Financial Advisor in Des Moines, IA. You work hard for your money, and you want to feel assured about how it's growing and how it's being used. Many Des Moines 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 market trends along with new laws, regulations, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Des Moines, IA will help your finances grow. We use in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Des Moines, IA and beyond. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Uncertain if you're ready to hire a financial advisor in Des Moines, IA? Take a look at 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 reported that 53 percent of American adults are worried about their finances. The root of that anxiety is often just not being sure they're putting their money in the right places. Once our Des Moines, IA financial advisor team gets to know you, your finances and your financial goals, we'll build a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can put forward. Our financial advisors in Des Moines, IA have certifications that can only be obtained through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals oversee their money, plan their finances, put enough money away, and plan for their financial future. This role covers a spectrum of services, from portfolio 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Des Moines, IA
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 professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Investment advisors 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 be registered by 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 holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP certification have completed rigorous education and uphold the highest ethical standards, particularly a fiduciary duty to their clients. CFPs offer a vast spectrum of financial planning services, such as debt management to retirement planning, and tax optimization strategies. This approach is comprehensive, aiming to address every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, 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 specialize in offering comprehensive financial advice, covering everything from investment management to retirement strategies, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance provides a solid foundation for managing personal finances effectively, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They collaborate intimately with their clients to manage complex financial situations and formulate wealth preservation strategies. This expertise is tailored for optimizing the financial health and future of wealthy individuals, ensuring that their clients' goals and aspirations are met through personalized advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your extant financial situation, pinpoint means to improve it, and help you achieve your long-term financial goals. Many Des Moines, IA residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a key element of any financial plan, an accomplished financial advisor will be able to offer you holistic financial advice that gives consideration to the whole of your finances. Below are some of the services your Correct Capital financial advisor in Des Moines, IA will utilize in order to help you achieve your objectives.
- Financial Planning
Our money is involved in almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, picking insurance policies, and putting food on the table each night. The best financial advisors in Des Moines, IA offer all-encompassing services and tailored guidance by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in nearly every financial transaction and transfer. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to reduce your tax liability. A skilled and ethical Des Moines, IA financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Des Moines, IA will assist to allocate and diversify your assets in order 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 hang up your cape, your Des Moines, IA financial advisor will help with tax planning, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating a budget and plan for source of income 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 Des Moines, IA businesses and business owners. Introducing a 401(k) plan is a great way to maintain your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Des Moines, IA financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to handle the money you've accumulated in a previous Des Moines, IA employer's 401(k) plan. You have multiple options, such as leaving the money in the account it is currently in, 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 handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to wish to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Des Moines, IA 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 call themselves a "financial advisor," so it's important to pick 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 Des Moines, IA 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 tailored debt management plans that focus on managing debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a workable path forward that suits your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in Des Moines, IA can help clients comprehend their cash flow, identify areas to spend less, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for efficient budgeting, advisors ensure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Des Moines, IA financial advisor at Correct Capital, we start by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work with you to establish your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only job is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Des Moines, IA?
Seeking the advice of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have significant financial implications. Whether you're starting a family or changing careers, these milestones can profoundly 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 changing situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you lack the experience to successfully handle your investments, or simply choose to focus your time elsewhere, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can aid you evaluate your current financial situation, determine your retirement needs, and formulate a plan to ensure you can experience your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans 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 knowledge can be crucial. They can help you understand the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is essential when you're hiring someone for any service, but especially so when it comes to your hard-earned money. Beyond just finding a reliable advisor, you need one who ideally suits 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 time spent in the industry, the kinds of clients they've collaborated with, and their specializations, can give you a sense of their skills and whether they're prepared to tackle your financial needs.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to strict educational, experience, and ethical standards, indicating a high level of competence and expertise.
- What is 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 dynamic strategy, their philosophy should resonate with your aspirations 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 plans to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will assist you in identifying potential biases and guarantee that their advice is offered with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is vital. This means they are legally required 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 enable you to assess 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 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 offer 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 Des Moines, IA?
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 financial products they offer, such as other financial products. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend options that generate higher commissions instead of 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 various shapes, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of fees paid by the client and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such 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 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 Des Moines, IA
Correct Capital stands out in the Des Moines, IA 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 Des Moines, IA:
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 are looking for professional validation to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, 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 individuals who appreciate ongoing 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, quarterly meetings, and open availability if the need ever arises. While we won't 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 portfolio management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax planning and retirement planning to estate planning and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Des Moines, IA Financial Advisor?
Correct Capital is a premier choice for individuals and families in Des Moines, IA seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we is legally obligated to put your interests first. This commitment guarantees 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: All the advice we offer is independent, objective, and unbiased. Being independent means we aren't tied to any specific financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Professional Credentials: 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 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.
- We Are Proactive: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education ensures that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Des Moines, IA means joining forces with a team committed to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Des Moines, IA include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Des Moines, IA Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, family, or entrepreneur in Des Moines, IA and their financial advisor is based on trust. Committed to helping our clients realize their personal and financial goals, whether it's funding higher education for your children or making the dream purchase of that dream car during your retirement years. Reach out to our Des Moines, IA financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth how you've always wanted.
