Financial Advisor in Alexandria, VA. You work hard for your money, and you need to feel assured about how it's being managed and how it's being used. A lot of Alexandria residents do not have the financial literacy to feel confident they're making the right decisions with their money, while others simply don't have the time or interest to stay informed on financial markets along with new laws, rules, and different events happening around the world. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Alexandria, VA will make your money work for you. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Alexandria, VA and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in Alexandria, VA? Take a look at our process page to see how simple we make it to ascertain if you're a good fit.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. A source of that anxiety is commonly simply not being sure they're making the right decisions with their money. After our Alexandria, VA financial advisor team gets to know you, your present financial situation and your financial objectives, we'll create a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in Alexandria, VA have certifications that can only be acquired through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals manage their money, plan their finances, put enough money away, and prepare for their financial future. This role includes a variety of services, from investment management and retirement planning to tax planning and estate planning. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Alexandria, VA
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and manage investment portfolios. They often work in 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, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an individual who holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have undergone extensive education and uphold high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial advisory services, such as managing debt to retirement planning, and investment strategies. Their approach is comprehensive, designed to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in providing holistic financial advice, covering areas such as investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with basics such as saving money and budgeting. They are ideal for clients who may not possess the wealth to hire a financial advisor just yet. Their services delivers a strong basis for handling personal finances wisely, especially for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that include estate planning, tax assistance, and investment management. They partner closely with their clients to manage complex financial situations and formulate wealth preservation strategies. This expertise is focused on enhancing the financial health and future of those with substantial assets, ensuring that their clients' goals and aspirations are met through personalized advice and solutions.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors features CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, ensuring that we act exclusively in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will examine your present finances, determine ways to enhance it, and help you meet your long-term financial goals. A lot of Alexandria, VA residents frequently 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 qualified financial advisor will be able to give you all-encompassing financial advice that considers the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Alexandria, VA will utilize in order to help you achieve your goals.
- Financial Planning
Our money is integral to almost anything we do, from making sure we're set up in retirement, to education, real estate transactions, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Alexandria, VA offer holistic services and personalized guidance by evaluating your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, more than 70 percent of Americans overpay in taxes each year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to minimize taxes owed. A skilled and ethical Alexandria, VA financial advisor will assist you in navigating your tax implications to ensure keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Alexandria, VA will assist to allocate and diversify your assets in order to mitigate risk and best position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you retire, your Alexandria, VA financial advisor will help with tax planning, considering the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and strategy for source of income 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 Alexandria, VA businesses and business owners. Introducing a 401(k) plan is a great way to maintain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Alexandria, VA financial advisor team offers thorough 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to manage the money you've already saved in a previous Alexandria, VA employer's 401(k) plan. You have multiple 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 variety of IRA accounts. A financial advisor will be skilled in how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to desire to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are separate from merely leaving gifts behind in estate planning. A financial advisor in Alexandria, VA can best position your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's important to pick one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Alexandria, VA financial advisor at Correct Capital must follow 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 if feasible, and structuring repayments. The goal is to create a manageable path forward that matches your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Alexandria, VA can help clients understand your income level, spot areas to spend less, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for effective budgeting, advisors make sure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Alexandria, VA financial advisor at Correct Capital, we start by getting to know you and your goals. We will analyze your current income, assets, investments, debts, and expenses. Next we've done that, we'll work with you to determine your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only responsibility is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can propose, and we will never try to sell you on something we do not believe in ourselves.
Do I Need to Speak to a Financial Advisor in Alexandria, VA?
Seeking the assistance of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the right time can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Changes: Life is a series of changes, and many of them have substantial financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can help you manage 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 Alone: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you lack the experience to effectively manage your investments, or simply choose to spend your time elsewhere, a financial advisor can be invaluable. They bring expertise and wisdom to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a wide array of investment options, many of which come with their own set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be crucial. They can help you grasp the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial when you're hiring someone for any service, but especially so when it involves your finances. In addition to finding a dependable advisor, you need one who best meets your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their time spent in the industry, the varieties of clients they've assisted, and their areas of expertise, can give you a sense of their proficiency and whether they're prepared to handle 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 credentials often require meeting rigorous educational, experience, and ethical standards, indicating a high level of expertise 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 aggressive strategy, their philosophy should resonate with your expectations 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 have meetings, whether they'll be in person or virtual, and how the advisor intends to keep you updated 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 mixture thereof. Grasping how an advisor is compensated will help you identify potential biases and guarantee that their advice is given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests ahead of their own, giving advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive 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. Knowing the full scope of services offered can help you gauge whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also enable you to assess 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 Alexandria, VA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as other financial products. This fee structure can create a possible conflict, as the advisor could be motivated to suggest products 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 recommend products that can aid in achieving your goals, but not necessarily the ones most appropriate 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 a percentage of the assets under management (AUM). This model is often seen as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of fees paid by the client 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 even if they get commission from certain products, they must disclose that information to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Alexandria, VA
Correct Capital stands out in the Alexandria, VA financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Alexandria, VA:
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 ensure they're on the right track. Our team performs 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 people who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not 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 delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and retirement planning to estate planning and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Alexandria, VA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Alexandria, VA looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. This commitment guarantees 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. Our independence means we aren't tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes two 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: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Alexandria, VA means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Alexandria, VA include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Call Correct Capital's Alexandria, VA Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe in the relationship between a person, household, or business owner in Alexandria, VA 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 sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Alexandria, VA financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
