Financial Advisor in Dayton, OH. Your hard-earned money deserves attention, and you want to be secure about how it's growing and how it's being used. A lot of Dayton residents lack 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 informed on financial markets along with new laws, rules, and different events happening around the world. That's when you should consider hiring a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Dayton, OH will make your money work for you. We utilize in-depth research along with our decades of experience 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.
Uncertain if you're ready to work with a financial advisor in Dayton, OH? Check out our process page to see how straightforward we make it to find out if you're a good fit.
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A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. A source of that apprehensiveness is often just not being sure they're making the right decisions with their money. After our Dayton, OH financial advisor team gets to know you, your finances and your financial ambitions, we'll build a road map to help you reach 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 Dayton, OH have certifications that can only be gained through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This wide-ranging definition encompasses a wide range of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to suggest strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Dayton, OH
Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They're commonly associated with 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, 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 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, an individual who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have undergone extensive training and adhere to the highest ethical standards, including a fiduciary duty to their clients. CFPs offer a vast spectrum of financial advisory services, including managing debt to retirement planning, and estate planning. Their approach is comprehensive, 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 completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They focus on providing holistic financial advice, encompassing areas such as investment management to tax advice, ensuring that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, assisting with basics such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a solid foundation for handling personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their expertise is focused on maximizing the financial health and future of those with substantial assets, making sure that their clients' goals and aspirations are met through customized 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 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 finances, ascertain methods to improve it, and help you meet your future financial goals. Many Dayton, OH residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a central facet of any financial plan, a professional financial advisor will be able to give you overarching financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Dayton, OH will use in order to help you realize your goals.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Dayton, OH offer holistic services and tailored consulting by evaluating 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 overpay in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal ways to reduce your tax liability. A reliable and expert Dayton, OH financial advisor will assist you in navigating 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Dayton, OH will help to allocate and diversify your assets to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you retire, your Dayton, OH financial advisor will help with tax implications, evaluating the best age to retire, when to make withdrawals and how much to take out. A financial advisor will help you formulate 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. Implementing a 401(k) plan is a great way to retain 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 Dayton, OH financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to handle the money you've accumulated in a previous Dayton, OH employer's 401(k) plan. You have a number of options, such as keeping the money in the account it is currently in, transferring 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 navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to desire to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Dayton, OH can optimize your money for both 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 paramount to pick one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your 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 tailored debt management plans that focus on managing debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a workable path forward that suits your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Dayton, OH can help clients comprehend their cash flow, spot areas for savings, and set realistic spending limits that promote growing your wealth. 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 start by getting to know you personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. Then we've accomplished 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 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 Dayton, OH?
Seeking the assistance of a financial advisor can be a vital 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 suggest the need for expert financial advice.
- Major Life Transitions: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect how your money should be used and invested. A financial advisor can guide you navigate these changes, ensuring that your financial plan grows to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to effectively handle your investments, or simply prefer to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and perspective to your financial decisions, aiding to optimize your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can help you review your current financial situation, determine your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a wide array of investment options, many of which come with their own 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 assist you comprehend 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 paramount when you're hiring someone for any service, but particularly so when it comes to your finances. In addition to finding a dependable advisor, you need one whose specialties align with your needs. It's important to ask the right questions 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 kinds of clients they've worked with, and their areas of expertise, can give you a sense of their expertise and whether they're equipped to handle your financial needs.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to strict education, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- Can you describe 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 aggressive strategy, their philosophy should resonate with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style 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 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will help you identify potential conflicts of interest and ensure that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is crucial. This means they are bound by law to put your interests before their own, giving advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive 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. Understanding the full scope of services offered can help you gauge whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they manage them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and are required to 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 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 Dayton, 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 other financial products. This fee structure can lead to a possible conflict, as the advisor might be incentivized to recommend 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 recommend 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 several forms, including a percentage of the assets under management (AUM). This model is often seen as more transparent and in line 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, such 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 Dayton, OH
Correct Capital stands out in the Dayton, 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 identical goals, we offer three different 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 continuous oversight. This service is excellent for individuals who are largely confident in managing their finances but are looking for professional validation to ensure they're doing things the right way. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals 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 insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not be managing your portfolio, we'll work to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to hand over the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement to estate considerations 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 leading choice for individuals and families in Dayton, OH looking for 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, we is legally obligated to put your interests first. 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: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any specific financial institution or product, enabling us the freedom to choose 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 two 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: 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. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Dayton, OH means joining forces 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 Dayton, OH include:
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Dayton, OH Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between a person, household, or business owner in Dayton, OH and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, be it funding higher education for your children or making the dream purchase of that dream car in retirement. Contact our Dayton, OH financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.
