Financial Advisor in Detroit, MI

Financial Advisor in Detroit, MI. You work hard for your money, and you want to feel confident about how it's being managed and how it's being used. A lot of Detroit residents lack the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or interest to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Detroit, MI will make your money work for you. We utilize in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Detroit, MI and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.

Wondering if you're ready to hire a financial advisor in Detroit, MI? Take a look at our process page to discover how easy we make it to ascertain if we would make a good team.

A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. A source of that concern is commonly just not being sure they're managing their money correctly. After our Detroit, MI financial advisor team gets to know you, your finances and your financial goals, we'll implement a road map to help you achieve them. As a fiduciary and an independent firm, your Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the plans we can suggest. Our financial advisors in Detroit, MI have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.

What Is a Financial Advisor?

A financial advisor is a specialist who provides advice on managing personal finances and investments. This role includes a wide range of services, from investment management and retirement planning to tax planning and generational wealth transfers. 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, credible and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.

Types of Financial Advisors in Detroit, MI

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 serve as fiduciaries, meaning they always have the client's best interest at heart. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
• Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by the SEC and are usually 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 holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have completed rigorous training and uphold the highest ethical standards, including a fiduciary duty to their customers. CFPs provide a vast spectrum of financial planning services, including managing debt to retirement planning, and estate planning. This approach is all-encompassing, aiming to satisfy every facet of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing holistic financial advice, covering everything from estate planning to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
• Financial Coaches: Focus on boosting clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Their services delivers a solid foundation for handling personal finances wisely, especially for those in the early stages of financial planning.
• Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They collaborate intimately with their clients to handle complex financial situations and develop wealth preservation strategies. Their skill set is focused on optimizing the financial health and future of those with substantial assets, making sure that all investments and planning strategies meet customized advice and strategies.

Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 examine your extant financial situation, pinpoint means to enhance it, and help you achieve your long-term financial goals. Many Detroit, MI residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a essential aspect of any financial plan, an experienced financial advisor will be able to give you holistic financial advice that considers the whole of your finances. The following are some of the services your Correct Capital financial advisor in Detroit, MI will use in order to help you reach your goals.

• Financial Planning

  Our finances are involved in almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, picking insurance policies, and putting food on the table each night. The best financial advisors in Detroit, MI offer all-encompassing services and tailored consulting by considering your entire financial situation.

• Tax Planning

  Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to minimize taxes owed. A reliable and expert Detroit, MI financial advisor will assist you in navigating 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 stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Detroit, MI will assist in allocating and diversify your assets in order to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you currently are in life and your desired lifestyle when you retire, your Detroit, MI financial advisor will assist with tax planning, considering the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating a budget and strategy for where your income will come from in retirement so you can live out your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Detroit, MI 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 oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Detroit, MI financial advisor team offers comprehensive 401(k) planning for companies as well as individualized 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 Detroit, MI employer's 401(k) plan. You have a number of options, including keeping the money in the account it is currently in, transferring it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's common to want to leave a legacy and leave some wealth to the people you care about the most. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Detroit, MI can best position your money for both your children but for future 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 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 Detroit, MI financial advisor at Correct Capital is bound by a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer personalized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, 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 crucial to having the financial health and life you want. Financial advisors in Detroit, MI can help clients understand your income level, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for effective budgeting, advisors ensure that clients can satisfy their current financial obligations while also planning for future goals.

When you hire a Detroit, MI financial advisor at Correct Capital, we start by getting to know you personally and your aims. 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 grow your money. As an independent advisory firm, our only job is to act in your best interest. There is no limit 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.

Do I Need to Speak to a Financial Advisor in Detroit, MI?

Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial health you want. While the ideal moment can differ greatly 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 transitions, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can significantly 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 Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you lack the experience to effectively handle your investments, or simply prefer to focus your energy on other pursuits, a financial advisor can be essential. They bring experience and perspective to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
• Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, determine your retirement needs, and devise a plan to ensure you can live comfortably during 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 plethora 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 assist 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 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 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 years in the industry, the varieties of clients they've assisted, and their specializations, can provide you a sense of their expertise and whether they're well-suited to manage your specific financial circumstances.

• What are your qualifications and certifications?

  Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require meeting rigorous education, experience, and ethical standards, demonstrating a high level of expertise 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 aggressive strategy, their philosophy should be in harmony with your goals and expectations.

• How do you prefer to communicate with clients?

  Communication method and frequency are vital to a fruitful 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 how your investments are going and if you need any updates to your plan.

• What's your fee structure?

  Advisors can be fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and guarantee that their recommendations are offered with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor serves as a fiduciary is crucial. This means they are legally obligated to put your interests before their own, giving advice that is in the best interest of 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. 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 manage them to ensure they don't harm 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 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 Detroit, MI?

In general, there are three common ways for financial advisors to be compensated:

1. Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor could be motivated to suggest options that generate higher commissions rather than those that are most suited to your financial goals. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend products that can help you achieve your goals, but not necessarily the ones most appropriate to your needs.
2. Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including hourly rates assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
3. Fee-Based: Fee-based advisors 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, fee-based advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this 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 Detroit, MI

Correct Capital is distinguished in the Detroit, MI 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 three different service models to our clients in Detroit, MI:

One-Time Financial Plan (best for validators)

This service model is best for those who are seeking the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who largely feel good about 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, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.

Subscription (best for collaborators)

Our subscription service caters to individuals who value 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 updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not manage your investments for you, 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, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies and preparing for retirement to estate considerations 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 realizing their financial goals.

Why Choose Correct Capital as Your Detroit, MI Financial Advisor?

Correct Capital is a leading choice for individuals and families in Detroit, MI looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound 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 done 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 signifies we aren't tied to any specific 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 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 boast 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 anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
• Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Detroit, MI means joining forces with a team dedicated to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and safeguard their future.

Other services we offer in Detroit, MI include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Detroit, MI 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 firmly believe that the relationship between an individual, household, or entrepreneur in Detroit, MI and their financial advisor is founded on mutual trust. Dedicating our lives to guiding 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. Reach out to our Detroit, MI 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.

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