Financial Advisor in Charlotte, NC. You work hard for your money, and you want to be confident about how it's expanding and how it's being used. A lot of Charlotte 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 global events. That's when you need a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Charlotte, NC will help your finances grow. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Charlotte, NC and beyond. Speak to a team member today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Charlotte, NC? Explore our process page to discover how straightforward we make it to ascertain if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. The root of that apprehensiveness is commonly simply not being sure they're putting their money in the right places. Once our Charlotte, NC financial advisor team gets to know you, your finances and your financial objectives, we'll create a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in Charlotte, NC have certifications that can only be obtained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This broad definition includes a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a thorough view of your financial situation to advise on strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Charlotte, NC
Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, a broker who has 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 designation have completed rigorous training and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial planning services, such as debt management to planning for retirement, and tax optimization strategies. Their methodology is comprehensive, intended to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also bound by a fiduciary duty. They specialize in offering comprehensive financial advice, covering everything from estate planning to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, guiding with fundamentals such as saving money and creating budgets. They are perfect for clients who may not possess the wealth to hire a financial advisor yet. Their services delivers a solid foundation for handling personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They collaborate intimately with their clients to navigate complex financial situations and implement wealth preservation strategies. Their expertise is geared towards enhancing the financial health and legacy of affluent clients, guaranteeing that their clients' goals and aspirations are met through tailored advice and solutions.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors boasts 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 in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will asses your extant finances, identify ways to enhance it, and help you accomplish your long-term financial goals. A lot of Charlotte, NC residents commonly immediately think of investing when they consider wealth management services and financial advisors. While that is a principal part of any financial plan, a professional financial advisor will be able to offer you extensive financial advice that gives consideration to the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Charlotte, NC will utilize to help you accomplish your goals.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're set up in retirement, to education, real estate transactions, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Charlotte, NC offer all-encompassing services and personalized consulting 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 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it offers perfectly legal means to reduce your tax liability. A skilled and ethical Charlotte, NC financial advisor will help you navigate your tax implications with the aim of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Charlotte, NC will assist to allocate and diversify your assets in order to mitigate risk and best position your money for long-term success.
- 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 Charlotte, NC financial advisor will help with tax implications, considering the best age to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and strategy for source of income in retirement so you can spend your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Charlotte, 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 manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Charlotte, NC 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 tough to know the best way to deal with the money you've already saved in a previous Charlotte, NC employer's 401(k) plan. You have several options, including keeping the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will know how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and bequeath some wealth behind the people you care about the most. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Charlotte, NC can best position your money for not only 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 imperative to pick one who has obtained accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Charlotte, 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 consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that suits your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in Charlotte, NC can help clients understand their cash flow, spot areas to spend less, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for successful budgeting, advisors ensure that clients can satisfy their current financial obligations while also preparing for future goals.
When you hire a Charlotte, NC financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Next we've done that, we'll work with you to ascertain 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 restrictions 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 Charlotte, NC?
Seeking the guidance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the right time can differ greatly from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have significant financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly 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 Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to focus your energy on other pursuits, a financial advisor can be invaluable. They bring insight and perspective to your financial decisions, aiding to enhance your portfolio, avoid costly mistakes, and set up your investments for sustainable 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, determine your retirement needs, and devise a plan to ensure you can enjoy your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans 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 comprehend the risks and benefits, ensuring that any investment fits 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 especially so when it comes to your hard-earned money. Beyond just finding a trustworthy advisor, you need one who perfectly matches 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 track record, including their years in the industry, the kinds of clients they've collaborated with, and their areas of expertise, can give you a sense of their proficiency and whether they're prepared to manage your financial needs.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require fulfilling strict education, experience, and ethical standards, signifying a high level of competence 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 cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should be in harmony with your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are vital to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be in person or virtual, and how the advisor plans 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. Understanding how an advisor is compensated will enable you to discern potential biases and ensure that their advice is given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is vital. This means they are bound by law to put your interests ahead of their own, providing advice that optimally benefits 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. Grasping the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss 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 are required to manage them in their client's best interest.
Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also 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 Charlotte, NC?
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 mutual funds. This fee structure can create a possible conflict, as the advisor might be incentivized to recommend options that generate higher commissions instead of those that are most suited to your financial goals. These 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: Advisors on a fee-only basis are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more transparent and in line 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 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, such 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 Charlotte, NC
Correct Capital stands out in the Charlotte, NC financial advisory landscape for its customized 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 Charlotte, NC:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but desire professional validation to ensure they're setting their money up for success in the best way. Our team performs a thorough review of your financial landscape, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who value consistent guidance and advice as their financial situation evolves, 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 won't 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 prefer to hand over 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 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 dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Charlotte, NC Financial Advisor?
Correct Capital is a premier choice for individuals and families in Charlotte, NC seeking trusted, professional 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 put your interests first. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests in mind.
- Our I.O.U. Promise: All the advice 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 choose 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. Additionally, our retirement consultants and financial portfolio managers have 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 stay ahead of trends and lead, rather than follow. Leveraging in-depth research and analytics, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: 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 ensures that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Charlotte, NC means joining forces with a team dedicated to your financial success. Our expertise, 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 Charlotte, NC include:
Call Correct Capital's Charlotte, NC 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, family, or entrepreneur in Charlotte, NC and their financial advisor is based on mutual trust. Dedicating our lives to helping our clients achieve their personal and financial goals, be it sending your children to college or finally achieving the dream of owning that dream car in retirement. Reach out to our Charlotte, NC financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
