Financial Advisor in Grand Rapids, MI. You work hard for your money, and you need to be assured about how it's being managed and how it's being used. Many Grand Rapids residents do not have the financial literacy to feel sure they're making the optimal decisions with their money, while others simply don't have the time or inclination to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Grand Rapids, MI 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 Rapids, MI and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Grand Rapids, MI? Check out our process page to discover how easy we make it to ascertain if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The root of that concern is commonly just not being sure they're putting their money in the right places. After our Grand Rapids, MI financial advisor team gets to know you, your finances and your financial goals, we'll create a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in Grand Rapids, MI 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 professional who helps individuals oversee their money, plan their finances, put enough money away, and prepare for their financial future. This broad definition 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, credible and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Grand Rapids, MI
There are several types of advisors that vary based on the services they offer, how they're paid, their professional expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These advisors offer 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, based 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 their own accounts. They must be registered by 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, 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): Professionals holding the CFP designation have completed rigorous education and adhere to the highest ethical standards, including a fiduciary duty to their customers. CFPs offer a wide array of financial advisory services, including debt management to planning for retirement, and tax optimization strategies. This approach is holistic, designed to satisfy every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. They focus on providing comprehensive financial advice, encompassing everything from investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, helping 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 provides a good starting point for handling personal finances efficiently, particularly for those just starting out.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive 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. Their expertise is geared towards enhancing the financial health and legacy of those with substantial assets, guaranteeing that every financial decision is aligned with tailored advice and solutions.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring 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 current financial situation, ascertain methods to enhance it, and help you achieve your long-term financial goals. A lot of Grand Rapids, MI residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a principal element of any financial plan, a professional financial advisor will be able to provide you with holistic financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Grand Rapids, MI will use to help you realize your goals.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're prepared for retirement, to education, real estate deals, choosing insurance policies, and putting food on the table each night. The best financial advisors in Grand Rapids, MI offer comprehensive services and bespoke consulting 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 overpay in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal means to lower your taxes. A reliable and expert Grand Rapids, MI 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 collection 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 Rapids, MI will help in allocating and diversify your assets in order to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you retire, your Grand Rapids, MI financial advisor will assist with tax planning, considering the best age 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 just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Grand Rapids, MI businesses and business owners. Introducing a 401(k) plan is a superb way to keep 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 Rapids, MI financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to manage the money you've already saved in a previous Grand Rapids, MI employer's 401(k) plan. You have several options, including keeping 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 know how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to want to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Grand Rapids, MI can optimize 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 paramount to pick one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Grand Rapids, MI financial advisor at Correct Capital must abide 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 customized debt management plans that focus on consolidating debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a workable path forward that matches your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to having the financial health and life you want. Financial advisors in Grand Rapids, MI can help clients understand how much money's coming in, spot areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for effective budgeting, advisors make sure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Grand Rapids, MI financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work in tandem with you to determine your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only responsibility 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 Speak to a Financial Advisor in Grand Rapids, MI?
Seeking the assistance of a financial advisor can be a critical step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can assist you manage these changes, ensuring that your financial plan grows to meet your changing 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, daunting for many. If you lack the experience to effectively manage your investments, or simply prefer to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, aiding to enhance 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 aid you assess your current financial situation, determine your retirement needs, and formulate a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora 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 guide you understand the risks and benefits, ensuring that any investment fits 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 particularly so when it comes to your finances. Beyond just finding a reliable advisor, you need one who best meets your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their years in the industry, the kinds of clients they've collaborated with, and their specializations, can offer you a sense of their expertise and whether they're well-suited to manage your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to strict educational, 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 cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your expectations and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are vital to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Grasping 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 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. Understanding the full scope of services offered can help you gauge 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 deal with them to ensure they don't harm their clients' financial plans. Fiduciary advisors must disclose 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 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 Grand Rapids, MI?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the products they sell, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to recommend products that generate higher commissions instead of 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 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 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 hourly rates assets under management (AUM). This model is often seen as more transparent 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 blend 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 cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Grand Rapids, MI
Correct Capital stands out in the Grand Rapids, MI financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Grand Rapids, MI:
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 great for individuals who largely feel good about managing their finances but seek professional validation to confirm they're doing things the right way. Our team conducts a thorough review of your current financial situation, providing 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 changes, or when they have specific questions about something related to 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 flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations 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 realizing their long-term goals.
Why Choose Correct Capital as Your Grand Rapids, MI Financial Advisor?
Correct Capital is a leading choice for individuals and families in Grand Rapids, MI looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital is legally obligated to act in your best interests. 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. Being independent means we aren't 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 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 anticipate trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: 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 ensures that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Grand Rapids, MI means partnering with a team committed to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Grand Rapids, MI include:
Call Correct Capital's Grand Rapids, MI Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or entrepreneur in Grand Rapids, MI and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients achieve their financial and personal goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Grand Rapids, MI 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.
