Start spreading the news that New York City doesn't run New York State. Although the city government is formidable and critical to the safe and prosperous functioning of the nation's great metropolis, New York State has a significant government of its own. Businesses throughout the state must have state-level licenses and sometimes many of them. From retailers, auto mechanics and physicians alike should expect to file forms and respect the Empire State's authority.
In New York, financial Services Firms provide financial planning, money management and investment advice. Because people rely heavily on the advice of financial services professionals, firms are required to be licensed at both federal and state levels. Of course, local businesses licenses are usually required as well.