Financial Advisor in Honolulu, HI

Financial Advisor in Honolulu, HI. Your hard-earned money deserves attention, and you need to be assured about how it's growing and how it's being used. A lot of Honolulu residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay up to date on financial markets along with new laws, rules, and global events. That's when you should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Honolulu, HI will make your money work for you. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Honolulu, HI and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.

Uncertain if you're ready to hire a financial advisor in Honolulu, HI? 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 revealed that 53 percent of American adults are anxious about their finances. The root of that concern is frequently simply not being sure they're managing their money correctly. After our Honolulu, HI financial advisor team gets to know you, your finances and your financial objectives, we'll design a road map to help you accomplish 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 solutions we can put forward. Our financial advisors in Honolulu, HI have certifications that can only be acquired through rigorous testing and by meeting stringent education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who helps individuals oversee their money, budget, put enough money away, and prepare for their financial future. This wide-ranging definition includes a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a thorough view of your financial situation to recommend 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 qualifications from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.

Types of Financial Advisors in Honolulu, HI

Financial advisors can work and market themselves 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 serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets 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 themselves. They must be registered by the SEC and are generally 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 is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have completed rigorous training and adhere to the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial advisory services, such as debt management to retirement planning, and investment strategies. Their approach is holistic, aiming to address all aspects of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They focus on offering comprehensive financial advice, encompassing everything from estate planning to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
• Financial Coaches: Concentrate on improving clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance delivers a solid foundation for handling personal finances wisely, particularly for those in the early stages of financial planning.
• Wealth Managers: Serve 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 implement wealth preservation strategies. This expertise is focused on maximizing the financial health and legacy of those with substantial assets, making sure that every financial decision is aligned with personalized advice and approaches.

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 boasts CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 finances, identify ways to improve it, and help you meet your long-term financial goals. A lot of Honolulu, HI residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a core part of any financial plan, an accomplished financial advisor will be able to offer you overarching financial advice that gives consideration to the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Honolulu, HI will implement in order to help you achieve your objectives.

• Financial Planning

  Our finances are integral to almost everything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Honolulu, HI offer all-encompassing services and bespoke consulting by taking into account your entire financial situation.

• Tax Planning

  Taxes are involved in almost every financial transaction and transfer. According to the IRS's own data, more than 70 percent 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 reliable and expert Honolulu, HI financial advisor will help you navigate your tax implications with the aim of keeping more money in your own account.

• Portfolio Management and Asset Management

  Your financial portfolio is the assembly of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Honolulu, HI will assist to allocate and diversify your assets to mitigate risk and strategically position your money for growth.

• Retirement Planning

  Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Honolulu, HI financial advisor will assist with tax planning, considering the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and plan for where your income will come from 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 Honolulu, HI businesses and business owners. Setting up a 401(k) plan is a fantastic way to retain 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 Honolulu, HI financial advisor team offers comprehensive 401(k) planning for companies as well as individualized 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 Honolulu, HI employer's 401(k) plan. You have several options, such as keeping the money in the account it is in now, 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 manage managing your 401(k) funds.

• Generational Wealth Transfers

  You work hard for your money, and it's normal to desire to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are distinct from simply leaving gifts behind in estate planning. A financial advisor in Honolulu, HI can best position your money for both 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 vital to choose one who has accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Honolulu, HI financial advisor at Correct Capital is bound by 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 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 matches your financial capabilities and goals, eventually leading to financial freedom.

• Budgeting

  Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Honolulu, HI can assist clients understand your income level, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for successful budgeting, advisors ensure that clients can satisfy their current financial obligations while also preparing for future goals.

When you hire a Honolulu, HI financial advisor at Correct Capital, we start by getting to know you and your goals. We will assess your current income, assets, investments, debts, and expenses. Then 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 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.

When Should I Consider Hiring a Financial Advisor in Honolulu, HI?

Seeking the guidance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing can differ greatly from person to person, certain life events and circumstances often suggest the need for professional financial advice.

• Major Life Transitions: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan adapts to meet your evolving circumstances and goals.
• Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be essential. They bring expertise and wisdom 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 foremost reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, determine your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
• Complex Financial Products: The financial market offers a wide array 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 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 essential whenever you hire someone to do something, but particularly so when it comes to your finances. Beyond just finding a trustworthy advisor, you need one whose specialties align with 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 worked with, and their areas of expertise, can offer you a sense of their expertise and whether they're prepared to tackle your financial situation.

• What are your qualifications and certifications?

  Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require meeting demanding 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 be in harmony with your aspirations and expectations.

• How do you usually communicate with clients?

  Communication style and frequency are vital to a productive client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor plans to keep you updated about how your investments are going and if you need any updates to your plan.

• What's your fee structure?

  Advisors can be fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and make certain that their recommendations are offered with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor serves as a fiduciary is crucial. This means they are bound by law to put your interests before their own, offering 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 assist you in determining 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 manage them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must reveal 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 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 Honolulu, HI?

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 mutual funds. This fee structure can create a possible conflict, as the advisor could be motivated to recommend products that generate higher commissions rather than those that are most suited to your financial goals. Commission-based 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.
2. 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 clear and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
3. Fee-Based: Fee-based advisors 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, fee-based advisors typically also have a fiduciary duty, which means that although 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 Honolulu, HI

Correct Capital is distinguished in the Honolulu, HI financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Honolulu, HI:

One-Time Financial Plan (best for validators)

This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the ongoing management. This service is great for individuals who are largely confident in 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, 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 evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we won't be managing your portfolio, we'll strive to look for opportunities to help you 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, comprehensive financial strategizing, and forward-looking guidance 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 dedicated to maximizing their wealth and realizing their financial goals.

Why Choose Correct Capital as Your Honolulu, HI Financial Advisor?

Correct Capital is a premier choice for individuals and families in Honolulu, HI 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, we are 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 carried out in a way that aligns most closely with your goals.
• Our I.O.U. Promise: Every piece of guidance 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 select the best investments and strategies for you.
• Our Qualifications: 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. Moreover, 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 guarantees that you are fully prepared to make informed decisions together with your advisor.

Choosing Correct Capital as your financial advisor in Honolulu, HI means partnering with a team dedicated 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 Honolulu, HI include:

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

Call Correct Capital's Honolulu, HI Financial Advisor Team Today

Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between a person, household, or business owner in Honolulu, HI and their financial advisor is based on trust. Committed to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Contact our Honolulu, HI financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth how you've always wanted.

---