Financial Advisor in Baltimore, MD. Your hard-earned money deserves attention, and you need to feel assured about how it's expanding and how it's being used. Many Baltimore residents do not have the financial literacy to feel sure they're making the right decisions with their money, 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 Baltimore, MD will make your money work for you. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Baltimore, MD and beyond. Call us 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 hire a financial advisor in Baltimore, MD? Take a look at our process page to see how straightforward we make it to find out if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. The root of that anxiety is often 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 build 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 solutions we can suggest. Our financial advisors in Baltimore, MD 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 assists individuals manage their money, budget, save, and plan for their financial future. This role covers a variety of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. 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, credible and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that indicate 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 provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
- 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 be registered by the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, an individual who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have undergone extensive education and uphold the highest ethical standards, including a fiduciary duty to their customers. CFPs offer a vast spectrum of financial advisory services, including managing debt to planning for retirement, and estate planning. This approach is comprehensive, intended to meet every facet of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering everything from investment management to tax advice, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on boosting 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 provides a strong basis for managing personal finances efficiently, particularly for those just starting out.
- Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and implement wealth preservation strategies. This expertise is tailored for maximizing the financial health and legacy of affluent clients, ensuring that all investments and planning strategies meet customized advice and strategies.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will analyze your extant financial situation, pinpoint ways to improve it, and help you realize your future financial goals. Many Baltimore, MD residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental facet of any financial plan, a certified financial advisor will be able to offer you comprehensive financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Baltimore, MD will implement in order to help you meet your objectives.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate deals, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Baltimore, MD offer all-encompassing services and personalized advice by evaluating your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, more than 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to reduce your tax liability. A professional and trustworthy Baltimore, MD financial advisor will guide you through your tax implications with the aim of 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Baltimore, MD will assist to allocate and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Baltimore, MD financial advisor will help with tax planning, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will aid in creating a budget and strategy for where your income will come from in retirement so you can spend 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. Implementing a 401(k) plan is a superb way to retain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Baltimore, MD financial advisor team offers comprehensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Baltimore, MD employer's 401(k) plan. You have a number of options, including leaving the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to wish to leave a legacy and leave some wealth to the people you care about the most. Wealth transfers are distinct from simply leaving gifts behind in estate planning. A financial advisor in Baltimore, MD can strategically plan your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's vital to pick one who has 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 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 customized debt management plans that focus on managing debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that aligns with your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Baltimore, MD can assist clients understand how much money's coming in, identify areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing tools and strategies for successful budgeting, advisors make sure that clients can satisfy their current financial obligations while also planning for future goals.
When you hire a Baltimore, MD financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Next we've done that, we'll work in concert with you to determine your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limit 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.
Do I Need to Speak to a Financial Advisor in Baltimore, MD?
Seeking the guidance 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 signal the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have significant financial implications. Whether you're buying a home or facing retirement, 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 evolves to meet your changing 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 lack the experience to effectively manage your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be invaluable. They bring expertise and perspective to your financial decisions, helping to optimize your portfolio, avoid costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can live comfortably during 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 wide array 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 vital. 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 paramount whenever you hire someone to do something, but especially so when it involves your hard-earned money. 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 time spent in the industry, the kinds of clients they've collaborated with, and their expert areas, can provide you a sense of their proficiency and whether they're equipped to manage your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to demanding educational, experience, and ethical standards, indicating a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are vital to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor intends to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will assist you in identifying potential biases 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 is a fiduciary is crucial. This means they are legally obligated to put your interests ahead of their own, offering advice that best serves 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 client education and portfolio reviews. Knowing 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 manage them to ensure they don't adversely affect 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 provide you with essential information about the financial advisor's qualifications and approach but also help you gauge whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Baltimore, MD?
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 financial products they offer, such as other financial products. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to recommend products 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 help you achieve your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Fee-only advisors 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 often seen as more transparent and in line 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, fee-based advisors generally also have a fiduciary duty, which means that although 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 identical goals, we offer a variety of service models to our clients in Baltimore, MD:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but seek professional insight to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who value ongoing guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not be managing your portfolio, we'll work to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies and retirement planning 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 committed to maximizing their wealth and achieving their financial 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 reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we is legally obligated to act in your best interests. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done 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 means we aren't tied to any specific financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast 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, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are fully prepared 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 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 safeguard their future.
Other services we offer in Baltimore, MD include:
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 inherently personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or business owner in Baltimore, MD and their financial advisor is based on trust. Committed to helping our clients achieve their financial and personal goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact 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 how you've always wanted.
