Financial Advisor in El Paso, TX. Your hard-earned money deserves attention, and you want to be secure about how it's growing and how it's being used. Many El Paso residents lack 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 market trends 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 help your finances grow. We utilize in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in El Paso, TX and beyond. Speak to a team member today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in El Paso, TX? Check out our process page to discover how easy we make it to determine if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. The root of that concern is frequently just not being sure they're managing their money correctly. Once our El Paso, TX financial advisor team gets to know you, your finances and your financial goals, we'll design a road map to help you realize 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 offer you. Our financial advisors in El Paso, TX have certifications that can only be acquired through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals oversee their money, plan their finances, put enough money away, and plan for their financial future. This role includes a variety of services, from portfolio 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 call themselves 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 El Paso, TX
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 oversee investment portfolios. They often work in 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, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must register with 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 instance, an individual who holds a Series 7 license is qualified to sell 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 the people whose assets they help manage. CFPs provide a broad range of financial advisory services, such as debt management to planning for retirement, and tax optimization strategies. Their approach is all-encompassing, designed to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs focus on offering comprehensive financial advice, encompassing areas such as investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, assisting with basics such as saving money and budgeting. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a solid foundation for managing personal finances effectively, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to manage complex financial situations and develop wealth preservation strategies. Their skill set is tailored for enhancing the financial health and legacy of wealthy individuals, guaranteeing that every financial decision is aligned with personalized advice and approaches.
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 represent the highest standards of fiduciary responsibility and personalized service, making sure that we act only in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will asses your current financial situation, pinpoint ways to enhance it, and help you reach your future financial goals. Many El Paso, TX residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial element of any financial plan, an accomplished financial advisor will be able to offer you extensive financial advice that gives consideration to the whole of your finances. Below are some of the services your Correct Capital financial advisor in El Paso, TX will use in order to help you meet your goals.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, deciding on insurance policies, and putting food on the table each night. The best financial advisors in El Paso, TX offer all-encompassing services and tailored guidance by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role in virtually every financial transaction and transfer. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal means to minimize taxes owed. A professional and trustworthy El Paso, TX 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 other investments such as art. A financial advisor in El Paso, TX will help to allocate and diversify your assets in order to mitigate risk and optimally position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you retire, your El Paso, TX financial advisor will assist with tax planning, considering the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and strategy 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. Setting up a 401(k) plan is a great way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands 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 moving to a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous El Paso, TX employer's 401(k) plan. You have multiple options, such as leaving the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will know how to best manage managing 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 dearly. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in El Paso, TX can strategically plan your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's vital to choose one who has obtained accreditations and certifications from regulatory bodies 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:
- 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 consolidating debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a manageable path forward that suits your financial capabilities and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in El Paso, TX can help clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for effective budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a El Paso, TX financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Once we've done that, we'll work with you to determine your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can put forward, 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 assistance of a financial advisor can be a key step towards getting the life and financial security you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically 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 situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you aren't confident to effectively manage your investments, or simply choose to spend your time on other pursuits, a financial advisor can be crucial. They bring experience and objectivity to your financial decisions, aiding to enhance your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, estimate your retirement needs, and devise a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a wide array of investment options, many of which come with their own complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be vital. They can assist you grasp the risks and benefits, ensuring that any investment matches 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 particularly so when it comes to your hard-earned money. In addition to finding a reliable advisor, you need one who ideally suits your needs. It's important to make the right inquiries during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their time spent in the industry, the types of clients they've collaborated with, and their areas of expertise, can give you a sense of their expertise and whether they're equipped to handle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling strict educational, experience, and ethical standards, demonstrating a high level of expertise 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 be in harmony with your aspirations and expectations.
- How do you usually communicate with clients?
Communication style and regularity are crucial to a successful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor expects to keep you informed about your investments and financial 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 enable you to discern potential conflicts of interest and ensure that their advice is offered with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is crucial. This means they are bound by law to put your interests before their own, providing advice that best serves 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 manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also enable you to assess 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:
- Commission-Based: Commission-based advisors make their earnings through commissions on the products they sell, such as mutual funds. This fee structure can lead to a possible conflict, as the advisor might be incentivized to suggest products that generate higher commissions instead of 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 help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the guidance and assistance 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 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: Advisors with a fee-based approach use a combination of fees paid by the client 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 cannot 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 three different service models to our clients in El Paso, TX:
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 excellent for individuals who are generally confident in managing their finances but desire professional validation to ensure they're setting their money up for success in the best way. Our team conducts 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 caters to individuals who appreciate ongoing guidance and advice as their financial situation evolves, 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 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, comprehensive financial strategizing, and forward-looking guidance 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your El Paso, TX Financial Advisor?
Correct Capital is a leading choice for individuals and families in El Paso, TX looking for 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 put your interests first. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests in mind.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent signifies we aren't 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 a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, 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 stay ahead of trends and lead, rather than follow. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in El Paso, TX means partnering with a team dedicated 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 secure their future.
Other services we offer in El Paso, TX include:
Call Correct Capital's El Paso, TX Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between a person, family, or business owner in El Paso, TX and their financial advisor is based on trust. Dedicating our lives to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Contact our El Paso, TX financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.
