Shell said.

CEO of NBC Jeff Shell arrives for the Allen & Company Sun Valley Conference on July 06, 2021 in Sun Valley, Idaho. After a year hiatus due to the COVID-19 pandemic the world’s most wealthy and powerful businesspeople from the media, finance, and technology will converge at the Sun Valley Resort for the exclusive week-long conference.
Kevin Dietsch | Getty Images

NBCUniversal CEO Jeff Shell said Tuesday the company’s movie business is performing well on the hybrid model of releasing some films simultaneously in theaters and on streaming services, while waiting to make others available for viewers at home.
In an interview with CNBC’s David Faber on Tuesday, Shell said the pandemic-inspired model of film releases has been “attracting some of the best filmmakers.”

Previously, studios typically made movies available exclusively in theaters before releasing them for viewers at home, including on streaming services. That changed when the Covid-19 pandemic shut down theaters, leading some companies to release films directly on streaming services for a period of time.
Shell said the breakdown of the traditional film release model, known as the movie-windowing scheme, is having a positive impact on both the movie and streaming businesses.
“That construct of the windowing combined with the fact that streamers really want movies, movies are driving platforms, has in my opinion made the movie business economically better,” Shell said.
The changing film release model during the pandemic initially caused some strife for media companies. Some evaluated releasing movies directly on streaming services on a case-by-case basis, which Shell said NBCUniversal continues to do. Others such as Warner Bros. released many of its biggest movies on its HBO Max streaming service and in theaters at the same time.
“We’ve reacted to that by putting more money into the business,” Shell said Tuesday.

In many cases, the window to bring a film to a streaming service or premium video on demand can now be as little as 45 days, cutting the previous window in half.
Comcast’s NBCUniversal has continued to adapt its approach on a movie-by-movie basis. Some films, such as “Nope,” are released in theaters before they become available exclusively on the company’s Peacock streaming service. Others, such as the latest installment of the “Halloween” movie franchise, are released in theaters and on the streaming service simultaneously.
“We’re making twice as many movies as our nearest competitors, and we’re buying all that content and moving it into Peacock to establish the streaming service,” Shell said.
Peacock now has 15 million paying subscribers and 30 million active accounts, Shell said on Tuesday. Much of its subscriber growth has been driven by content such as the company’s sports and movie offerings, he said.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.

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Ford Motor on Tuesday said its sales in the third quarter increased about 16% compared with a year earlier, despite a larger-than-expected decline in September.
The Detroit automaker, which reports sales monthly, said it sold 142,644 vehicles last month, an 8.9% decline from a year earlier.

Ford F-150 Lightning at the 2022 New York Auto Show.
Scott Mlyn | CNBC

DETROIT – Ford Motor on Tuesday said its sales in the third quarter increased about 16% compared with a year earlier, despite a larger-than-expected decline in September.
The Detroit automaker, which reports sales monthly, said it sold 142,644 vehicles last month, an 8.9% decline from a year earlier. The drop caused the automaker to miss quarterly sales expectations of Cox Automotive and Edmunds, which forecast gains of 19% and 17.8%, respectively.

Ford’s stock was up about 7% in midday trading Tuesday, outpacing a broader uptick in the market. The automaker’s crosstown rival, General Motors, was also up about 7%.
New vehicle demand “remains strong” with retail orders “rapidly expanding,” according to Andrew Frick, Ford vice president of sales, distribution and trucks — despite rising interest rates and fears of an economic downturn or recession.
Ford’s quarterly sales outpaced the industry, which auto analysts forecast to be down by less than 1% compared with a year earlier. Automakers continue to deal with supply chain issues, from semiconductors and wire harnesses to smaller parts such as vehicle and company logos.
Economic and supply chain issues caused Cox Automotive last month to lower its 2022 new vehicle sales forecast to 13.7 million, representing a decline of more than 9% from 2021 and the lowest volume in a decade.
Ford’s vehicle sales through the quarter increased, but were down by about 4% compared with the second quarter, as the company manages through supply chain problems.

