Financial Advisor in Anchorage, AK. Your hard-earned money deserves attention, and you want to feel secure about how it's growing and how it's being used. A lot of Anchorage residents do not have 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, regulations, and different events happening around the world. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Anchorage, AK 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 Anchorage, AK and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in Anchorage, AK? Explore our process page to find out how straightforward we make it to find out if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. The cause of that anxiety is frequently simply not being sure they're making the right decisions with their money. After our Anchorage, AK financial advisor team gets to know you, your present financial situation and your financial goals, we'll design a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in Anchorage, AK have certifications that can only be obtained through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This role includes a wide range of services, from portfolio 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 Anchorage, AK
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to act in a fiduciary capacity, meaning they always have the client's best interest at heart. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must register with the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an advisor who holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have completed rigorous education and uphold the highest ethical standards, particularly a fiduciary duty to their clients. CFPs offer a broad range of financial advisory services, ranging from managing debt to planning for retirement, and investment strategies. Their approach is comprehensive, designed to satisfy every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training similar to CFPs and are also required to hold their clients' interests above their own. They specialize in offering holistic financial advice, covering areas such as estate planning to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, guiding with basics such as saving money and budgeting. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance offers a solid foundation for managing personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their skill set is tailored for enhancing the financial health and future of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through tailored advice and approaches.
Each type of financial advisor provides unique expertise and services to the table. 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 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 asses your present finances, determine methods to enhance it, and help you meet your future financial goals. Many Anchorage, AK residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a core aspect of any financial plan, a qualified financial advisor will be able to provide you with overarching financial advice that gives consideration to the whole of your finances. The following are some of the services your Correct Capital financial advisor in Anchorage, AK will implement to help you realize your goals.
- Financial Planning
Our finances are a part of almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Anchorage, AK offer holistic services and personalized guidance by taking into account your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to lower your taxes. A reliable and expert Anchorage, AK financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your hands than in Uncle Sam's.
- 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 alternative assets such as art. A financial advisor in Anchorage, AK will assist in allocating and diversify your assets in order to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Anchorage, AK financial advisor will assist with tax planning, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can spend your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Anchorage, AK businesses and business owners. Implementing a 401(k) plan is a superb way to retain your best employees and keep them motivated and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Anchorage, AK 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 difficult to know the best way to handle the money you've accumulated in a previous Anchorage, AK employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, transferring 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 approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to wish to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Anchorage, AK can strategically plan your money for both 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 essential to choose one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Anchorage, AK financial advisor at Correct Capital is bound by 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 personalized debt management plans that focus on consolidating debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a workable path forward that suits your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in Anchorage, AK can help clients grasp their cash flow, identify areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for successful budgeting, advisors guarantee that clients can fulfill their current financial obligations while also saving for future goals.
When you hire a Anchorage, AK financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. After we've done that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only priority 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 Anchorage, AK?
Seeking the guidance of a financial advisor can be a vital 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 indicate the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan adapts to meet your changing situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you lack the experience to successfully handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, helping to enhance your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you review your current financial situation, determine your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years comfortably. 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 knowledge can be vital. They can guide 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 essential whenever you hire someone to do something, but especially so when it comes to your finances. Beyond just finding a reliable advisor, you need one whose specialties align with your needs. It's important to inquire properly 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 years in the industry, the kinds of clients they've collaborated with, and their areas of expertise, can give you a sense of their proficiency and whether they're well-suited to manage your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require meeting strict education, experience, and ethical standards, demonstrating a high level of expertise and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are vital to a fruitful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor intends to keep you informed about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is vital. This means they are legally obligated to put your interests ahead of their own, offering advice that is in the best interest of 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 educational resources and portfolio reviews. Grasping the full scope of services offered can assist you in determining 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 disclose conflicts of interest, and are required to 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 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 Anchorage, AK?
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 products they sell, such as mutual funds. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to recommend options that generate higher commissions rather than 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 recommend products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated straightforwardly by 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 frequently regarded as more transparent 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 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, fee-based advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this 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 Anchorage, AK
Correct Capital is distinguished in the Anchorage, AK financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in Anchorage, AK:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but are looking for professional validation to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate ongoing 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, quarterly meetings, and open availability if the need ever arises. While we will not be managing your portfolio, we'll work to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and forward-looking guidance 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 committed to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Anchorage, AK Financial Advisor?
Correct Capital is a leading choice for individuals and families in Anchorage, AK 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 is 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 done with your best interests in mind.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means we aren't tied to any specific 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 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. 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 stay ahead of trends and lead, rather than follow. Utilizing in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: 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 together with your advisor.
Choosing Correct Capital as your financial advisor in Anchorage, AK means joining forces with a team committed 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 looking to achieve their financial goals and safeguard their future.
Other services we offer in Anchorage, AK include:
Call Correct Capital's Anchorage, AK Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or entrepreneur in Anchorage, AK and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Anchorage, AK financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth how you've always wanted.
