Financial Advisor in Durham, NC. You work hard for your money, and you need to feel confident about how it's expanding and how it's being used. Numerous Durham residents do not have the financial literacy to feel confident they're making the best decisions with their money, while others are too busy or inclination 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 Durham, NC will make your money work for you. We employ in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Durham, NC 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.
Uncertain if you're ready to hire a financial advisor in Durham, NC? Explore our process page to see how simple we make it to find out if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. The root of that anxiety is commonly just not being sure they're making the right decisions with their money. After our Durham, NC financial advisor team gets to know you, your current financial situation and your financial objectives, we'll design a road map to help you achieve 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 solutions we can offer you. Our financial advisors in Durham, NC 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 professional who provides advice on managing personal finances and investments. This role encompasses a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. 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 call themselves a financial advisor or financial planner, trustworthy 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 Durham, NC
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 manage investment portfolios. They're commonly associated with RIAs and are required to act in a fiduciary capacity, putting their clients' interests above their own. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must register with the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, a broker who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have completed rigorous education and adhere to high ethical standards, including a fiduciary duty to their clients. CFPs provide a broad range of financial planning services, including managing debt to retirement planning, and estate planning. Their methodology is comprehensive, intended to address all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also required to hold their clients' interests above their own. They specialize in providing holistic financial advice, encompassing areas such as estate planning to retirement strategies, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are perfect for clients who don't have the financial resources to hire a financial advisor yet. Financial coaching offers a good starting point for managing personal finances wisely, particularly for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and develop wealth preservation strategies. This expertise is tailored for optimizing the financial health and future of affluent clients, making sure that every financial decision is aligned with customized advice and strategies.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our group of advisors includes CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring 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 current financial situation, determine means to enhance it, and help you accomplish your long-term financial goals. Many Durham, NC residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial component of any financial plan, a professional financial advisor will be able to provide you with comprehensive financial advice that takes into consideration the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Durham, NC will use in order to help you achieve your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, picking insurance policies, and putting food on the table each night. The best financial advisors in Durham, NC offer comprehensive services and bespoke advice 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 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to minimize taxes owed. A reliable and expert Durham, NC financial advisor will help you navigate your tax implications in the interest of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Durham, NC will help in allocating and diversify your assets to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you retire, your Durham, NC financial advisor will help with tax implications, 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 enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Durham, NC businesses and business owners. Introducing a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Durham, NC financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Durham, NC employer's 401(k) plan. You have multiple options, including keeping the money in the account it is in now, 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 work hard for your money, and it's normal to desire to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Durham, NC can strategically plan your money for not only 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 imperative 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 Durham, NC financial advisor at Correct Capital must heed 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 personalized debt management plans that focus on managing debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a manageable path forward that aligns with your financial capabilities and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Durham, NC can help clients comprehend your income level, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors guarantee that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Durham, NC financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Next we've done that, we'll work with you to establish your preferred risk tolerance and how we can best help you accomplish your goals. As an independent advisory firm, our only obligation 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.
Do I Need to Speak to a Financial Advisor in Durham, NC?
Seeking the advice of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, 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 assist you through these changes, ensuring that your financial plan grows to meet your evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you lack the experience to successfully manage your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, aiding to enhance your portfolio, prevent 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 assist you assess your current financial situation, determine your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora 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 expertise can be essential. They can assist you comprehend 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 crucial whenever you hire someone to do something, but particularly so when it comes to your hard-earned money. In addition to finding a reliable advisor, you need one whose specialties align with your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their years in the industry, the kinds of clients they've collaborated with, and their specializations, can give you a sense of their proficiency and whether they're prepared to tackle 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 credentials often require meeting rigorous educational, experience, and ethical standards, indicating a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should complement 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 be in harmony with your expectations and expectations.
- How do you usually communicate with clients?
Communication method and frequency are crucial to a productive client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or online, and how the advisor plans to keep you informed about how your investments are going and if you need any updates to your plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is essential. This means they are legally required to put your interests ahead of their own, giving 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. Knowing 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 deal with them to ensure they don't harm 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 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 Durham, NC?
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 products they sell, such as mutual funds. 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 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 advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors 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, 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 Durham, NC
Correct Capital is distinguished in the Durham, NC financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Durham, NC:
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 continuous oversight. This service is great for individuals who are largely confident in managing their finances but desire professional insight to confirm they're doing things the right way. Our team performs a thorough review of your financial landscape, supplying you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for people who value 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 updates from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not manage your investments for you, we'll strive to look for opportunities to help you save and grow your wealth.
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 strategies and retirement planning to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Durham, NC Financial Advisor?
Correct Capital is a leading choice for individuals and families in Durham, NC 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, Correct Capital is legally obligated to act in your best interests. 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 means we are not tied to any financial institution or product, allowing 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 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. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education guarantees that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Durham, NC means joining forces with a team committed 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 secure their future.
Other services we offer in Durham, NC include:
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Durham, NC Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between an individual, family, or entrepreneur in Durham, NC and their financial advisor is based on trust. Dedicating our lives to guiding our clients achieve their financial and personal 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 Durham, NC 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.
