Financial Advisor in Elk Grove, CA. You work hard for your money, and you want to feel assured about how it's expanding and how it's being used. Many Elk Grove residents lack the financial literacy to feel like they can handle their investments and finances by themselves, 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 trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Elk Grove, CA 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 Elk Grove, CA and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Not sure if you're ready to hire a financial advisor in Elk Grove, CA? Check out our process page to discover how simple we make it to find out 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 frequently just not being sure they're managing their money correctly. Once our Elk Grove, CA financial advisor team gets to know you, your finances and your financial aims, we'll build a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can suggest. Our financial advisors in Elk Grove, CA have certifications that can only be obtained through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This role includes a 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Elk Grove, CA
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 advisors offer advice on securities and manage investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, meaning they must act within a client's best interest. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must register with the SEC and are generally members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, a broker who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have completed rigorous education and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial advisory services, such as debt management to retirement planning, and estate planning. Their methodology is comprehensive, aiming to satisfy 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 required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing comprehensive financial advice, encompassing everything from estate planning to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, helping with basics such as saving money and creating budgets. They are perfect for clients who may not possess the financial resources to hire a financial advisor just yet. This type of guidance provides a good starting point for managing personal finances efficiently, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Help high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and formulate wealth preservation strategies. This expertise is tailored for enhancing the financial health and future of those with substantial assets, ensuring that all investments and planning strategies meet personalized advice and approaches.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 asses your extant finances, pinpoint means to enhance it, and help you accomplish your long-term financial goals. Many Elk Grove, CA residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a core component of any financial plan, a knowledgeable financial advisor will be able to offer you extensive financial advice that considers the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Elk Grove, CA will utilize in order to help you meet your goals.
- Financial Planning
Our finances are a part of almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Elk Grove, CA offer all-encompassing services and personalized 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, more than 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to lower your taxes. A skilled and ethical Elk Grove, CA financial advisor will guide you through your tax implications to ensure keeping more money in your hands than in Uncle Sam's.
- 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 art. A financial advisor in Elk Grove, CA will assist to allocate and diversify your assets to mitigate risk and strategically 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 Elk Grove, CA financial advisor will assist with tax implications, considering the optimal time to retire, when to withdraw money and how much to withdraw. 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 Elk Grove, CA businesses and business owners. Introducing a 401(k) plan is a superb way to maintain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Elk Grove, CA financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be tough to know the best way to manage the money you've accumulated in a previous Elk Grove, CA employer's 401(k) plan. You have a number of 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 know how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to desire to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Elk Grove, CA 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 crucial to pick one who has accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Elk Grove, CA 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 customized debt management plans that focus on managing debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a workable path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Elk Grove, CA can help clients understand your income level, spot areas for savings, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Elk Grove, CA financial advisor at Correct Capital, we begin by getting to know you and your goals. We will analyze your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in tandem with you to establish 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 put forward, 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 Elk Grove, CA?
Seeking the guidance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the ideal moment can vary widely from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Transitions: Life is a long line of changes, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan adapts to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to effectively handle your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be crucial. They bring experience and perspective to your financial decisions, aiding to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can help you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own 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 guide 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 paramount whenever you hire someone to do something, but especially so when it involves your finances. In addition to finding a reliable advisor, you need one who perfectly matches 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 years in the industry, the types of clients they've collaborated with, and their areas of expertise, can offer you a sense of their proficiency and whether they're equipped to tackle your financial situation.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require meeting strict education, experience, and ethical standards, indicating a high level of professionalism and expertise.
- What is 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 aggressive strategy, their philosophy should reflect your goals and expectations.
- How do you usually communicate with clients?
Communication style and frequency are essential to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor intends to keep you updated about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will help you identify potential conflicts of interest and ensure that their recommendations are offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is vital. This means they are legally required to put your interests before their own, providing advice that is in the best interest of 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 client education and portfolio reviews. Knowing the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will transparently share potential conflicts of interest and how they address them to ensure they don't adversely affect 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 help you gauge 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 Elk Grove, CA?
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 insurance policies. This fee structure can create a potential conflict of interest, as the advisor could be motivated to recommend 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 recommend products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including a percentage of the assets under management (AUM). This model is frequently regarded as more clear and aligned with the client's best interests, as it minimizes 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, such 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 Elk Grove, CA
Correct Capital stands out in the Elk Grove, CA financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Elk Grove, CA:
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 great for individuals who are generally confident in managing their finances but desire professional insight to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who value 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 won't be managing your portfolio, we'll strive to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio 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 carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Elk Grove, CA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Elk Grove, CA seeking trusted, professional 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 ensures 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. Our independence signifies we aren't tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Professional Credentials: 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. Moreover, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging in-depth research and analytics, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: 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 ensures that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Elk Grove, CA 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 perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Elk Grove, CA include:
Call Correct Capital's Elk Grove, CA Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or business owner in Elk Grove, CA and their financial advisor is based on trust. Dedicating our lives to guiding our clients realize their financial and personal goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Elk Grove, CA 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.