Ford’s September sales report comes weeks after the automaker told investors that parts shortages affected roughly 40,000 to 45,000 vehicles, primarily high-margin trucks and SUVs, that haven’t been able to reach dealers. The company also said at the time that it expects to book an extra $1 billion in unexpected supplier costs during the third quarter.
Sales of Ford’s profitable F-Series pickups were down by 27% last month from September 2021, contributing to a roughly 13% decline through the third quarter. The company sold 8,760 models of its all-electric F-150 Lightning pickup through September, including 1,918 vehicles last month.
Ford’s 2022 electric vehicle sales totaled more than 41,200 units through September. A majority of those sales are Mustang Mach-E crossovers, which have increased 49% compared with last year to more than 28,000 units.
Year-to-date sales of all of Ford’s vehicles, including its luxury Lincoln brand, totaled more than 1.38 million units through September, a 1.2% decrease from a year ago.

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The cost of shipping air freight around the world is slumping, but some companies say the world’s shift to flying goods around the world will keep the market attractive for years.
“I don’t think it’s going to give back share to other forms of transportation,” Boeing CEO Dave Calhoun told reporters at an industry conference in Washington, D.C., last month. “I think that it will get back to its earlier pace of growth.”

Air freight is a tiny part of the overall cargo market, but supply chain problems, travel restrictions and voracious consumer spending pushed the niche to the forefront during the pandemic.
Boeing and Airbus are both selling freighter versions of their newest wide-body planes, which are more fuel-efficient than older cargo jets, and demand to convert older passenger planes into freighters has been so strong some slots are booked up for years.
Traditional ocean freight companies like Maersk have recently gotten into the air cargo market. And passenger airlines have reaped the rewards of strong cargo demand during the Covid pandemic to supplement traditional revenue streams.

 Belly cargo is unloaded from an American Airlines Boeing 787 Dreamliner at Philadelphia International Airport.
Leslie Josephs | CNBC

Air freight’s recent cost declines are a departure from a year ago when frantic companies around the world drove air freight rates to record highs ahead of the year-end holidays as they paid up to fly and avoid chaos in ocean shipping like clogged ports.
Now concerns about the economy, shifts in consumer pandemic spending habits — e-commerce binges this summer gave way instead to a stampede of vacation travel — and an increase in capacity are pushing air freight rates downward.

Belly cargo carried in passenger planes has added to the world’s capacity as travel demand, particularly long-haul international, has returned.
FedEx last month shocked investors by pulling its guidance and announcing major cost cuts, including removing air capacity. Its CEO forecast a global recession.
“The largest single expected contributor in fiscal ’23 will be the changes we are making to our express air network as we cut global flight hours,” FedEx CEO Raj Subramaniam said on an analyst call in September.
Consumers may have eased off of their cooped-up shopping frenzy during the height of the pandemic, but they aren’t likely to become much less demanding.
“If you look at the e-commerce segment of air cargo, that has grown significantly and that’s probably not going to cycle back because we’ve all learned to acquire things in a different way,” said Rob Morris, global head of consultancy at Ascend by Cirium, an aviation data firm.

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Tune in: Top firm on FA 100 today on Halftime Report, 12 pm ET

The CNBC FA 100 ranking, which takes into consideration a variety of factors beyond assets under management, recognizes those advisory firms that help clients navigate through their financial life.

The fourth annual CNBC FA 100 ranking recognizes advisory firms that help clients successfully navigate their financial lives.
Working with an advisor is a great choice for anyone who wants to get their personal finances on track and set long-term objectives.
The CNBC FA 100 ranking of advisors for 2022 takes into consideration factors beyond just assets under management.

Finding the right financial advisor to help with your financial needs and goals can be a very complicated process.
There are so many things to consider. Every financial advisor has their own area of expertise. The services provided by financial advisors will vary based on the type of advisor but, overall, a financial advisor will assess your current financial situation — including your assets, debts and expenses — and identify areas for improvement.

Advisors use their knowledge and expertise to construct personalized financial plans that aim to achieve the financial goals of clients. A good financial advisor will ask you about your life goals and create a plan to help you reach them. That may mean discussing your budget, retirement planning, estate planning, insurance needs, long-term care or tax strategies.
More from FA 100:CNBC’s No. 1 advisor agrees with Warren Buffett: ‘He likes cash flow’Here’s how we determine the FA 100 ranking for 2022CNBC’s FA 100 recognizes advisors who help people make smart money moves
An advisor can play a major role in helping clients grow and protect their wealth. The key is to find an advisor you trust, and it’s important to make sure they are someone who is a good match for you.
To be sure, financial advisors aren’t just for rich people — working with an advisor is a great choice for anyone who wants to get their personal finances on track and set long-term objectives. The CNBC ranking is meant to be a starting point for individual investors who are looking for a financial advisor. We hope this list will help to narrow your search.
For the fourth year in a row, CNBC unveils its ranking of top financial advisors. The CNBC FA 100 recognizes those advisory firms that best help clients navigate their financial lives.
Review the methodology which CNBC employed to determine the FA 100 ranking for 2022 in collaboration with AccuPoint Solutions. (CNBC does not charge any type of fee to advisors to be listed in this annual ranking.)

