Financial Advisor in Grand Prairie, TX. You work hard for your money, and you need to be secure about how it's expanding and how it's being used. Numerous Grand Prairie residents lack the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or interest to stay informed on market trends along with new laws, regulations, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Grand Prairie, TX will make your money work for you. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Grand Prairie, 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 Grand Prairie, TX? Explore our process page to find out how easy we make it to ascertain if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. The cause of that apprehensiveness is commonly just not being sure they're making the right decisions with their money. Once our Grand Prairie, TX financial advisor team gets to know you, your finances and your financial ambitions, we'll design a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Grand Prairie, TX have certifications that can only be awarded through rigorous 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 broad definition covers a wide range of services, from investment management and retirement planning to tax planning and estate planning. 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 be called a financial advisor or financial planner, credible and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Grand Prairie, TX
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they always have the client's best interest at heart. Investment advisors are certified 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 be registered by 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 example, an individual who holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have undergone extensive training and uphold high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a vast spectrum of financial planning services, ranging from debt management to planning for retirement, and tax optimization strategies. Their approach is holistic, intended 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 CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. They focus on providing holistic financial advice, covering everything from estate planning to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, helping with basics such as saving money and creating budgets. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching provides a good starting point for handling personal finances effectively, especially for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to manage complex financial situations and implement wealth preservation strategies. This expertise is tailored for enhancing the financial health and future of those with substantial assets, guaranteeing that their clients' goals and aspirations are met through tailored advice and solutions.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will examine your extant finances, ascertain methods to enhance it, and help you achieve your long-term financial goals. A lot of Grand Prairie, TX residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a principal component of any financial plan, an accomplished financial advisor will be able to give you comprehensive financial advice that takes into consideration the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Grand Prairie, TX will implement in order to help you meet your goals.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're set up in retirement, to paying for college, real estate deals, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Grand Prairie, TX offer comprehensive services and personalized advice by taking into account your entire financial situation.
- Tax Planning
Taxes are involved in virtually every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to lower your taxes. A reliable and expert Grand Prairie, TX financial advisor will guide you through your tax implications to ensure keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Grand Prairie, TX will assist in allocating and diversify your assets 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 Grand Prairie, TX financial advisor will assist with tax implications, 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 strategy for source of income 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 Grand Prairie, TX businesses and business owners. Setting up a 401(k) plan is a fantastic way to maintain your best employees and keep them motivated and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Grand Prairie, TX financial advisor team offers extensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to manage the money you've accumulated in a previous Grand Prairie, TX employer's 401(k) plan. You have a number of options, including leaving the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best manage managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to wish to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Grand Prairie, TX 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 call themselves a "financial advisor," so it's imperative to choose one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Grand Prairie, 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, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that aligns with your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Grand Prairie, TX can help clients comprehend your income level, identify areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also planning for future goals.
When you hire a Grand Prairie, TX financial advisor at Correct Capital, we start by getting to know you and your goals. We will evaluate your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in concert 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 priority 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.
When Should I Consider Hiring a Financial Advisor in Grand Prairie, TX?
Seeking the guidance of a financial advisor can be a critical step towards achieving financial health, 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 Changes: Life is a series of changes, and many of them have major 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 guide you through these changes, ensuring that your financial plan evolves to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you lack the experience to effectively handle your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be invaluable. They bring expertise and wisdom to your financial decisions, aiding to optimize your portfolio, prevent costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the most common 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 experience 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 myriad of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be crucial. They can guide 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 especially 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 track record, including their time spent in the industry, the varieties of clients they've assisted, and their specializations, can offer you a sense of their expertise and whether they're prepared to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to rigorous education, experience, and ethical standards, indicating a high level of competence 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 cautious 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 vital to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor plans 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 fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and ensure that their advice is 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 ahead of their own, providing advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Grasping 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 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 give 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 Grand Prairie, TX?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can lead to a possible conflict, as the advisor might be incentivized to suggest products that generate higher commissions rather than 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.
- 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 several forms, including hourly rates assets under management (AUM). This model is often seen as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of client-paid fees and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, such advisors generally also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Grand Prairie, TX
Correct Capital stands out in the Grand Prairie, TX financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Grand Prairie, 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 seek professional insight to ensure they're on the right track. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people who value 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 updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, 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 portfolio management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement 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 achieving their financial goals.
Why Choose Correct Capital as Your Grand Prairie, TX Financial Advisor?
Correct Capital is a leading choice for individuals and families in Grand Prairie, 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 every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means we are not tied to any specific 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 allows us 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.
- Proactivity is Our Approach: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Grand Prairie, TX means joining forces with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Grand Prairie, TX include:
Call Correct Capital's Grand Prairie, TX Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between a person, family, or entrepreneur in Grand Prairie, TX and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients realize their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Grand Prairie, TX financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth how you've always wanted.
