Financial Advisor in Amarillo, TX. You work hard for your money, and you want to be secure about how it's being managed and how it's being used. Many Amarillo 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 inclination to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Amarillo, TX will help your finances grow. We use in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Amarillo, TX and beyond. Reach out to 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 hire a financial advisor in Amarillo, TX? Take a look at our process page to discover how straightforward we make it to ascertain if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. The root of that anxiety is often simply not being sure they're making the right decisions with their money. Once our Amarillo, TX financial advisor team gets to know you, your extant financial situation and your financial objectives, we'll build a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Amarillo, TX have certifications that can only be awarded through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals oversee their money, plan their finances, put enough money away, and plan for their financial future. This comprehensive definition includes a spectrum 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Amarillo, TX
There are multiple types of advisors that vary based on the services they provide, how they're paid, their areas of expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. 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 trade securities like stocks, bonds, and mutual funds for their clients or for themselves. 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, a broker who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have undergone extensive training and adhere to high ethical standards, including a fiduciary duty to their clients. CFPs offer a broad range of financial advisory services, such as debt management to retirement planning, and tax optimization strategies. Their methodology is all-encompassing, intended 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 education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering holistic financial advice, encompassing areas such as investment management to retirement strategies, ensuring that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance provides a good starting point for managing personal finances efficiently, especially for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and formulate wealth preservation strategies. This expertise is tailored for maximizing the financial health and future of wealthy individuals, making sure that their clients' goals and aspirations are met through tailored 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 team of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only 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 current finances, ascertain means to improve it, and help you accomplish your long-term financial goals. Many Amarillo, TX residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a principal facet of any financial plan, an experienced financial advisor will be able to give you holistic financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Amarillo, TX will implement in order to help you meet your goals.
- Financial Planning
Our finances are involved in almost anything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Amarillo, TX offer comprehensive services and tailored guidance by considering 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 pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal means to lower your taxes. A skilled and ethical Amarillo, TX financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your own account.
- 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 real estate. A financial advisor in Amarillo, TX will help in allocating and diversify your assets in order to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you hang up your cape, your Amarillo, TX financial advisor will help with tax implications, evaluating the best age to retire, when to make withdrawals and how much to take out. A financial advisor will aid in creating a budget and plan for source of income in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Amarillo, TX businesses and business owners. Introducing a 401(k) plan is a great way to maintain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Amarillo, TX financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to handle the money you've already saved in a previous Amarillo, TX employer's 401(k) plan. You have a number of options, such as keeping the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will have the knowledge how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's common to desire to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Amarillo, TX can optimize your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's imperative to pick one who has accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Amarillo, TX 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 where possible, and prioritizing repayments. The goal is to create a workable path forward that aligns with your financial capabilities and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Amarillo, TX can help clients comprehend how much money's coming in, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for effective budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Amarillo, TX financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Then we've done that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only job 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.
When Should I Consider Hiring a Financial Advisor in Amarillo, TX?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial security you want. While the ideal moment can vary widely from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Transitions: Life is a long line of changes, and many of them have substantial financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you manage these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you aren't confident to effectively manage your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be invaluable. They bring insight and wisdom to your financial decisions, assisting to enhance your portfolio, avoid 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 help you evaluate your current financial situation, determine your retirement needs, and formulate a plan to ensure you can experience your retirement years comfortably. 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 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 assist you understand 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 essential whenever you hire someone to do something, but especially so when it involves your hard-earned money. In addition to finding a reliable advisor, you need one whose specialties align with 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 track record, including their time spent in the industry, the varieties of clients they've collaborated with, and their specializations, can give you a sense of their skills and whether they're prepared to tackle your financial situation.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require meeting rigorous educational, experience, and ethical standards, demonstrating a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should be in harmony with your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are essential to a successful client-advisor relationship. Discuss 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 updated about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will enable you to discern potential biases and ensure that their recommendations are given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is vital. This means they are legally required to put your interests before their own, offering advice that best serves 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. Grasping 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 openly discuss potential conflicts of interest and how they address them to ensure they don't harm 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 offer 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 Amarillo, TX?
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 insurance policies. This fee structure can lead to a possible conflict, as the advisor might be incentivized to recommend options that generate higher commissions instead of those that are most suited to your financial goals. 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 help you achieve your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Fee-only advisors are compensated directly by their clients for the guidance and assistance 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 transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of fees paid by the client and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, such advisors generally 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 cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Amarillo, TX
Correct Capital stands out in the Amarillo, TX financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in Amarillo, TX:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking the insights and advice 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 insight to confirm they're doing things the right way. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value ongoing guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of 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 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 a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Amarillo, TX Financial Advisor?
Correct Capital is a premier choice for individuals and families in Amarillo, TX seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital is legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent signifies we are not tied to any financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us 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. Additionally, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Amarillo, TX means joining forces 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 safeguard their future.
Other services we offer in Amarillo, TX include:
Call Correct Capital's Amarillo, TX 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, family, or business owner in Amarillo, TX and their financial advisor is founded on trust. Dedicating our lives to helping our clients achieve their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Amarillo, TX financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.
