Financial Advisor in Bakersfield, CA

Financial Advisor in Bakersfield, CA. You work hard for your money, and you need to feel secure about how it's growing and how it's being used. Numerous Bakersfield 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 interest to stay up to date on financial markets along with new laws, regulations, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Bakersfield, CA will make your money work for you. We employ in-depth analytics along with our extensive expertise 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 learn how Correct Capital can help you.

Not sure if you're ready to work with a financial advisor in Bakersfield, CA? Explore our process page to see how simple we make it to ascertain if you're a good fit.

A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. The cause of that anxiety is commonly just not being sure they're putting their money in the right places. After our Bakersfield, CA financial advisor team gets to know you, your finances and your financial aims, we'll design a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically compelled 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 exhaustive testing and by meeting stringent education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This broad definition encompasses a wide range of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to recommend strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.

Types of Financial Advisors in Bakersfield, CA

There are various types of advisors that differ based on the services they offer, their compensation models, their professional expertise, and their legal obligations to customers:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets 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 holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous education and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial advisory services, ranging from managing debt to planning for retirement, and investment strategies. Their approach is holistic, intended to satisfy 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 CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering areas such as estate planning to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
• Financial Coaches: Focus on improving clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching offers a solid foundation for managing personal finances wisely, particularly for those just starting out.
• Wealth Managers: Help high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and implement wealth preservation strategies. Their skill set is geared towards enhancing the financial health and legacy of wealthy individuals, ensuring that their clients' goals and aspirations are met through 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 represent the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will look over your current financial situation, pinpoint methods to enhance it, and help you realize your future financial goals. Many Bakersfield, CA residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a principal aspect of any financial plan, an experienced financial advisor will be able to provide you with overarching financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Bakersfield, CA will use to help you accomplish your goals.

• Financial Planning

  Our money is integral to almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Bakersfield, CA offer all-encompassing services and personalized consulting by considering 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, over 7 out of 10 of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to reduce your tax liability. A professional and trustworthy Bakersfield, CA financial advisor will guide you through your tax implications to ensure 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 stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Bakersfield, CA will assist in allocating and diversify your assets to mitigate risk and optimally position your money for growth.

• Retirement Planning

  Depending on where you stand in life and your desired lifestyle when you retire, your Bakersfield, CA financial advisor will help with tax implications, considering the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will help you formulate a budget and plan for source of income in retirement so you can enjoy your golden years exactly the way you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Bakersfield, CA businesses and business owners. Introducing a 401(k) plan is a fantastic way to maintain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Bakersfield, CA 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 challenging to know the best way to manage the money you've accumulated in a previous Bakersfield, CA employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, moving 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 managing your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's normal to want to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Bakersfield, CA can optimize your money for not only 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 choose 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 Bakersfield, CA financial advisor at Correct Capital is bound by a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer customized debt management plans that focus on managing debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a manageable path forward that suits your financial situation and goals, eventually leading to stability.

• Budgeting

  Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Bakersfield, CA can help clients understand how much money's coming in, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for successful budgeting, advisors make sure that clients can fulfill their current financial obligations while also saving for future goals.

When you hire a Bakersfield, CA financial advisor at Correct Capital, we start by getting to know you and your aims. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only commitment is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.

Do I Need to Hire a Financial Advisor in Bakersfield, CA?

Seeking the guidance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.

• Major Life Transitions: Life is a series of transitions, and many of them have major financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can guide you through these changes, ensuring that your financial plan grows to meet your new circumstances 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 effectively manage your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
• Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, estimate 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 distribution strategies from retirement accounts.
• Complex Financial Products: The financial market offers a myriad 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 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 particularly so when it comes to your finances. In addition to finding a reliable advisor, you need one whose specialties align with your needs. It's important to make the right inquiries during your initial meetings. Here are key questions to consider:

• What is your experience in the financial advisory field?

  Understanding an advisor's background, including their years in the industry, the kinds of clients they've collaborated with, and their specializations, can provide you a sense of their expertise and whether they're well-suited to tackle your specific financial circumstances.

• What are your qualifications and certifications?

  Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to strict education, experience, and ethical standards, indicating 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 cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should reflect your expectations and expectations.

• How do you usually communicate with clients?

  Communication style and regularity are vital to a productive client-advisor relationship. Discuss 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 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. Understanding how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their advice is offered with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests ahead of their own, giving advice that optimally benefits your financial goals and needs.

• What services do you offer beyond investment management?

  Many advisors provide 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. Knowing 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 transparently share potential conflicts of interest and how they address them to ensure they don't harm their clients' financial plans. Fiduciary advisors must reveal 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 assist you in determining 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:

1. Commission-Based: Advisors who earn through commissions earn their income through commissions on the products they sell, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor could be motivated to recommend options that generate higher commissions instead of those that best meet your needs. 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.
2. Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including a percentage of the assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. 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, fee-based advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.

Correct Capital's Financial Advisory Services in 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 identical goals, we offer three different service models to our clients in Bakersfield, CA:

One-Time Financial Plan (best for validators)

This service model is best for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who are largely confident in managing their finances but are looking for professional validation to confirm they're doing things the right way. Our team performs a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.

Subscription (best for collaborators)

Our subscription service caters to people who appreciate 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 open availability if the need ever arises. 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 choose to hand over the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, 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 peace of mind, 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 reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:

• We are 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 carried out with your best interests at heart.
• Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent signifies we are not 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 two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
• Proactivity is Our Approach: 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 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 ensures that you are fully prepared to make informed decisions alongside 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 safeguard their future.

Other services we offer in Bakersfield, CA include:

• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor
• Small Business Retirement Plans

Call Correct Capital's Bakersfield, CA Financial Advisor Team Today

Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe in the relationship between a person, household, or business owner in Bakersfield, CA and their financial advisor is founded on mutual trust. Committed to guiding our clients realize their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car in retirement. Reach out to our Bakersfield, CA financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth in the manner you desire.

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