Financial Advisor in Des Moines, IA. You work hard for your money, and you need to be assured about how it's growing and how it's being used. A lot of Des Moines residents do not have the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or interest to stay up to date on market trends along with new laws, rules, 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 make your money work for you. We use in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Des Moines, IA and beyond. Call us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Des Moines, IA? Check out our process page to see how straightforward we make it to determine if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that anxiety is often simply not being sure they're managing their money correctly. After our Des Moines, IA financial advisor team gets to know you, your finances and your financial aims, we'll design a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically 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 gained through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals manage their money, budget, save, and prepare for their financial future. This wide-ranging definition includes a spectrum of services, from investment 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 be called 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 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're often associated with RIAs and are required to act in a fiduciary capacity, putting their clients' interests above their own. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments 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 usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, an advisor who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have completed rigorous education and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs offer a broad range of financial planning services, such as managing debt to retirement planning, and estate planning. This approach is comprehensive, aiming to meet all aspects 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 bound by a fiduciary duty. They specialize in providing holistic financial advice, covering areas such as investment management to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing 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. This type of guidance provides a solid foundation for handling personal finances efficiently, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They work closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their skill set is tailored for maximizing the financial health and legacy of wealthy individuals, guaranteeing that every financial decision is aligned with tailored advice and approaches.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who uphold 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 look over your extant financial situation, identify methods to enhance it, and help you realize your future financial goals. A lot of Des Moines, IA residents commonly immediately think of investing when they consider wealth management services and financial advisors. While that is a crucial component of any financial plan, an experienced financial advisor will be able to offer you extensive financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Des Moines, IA will utilize to help you accomplish your goals.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're set up in retirement, to paying for college, real estate deals, picking insurance policies, and putting food on the table each night. The best financial advisors in Des Moines, IA offer comprehensive services and personalized advice 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, more than 7 out of 10 of Americans overpay in taxes each year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to lower your taxes. A skilled and ethical Des Moines, IA financial advisor will guide you through your tax implications to ensure keeping more money in your own account.
- 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 Des Moines, IA will help to allocate and diversify your assets to mitigate risk and optimally 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 hang up your cape, your Des Moines, IA financial advisor will assist with tax planning, evaluating the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Des Moines, IA businesses and business owners. Introducing a 401(k) plan is a fantastic way to retain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Des Moines, IA financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to deal with the money you've accumulated in a previous Des Moines, IA employer's 401(k) plan. You have multiple options, including leaving the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will be skilled in how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's natural to wish to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are separate from merely 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 give themselves the title of "financial advisor," so it's vital to pick one who has 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 observe 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 manageable path forward that suits your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Des Moines, IA can help clients grasp your income level, identify areas for savings, and set realistic spending limits that encourage wealth accumulation. By providing tools and strategies for effective budgeting, advisors make sure that clients can fulfill 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 personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. Once we've done that, we'll work in concert with you to determine your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only obligation is to act in your best interest. There is no limitation 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 Des Moines, IA?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial security 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 transitions, and many of them have substantial financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect your financial landscape. A financial advisor can help you manage these changes, ensuring that your financial plan adapts to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you aren't confident to effectively manage your investments, or simply choose to focus your time on other pursuits, a financial advisor can be essential. They bring insight and perspective to your financial decisions, helping to optimize your portfolio, prevent 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, estimate your retirement needs, and craft a plan to ensure you can experience your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own 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 fits 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 involves your hard-earned money. In addition to finding a reliable advisor, you need one who ideally suits your needs. It's important to make the right inquiries during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their time spent in the industry, the varieties of clients they've worked with, and their areas of expertise, can provide you a sense of their skills and whether they're well-suited to manage your specific financial circumstances.
- 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 rigorous education, experience, and ethical standards, demonstrating a high level of expertise 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 dynamic strategy, their philosophy should resonate with your expectations and expectations.
- How do you usually communicate with clients?
Communication style and regularity are essential to a productive client-advisor relationship. Ask about how often you'll have meetings, whether they'll be in person or online, and how the advisor intends to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding 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.
- 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 ahead of their own, offering advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic 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. Grasping 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 clearly explain potential conflicts of interest and how they address them to ensure they don't harm their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must 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 make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can create a possible conflict, as the advisor could be motivated to suggest products 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 advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by 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 transparent and aligned 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 client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such advisors generally also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this to the client and cannot 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 is distinguished in the Des Moines, IA financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer a variety of 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 looking for the insights and advice a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are generally confident in managing their finances but seek professional insight to ensure 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 opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who value ongoing guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, 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 flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to hand over 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 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 committed to maximizing their wealth and realizing their long-term 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 looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are 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: All the advice we offer is independent, objective, and unbiased. Being independent signifies we are not tied to any specific financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: Our advisors believe 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, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions alongside 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 expertise, 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:
Call Correct Capital's Des Moines, IA Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we firmly believe that the relationship between a person, family, or entrepreneur in Des Moines, IA and their financial advisor is founded on mutual trust. Committed to guiding our clients realize their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Contact 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 growing your wealth how you've always wanted.
