Financial Advisor in Baltimore, MD. Your hard-earned money deserves attention, and you need to feel confident about how it's being managed and how it's being used. Numerous Baltimore 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 market trends along with new laws, regulations, and global events. That's when you should consider hiring a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Baltimore, MD will make your money work for you. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Baltimore, MD and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Not sure if you're ready to work with a financial advisor in Baltimore, MD? Explore our process page to discover how straightforward we make it to determine if we would make a good team.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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A 2018 study by FINRA reported that 53 percent of American adults are nervous about their finances. The root of that apprehensiveness is commonly just not being sure they're making the right decisions with their money. Once our Baltimore, MD financial advisor team gets to know you, your present financial situation and your financial aims, we'll create a road map to help you achieve them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can put forward. Our financial advisors in Baltimore, MD 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 helps individuals oversee their money, plan their finances, save, and plan for their financial future. 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, trustworthy and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Baltimore, MD
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and oversee investment portfolios. They're often 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, based on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell 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 instance, a broker who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have undergone extensive training and uphold high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial advisory services, ranging from debt management to retirement planning, and estate planning. Their approach is all-encompassing, intended to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing holistic financial advice, covering areas such as investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on improving clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are suited for clients who don't have the wealth to hire a financial advisor just yet. Financial coaching delivers a strong basis for handling personal finances wisely, particularly for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering a broad array of services that encompass estate planning, tax help, and investment management. They partner closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their skill set is focused on optimizing the financial health and future of affluent clients, ensuring that every financial decision is aligned with personalized 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 group of advisors features CFPs and other qualified professionals who embody 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 examine your extant financial situation, pinpoint methods to enhance it, and help you meet your future financial goals. Many Baltimore, MD residents frequently immediately think of investing when they think of wealth management services and financial advisors. While that is a central facet of any financial plan, an experienced financial advisor will be able to offer you all-encompassing financial advice that considers the whole of your finances. Below are some of the services your Correct Capital financial advisor in Baltimore, MD will use in order to help you achieve your objectives.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in Baltimore, MD offer holistic services and bespoke guidance by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in nearly every financial transaction and transfer. According to the IRS's own data, more than 7 out of 10 of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to reduce your tax liability. A skilled and ethical Baltimore, MD financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in the government's.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly 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 Baltimore, MD will assist in allocating and diversify your assets to mitigate risk and strategically position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Baltimore, MD financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and plan for where your income will come from in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Baltimore, MD businesses and business owners. Setting up a 401(k) plan is a superb way to maintain your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Baltimore, MD financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to manage the money you've accumulated in a previous Baltimore, MD employer's 401(k) plan. You have several options, including leaving the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will have the knowledge how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to wish to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Baltimore, MD can best position 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 important to choose one who has received accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Baltimore, MD financial advisor at Correct Capital must act in accordance with 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 managing debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to having the financial health and life you want. Financial advisors in Baltimore, MD can help clients understand how much money's coming in, identify areas for savings, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for successful budgeting, advisors guarantee that clients can meet their current financial obligations while also saving for future goals.
When you hire a Baltimore, MD financial advisor at Correct Capital, we begin by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work 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 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 Speak to a Financial Advisor in Baltimore, MD?
Seeking the advice of a financial advisor can be a critical 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 signal the need for professional financial advice.
- Major Life Transitions: Life is a long line of transitions, and many of them have significant financial implications. Whether you're starting a family or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can assist you through these changes, ensuring that your financial plan adapts to meet your evolving situation 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 aren't confident to successfully manage your investments, or simply prefer to focus your time elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, estimate your retirement needs, and devise 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 distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own set of 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 grasp 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 when you're hiring someone for any service, 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 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 worked with, and their specializations, can give you a sense of their skills and whether they're equipped 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 credentials often require adhering to strict education, experience, and ethical standards, signifying a high level of expertise and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should match 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 be in harmony with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are vital to a successful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor intends 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Understanding how an advisor is compensated will enable you to discern potential biases and ensure that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is vital. This means they are legally required 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 extensive 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 help you gauge 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 address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only give 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 Baltimore, MD?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as other financial products. 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 best meet your needs. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can help you achieve your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Fee-only advisors are compensated 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 a percentage of the assets under management (AUM). This model is often seen as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such 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 Baltimore, MD
Correct Capital is distinguished in the Baltimore, MD financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Baltimore, MD:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but are looking for professional validation to confirm 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 opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for people who value consistent 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, regular check-ins every quarter, and availability on an as-needed basis. While we will not manage your investments for you, we'll strive 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 choose to hand over 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 dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Baltimore, MD Financial Advisor?
Correct Capital is a premier choice for individuals and families in Baltimore, MD looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we is legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence signifies we are not tied to any financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which gives us the ability 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 anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Baltimore, MD means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Baltimore, MD include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Call Correct Capital's Baltimore, MD Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or entrepreneur in Baltimore, MD and their financial advisor is based on mutual trust. Committed to helping our clients realize their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Baltimore, MD financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.
