Financial Advisor in Chicago, IL

Financial Advisor in Chicago, IL. Your hard-earned money deserves attention, and you need to be secure about how it's being managed and how it's being used. A lot of Chicago 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 financial markets along with new laws, rules, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Chicago, IL will help your finances grow. We employ in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Chicago, IL and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.

Uncertain if you're ready to work with a financial advisor in Chicago, IL? Explore our process page to see how straightforward we make it to ascertain if we would make a good team.

A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. The cause of that apprehensiveness is commonly just not being sure they're making the right decisions with their money. Once our Chicago, IL financial advisor team gets to know you, your finances and your financial ambitions, we'll build a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the plans we can offer you. Our financial advisors in Chicago, IL have certifications that can only be gained through exhaustive testing and by meeting strict education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This role includes a wide range 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 suggest strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.

Types of Financial Advisors in Chicago, IL

There are several types of advisors that differ based on the services they offer, how they're paid, their areas of expertise, and their legal obligations to clients:

• Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They're often associated with RIAs and are required to serve as fiduciaries, prioritizing their clients' interests above their own. Portfolio managers 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 on behalf of their clients or for their own accounts. They must register with 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 advisor who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous training and uphold the highest ethical standards, including a fiduciary duty to their clients. CFPs offer a vast spectrum of financial planning services, such as debt management to retirement planning, and investment strategies. Their methodology is comprehensive, aiming 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 training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in providing holistic financial advice, covering areas such as investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are perfect for clients who don't have the financial resources to hire a financial advisor yet. Financial coaching provides a strong basis for managing personal finances efficiently, especially for those just starting out.
• Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their skill set is tailored for optimizing the financial health and legacy of those with substantial assets, making sure that every financial decision is aligned with customized 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 includes CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 examine your present financial situation, identify means to enhance it, and help you accomplish your long-term financial goals. A lot of Chicago, IL residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a principal facet of any financial plan, an experienced financial advisor will be able to offer you comprehensive financial advice that takes into account the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Chicago, IL will use to help you accomplish your objectives.

• Financial Planning

  Our finances are integral to almost everything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, choosing insurance policies, and putting food on the table each night. The best financial advisors in Chicago, IL offer comprehensive services and bespoke consulting 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, over 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal ways to minimize taxes owed. A reliable and expert Chicago, IL financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in Uncle Sam's.

• Portfolio Management and Asset Management

  Your financial portfolio is the aggregation 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 Chicago, IL will assist to allocate and diversify your assets in order to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Chicago, IL financial advisor will help with tax planning, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating a budget and strategy for source of income 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 Chicago, IL businesses and business owners. Implementing a 401(k) plan is a fantastic way to maintain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Chicago, IL financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.

• 401(k) Rollover

  When moving to a new job, it can be tough to know the best way to manage the money you've already saved in a previous Chicago, IL 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 investing the money in one of a selection of IRA accounts. A financial advisor will be skilled in how to best approach managing your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's natural to want to leave a legacy and bequeath some wealth behind the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Chicago, IL can strategically plan your money for both your children but for future generations to come, even ones you haven't met yet.

• Fiduciary Advising

  Anyone can call themselves a "financial advisor," so it's necessary to pick one who has accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Chicago, IL financial advisor at Correct Capital must heed a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer personalized debt management plans that focus on managing debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a manageable path forward that suits 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 Chicago, IL can assist clients grasp their cash flow, identify areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for effective budgeting, advisors guarantee that clients can satisfy their current financial obligations while also preparing for future goals.

When you hire a Chicago, IL financial advisor at Correct Capital, we start by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in concert 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 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 Hire a Financial Advisor in Chicago, IL?

Seeking the advice of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.

• Major Life Changes: Life is a series of changes, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can assist you navigate these changes, ensuring that your financial plan evolves to meet your new circumstances and goals.
• Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to focus your time elsewhere, a financial advisor can be crucial. They bring expertise and wisdom to your financial decisions, assisting to enhance 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 help you review your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can experience your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
• Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be vital. They can help you comprehend 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 whenever you hire someone to do something, but especially so when it comes to your hard-earned money. In addition to finding a reliable advisor, you need one who best meets 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 experience, including their years in the industry, the varieties of clients they've collaborated with, and their areas of expertise, can offer you a sense of their skills and whether they're equipped to tackle your financial situation.

• What are your qualifications and certifications?

  Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require meeting 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 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 reflect your expectations and expectations.

• How do you prefer to communicate with clients?

  Communication method and regularity are vital to a productive client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, 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 fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will assist you in identifying potential biases and ensure that their advice is offered 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, 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 educational resources and portfolio reviews. Understanding the full scope of services offered can assist you in determining 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 harm 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 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 Chicago, IL?

In general, there are three common ways for financial advisors to be compensated:

1. Commission-Based: Advisors who earn through commissions earn their income through commissions on the products they sell, such as insurance policies. This fee structure can create a possible conflict, as the advisor could be motivated to suggest options that generate higher commissions rather than 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 most appropriate to your needs.
2. Fee-Only: Advisors on a fee-only basis 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 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 minimizes conflicts of interest related to product sales.
3. 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 disclose that information 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 Chicago, IL

Correct Capital stands out in the Chicago, IL 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 a variety of service models to our clients in Chicago, IL:

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 desire professional insight to ensure they're doing things the right 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 is designed for individuals who appreciate consistent 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 updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not manage your investments for you, we'll work to look for opportunities to help you save and grow your wealth.

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 forward-looking guidance on a wide range of financial matters — from tax strategies and preparing for retirement to estate planning 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 realizing their long-term goals.

Why Choose Correct Capital as Your Chicago, IL Financial Advisor?

Correct Capital is a premier choice for individuals and families in Chicago, IL seeking 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 is legally obligated to act in your best interests. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move 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. Being independent signifies we are not tied to any financial institution or product, allowing 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 two 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.
• Proactivity is Our Approach: 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. Utilizing in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
• Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Chicago, IL means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.

Other services we offer in Chicago, IL include:

• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Chicago, IL Financial Advisor Team Today

Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between an individual, household, or business owner in Chicago, IL and their financial advisor is based on mutual trust. Committed to guiding our clients realize their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Reach out to our Chicago, IL financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.

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