2022 RANK
FIRM
HQ
TOTAL AUM
YEARS IN THE BUSINESS
ACCOUNTS UNDER MANAGEMENT
2021 RANK

1
Woodley Farra Manion
IN
$1.4B
27
1,106
17

2
Dana Investment Advisors
WI
$7B
42
1,256
1

3
Albion Financial Group
UT
$1.4B
40
2,221
50

4
Heritage Investment Group
FL
$1.7B
29
1,888
24

5
Edgemoor Investment Advisors
MD
$1.1B
23
320
26

6
Salem Investment Counselors
NC
$3.5B
43
1,850
2

7
Leavell Investment Management
AL
$2.1B
43
2,000
33

8
Halbert Hargrove Global Advisors
CA
$3B
33
4,099
49

9
The Burney Company
VA
$2.6B
48
4,162
38

10
Lee, Danner & Bass
TN
$1.4B
34
925
66

11
TFC Financial Management
MA
$1.2B
42
1,375
69

12
Parsons Capital Management
RI
$1.8B
28
1,545
19

13
Pittenger & Anderson
NE
$2.2B
27
815
53

14
Kistler-Tiffany Advisors
PA
$1.1B
14
1,464
–

15
Professional Advisory Services
FL
$1.2B
45
1,087
–

16
Cadinha & Co.
HI
$1.1B
43
1,383
90

17
Ferguson Wellman Capital Management
OR
$6.9B
47
928
–

18
RTD Financial Advisors
PA
$2.2B
39
660
68

19
Equius Partners
CA
$1.1B
38
1,083
43

20
Wetherby Asset Management
CA
$6.4B
32
591
–

21
Acropolis Investment Management
MO
$1.8B
20
1,055
–

22
Godsey & Gibb Wealth Management
VA
$1.2B
37
1,569
–

23
Manchester Capital Management
VT
$3.2B
29
1,609
–

24
Phillips Financial
IN
$1.5B
18
2,166
71

25
Azzad Asset Management
VA
$1.2B
25
1,320
39

26
Richard C. Young & Co.
FL
$1.3B
33
2,761
5

27
California Financial Advisors
CA
$1.5B
24
3,089
7

28
NewSouth Capital Management
TN
$2.4B
37
179
3

29
Avity Investment Management
CT
$1.7B
52
764
15

30
Tom Johnson Investment Management
OK
$1.6B
39
5,500
10

31
Zemenick & Walker
MO
$2.5B
24
237
29

32
Luther King Capital Management
TX
$23.1B
43
3,400
22

33
First Foundation Advisors
CA
$4.8B
32
1,637
93

34
North Star Asset Management
WI
$2.1B
25
2,915
8

35
H.M. Payson & Co.
ME
$6B
168
3,500
34

36
Zevenbergen Capital Investments
WA
$4.9B
18
279
36

37
Guyasuta Investment Advisors
PA
$1.8B
39
1,250
32

38
ZWJ Investment Counsel
GA
$3B
40
900
20

39
Gofen & Glossberg
IL
$6.5B
90
3,409
6

40
David Vaughan Investments
IL
$3.8B
45
1,360
21

41
Check Capital Management
CA
$1.4B
36
1,991
4

42
Foster & Motley Wealth Management
OH
$2.1B
25
750
59

43
Southern Wealth Management
TX
$2.8B
17
1,500
95

44
Beaird Harris
TX
$1.5B
26
2,896
70

45
Wilbanks, Smith & Thomas Asset Management
VA
$4.4B
31
5,063
41

46
Badgley Phelps Wealth Managers
WA
$4.1B
56
2,162
52

47
Anchor Capital Advisors
MA
$8.1B
39
1,110
35

48
Beese Fulmer Private Wealth Management
OH
$1.3B
42
1,032
55

49
Steele Capital Management
IA
$2.8B
26
3,800
67

50
Oak Ridge Investments
IL
$1.2B
33
1,531
–

51
Eagle Global Advisors
TX
$1.7B
25
400
86

52
C.W. Henderson & Associates
IL
$4B
31
1,492
62

53
Lee Financial
TX
$1.2B
47
1,600
48

54
Roffman Miller Wealth Management
PA
$2.3B
31
1,300
40

55
Hahn Capital Management
CA
$1.1B
34
106
37

56
Palisade Capital Management
NJ
$4.3B
27
2,225
88

57
Column Capital Advisors
IN
$1.3B
17
1,608
–

58
Foster Group
IA
$3.4B
33
5,293
96

59
WA Asset Management
AL
$5.2B
23
5,781
–

