Financial Advisor in Dayton, OH. Your hard-earned money deserves attention, and you need to be assured about how it's being managed and how it's being used. Numerous Dayton 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 up to date on financial markets along with new laws, regulations, and global events. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Dayton, 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 Dayton, 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.
Wondering if you're ready to hire a financial advisor in Dayton, OH? Check out our process page to discover how easy we make it to determine if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. The root of that apprehensiveness is frequently simply not being sure they're putting their money in the right places. Once our Dayton, OH financial advisor team gets to know you, your finances and your financial objectives, we'll implement a road map to help you reach 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 plans we can endorse. Our financial advisors in Dayton, OH have certifications that can only be gained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals oversee their money, plan their finances, put enough money away, and prepare for their financial future. This role includes a wide range of services, from investment management and retirement planning to tax planning and estate planning. 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 call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Dayton, OH
There are multiple types of advisors that vary based on the services they provide, their compensation models, their areas of expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They often work in RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Portfolio managers are certified 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 trade securities like stocks, bonds, and mutual funds on behalf of 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, a broker who has a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP certification have undergone extensive training and uphold high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial planning services, ranging from managing debt to retirement planning, and investment strategies. 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 education similar to CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering comprehensive financial advice, encompassing areas such as investment management to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching offers a strong basis for managing 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 assistance, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. This expertise is focused on optimizing the financial health and legacy of wealthy individuals, making sure 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 team of advisors features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure 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 look over your present financial situation, identify means to improve it, and help you achieve your future financial goals. A lot of Dayton, OH residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a central element of any financial plan, an accomplished financial advisor will be able to offer you holistic financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Dayton, OH will implement to help you realize your goals.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're prepared for retirement, to education, real estate deals, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Dayton, OH offer all-encompassing services and tailored consulting by taking into account your entire financial situation.
- Tax Planning
Taxes are involved 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 every year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to lower your taxes. A reliable and expert Dayton, OH financial advisor will help you navigate your tax implications in the interest of keeping more money in your pocket.
- 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 alternative assets such as real estate. A financial advisor in Dayton, OH will help in allocating and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you retire, your Dayton, OH financial advisor will assist with tax implications, considering the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and plan for source of income in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Dayton, OH businesses and business owners. Setting up a 401(k) plan is a fantastic way to retain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and numerous of plan participants nationwide. Our Dayton, OH financial advisor team offers thorough 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to handle the money you've already saved in a previous Dayton, OH employer's 401(k) plan. You have several 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 have the knowledge how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to want 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 Dayton, OH can best position your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's necessary to choose one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Dayton, OH financial advisor at Correct Capital is bound by a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that suits your financial capabilities and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Dayton, OH can help clients grasp their cash flow, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for efficient budgeting, advisors make sure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Dayton, OH financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will assess your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only commitment is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can put forward, and we will never try to sell you on something we do not believe in ourselves.
When Should I Consider Hiring a Financial Advisor in Dayton, OH?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Changes: Life is a long line of changes, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can assist you through these changes, ensuring that your financial plan grows to meet your changing 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, daunting for many. If you aren't confident to effectively handle your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, assisting 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 help you review your current financial situation, calculate your retirement needs, and craft a plan to ensure you can enjoy your retirement years without worry. 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 challenges. 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 help you comprehend the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is paramount whenever you hire someone to do something, but particularly so when it comes to your hard-earned money. In addition to finding a reliable 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 experience, including their years in the industry, the types of clients they've collaborated with, and their areas of expertise, can provide you a sense of their expertise and whether they're prepared to manage your financial needs.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require meeting demanding education, experience, and ethical standards, indicating 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 reflect your goals and expectations.
- How do you usually communicate with clients?
Communication style and frequency are essential to a successful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor expects to keep you updated about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will help you identify potential conflicts of interest and guarantee that their advice is given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is vital. This means they are bound by law to put your interests before their own, providing 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 client education 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 clearly explain potential conflicts of interest and how they manage them to ensure they don't negatively impact 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 give 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 Dayton, 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 create 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 most appropriate 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 several forms, including fixed fees 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: Fee-based advisors use a combination of fees paid by the client and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Dayton, OH
Correct Capital is distinguished in the Dayton, 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 a variety of service models to our clients in Dayton, OH:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the guidance and recommendations 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 insight to confirm they're doing things the right way. Our team conducts a thorough review of your financial landscape, supplying you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who appreciate 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 availability on an as-needed basis. While we will not 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 portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Dayton, OH Financial Advisor?
Correct Capital is a premier choice for individuals and families in Dayton, OH 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, we are legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done 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 means we aren't tied to any financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Our Qualifications: 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 boast over 100 years of combined experience.
- Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed 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 Dayton, OH means joining forces with a team committed to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Dayton, OH include:
Call Correct Capital's Dayton, OH Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between an individual, household, or entrepreneur in Dayton, OH and their financial advisor is founded on mutual trust. Dedicating our lives to helping our clients realize their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Dayton, OH financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth in the manner you desire.
