Financial Advisor in Cleveland, OH. You work hard for your money, and you want to be secure about how it's growing and how it's being used. Many Cleveland residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay informed on financial markets along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Cleveland, OH will help your finances grow. We use in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Cleveland, OH and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Cleveland, OH? Check out our process page to find out how simple we make it to find out if you're a good fit.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. The root of that apprehensiveness is commonly just not being sure they're making the right decisions with their money. After our Cleveland, OH financial advisor team gets to know you, your extant financial situation and your financial objectives, we'll design 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 Cleveland, OH have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals manage their money, budget, save, and plan for their financial future. This role covers a spectrum of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to advise on strategies that suit 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 regulatory bodies such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Cleveland, OH
There are several types of advisors that differ based on the services they offer, how they're paid, their professional expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Investment advisors are 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 instance, an advisor 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 with the CFP designation have completed rigorous education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, ranging from managing debt to planning for retirement, and tax optimization strategies. Their approach is holistic, aiming to satisfy every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training similar to CFPs and are also required to hold their clients' interests above their own. They specialize in offering comprehensive financial advice, encompassing areas such as estate planning to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching offers a solid foundation for managing 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 manage complex financial situations and implement wealth preservation strategies. Their expertise is tailored for optimizing the financial health and legacy of those with substantial assets, ensuring that all investments and planning strategies meet 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 boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act exclusively in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will analyze your present finances, ascertain ways to improve it, and help you realize your future financial goals. A lot of Cleveland, OH residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a central component of any financial plan, a certified financial advisor will be able to provide you with overarching financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Cleveland, OH will use to help you achieve your goals.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're prepared for retirement, to education, buying and/or selling a house, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Cleveland, OH offer holistic 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 overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to minimize taxes owed. A reliable and expert Cleveland, OH financial advisor will help you navigate your tax implications to ensure keeping more money in your own account.
- 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 Cleveland, OH will help to allocate and diversify your assets to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you hang up your cape, your Cleveland, OH financial advisor will assist with tax planning, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will help you formulate 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 Cleveland, OH businesses and business owners. Implementing a 401(k) plan is a fantastic way to retain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Cleveland, OH financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be challenging to know the best way to handle the money you've already saved in a previous Cleveland, OH employer's 401(k) plan. You have several 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 variety of IRA accounts. A financial advisor will be skilled in how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to desire to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Cleveland, OH can strategically plan your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's paramount to pick one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Cleveland, OH financial advisor at Correct Capital must act in accordance with a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on managing debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a workable path forward that suits your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Cleveland, OH can assist clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for efficient budgeting, advisors make sure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Cleveland, OH financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will assess your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work in concert with you to determine your preferred risk tolerance and how we can best help you grow your wealth. 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 propose, 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 Cleveland, OH?
Seeking the assistance of a financial advisor can be a critical step towards achieving financial well-being, 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 Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can guide you manage these changes, ensuring that your financial plan adapts 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 complex, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to successfully handle your investments, or simply choose to focus your energy elsewhere, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, aiding to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can aid you evaluate your current financial situation, calculate your retirement needs, and formulate 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 wide array 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 expertise can be crucial. They can guide you grasp the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is paramount whenever you hire someone to do something, but particularly so when it involves your finances. In addition to finding a trustworthy advisor, you need one who ideally suits your needs. It's important to inquire properly 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 types of clients they've collaborated with, and their specializations, can offer you a sense of their expertise and whether they're equipped to handle your financial needs.
- What are your qualifications and certifications?
Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling strict education, experience, and ethical standards, signifying a high level of expertise 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 aggressive strategy, their philosophy should be in harmony with your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are crucial to a fruitful client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor intends to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Grasping how an advisor is compensated will help you identify potential biases and ensure that their recommendations are made 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 legally obligated to put your interests ahead of their own, giving 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 harm 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 provide you with essential information about the financial advisor's qualifications and approach but also assist you in determining 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 Cleveland, 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 lead to a possible conflict, as the advisor might be incentivized to recommend products 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 aid in achieving 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 various shapes, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors 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 typically also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this 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 Cleveland, OH
Correct Capital stands out in the Cleveland, OH financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Cleveland, 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 ongoing management. This service is excellent for individuals who are largely confident in 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, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to individuals 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 insights from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we won't 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 prefer to hand over the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies and retirement planning to estate planning 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 Cleveland, OH Financial Advisor?
Correct Capital is a premier choice for individuals and families in Cleveland, OH seeking 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, 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 carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any specific 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. Moreover, 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 aimed at keeping you up-to-date and engaged with your financial health. Our dedication 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 Cleveland, OH means partnering with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and secure their future.
Other services we offer in Cleveland, OH include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Call Correct Capital's Cleveland, OH 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 a person, household, or business owner in Cleveland, OH and their financial advisor is based on trust. Dedicating our lives to guiding our clients realize their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Cleveland, OH financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth in the manner you desire.