60
FORVIS Wealth Advisors
MO
$7.4B
24
11,893
56

61
JMG Financial Group
IL
$4.7B
38
4,262
–

62
Rather & Kittrell Capital Management
TN
$1.3B
22
2,450
–

63
Sage Financial Group
PA
$3.1B
33
800
75

64
Meritage Portfolio Management
KS
$2B
31
1,305
60

65
Diversified Management
WI
$1.6B
29
1,611
61

66
Index Fund Advisors
CA
$4.3B
23
2,442
72

67
StraightLine
MI
$1.2B
20
5,726
92

68
Sheaff Brock Investment Advisors
IN
$1.4B
29
1,953
82

69
View Capital Advisors
TX
$1.4B
18
173
98

70
Conrad Siegel Investment Advisors
PA
$7.9B
20
761
–

71
Farr, Miller & Washington
DC
$2.1B
26
1,430
57

72
Schaper, Benz & Wise Investment Counsel
WI
$1.4B
31
828
54

73
ML&R Wealth Management
TX
$1.7B
25
686
100

74
Wingate Wealth Advisors
MA
$1.1B
36
633
–

75
Legacy Wealth Management
TN
$1.7B
40
1,299
80

76
Clifford Swan Investment Counselors
CA
$3.7B
107
945
27

77
Capstone Financial Advisors
IL
$2.1B
23
2,718
–

78
Bitterroot Capital Advisors
MT
$1.2B
23
17
–

79
Provident Trust Company
WI
$6.5B
23
1,234
–

80
Charles D. Hyman & Co.
FL
$2B
28
931
63

81
Cardiff Park Advisors
CA
$2.2B
19
380
–

82
Conservest Capital Advisors
PA
$1.6B
29
251
–

83
Henssler Financial
GA
$2.5B
35
1,416
64

84
Annandale Capital
TX
$1B
17
180
–

85
Donaldson Capital Management
IN
$2.3B
27
3,730
–

86
E. S. Barr & Co.
KY
$1.5B
30
857
74

87
BLB & B Advisors
PA
$2.1B
58
2,768
–

88
Jackson Thornton Asset Management
AL
$1.6B
23
927
79

89
Apriem Advisors
CA
$1B
24
710
–

90
The Financial Advisory Group
TX
$1.2B
25
2,154
76

91
Sadoff Investment Management
WI
$1.6B
44
610
87

92
Coastal Bridge Advisors
CT
$2.9B
14
3,994
–

93
D.F. Dent & Co.
MD
$8.1B
46
1,430
14

94
Beacon Capital Management
OH
$5.1B
22
16,671
11

95
Certified Financial Group
FL
$2.2M
23
5,000
–

96
Provident Investment Management
MI
$955M
41
1,000
–

97
Sather Financial Group
TX
$1.2B
23
1,354
–

98
Bailard
CA
$5B
53
2,268
97

99
Summit Financial Strategies
OH
$1.7B
27
874
91

100
Carret Asset Management
NY
$3.1B
58
2,000+
25 More

Tune in: CNBC’s top-rated FA 100 firm today on Halftime Report, 12 pm ET

The methodology for the 2022 edition of CNBC’s annual FA 100 ranking of registered investment advisors was prepared in partnership with data provider AccuPoint Solutions.
A variety of core data points from AccuPoint Solutions’ database of RIAs were analyzed, ranging from the firm’s compliance record and years in business to total accounts and assets under management.

Peopleimages | Istock | Getty Images

CNBC enlisted data provider AccuPoint Solutions to assist with the ranking of registered investment advisors for this year’s FA 100 list.
The methodology consisted of first analyzing a variety of core data points from AccuPoint Solutions’ proprietary database of registered investment advisors. This analysis started with an initial list of 39,818 RIA firms from the Securities and Exchange Commission regulatory database. Through a process, the list was eventually cut to 904 RIAs, with those firms meeting CNBC’s proprietary criteria.

