Financial Advisor in Cincinnati, OH. You work hard for your money, and you need to be confident about how it's expanding and how it's being used. Many Cincinnati residents lack the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or interest to stay up to date on market trends along with new laws, regulations, 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 Cincinnati, OH will make your money work for you. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Cincinnati, OH and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Uncertain if you're ready to hire a financial advisor in Cincinnati, OH? Explore our process page to find out how straightforward we make it to determine if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The root of that anxiety is frequently just not being sure they're making the right decisions with their money. Once our Cincinnati, OH financial advisor team gets to know you, your finances and your financial aims, we'll build a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can put forward. Our financial advisors in Cincinnati, OH have certifications that can only be acquired through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals oversee their money, plan their finances, save, and prepare for their financial future. This wide-ranging definition encompasses a variety of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a holistic view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, credible 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 Cincinnati, OH
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, based 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 their own accounts. 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, an advisor who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP certification have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to their customers. CFPs offer a vast spectrum of financial advisory services, ranging from debt management to planning for retirement, and estate planning. Their approach is holistic, intended to satisfy every facet of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education similar to CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering holistic financial advice, encompassing everything from estate planning to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, assisting with fundamentals such as saving money and budgeting. They are perfect for clients who might not have the financial resources to hire a financial advisor yet. Financial coaching delivers a strong basis for handling personal finances wisely, especially for those just starting out.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to navigate complex financial situations and develop wealth preservation strategies. This expertise is focused on enhancing the financial health and future of wealthy individuals, making sure that every financial decision is aligned with personalized advice and approaches.
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 group of advisors boasts CFPs and other qualified professionals who uphold 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 look over your extant financial situation, identify methods to enhance it, and help you achieve your long-term financial goals. Many Cincinnati, OH residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a principal facet of any financial plan, a professional financial advisor will be able to give you overarching financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Cincinnati, OH will utilize in order to help you realize your goals.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Cincinnati, OH offer all-encompassing services and personalized advice by considering 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 every year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to reduce your tax liability. A skilled and ethical Cincinnati, OH financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly 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 Cincinnati, OH will assist in allocating and diversify your assets to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you hang up your cape, your Cincinnati, OH financial advisor will help with tax planning, considering the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and plan for where your income will come from in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Cincinnati, OH businesses and business owners. Setting up a 401(k) plan is a great 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 Cincinnati, OH financial advisor team offers thorough 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Cincinnati, OH employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will have the knowledge 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 pass on some wealth behind the people you care about the most. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Cincinnati, OH can optimize 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 crucial to choose one who has obtained accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Cincinnati, OH 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, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Cincinnati, OH can help clients understand their cash flow, identify areas for savings, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for efficient budgeting, advisors ensure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Cincinnati, OH financial advisor at Correct Capital, we start by getting to know you personally and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only priority is to act in your best interest. There is no restrictions 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.
Do I Need to Hire a Financial Advisor in Cincinnati, OH?
Seeking the assistance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment can vary widely from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Transitions: Life is a long line of changes, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan grows 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, daunting for many. If you lack the experience to effectively manage your investments, or simply choose to focus your time elsewhere, a financial advisor can be essential. They bring experience and objectivity to your financial decisions, assisting to enhance your portfolio, avoid 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 assist you evaluate your current financial situation, calculate your retirement needs, and craft a plan to ensure you can enjoy your retirement years with peace of mind. 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 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 vital. They can guide 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 involves your hard-earned money. In addition to finding a trustworthy advisor, you need one whose specialties align with your needs. It's important to make the right inquiries 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 years in the industry, the types of clients they've collaborated with, and their specializations, can provide you a sense of their expertise and whether they're well-suited to tackle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling demanding education, experience, and ethical standards, indicating a high level of competence and expertise.
- Can you describe 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 resonate with your goals and expectations.
- How do you usually communicate with clients?
Communication style and frequency are essential to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor intends to keep you updated 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. Knowing how an advisor is compensated will help you identify potential conflicts of interest and make certain that their advice is given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is essential. This means they are bound by law to put your interests before their own, providing 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. 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 openly discuss potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only offer 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 Cincinnati, OH?
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 products they sell, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor could be motivated to recommend products that generate higher commissions rather than 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 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 directly by their clients for the guidance and assistance 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 frequently regarded as more clear 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 even if they get commission from certain products, they must disclose that information to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Cincinnati, OH
Correct Capital stands out in the Cincinnati, OH 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 Cincinnati, OH:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the insights and advice 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 confirm 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 growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value consistent 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, regular check-ins every quarter, and open availability if the need ever arises. While we won't be managing your portfolio, 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 delegate the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement 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 realizing their financial goals.
Why Choose Correct Capital as Your Cincinnati, OH Financial Advisor?
Correct Capital is a leading choice for individuals and families in Cincinnati, OH seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is done with your best interests at heart.
- 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 specific financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes 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.
- Proactivity is Our Approach: Our advisors believe 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, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education guarantees that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Cincinnati, OH means joining forces with a team committed to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Cincinnati, OH include:
Call Correct Capital's Cincinnati, OH Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or business owner in Cincinnati, OH and their financial advisor is founded on mutual trust. Committed to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Contact our Cincinnati, OH financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.
