Financial Advisor in Aurora, IL. Your hard-earned money deserves attention, and you want to be secure about how it's growing and how it's being used. A lot of Aurora residents do not have the financial literacy to feel confident they're making the optimal decisions with their money, while others are too busy or inclination to stay informed on market trends along with new laws, rules, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Aurora, IL will make your money work for you. We use in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Aurora, IL and beyond. Call us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Aurora, IL? Check out our process page to find out how easy 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 worried about their finances. The root of that anxiety is often simply not being sure they're putting their money in the right places. After our Aurora, IL financial advisor team gets to know you, your current financial situation and your financial aims, we'll implement 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 plans we can recommend. Our financial advisors in Aurora, IL 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 professional who helps individuals oversee their money, budget, save, and plan for their financial future. This wide-ranging definition encompasses 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 call themselves a financial advisor or financial planner, credible and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Aurora, IL
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage 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. Portfolio managers 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 buy and sell securities like stocks, bonds, and mutual funds for their clients or for themselves. They must be registered by the SEC and are usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, someone who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have completed rigorous education and adhere to the highest ethical standards, particularly a fiduciary duty to their customers. CFPs offer a wide array of financial planning services, such as managing debt to retirement planning, and investment strategies. Their methodology is all-encompassing, designed to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also bound by a fiduciary duty. Like CFPs, ChFCs focus on providing comprehensive financial advice, covering everything from investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are perfect for clients who might not have the wealth to hire a financial advisor yet. This type of guidance delivers 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 include estate planning, tax assistance, and investment management. They work closely with their clients to handle complex financial situations and implement wealth preservation strategies. Their expertise is tailored for enhancing the financial health and legacy of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through 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 represent the highest standards of fiduciary responsibility and personalized service, making sure 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 extant financial situation, ascertain methods to enhance it, and help you reach your future financial goals. Many Aurora, IL residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a essential feature of any financial plan, an accomplished financial advisor will be able to offer you all-encompassing financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Aurora, IL will utilize to help you meet your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to education, real estate deals, picking insurance policies, and putting food on the table each night. The best financial advisors in Aurora, IL offer comprehensive services and personalized guidance by taking into account your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, over 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to minimize taxes owed. A reliable and expert Aurora, IL financial advisor will help you navigate your tax implications to ensure keeping more money in your own account.
- 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 other investments such as art. A financial advisor in Aurora, IL will help to allocate and diversify your assets to mitigate risk and strategically position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Aurora, IL financial advisor will assist with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will help you formulate a budget and plan 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 Aurora, IL businesses and business owners. Setting up a 401(k) plan is a fantastic way to keep your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Aurora, IL financial advisor team offers thorough 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 deal with the money you've accumulated in a previous Aurora, IL employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's common to want to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Aurora, IL 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 give themselves the title of "financial advisor," so it's crucial to pick one who has obtained accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Aurora, IL 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, securing lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that matches your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Aurora, IL can assist clients comprehend how much money's coming in, identify areas to spend less, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Aurora, IL financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work with you to determine your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only job is to act in your best interest. There is no limitation 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 Aurora, IL?
Seeking the assistance of a financial advisor can be a key step towards achieving financial well-being, peace of mind, and wealth. While the right time can differ greatly from person to person, certain life events and circumstances often signal 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 significantly affect how your money should be used and invested. A financial advisor can help you navigate these changes, ensuring that your financial plan grows to meet your evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Nearing Retirement: Retirement planning is one of the most common 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 live comfortably during 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 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 insight can be vital. They can assist you comprehend 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 paramount whenever you hire someone to do something, but particularly so when it involves your hard-earned money. In addition to finding a dependable 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 years in the industry, the kinds of clients they've collaborated with, and their specializations, can offer you a sense of their expertise and whether they're well-suited to manage your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting strict education, experience, and ethical standards, demonstrating a high level of professionalism 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 dynamic strategy, their philosophy should reflect your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are vital to a productive client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or online, and how the advisor expects to keep you updated about how your investments are going and if you need any updates to your 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 conflicts of interest and make certain that their advice is 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, offering advice that optimally benefits 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 educational resources and portfolio reviews. Understanding 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 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 offer 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 Aurora, IL?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the products they sell, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to recommend options that generate higher commissions instead of those that are most suited to your financial goals. These 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: Advisors on a fee-only basis 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 a percentage of the 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: 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 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 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 Aurora, IL
Correct Capital is distinguished in the Aurora, IL 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 three different service models to our clients in Aurora, IL:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are largely confident in managing their finances but are looking for professional insight to ensure 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 growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for 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 insights from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not manage your investments for you, 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 prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax strategies and preparing for retirement to estate considerations and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals committed to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Aurora, IL Financial Advisor?
Correct Capital is a leading choice for individuals and families in Aurora, IL 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, we is legally obligated to put your interests first. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision 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 signifies 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 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. 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 stay ahead of trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education guarantees that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Aurora, IL means joining forces with a team dedicated to your financial success. Our experience, 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 Aurora, IL include:
Call Correct Capital's Aurora, IL Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between a person, family, or entrepreneur in Aurora, IL and their financial advisor is founded on trust. Dedicating our lives to guiding our clients achieve 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. Reach out to our Aurora, IL 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.
