Financial Advisor in Cleveland, OH. You work hard for your money, and you need to be secure about how it's being managed 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 simply don't have the time or inclination to stay up to date on market trends along with new laws, regulations, and global events. That's when you should consider hiring a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Cleveland, OH will make your money work for you. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Cleveland, OH and beyond. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Uncertain if you're ready to hire a financial advisor in Cleveland, OH? Check out our process page to find out how simple we make it to ascertain if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. The cause of that anxiety is often simply not being sure they're putting their money in the right places. After our Cleveland, OH financial advisor team gets to know you, your extant financial situation and your financial ambitions, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Cleveland, OH have certifications that can only be awarded through rigorous 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, put enough money away, and plan for their financial future. This role encompasses a wide range of services, from portfolio management and retirement planning to tax planning and estate planning. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can be called a financial advisor or financial planner, credible and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Cleveland, OH
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they always have the client's best interest at heart. Investment advisors 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 on behalf of their clients or for their own accounts. They must be registered by the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, an individual 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): Advisors with the CFP certification have undergone extensive education and uphold high ethical standards, particularly a fiduciary duty to their customers. CFPs offer a vast spectrum of financial planning services, including managing debt to retirement planning, and estate planning. Their methodology is holistic, designed to address every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering holistic financial advice, covering areas such as investment management to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, helping with basics such as saving money and creating budgets. They are ideal for clients who might not have the wealth to hire a financial advisor just yet. Their services provides a strong basis for handling personal finances effectively, especially for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering comprehensive services that include estate planning, tax help, and investment management. They work closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their skill set is geared towards optimizing the financial health and legacy of affluent clients, ensuring that all investments and planning strategies meet personalized advice and solutions.
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, guaranteeing that we act solely in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will asses your current financial situation, ascertain methods to improve it, and help you reach your future financial goals. Many Cleveland, OH residents commonly 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 qualified financial advisor will be able to provide you with holistic financial advice that takes into consideration the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Cleveland, OH will utilize in order to help you realize your goals.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate deals, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Cleveland, OH offer all-encompassing services and personalized consulting by considering your entire financial situation.
- Tax Planning
Taxes are involved in almost every financial transaction and transfer. 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 incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A reliable and expert Cleveland, OH financial advisor will guide you through your tax implications with the aim of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Cleveland, OH will assist in allocating and diversify your assets to mitigate risk and strategically position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Cleveland, OH financial advisor will assist with tax implications, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Cleveland, OH businesses and business owners. Introducing a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Cleveland, OH financial advisor team offers extensive 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 deal with the money you've accumulated in a previous Cleveland, OH employer's 401(k) plan. You have several options, including leaving the money in the account it is in now, transferring 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 manage managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to wish to leave a legacy and leave 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 Cleveland, OH can optimize your money for both your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's necessary to choose one who has received accreditations and certifications from regulatory boards 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 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a workable path forward that matches your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Cleveland, OH can assist clients grasp your income level, find areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can satisfy 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 and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Then we've accomplished that, we'll work with you to establish your preferred risk tolerance and how we can best help you accomplish your goals. As an independent advisory firm, our only commitment is to act in your best interest. There is no limit 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 guidance of a financial advisor can be a critical step towards getting the life and financial health you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Changes: Life is a long line of changes, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. 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 Alone: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply choose to spend your time on other pursuits, a financial advisor can be crucial. They bring experience and objectivity to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to 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 live comfortably during 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 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 knowledge can be crucial. They can help you understand 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 comes to your hard-earned money. Beyond just finding a dependable advisor, you need one whose specialties align with 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 background, including their time spent in the industry, the varieties of clients they've worked with, and their areas of expertise, can give you a sense of their proficiency and whether they're equipped to manage your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling rigorous educational, experience, and ethical standards, demonstrating a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match 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 aspirations and expectations.
- How do you usually communicate with clients?
Communication style and frequency are essential to a productive client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or online, and how the advisor plans to keep you informed about your investments and financial plan.
- 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. Grasping how an advisor is compensated will enable you to discern potential biases and make certain that their recommendations are offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests before their own, offering advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Grasping 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 transparently share potential conflicts of interest and how they address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must disclose 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: 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 could be motivated to recommend products 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 aid in achieving 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 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 minimizes 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, fee-based 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 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 the same goals, we offer a variety of 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 guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are generally confident in managing their finances but seek professional validation to ensure they're on the right track. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for people who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, we'll strive to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax planning and preparing for retirement 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 carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their financial 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 significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence signifies we are not tied to any specific financial institution or product, enabling us the freedom to choose 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 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.
- 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. Leveraging the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education guarantees that you are fully prepared to make informed decisions alongside 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 ideal partner for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Cleveland, OH include:
Call Correct Capital's Cleveland, OH Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, family, or entrepreneur in Cleveland, OH and their financial advisor is founded on mutual trust. Committed to guiding our clients realize their personal and financial goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Contact our Cleveland, OH financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
