Financial Advisor in Colorado Springs, CO. You work hard for your money, and you want to be secure about how it's being managed and how it's being used. A lot of Colorado Springs 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 interest to stay informed on financial markets along with new laws, rules, and global events. That's when you need a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Colorado Springs, CO will make your money work for you. We utilize in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Colorado Springs, CO and beyond. Speak to a team member today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Colorado Springs, CO? Check out our process page to discover how easy we make it to determine if we would make a good team.
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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 revealed that 53 percent of American adults are nervous about their finances. The cause of that concern is often just not being sure they're putting their money in the right places. Once our Colorado Springs, CO financial advisor team gets to know you, your present financial situation and your financial goals, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in Colorado Springs, CO 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 provides advice on managing personal finances and investments. This role encompasses a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to recommend strategies that suit 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 regulatory bodies such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Colorado Springs, CO
There are various types of advisors that vary based on the services they offer, how they're paid, their professional expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets 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, someone who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP designation have completed rigorous training and uphold the highest ethical standards, particularly a fiduciary duty to their customers. CFPs provide a wide array of financial planning services, ranging from managing debt to retirement planning, and investment strategies. Their approach is all-encompassing, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering holistic financial advice, encompassing areas such as estate planning to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are suited for clients who don't have the wealth to hire a financial advisor yet. Financial coaching offers a solid foundation for handling personal finances wisely, especially for those just starting out.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their skill set is tailored for optimizing the financial health and legacy of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through tailored 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 features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will examine your current finances, determine means to enhance it, and help you reach your future financial goals. Many Colorado Springs, CO residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial part of any financial plan, an experienced financial advisor will be able to offer you holistic financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Colorado Springs, CO will implement to help you meet your objectives.
- Financial Planning
Our money is integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Colorado Springs, CO offer all-encompassing services and tailored advice by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in almost every financial transaction and transfer. According to the IRS's own data, over 70 percent 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 lower your taxes. A professional and trustworthy Colorado Springs, CO financial advisor will help you navigate your tax implications with the aim of keeping more money in your hands than in the government's.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Colorado Springs, CO will assist to allocate and diversify your assets in order to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you hang up your cape, your Colorado Springs, CO financial advisor will help with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and strategy 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 Colorado Springs, CO businesses and business owners. Setting up a 401(k) plan is a great way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Colorado Springs, CO financial advisor team offers thorough 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 challenging to know the best way to handle the money you've already saved in a previous Colorado Springs, CO employer's 401(k) plan. You have several options, such as 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 strive for your money, and it's natural to desire to leave a legacy and pass on some wealth to the people you care about the dearly. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Colorado Springs, CO can strategically plan 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 important to pick one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Colorado Springs, CO financial advisor at Correct Capital must obey 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 manageable path forward that matches your financial capabilities and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Colorado Springs, CO can help clients comprehend how much money's coming in, identify areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for effective budgeting, advisors ensure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Colorado Springs, CO financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Once we've done that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only obligation is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Colorado Springs, CO?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the optimal timing can differ greatly from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're buying a home or changing careers, these milestones can dramatically affect how your money should be used and invested. A financial advisor can guide you manage these changes, ensuring that your financial plan grows to meet your new circumstances 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 aren't confident to successfully handle your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, helping to optimize your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the foremost 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 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 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 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 essential whenever you hire someone to do something, but particularly so when it comes to your finances. In addition to finding a trustworthy advisor, you need one who ideally suits 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 time spent in the industry, the kinds of clients they've worked with, and their areas of expertise, can provide you a sense of their proficiency and whether they're equipped to handle 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 meeting rigorous educational, 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 cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication method and frequency are vital to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor intends to keep you informed about your investments and financial 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 guarantee that their recommendations are offered with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally obligated to put your interests ahead of their own, giving 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 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 clearly explain potential conflicts of interest and how they address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only give 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 Colorado Springs, CO?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can create a possible conflict, as the advisor might be incentivized to recommend options 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 advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis 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 hourly rates assets under management (AUM). This model is frequently regarded as more clear and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- 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 mix of the fee-only and commission-based structures, fee-based advisors generally 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 Colorado Springs, CO
Correct Capital is distinguished in the Colorado Springs, CO 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 Colorado Springs, CO:
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 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 current financial situation, 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 individuals who value ongoing 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 open availability if the need ever arises. While we will not manage your investments for you, 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 choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations and beyond. Our wealth management clients enjoy 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 achieving their long-term goals.
Why Choose Correct Capital as Your Colorado Springs, CO Financial Advisor?
Correct Capital is a leading choice for individuals and families in Colorado Springs, CO looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital is 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 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 aren't tied to any 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 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. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Colorado Springs, CO means partnering with a team dedicated 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 seeking to achieve their financial goals and safeguard their future.
Other services we offer in Colorado Springs, CO 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 Colorado Springs, CO 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 an individual, family, or entrepreneur in Colorado Springs, CO and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Contact our Colorado Springs, CO financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