CNBC staff sent an extensive email survey to all those firms that met the initial criteria to gather more details. In turn, those advisory firms wishing to be ranked filled out the comprehensive application in regard to their practice. The CNBC team verified that data with those firms and with the SEC regulatory database. AccuPoint once again applied CNBC’s proprietary weighted categories to further refine and rank the firms, ultimately creating the list of the top 100.
CNBC does not charge any type of fee to advisors to be listed in the annual ranking.
More from FA 100:CNBC’s No. 1 advisor agrees with Warren Buffett: ‘He likes cash flow’FA 100: CNBC ranks the top-rated financial advisory firms of 2022CNBC’s FA 100 recognizes advisors who help people make smart money moves
The primary data points used in the analysis were reviewed, either as a minimum baseline or within a range, eliminating those firms that did not meet CNBC’s requirements. Once the initial list was compiled, weightings were also applied accordingly. These data points included:

Advisory firm’s regulatory/compliance record (editor’s note: Any firm that had a disclosure on its SEC ADV was automatically disqualified from the ranking)
Number of years in the business
Number of certified financial planners
Number of employees
Number of investment advisors registered with the firm
The ratio of investment advisors to total number of employees
Total assets under management
Percentage of discretionary assets under management
Total accounts under management
Number of states where the RIA is registered
Country of domicile. More

Tune in: Top firm on FA 100 today on Halftime Report, 12 pm ET

The fourth annual CNBC FA 100 ranking recognizes advisory firms that help people successfully navigate their financial lives.
The CNBC FA 100 ranking of advisors takes into consideration factors beyond just assets under management.

Marko Geber | DigitalVision | Getty Images

In times of uncertainty — turbulent markets, high inflation, geopolitical turmoil — we often write about what financial advisors are recommending to clients.
This advice often boils down to “stay calm” and “don’t let short-term news lead to impulsive moves that have long-term consequences.” Many advisors also offer a reminder that clients who already have a plan in place need to to trust in that and stay the course.

Which leads to the next consideration for some readers. No plan? It might be time to make one.
More from FA100FA 100: CNBC ranks the top-rated financial advisory firms of 2022Here’s how we determine the FA 100 ranking for 2022CNBC’s No. 1 financial advisor agrees with Warren Buffett: ‘He likes cash flow’
Helping consumers make smart money decisions is a key part of what the personal finance team does at CNBC, and that includes figuring out when to enlist help, and from who.
That mission has been a big driver behind the CNBC FA 100 list, now in its fourth year. The list is based on a proprietary methodology developed by CNBC in partnership with data provider AccuPoint Solutions. The process starts with data culled from SEC filings for a list of 39,818 registered investment advisory firms, which gets winnowed down to the final 100. (View the full methodology here.)
The top-ranked advisors on the CNBC list have an average 30 years in business, and collectively have more than $300 billion in assets under management.

But that’s not the only — or even the main — factor behind why they made the list.
The CNBC FA 100 recognizes those advisory firms that best help people navigate their financial lives. We consider the services firms offer and their specialties, among other factors. And for the first time this year, we factored in the number of certified financial planners a firm employs, recognizing the expertise that designation lends to planning offerings.

Working with an advisor has financial benefits

The pandemic spurred consumer interest in working with a financial advisor. Nearly 1 in 5 adults, 18%, who didn’t have an advisor before the Covid-19 pandemic say they have now either started working with one or plan to, according to the 2022 Northwestern Mutual Planning & Progress Study.
Across the survey’s 2,381 respondents, 35% work with an advisor.
Those surveyed who have a financial advisor reported higher confidence across the board on their ability to navigate financial issues, including manage debt, plan for retirement and achieve long-term financial security. They were also more likely than those without an advisor to have built savings during the pandemic.

Yet reports indicate that many consumers aren’t thinking about an advisor as their first choice for financial help. A recent survey from advisor technology platform intelliflo found that 59% of respondents want financial advice but aren’t sure where to get it. Those figures jump to 71% for Gen Zers surveyed, and 72% for millennials. (The firm polled 2,067 adults.)
Many of those consumers ultimately turn to family, friends or digital resources for answers. About a third, 32%, use a registered investment advisor.
Beyond awareness, concerns about costs play in. To that point, 35% of those in the intelliflo survey said they don’t think they have enough money to hire a financial advisor.
Don’t believe that myth: Financial advice isn’t just for the wealthy. Additionally, advisory firms aren’t one size fits all, and many don’t require clients come in with hefty investable assets.
How, and how much, you pay for financial advice can also vary widely by advisor and the scope of services. You might pay a management fee based on the assets you ask an advisor to manage, for example, or a flat monthly, annual or project-based fee. Others offer hourly rates.

