Financial Advisor in Columbus, OH. You work hard for your money, and you want to feel secure about how it's being managed and how it's being used. A lot of Columbus residents lack the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or inclination to stay informed on market trends along with new laws, regulations, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Columbus, OH will help your finances grow. We employ in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Columbus, OH and beyond. Call us 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 work with a financial advisor in Columbus, OH? Explore our process page to see how straightforward we make it to ascertain 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 found that 53 percent of American adults are worried about their finances. The cause of that anxiety is often simply not being sure they're managing their money correctly. Once our Columbus, OH financial advisor team gets to know you, your current financial situation and your financial aims, we'll create a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can suggest. Our financial advisors in Columbus, 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 provides advice on managing personal finances and investments. This broad definition encompasses a spectrum 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 call themselves a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Columbus, OH
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer 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. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must register with the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, someone who holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have completed rigorous education and uphold high ethical standards, particularly a fiduciary duty to their customers. CFPs offer a wide array of financial advisory services, including debt management to retirement planning, and estate planning. This approach is comprehensive, designed to address all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education comparable with CFPs and also adhere to a fiduciary duty. They focus on offering holistic financial advice, covering everything from estate planning to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, guiding with basics such as saving money and budgeting. They are perfect for clients who might not have the wealth to hire a financial advisor just yet. Financial coaching offers a good starting point for managing personal finances wisely, especially for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering comprehensive services that encompass estate planning, tax help, and investment management. They collaborate intimately with their clients to navigate complex financial situations and develop wealth preservation strategies. This expertise is focused on maximizing the financial health and future of those with substantial assets, ensuring that every financial decision is aligned with tailored advice and approaches.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors features CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will examine your current financial situation, identify ways to enhance it, and help you realize your long-term financial goals. Many Columbus, OH residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental facet of any financial plan, an experienced financial advisor will be able to offer you all-encompassing financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Columbus, OH will utilize in order to help you meet your goals.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're prepared for 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 Columbus, OH offer holistic services and tailored consulting by considering your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, more than 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal means to lower your taxes. A skilled and ethical Columbus, OH financial advisor will help you navigate your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Columbus, OH will help 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 your aspired lifestyle when you hang up your cape, your Columbus, OH 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 assist in formulating a budget and strategy for source of income in retirement so you can live out your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Columbus, OH businesses and business owners. Implementing a 401(k) plan is a great way to retain your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Columbus, OH financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to manage the money you've accumulated in a previous Columbus, OH employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Columbus, 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 give themselves the title of "financial advisor," so it's necessary to pick one who has received accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Columbus, 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 consolidating debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a practical path forward that matches your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Columbus, OH can help clients grasp how much money's coming in, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for successful budgeting, advisors ensure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Columbus, OH financial advisor at Correct Capital, we begin by getting to know you and your aims. We will analyze your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only responsibility 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 Columbus, OH?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial health you want. 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 Changes: Life is a series of transitions, and many of them have substantial financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect your financial landscape. A financial advisor can assist you manage these changes, ensuring that your financial plan adapts to meet your new circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully handle your investments, or simply choose to focus your energy on other pursuits, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can live comfortably during your retirement years comfortably. 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 insight can be crucial. They can assist you grasp the risks and benefits, ensuring that any investment fits 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 particularly so when it comes to your finances. In addition to finding a reliable advisor, you need one who perfectly matches 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 years in the industry, the varieties of clients they've collaborated with, and their areas of expertise, can provide you a sense of their expertise and whether they're well-suited to handle your financial needs.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to rigorous educational, experience, and ethical standards, demonstrating a high level of expertise 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 dynamic strategy, their philosophy should reflect your expectations and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are crucial to a successful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor intends to keep you informed about how your investments are going and if you need any updates to your plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern 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 acts as a fiduciary is vital. This means they are legally required 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 educational resources and portfolio reviews. Understanding the full scope of services offered can assist you in determining whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will clearly explain potential conflicts of interest and how they deal with 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 offer essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Columbus, 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 other financial products. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to suggest options that generate higher commissions rather than those that best meet your needs. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on 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 fixed fees assets under management (AUM). This model is often seen 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 blend 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 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 Columbus, OH
Correct Capital is distinguished in the Columbus, OH financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Columbus, OH:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who are generally confident in managing their finances but are looking for professional insight to confirm they're on the right track. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people who value consistent guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't 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 investment management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax planning 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 dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Columbus, OH Financial Advisor?
Correct Capital is a leading choice for individuals and families in Columbus, OH seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to act in your best interests. This commitment guarantees 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 means we aren't tied to any financial institution or product, allowing 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. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- Proactivity is Our Approach: We hold the belief 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: 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 together with your advisor.
Choosing Correct Capital as your financial advisor in Columbus, OH means joining forces with a team committed to your financial success. Our expertise, fiduciary commitment, and custom-tailored 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 Columbus, OH include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Columbus, OH Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between an individual, family, or entrepreneur in Columbus, OH and their financial advisor is founded on trust. Committed to guiding our clients achieve their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car in retirement. Reach out to our Columbus, OH financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.
