Financial Advisor in Bakersfield, CA. You work hard for your money, and you need to feel assured about how it's growing and how it's being used. A lot of Bakersfield 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 interest to stay up to date on financial markets along with new laws, rules, and global events. That's when you need a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Bakersfield, CA will help your finances grow. We employ in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Bakersfield, CA 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.
Wondering if you're ready to hire a financial advisor in Bakersfield, CA? Check out our process page to discover how straightforward we make it to find out if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. A source of that anxiety is frequently just not being sure they're managing their money correctly. Once our Bakersfield, CA financial advisor team gets to know you, your finances and your financial aims, we'll create a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can put forward. Our financial advisors in Bakersfield, CA 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 assists individuals manage their money, budget, put enough money away, and prepare for their financial future. This role covers 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, trustworthy and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Bakersfield, CA
There are various types of advisors that differ based on the services they offer, how they're paid, their areas of expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must be registered by the SEC and are 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 has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP designation have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial planning services, such as managing debt to retirement planning, and investment strategies. This approach is comprehensive, aiming to satisfy every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and are also bound by a fiduciary duty. They focus on providing comprehensive financial advice, covering everything from investment management to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are ideal for clients who might not have the financial resources to hire a financial advisor just yet. This type of guidance offers a good starting point for managing personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive services that encompass estate planning, tax help, and investment management. They collaborate intimately with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is tailored for optimizing the financial health and future of those with substantial assets, making sure that every financial decision is aligned with tailored advice and solutions.
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 boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act only in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will examine your current finances, ascertain ways to enhance it, and help you meet your long-term financial goals. A lot of Bakersfield, CA residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial feature of any financial plan, a qualified financial advisor will be able to provide you with all-encompassing financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Bakersfield, CA will use in order to help you accomplish your objectives.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Bakersfield, CA offer holistic services and tailored advice by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role in almost every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to minimize taxes owed. A skilled and ethical Bakersfield, CA financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Bakersfield, CA will help in allocating and diversify your assets in order to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Bakersfield, CA financial advisor will assist with tax implications, evaluating the optimal time to retire, when to make withdrawals 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 Bakersfield, CA businesses and business owners. Implementing a 401(k) plan is a great way to keep 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 Bakersfield, CA financial advisor team offers extensive 401(k) planning for companies as well as customized 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 Bakersfield, CA employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to want to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Bakersfield, CA can best position 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 necessary to choose one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Bakersfield, CA financial advisor at Correct Capital must obey a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that matches your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is fundamental to having the financial health and life you want. Financial advisors in Bakersfield, CA can assist clients comprehend how much money's coming in, spot areas for savings, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for successful budgeting, advisors guarantee that clients can meet their current financial obligations while also planning for future goals.
When you hire a Bakersfield, CA financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in concert with you to establish your preferred risk tolerance and how we can best help you achieve 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 Bakersfield, CA?
Seeking the advice of a financial advisor can be a key step towards getting the life and financial security you want. While the right time can vary widely 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 transitions, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, helping to enhance your portfolio, avoid costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and craft a plan to ensure you can enjoy your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be essential. They can help you understand the risks and benefits, ensuring that any investment aligns with 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 hard-earned money. Beyond just finding a trustworthy 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 worked with, and their areas of expertise, can offer you a sense of their proficiency and whether they're equipped to tackle your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous educational, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- Can you describe 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 resonate with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication method and frequency are essential to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor plans to keep you informed 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 mixture thereof. Understanding how an advisor is compensated will help you identify potential conflicts of interest and ensure that their advice is given 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 bound by law to put your interests ahead of their own, giving advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can 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 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 Bakersfield, CA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor might be incentivized 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 recommend products that can help you achieve your goals, but not necessarily the ones most appropriate 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 various shapes, including fixed fees assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of 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, such advisors generally also have a fiduciary duty, which means that even if 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 Bakersfield, CA
Correct Capital is distinguished in the Bakersfield, CA 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 Bakersfield, CA:
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 ongoing management. This service is great for individuals who largely feel good about managing their finances but are looking for professional insight to confirm 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 growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people who value 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 won't be managing your portfolio, we'll work to look for opportunities to help you grow and save 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, 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 a sense of security, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Bakersfield, CA Financial Advisor?
Correct Capital is a premier choice for individuals and families in Bakersfield, CA seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
- 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 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 boast over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to 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: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication 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 Bakersfield, CA means partnering with a team dedicated to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and secure their future.
Other services we offer in Bakersfield, CA include:
Call Correct Capital's Bakersfield, CA 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 a person, family, or entrepreneur in Bakersfield, CA and their financial advisor is based on trust. Committed to guiding our clients achieve their personal and financial goals, be it funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Bakersfield, CA financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.
