Financial Advisor in Grand Rapids, MI

Financial Advisor in Grand Rapids, MI. Your hard-earned money deserves attention, and you want to be assured about how it's growing and how it's being used. Many Grand Rapids residents do not have the financial literacy to feel confident they're making the optimal decisions with their money, while others are too busy or interest to stay informed on market trends along with new laws, rules, and global events. That's when you should consider hiring a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Grand Rapids, MI will help your finances grow. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Grand Rapids, MI and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Uncertain if you're ready to work with a financial advisor in Grand Rapids, MI? Take a look at our process page to discover how simple we make it to ascertain if you're a good fit.

A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. The root of that concern is often simply not being sure they're making the right decisions with their money. Once our Grand Rapids, MI financial advisor team gets to know you, your current financial situation and your financial aims, we'll build a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in Grand Rapids, MI have certifications that can only be acquired through rigorous testing and by meeting strict education requirements.

What Is a Financial Advisor?

A financial advisor is a specialist who helps individuals oversee their money, budget, put enough money away, and prepare for their financial future. This role encompasses a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.

Types of Financial Advisors in Grand Rapids, MI

There are several types of advisors that differ based on the services they offer, their compensation models, their areas of expertise, and their legal obligations to customers:

• 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, putting their clients' interests above their own. Portfolio managers 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 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 holds a Series 7 license is qualified to sell 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 adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial advisory services, such as managing debt to retirement planning, and estate planning. This approach is comprehensive, aiming to address every facet of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. They focus on offering holistic financial advice, covering areas such as estate planning to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Are dedicated to enhancing clients' financial literacy, guiding 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 offers a strong basis for managing personal finances effectively, especially for those looking to take the first step towards financial wellbeing.
• Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that encompass estate planning, tax help, and investment management. They partner closely with their clients to navigate complex financial situations and implement wealth preservation strategies. Their skill set is focused on optimizing the financial health and future of wealthy individuals, ensuring that every financial decision is aligned with customized advice and approaches.

Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who uphold 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 look over your current finances, identify means to enhance it, and help you realize your future financial goals. Many Grand Rapids, MI residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a essential element of any financial plan, an experienced financial advisor will be able to provide you with comprehensive financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Grand Rapids, MI will use in order to help you meet your objectives.

• Financial Planning

  Our money is integral to almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Grand Rapids, MI offer all-encompassing services and personalized advice by considering 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 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to lower your taxes. A professional and trustworthy Grand Rapids, MI financial advisor will guide you through your tax implications in the interest of 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 other investments such as real estate. A financial advisor in Grand Rapids, MI will assist in allocating and diversify your assets to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you stand in life and the kind of life you want to live when you retire, your Grand Rapids, MI 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 aid in creating 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 Rapids, MI businesses and business owners. Setting up a 401(k) plan is a fantastic way to keep your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and numerous 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 transitioning to 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 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 range of IRA accounts. A financial advisor will be skilled in how to best manage managing your 401(k) funds.

• Generational Wealth Transfers

  You work hard for 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 different from just leaving gifts behind in estate planning. A financial advisor in Grand Rapids, MI can strategically plan your money for not only your children but for generations to come, even ones you haven't met yet.

• Fiduciary Advising

  Anyone can give themselves the title of "financial advisor," so it's 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 act in accordance with a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. 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 managing debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that suits your financial situation and goals, ultimately leading to financial freedom.

• Budgeting

  Creating and staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in Grand Rapids, MI can assist clients comprehend how much money's coming in, spot areas to spend less, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for effective budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.

When you hire a Grand Rapids, MI financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've done that, we'll work with you to determine your preferred risk tolerance and how we can best help you accomplish your goals. 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.

Do I Need to Hire a Financial Advisor in Grand Rapids, MI?

Seeking the advice of a financial advisor can be a vital step towards achieving financial health, peace of mind, and wealth. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.

• Major Life Changes: Life is a long line of changes, and many of them have significant financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can assist you manage these changes, ensuring that your financial plan adapts to meet your new circumstances and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you aren't confident to successfully manage your investments, or simply choose to spend your time elsewhere, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, helping to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
• Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and devise a plan to ensure you can live comfortably during 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 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 expertise can be crucial. They can assist you comprehend 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 essential 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 background, including their time spent in the industry, the types of clients they've worked with, and their specializations, can provide you a sense of their skills and whether they're equipped to handle your specific financial circumstances.

• What are your qualifications and certifications?

  Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to strict educational, experience, and ethical standards, indicating a high level of competence and expertise.

• Can you describe your investment philosophy?

  An advisor's investment philosophy should match 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 goals and expectations.

• How do you usually communicate with clients?

  Communication method and regularity are crucial to a fruitful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor plans to keep you updated about your investments and financial plan.

• How are you compensated for your services?

  Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their advice is made with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor serves as a fiduciary is essential. This means they are legally required to put your interests before their own, giving 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 help you gauge whether the advisor can meet all your financial needs.

• How do you handle conflicts of interest?

  An honest advisor will clearly explain potential conflicts of interest and how they deal with them to ensure they don't harm their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and must manage them in their client's best interest.

Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.

You can find many of these questions answered on our FAQ page.

How Much Does a Financial Advisor Cost in Grand Rapids, MI?

In general, there are three common ways for financial advisors to be compensated:

1. Commission-Based: Commission-based advisors earn their income 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 might be incentivized to recommend 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 recommend products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
2. Fee-Only: Fee-only advisors are compensated straightforwardly by 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 often seen as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
3. 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 blend of the fee-only and commission-based structures, fee-based 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 Rapids, MI

Correct Capital is distinguished in the Grand Rapids, MI financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical 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 seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who are largely confident in managing their finances but are looking for professional insight to ensure they're setting their money up for success in the best way. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.

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, regular check-ins every quarter, and availability on an as-needed basis. While we won't manage your investments for you, 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 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 strategies and retirement planning to estate considerations and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals committed 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 premier choice for individuals and families in Grand Rapids, MI looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:

• We are Fiduciary Advisors: As fiduciaries, Correct Capital is legally obligated to act in your best interests. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move 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 signifies we are not tied to any specific financial institution or product, enabling us the freedom to choose 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 two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have 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 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 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 Rapids, MI means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and custom-tailored 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 Rapids, MI include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Grand Rapids, MI 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 strongly believe in the relationship between a person, family, or entrepreneur in Grand Rapids, MI and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their financial and personal goals, whether it's 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 take the first step towards building your wealth how you've always wanted.

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