Financial Advisor in Akron, OH. Your hard-earned money deserves attention, and you need to feel assured about how it's expanding and how it's being used. Many Akron residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay informed on financial markets along with new laws, regulations, and global events. That's when you should consider hiring a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Akron, OH will help your finances grow. We use in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Akron, OH and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Akron, OH? Check out our process page to find out how straightforward we make it to determine if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. A source of that anxiety is commonly simply not being sure they're managing their money correctly. After our Akron, OH financial advisor team gets to know you, your finances and your financial aims, we'll create a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in Akron, OH have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This role covers a wide range of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a holistic view of your financial situation to recommend strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Akron, OH
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must be registered by the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, an advisor who has a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP designation have completed rigorous education and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a wide array of financial advisory services, such as debt management to planning for retirement, and estate planning. Their approach is comprehensive, aiming to meet every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training similar to CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering holistic financial advice, covering areas such as estate planning to retirement strategies, ensuring that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are perfect for clients who don't have the financial resources to hire a financial advisor yet. Their services provides a solid foundation for managing personal finances wisely, especially for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards optimizing the financial health and future of affluent clients, guaranteeing that all investments and planning strategies meet customized advice and strategies.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our group of advisors features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will look over your current financial situation, ascertain ways to enhance it, and help you realize your long-term financial goals. Many Akron, OH residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a principal aspect of any financial plan, a knowledgeable financial advisor will be able to give you extensive financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Akron, OH will use in order to help you meet your goals.
- Financial Planning
Our finances are involved in almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, choosing insurance policies, and putting food on the table each night. The best financial advisors in Akron, OH offer holistic services and tailored guidance by evaluating your entire financial situation.
- Tax Planning
Taxes are involved in almost every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans overpay in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal means to minimize taxes owed. A skilled and ethical Akron, OH financial advisor will guide you through your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Akron, OH will assist to allocate and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you retire, your Akron, OH financial advisor will help with tax planning, considering the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and strategy for where your income will come from in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Akron, OH businesses and business owners. Introducing a 401(k) plan is a superb way to maintain your best employees and keep them motivated and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Akron, OH financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to manage the money you've already saved in a previous Akron, OH employer's 401(k) plan. You have several options, including leaving the money in the account it is in now, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will know how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to wish to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Akron, OH can strategically plan your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's essential to pick one who has obtained accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Akron, OH financial advisor at Correct Capital must obey a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer tailored debt management plans that focus on consolidating debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that suits your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in Akron, OH can assist clients grasp how much money's coming in, identify areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for successful budgeting, advisors make sure that clients can fulfill their current financial obligations while also saving for future goals.
When you hire a Akron, OH financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Then we've accomplished that, we'll work with you to establish your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only priority is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.
When Should I Consider Hiring a Financial Advisor in Akron, OH?
Seeking the guidance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have major financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect your financial landscape. A financial advisor can assist you navigate these changes, ensuring that your financial plan grows to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be essential. They bring insight and perspective to your financial decisions, assisting to optimize your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, estimate your retirement needs, and devise a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be essential. They can assist you understand the risks and benefits, ensuring that any investment fits your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is essential whenever you hire someone to do something, but especially so when it comes to your finances. Beyond just finding a trustworthy advisor, you need one who best meets your needs. It's important to make the right inquiries during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their years in the industry, the kinds of clients they've worked with, and their expert areas, can provide you a sense of their expertise and whether they're prepared to tackle your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require meeting rigorous education, experience, and ethical standards, indicating a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are crucial to a productive client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and make certain that their recommendations are given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is crucial. This means they are bound by law to put your interests ahead of their own, providing advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will clearly explain potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only give essential information about the financial advisor's qualifications and approach but also help you gauge whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Akron, OH?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can create a potential conflict of interest, as the advisor could be motivated to recommend options that generate higher commissions rather than those that best meet your needs. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including hourly rates assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Akron, OH
Correct Capital stands out in the Akron, OH financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Akron, OH:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but seek professional validation to confirm they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who value consistent guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we won't be managing your portfolio, we'll strive to look for opportunities to help you save and grow your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to hand over the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Akron, OH Financial Advisor?
Correct Capital is a premier choice for individuals and families in Akron, OH seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent means we aren't tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Akron, OH means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Akron, OH include:
Call Correct Capital's Akron, OH Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between a person, household, or business owner in Akron, OH and their financial advisor is based on mutual trust. Dedicating our lives to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Akron, OH financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.
