Financial Advisor in Grand Prairie, TX. Your hard-earned money deserves attention, and you need to be secure about how it's expanding and how it's being used. A lot of Grand Prairie 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 inclination to stay up to date on market trends along with new laws, rules, and global events. That's when you need a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Grand Prairie, TX will make your money work for you. We use in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Grand Prairie, TX and beyond. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Wondering if you're ready to work with a financial advisor in Grand Prairie, TX? Check out our process page to discover how simple 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 anxious about their finances. The root of that apprehensiveness is often just not being sure they're putting their money in the right places. Once our Grand Prairie, TX financial advisor team gets to know you, your extant financial situation and your financial goals, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the plans we can offer you. Our financial advisors in Grand Prairie, 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 professional who assists individuals manage their money, plan their finances, save, and prepare for their financial future. This broad definition includes a wide range of services, from investment 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, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Grand Prairie, TX
There are multiple types of advisors that differ based on the services they offer, their compensation models, their professional expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and manage investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Portfolio managers 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 themselves. They must register with the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, someone who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have undergone extensive education and uphold high ethical standards, including a fiduciary duty to their clients. CFPs offer a wide array of financial planning services, including managing debt to retirement planning, and estate planning. Their methodology is holistic, aiming to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training similar to CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering holistic financial advice, encompassing areas such as estate planning to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on improving 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. Financial coaching provides a strong basis for handling personal finances wisely, particularly for those just starting out.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They work closely with their clients to handle complex financial situations and develop wealth preservation strategies. This expertise is focused on maximizing the financial health and future of wealthy individuals, guaranteeing that all investments and planning strategies meet tailored advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors includes CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, 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 look over your extant financial situation, pinpoint methods to enhance it, and help you accomplish your future 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 key aspect of any financial plan, a certified financial advisor will be able to offer you comprehensive financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Grand Prairie, TX will use in order to help you realize your goals.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're set up in retirement, to education, 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 guidance by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to minimize taxes owed. A professional and trustworthy Grand Prairie, TX financial advisor will help you navigate your tax implications in the interest of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the 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 Grand Prairie, TX will assist in allocating and diversify your assets to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you currently are in life and 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 withdraw. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can enjoy your golden years exactly the way 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 great way to maintain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and thousands of plan participants nationwide. Our Grand Prairie, TX financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to handle the money you've already saved in a previous Grand Prairie, TX employer's 401(k) plan. You have several 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 range of IRA accounts. A financial advisor will have the knowledge how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to wish to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Grand Prairie, 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 call themselves a "financial advisor," so it's crucial to choose one who has obtained 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 must follow 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 consolidating debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that aligns with your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in Grand Prairie, TX can help clients comprehend their cash flow, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for efficient budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.
When you hire a Grand Prairie, TX financial advisor at Correct Capital, we start by getting to know you personally and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work in concert with you to ascertain 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 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.
Do I Need to Speak to a Financial Advisor in Grand Prairie, TX?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial health you want. While the right time can vary widely from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Transitions: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can assist you through these changes, ensuring that your financial plan grows to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you aren't confident to effectively handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for long-term 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 live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own 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 essential. 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 crucial when you're hiring someone for any service, but particularly so when it involves your hard-earned money. Beyond just 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 track record, including their time spent in the industry, the kinds of clients they've collaborated with, and their specializations, can provide you a sense of their skills and whether they're well-suited to handle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to rigorous educational, experience, and ethical standards, indicating a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match 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 goals and expectations.
- How do you usually communicate with clients?
Communication method and frequency are crucial to a successful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor plans 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 combination thereof. Knowing how an advisor is compensated will help you identify potential conflicts of interest and make certain that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally required to put your interests ahead of 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 educational resources 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 openly discuss potential conflicts of interest and how they manage them to ensure they don't harm their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also assist you in determining whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in 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 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 products that generate higher commissions rather than those that best meet your needs. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including fixed fees assets under management (AUM). This model is often seen as more transparent 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, fee-based advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information 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 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. Recognizing that not all clients have the same starting point or identical goals, we offer a variety of 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 seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but are looking for professional validation 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 growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people 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 updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not manage your investments for you, we'll strive to look for opportunities to help you flourish financially.
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, comprehensive financial strategizing, 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 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 achieving their long-term 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 reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital 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 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 means we aren't tied to any financial institution or product, allowing us the freedom to choose 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: We hold the belief that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, 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 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 Grand Prairie, TX means partnering with a team committed to your financial success. Our expertise, 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 Grand Prairie, TX include:
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Small Business Retirement Plans
Call Correct Capital's Grand Prairie, TX Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between an individual, household, or entrepreneur in Grand Prairie, TX and their financial advisor is based on 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 in retirement. Contact our Grand Prairie, TX financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth in the manner you desire.