10 questions to ask a prospective financial advisor

If you are looking for financial assistance, we hope CNBC’s FA 100 can be a resource in your search. The ranking is meant to be used as a starting point for investors who are looking for an advisor. We hope this list will help to narrow your search. If you’re looking for an advisor with a particular specialty or background, search on sites like XY Planning Network and FPA PlannerSearch.
Expect to interview to several advisors as you look for someone you can trust, who feels like the right fit for your life and financial needs.
The CFP Board recommends asking these 10 questions of prospective advisors:

What are your qualifications and credentials?
What services do you offer?
Will you have a fiduciary duty to me?
What is your approach to financial planning?
What types of clients do you typically work with?
Will you be the only advisor working with me?
How will I pay for your services?
How much do you typically charge?
Do others stand to gain from the financial advice you give me?
Have you ever been publicly disciplined for any unlawful or unethical actions in your career?

Don’t take their word for it on that last question. You can look up an advisor’s record on BrokerCheck and with the SEC, and verify CFP certification with the CFP Board.
It can also be smart to ask if the advisor can provide references from clients.
Tune in to CNBC’s “Halftime Report″ at 12p ET today to see George Farra of Woodley Farra Manion, which earned the top spot on the CNBC FA 100 list for the first time this year. More

Manhattan apartment sales fell 18% in the third quarter, putting the brakes on New York’s real estate comeback.
The figure last fell in the fourth quarter of 2020, and marks a turnaround for the nation’s largest real estate market.
Brokers say the drop simply marks a return to normalcy after the artificially high sales of 2021.

Luxury high-rise apartments are viewed across Central Park South near Columbus Circle in the Manhattan borough of New York.
Robert Nickelsberg | Getty Images

Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York’s real estate comeback.
The drop is the first since 2020, and marks a turnaround for the nation’s largest real estate market, according to a report from Miller Samuel and Douglas Elliman. While prices in the Big Apple remain high − with the average Manhattan apartment price rising 4% over the past year to $1.96 million − price increases are slowing and the inventory of unsold homes is starting to rise.

Sales in Manhattan last declined in the fourth quarter of 2020, when they fell by 21%.
“The boom in Manhattan has been interrupted,” said Jonathan Miller, CEO of Miller Samuel, a appraisal and research firm.
Brokers say the drop simply marks a return to normalcy after the artificially high sales of 2021. They say buyers and sellers are still active, and sellers are responding to higher mortgage rates with lower listing prices. The average discount − or the sale price compared to original list price − rose to 7% in the third quarter, up from 5.6% last year, according to Miller Samuel.
“The real sellers are meeting the buyers,” said Toni Haber of Compass.
Haber said she represents a potential buyer who was looking at a penthouse initially priced at $14 million, which came down to $12 million. She recommended putting in an offer of $9 million or $10 million “and if they take it, they take it.”

Many brokers, however, say sales are likely to decline further, as the stock market declines and rising mortgage rates continue to take a toll.
“The full impact on sales and prices won’t be known for at least another quarter,” according to a report from Brown Harris Stevens. Brown Harris said that half of the closings in the third quarter were signed before mid-May, and don’t reflect the full impact of rising rates.
Signed sales contracts for September fell 29% compared to a year ago, according to Miller Samuel and Douglas Elliman. Since signed contracts are an indicator for future quarters, sales in the fourth quarter are also likely to show a drop.
The high end of the market is showing the biggest declines. A report from Coldwell Banker Warburg found that both median discounts and median days on the market increased for apartments priced at $10 million or more. Co-ops in the “beautiful large pre-war apartments along Park and Fifth Avenues and Central Park West which have been aspirational homes for so many New Yorkers now linger for months, even years, without buyers,” according to the report.
Signed contracts in September for luxury apartments − those priced at $4 million or more − fell by 50%, according to Miller Samuel.
“There is more weakness as you skew higher in price,” Miller said.
Miller said the high end of the real estate market is more “discretionary,” since wealthy buyers and sellers typically have more freedom to decide when to buy or sell. Many sellers are holding off listing until the market improves. Wealthy buyers, meanwhile, are watching stocks fall over 20% and waiting for similar price drops in the real estate market.
“Between the volatility in financial markets and rising rates, we’re seeing the higher end disappoint,” he said.

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