Financial Advisor in Cary, NC. You work hard for your money, and you need to feel confident about how it's growing and how it's being used. A lot of Cary 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, rules, and different events happening around the world. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Cary, NC 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 Cary, NC and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Cary, NC? Check out our process page to discover how easy we make it to find out if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are nervous about their finances. The root of that apprehensiveness is commonly simply not being sure they're managing their money correctly. Once our Cary, NC financial advisor team gets to know you, your extant financial situation and your financial goals, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in Cary, NC have certifications that can only be obtained through rigorous 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 wide-ranging definition includes a wide range 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, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Cary, NC
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they must act within a client's best interest. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade 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 generally members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, a broker who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have completed rigorous training and adhere to high ethical standards, particularly a fiduciary duty to their clients. CFPs offer a vast spectrum of financial planning services, ranging from debt management to retirement planning, and estate planning. Their approach is all-encompassing, aiming to address every facet of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in offering holistic financial advice, covering everything from estate planning to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are suited for clients who might not have the financial resources to hire a financial advisor yet. Financial coaching offers a strong basis for handling personal finances efficiently, especially for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include 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 enhancing the financial health and legacy of wealthy individuals, making sure that their clients' goals and aspirations are met through tailored advice and strategies.
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 features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will analyze your present finances, ascertain ways to enhance it, and help you meet your long-term financial goals. A lot of Cary, NC residents frequently immediately think of investing when they consider wealth management services and financial advisors. While that is a key element of any financial plan, a professional financial advisor will be able to offer you holistic financial advice that considers the whole of your finances. The following are some of the services your Correct Capital financial advisor in Cary, NC will utilize to help you meet your goals.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a house, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Cary, NC offer all-encompassing services and bespoke consulting by considering 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 each year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to reduce your tax liability. A reliable and expert Cary, NC financial advisor will guide you through your tax implications to ensure keeping more money in your pocket.
- 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 art. A financial advisor in Cary, NC will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for long-term 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 Cary, NC financial advisor will assist with tax implications, evaluating the best age to retire, when to make withdrawals and how much to take out. A financial advisor will help you formulate a budget and plan for where your income will come from in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Cary, NC businesses and business owners. Introducing a 401(k) plan is a fantastic way to keep your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Cary, NC financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to deal with the money you've accumulated in a previous Cary, NC employer's 401(k) plan. You have a number of options, including keeping the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best manage managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to wish to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Cary, NC can optimize 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 necessary to choose 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 Cary, NC 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 personalized debt management plans that focus on managing debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches 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 Cary, NC can help clients grasp their cash flow, identify areas for savings, and set realistic spending limits that facilitate 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 Cary, NC financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've done that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you meet your goals. 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 Consider Hiring a Financial Advisor in Cary, NC?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial health you want. While the ideal moment can vary widely from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect your financial landscape. A financial advisor can help you manage these changes, ensuring that your financial plan grows to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, daunting for many. If you aren't confident to effectively handle your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be crucial. They bring experience and objectivity to your financial decisions, helping to optimize 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 help you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can enjoy your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be essential. They can assist 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 crucial when you're hiring someone for any service, but especially so when it comes to your finances. Beyond just finding a reliable advisor, you need one who ideally suits 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 varieties of clients they've assisted, and their areas of expertise, can provide you a sense of their proficiency and whether they're equipped to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to rigorous educational, experience, and ethical standards, demonstrating 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 conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your expectations and expectations.
- How do you usually communicate with clients?
Communication style and frequency are crucial to a successful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or online, and how the advisor plans to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential biases and ensure that their recommendations are given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is crucial. This means they are bound by law to put your interests before their own, providing 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 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 deal with them to ensure they don't negatively impact 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 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 Cary, NC?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to recommend options that generate higher commissions rather than those that are most suited to your financial goals. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- 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 hourly rates assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it minimizes 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, such advisors generally 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 Cary, NC
Correct Capital is distinguished in the Cary, NC 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 Cary, NC:
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 generally confident in managing their finances but desire professional validation to confirm 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 addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value ongoing guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we won't manage your investments for you, we'll strive 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 hand over the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Cary, NC Financial Advisor?
Correct Capital is a premier choice for individuals and families in Cary, NC looking for 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, 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 done 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. Being independent means we aren't 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 gives us the ability 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: 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 the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: We offer at Correct Capital 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 Cary, NC means joining forces 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 perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Cary, NC include:
Call Correct Capital's Cary, NC 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, family, or entrepreneur in Cary, NC and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients realize 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. Reach out to our Cary, NC financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth how you've always wanted.
