Financial Advisor in El Paso, TX

Financial Advisor in El Paso, TX. You work hard for your money, and you want to be confident about how it's being managed and how it's being used. A lot of El Paso 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 interest to stay up to date on financial markets along with new laws, rules, and global events. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in El Paso, TX 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 El Paso, TX 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.

Wondering if you're ready to hire a financial advisor in El Paso, TX? Take a look at our process page to find out how easy we make it to determine if you're a good fit.

A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The cause of that concern is commonly just not being sure they're putting their money in the right places. After our El Paso, TX financial advisor team gets to know you, your finances and your financial objectives, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in El Paso, TX have certifications that can only be gained through exhaustive testing and by meeting strict education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This wide-ranging definition covers a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to suggest strategies that suit your goals, risk tolerance, and time horizon. 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 indicate their experience and education.

Types of Financial Advisors in El Paso, TX

Financial advisors can work and market themselves under different titles:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
• Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for 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 holding the CFP designation have completed rigorous training and uphold high ethical standards, particularly a fiduciary duty to their clients. CFPs provide a broad range of financial advisory services, such as managing debt to retirement planning, and estate planning. Their methodology is comprehensive, aiming to address all aspects of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education similar to CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in providing holistic financial advice, covering areas such as estate planning to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
• Financial Coaches: Focus on boosting clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are suited for clients who may not possess the wealth to hire a financial advisor yet. Their services offers a strong basis for handling personal finances efficiently, particularly for those looking to take the first step towards financial wellbeing.
• Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their skill set is geared towards optimizing the financial health and future of wealthy individuals, making sure that all investments and planning strategies meet customized advice and approaches.

Each type of financial advisor brings unique expertise and services to the table. 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 across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will examine your current finances, ascertain ways to enhance it, and help you accomplish your future financial goals. Many El Paso, TX residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a essential feature of any financial plan, a qualified financial advisor will be able to provide you with all-encompassing financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in El Paso, TX will utilize to help you achieve your goals.

• Financial Planning

  Our money is involved in almost everything we do, from making sure we're prepared for retirement, to education, buying and/or selling a house, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in El Paso, TX offer all-encompassing services and tailored guidance 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, over 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to lower your taxes. A professional and trustworthy El Paso, TX financial advisor will assist you in navigating your tax implications to ensure keeping more money in your pocket.

• Portfolio Management and Asset Management

  Your financial portfolio is the assembly of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in El Paso, TX will assist in allocating and diversify your assets in order to mitigate risk and best position your money for long-term 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 El Paso, TX financial advisor will help with tax planning, considering the optimal time to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and plan for source of income in retirement so you can 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 El Paso, TX 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 oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our El Paso, TX 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 tough to know the best way to manage the money you've already saved in a previous El Paso, TX employer's 401(k) plan. You have several options, including leaving 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 have the knowledge how to best manage managing your 401(k) funds.

• Generational Wealth Transfers

  You work hard for your money, and it's common to desire to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in El Paso, TX can optimize your money for both 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 choose one who has earned accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your El Paso, TX 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 customized 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 matches your financial situation and goals, ultimately leading to stability.

• Budgeting

  Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in El Paso, TX can assist clients understand how much money's coming in, identify areas for savings, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for successful budgeting, advisors guarantee that clients can satisfy their current financial obligations while also preparing for future goals.

When you hire a El Paso, TX financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will assess your current income, assets, investments, debts, and expenses. Then we've accomplished that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only job is to act in your best interest. There is no 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.

When Should I Consider Hiring a Financial Advisor in El Paso, TX?

Seeking the advice of a financial advisor can be a vital step towards getting the life and financial security you want. While the ideal moment 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 changes, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect how your money should be used and invested. A financial advisor can help you navigate these changes, ensuring that your financial plan grows to meet your new circumstances and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you lack the experience to effectively manage your investments, or simply choose to focus your time on other pursuits, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, helping to optimize your portfolio, avoid 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 assess your current financial situation, determine your retirement needs, and craft a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
• Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own 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 vital. 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 when you're hiring someone for any service, but especially so when it involves your finances. In addition to finding a trustworthy 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 experience, including their years in the industry, the types of clients they've worked with, and their expert areas, can offer you a sense of their expertise and whether they're well-suited to handle your financial situation.

• What are your qualifications and certifications?

  Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require fulfilling demanding educational, experience, and ethical standards, demonstrating a high level of professionalism 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 conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your aspirations and expectations.

• How do you prefer to communicate with clients?

  Communication method and regularity are crucial to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.

• What's your fee structure?

  Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is given with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor serves as a fiduciary is essential. This means they are legally obligated to put your interests ahead of their own, offering advice that optimally benefits 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 educational resources and portfolio reviews. Grasping 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 clearly explain potential conflicts of interest and how they address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known 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 El Paso, TX?

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 products they sell, such as other financial products. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to suggest options that generate higher commissions instead of 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 advise on 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 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 a percentage of the assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it reduces 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, such advisors generally also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.

Correct Capital's Financial Advisory Services in El Paso, TX

Correct Capital is distinguished in the El Paso, TX 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 El Paso, TX:

One-Time Financial Plan (best for validators)

This service model is ideal for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are generally confident in managing their finances but are looking for professional insight 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 addresses your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service is designed for individuals who appreciate ongoing 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 insights from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we won't 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 prefer to hand over 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 preparing for retirement 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 achieving their financial goals.

Why Choose Correct Capital as Your El Paso, TX Financial Advisor?

Correct Capital is a premier choice for individuals and families in El Paso, TX seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:

• We are Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests at heart.
• Our I.O.U. Promise: All the advice 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.
• 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 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. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
• Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in El Paso, TX means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and safeguard their future.

Other services we offer in El Paso, TX include:

• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's El Paso, TX 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 strongly believe in the relationship between an individual, family, or business owner in El Paso, TX and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, be it funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Reach out to our El Paso, TX financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth in the manner you desire.

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