Financial Advisor in Boston, MA. Your hard-earned money deserves attention, and you want to be assured about how it's being managed and how it's being used. Numerous Boston 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 informed on market trends along with new laws, rules, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Boston, MA will make your money work for you. We use in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Boston, MA and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Uncertain if you're ready to work with a financial advisor in Boston, MA? Take a look at our process page to see how easy we make it to ascertain 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 concern is frequently simply not being sure they're making the right decisions with their money. Once our Boston, MA financial advisor team gets to know you, your finances 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 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 Boston, MA 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 specialist who assists individuals manage their money, budget, save, and plan for their financial future. This role includes a variety of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable 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 Boston, MA
There are multiple types of advisors that vary based on the services they provide, their compensation models, their professional expertise, and their legal obligations to customers:
- 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 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 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 themselves. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell are determined by 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): Professionals with the CFP certification have completed rigorous education and uphold the highest ethical standards, including a fiduciary duty to their customers. CFPs offer a vast spectrum of financial advisory services, such as debt management to retirement planning, and tax optimization strategies. Their methodology is holistic, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and also adhere to a fiduciary duty. They specialize in providing holistic financial advice, encompassing everything from investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance delivers a solid foundation for managing personal finances effectively, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Help high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and implement wealth preservation strategies. Their skill set is focused on optimizing the financial health and legacy of wealthy individuals, ensuring that all investments and planning strategies meet customized advice and approaches.
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, making sure 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 evaluate your present financial situation, determine methods to improve it, and help you accomplish your future financial goals. Many Boston, MA residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial facet of any financial plan, a qualified financial advisor will be able to provide you with holistic financial advice that considers the whole of your finances. The following are some of the services your Correct Capital financial advisor in Boston, MA will use in order to help you reach your objectives.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Boston, MA offer all-encompassing services and bespoke guidance by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to lower your taxes. A professional and trustworthy Boston, MA 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 collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Boston, MA will assist in allocating and diversify your assets to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Boston, MA financial advisor will help with tax implications, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Boston, MA businesses and business owners. Introducing a 401(k) plan is a superb way to retain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Boston, MA financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to manage the money you've already saved in a previous Boston, MA employer's 401(k) plan. You have several options, such as keeping the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will know how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to wish to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Boston, MA can strategically plan 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 vital to choose one who has accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Boston, MA 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that aligns with your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Boston, MA can help clients comprehend how much money's coming in, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can satisfy their current financial obligations while also planning for future goals.
When you hire a Boston, MA financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will assess 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 achieve your goals. As an independent advisory firm, our only priority is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can put forward, 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 Boston, MA?
Seeking the advice of a financial advisor can be a critical step towards getting the life and financial health you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Changes: Life is a long line of changes, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can guide you navigate these changes, ensuring that your financial plan evolves to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply prefer to focus your time on other pursuits, a financial advisor can be crucial. They bring experience and perspective to your financial decisions, helping to improve your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, estimate your retirement needs, and devise a plan to ensure you can experience your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a plethora 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 essential. They can guide you understand the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial whenever you hire someone to do something, but especially 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 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 background, including their time spent in the industry, the kinds of clients they've assisted, and their specializations, can offer you a sense of their skills and whether they're prepared to handle your financial needs.
- What are your qualifications and certifications?
Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require fulfilling demanding educational, experience, and ethical standards, indicating a high level of professionalism 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 aggressive strategy, their philosophy should reflect your goals and expectations.
- How do you usually communicate with clients?
Communication method and regularity are essential to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential biases and guarantee that their advice is given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally obligated to put your interests before their own, providing advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources and portfolio reviews. 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 address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must reveal 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 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 Boston, MA?
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 other financial products. This fee structure can create 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. 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 aid in achieving 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 several forms, including a percentage of the assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach 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, fee-based advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Boston, MA
Correct Capital is distinguished in the Boston, MA 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 three different service models to our clients in Boston, MA:
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 ongoing management. This service is great for individuals who are largely confident in 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 financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for people who appreciate ongoing guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't manage your investments for you, we'll work to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement to estate considerations and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Boston, MA Financial Advisor?
Correct Capital is a premier choice for individuals and families in Boston, MA 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, Correct Capital are 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: Every piece of guidance we offer is independent, objective, and unbiased. Our independence signifies we are not tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers 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 anticipate trends and lead, rather than follow. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed 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 Boston, MA means partnering with a team committed to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Boston, MA include:
Call Correct Capital's Boston, MA Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or entrepreneur in Boston, MA and their financial advisor is based on trust. Dedicating our lives to guiding our clients realize their financial and personal goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Boston, MA 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.
