Financial Advisor in Detroit, MI. You work hard for your money, and you want to be secure about how it's growing and how it's being used. Many Detroit residents do not have 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, regulations, and different events happening around the world. That's when you should consider hiring a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Detroit, MI will help your finances grow. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Detroit, MI and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Uncertain if you're ready to work with a financial advisor in Detroit, MI? Take a look at our process page to see how easy we make it to ascertain if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. A source of that concern is commonly simply not being sure they're putting their money in the right places. After our Detroit, MI 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 legally and ethically bound 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 obtained through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals manage their money, budget, put enough money away, and plan for their financial future. This role encompasses a wide range 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 obtained through rigorous education and exams.
Types of Financial Advisors in Detroit, MI
There are various types of advisors that differ based on the services they provide, how they're paid, their areas of expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. 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 generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, someone who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous training and adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a wide array of financial planning services, including 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 be widely applied, but chartered financial consultants (ChFCs) have undergone education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering areas such as investment management to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on improving clients' financial literacy, guiding with basics such as saving money and budgeting. They are ideal for clients who don't have the financial resources to hire a financial advisor yet. Their services provides a strong basis for managing personal finances effectively, especially for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is focused on optimizing the financial health and legacy of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through customized advice and strategies.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our team of advisors features CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, making sure 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 finances, identify ways to enhance it, and help you reach your long-term financial goals. Many Detroit, MI residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental facet of any financial plan, a certified financial advisor will be able to provide you with overarching financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Detroit, MI will use to help you meet your goals.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're set up in retirement, to paying for college, real estate deals, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Detroit, MI offer holistic services and tailored advice by taking into account 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, more than 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it offers perfectly legal means to reduce your tax liability. A professional and trustworthy Detroit, MI financial advisor will assist you in navigating 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Detroit, MI will help to allocate 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 optimal time to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating a budget and plan for source of income in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Detroit, MI businesses and business owners. Setting up a 401(k) plan is a superb way to keep 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 extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to manage the money you've already saved in a previous Detroit, MI employer's 401(k) plan. You have multiple options, including keeping the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will know how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to want to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Detroit, MI can best position 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 crucial to choose one who has accreditations and certifications from regulatory authorities 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 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 consolidating debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a manageable path forward that suits your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Detroit, MI can assist clients grasp how much money's coming in, spot areas for savings, and set realistic spending limits that encourage growing your wealth. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can meet their current financial obligations while also saving for future goals.
When you hire a Detroit, MI financial advisor at Correct Capital, we begin by getting to know you and your aims. We will analyze your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work in concert 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 offer you, 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 Detroit, MI?
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 professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can help you manage these changes, ensuring that your financial plan grows to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you aren't confident to effectively manage your investments, or simply choose to focus your energy elsewhere, a financial advisor can be essential. They bring expertise and objectivity to your financial decisions, assisting to optimize your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, calculate your retirement needs, and devise 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 wide array of investment options, many of which come with their own set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be crucial. They can help you understand the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is essential whenever you hire someone to do something, but particularly so when it involves your hard-earned money. In addition to finding a dependable advisor, you need one who best meets 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 track record, including their time spent in the industry, the varieties of clients they've assisted, and their areas of expertise, can offer you a sense of their proficiency and whether they're well-suited to manage your financial situation.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous education, experience, and ethical standards, indicating a high level of professionalism and expertise.
- Can you describe 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 reflect your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and regularity are vital to a productive client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor expects to keep you updated about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will assist you in identifying potential conflicts of interest and make certain 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 essential. This means they are legally obligated to put your interests ahead of 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 comprehensive 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. Understanding the full scope of services offered can assist you in determining 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 deal with them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must make known 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 Detroit, MI?
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 mutual funds. This fee structure can lead to a possible conflict, as the advisor could be motivated to suggest products that generate higher commissions rather than those that best meet your needs. Commission-based 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: Fee-only advisors are compensated straightforwardly by clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including 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, fee-based 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 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 bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Detroit, MI:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who largely feel good about managing their finances but are looking for professional validation to confirm they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly updates 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 flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate 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 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 overseen by a dedicated team of professionals committed to maximizing their wealth and realizing their long-term 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 significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital 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 with your best interests at heart.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence signifies we are not tied to any specific financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. 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 anticipate trends and lead, rather than follow. Utilizing 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 to keep you informed and engaged with your financial health. Our commitment 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 Detroit, MI 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 seeking to achieve their financial goals and secure their future.
Other services we offer in Detroit, MI include:
Call Correct Capital's Detroit, MI Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we firmly believe that the relationship between a person, family, or entrepreneur in Detroit, MI and their financial advisor is founded on mutual trust. Committed to guiding our clients achieve their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Detroit, MI financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth how you've always wanted.
