Financial Advisor in Houston, TX. You work hard for your money, and you want to feel secure about how it's growing and how it's being used. Many Houston residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay informed on financial markets along with new laws, rules, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Houston, TX will help your finances grow. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Houston, TX and beyond. Call 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 Houston, TX? Check out our process page to find out how simple we make it to find out 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 apprehensiveness is often just not being sure they're managing their money correctly. After our Houston, TX financial advisor team gets to know you, your current financial situation and your financial goals, we'll design a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in Houston, TX have certifications that can only be obtained through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This broad definition encompasses a spectrum of services, from investment management and retirement planning to tax planning and estate planning. 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 accreditations from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Houston, TX
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, putting their clients' interests above their own. Portfolio managers are registered 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 for 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 are determined by their specific licenses, such as Series 6 or Series 7. For example, an individual who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous training and adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a vast spectrum of financial planning services, such as debt management to planning for retirement, and tax optimization strategies. Their methodology is comprehensive, intended to address every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering holistic financial advice, encompassing areas such as investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, assisting 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 delivers a solid foundation for handling personal finances wisely, especially for those just starting out.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They collaborate intimately with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their skill set is focused on maximizing the financial health and future of affluent clients, ensuring that all investments and planning strategies meet personalized 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 includes CFPs and other qualified professionals who uphold 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 analyze your present finances, pinpoint ways to improve it, and help you reach your future financial goals. Many Houston, TX residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a core component of any financial plan, a professional financial advisor will be able to provide you with extensive financial advice that gives consideration to the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Houston, TX will use in order to help you meet your goals.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Houston, TX offer all-encompassing services and tailored guidance by evaluating your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to minimize taxes owed. A professional and trustworthy Houston, TX financial advisor will guide you through your tax implications with the aim 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 stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Houston, TX will help in allocating and diversify your assets to mitigate risk and strategically position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you retire, your Houston, TX financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and strategy 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 Houston, TX businesses and business owners. Setting up a 401(k) plan is a superb way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Houston, TX financial advisor team offers comprehensive 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 tough to know the best way to handle the money you've already saved in a previous Houston, TX employer's 401(k) plan. You have several options, including keeping the money in the account it is in now, transferring it to a new 401(k), or putting 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 work hard for your money, and it's common to want to leave a legacy and pass on 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 Houston, TX can strategically plan your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's necessary to pick one who has obtained accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Houston, TX financial advisor at Correct Capital must heed 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, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that suits your financial capabilities and goals, eventually 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 Houston, TX can assist clients grasp your income level, identify areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for effective budgeting, advisors make sure that clients can fulfill their current financial obligations while also saving for future goals.
When you hire a Houston, TX financial advisor at Correct Capital, we start by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work with you to establish your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only responsibility is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can suggest, 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 Houston, TX?
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 signal the need for expert financial advice.
- Major Life Changes: Life is a series of transitions, and many of them have substantial 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 help 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 complicated, demanding, and, frankly, daunting for many. If you aren't confident to effectively manage your investments, or simply prefer to focus your time elsewhere, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, aiding to optimize your portfolio, avoid 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 aid you evaluate your current financial situation, estimate your retirement needs, and formulate a plan to ensure you can enjoy your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be vital. They can assist you comprehend 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 essential whenever you hire someone to do something, but especially so when it involves your finances. Beyond just finding a dependable advisor, you need one who ideally suits your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their time spent in the industry, the kinds of clients they've worked with, and their expert areas, can give you a sense of their skills and whether they're well-suited to manage your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling rigorous educational, experience, and ethical standards, signifying a high level of expertise 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 conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are vital to a fruitful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor expects 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 combination thereof. Understanding 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.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is crucial. This means they are bound by law to put your interests ahead of their own, offering advice that best serves 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. Grasping 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 negatively impact 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 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 Houston, TX?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor might be incentivized to recommend options 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 most appropriate 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 several forms, including a percentage of the assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such advisors generally 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 Houston, TX
Correct Capital stands out in the Houston, 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 Houston, TX:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking the guidance and recommendations a financial advisor can offer without the ongoing management. This service is excellent for individuals who largely feel good about managing their finances but seek professional validation to ensure 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 tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people who value ongoing guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we will not 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 hand over 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 peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals committed to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Houston, TX Financial Advisor?
Correct Capital is a premier choice for individuals and families in Houston, TX looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. 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 in mind.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent signifies we aren't tied to any specific financial institution or product, allowing 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 two 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 stay ahead of 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 to keep you informed and engaged with your financial health. Our commitment to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Houston, TX 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 secure their future.
Other services we offer in Houston, TX include:
Call Correct Capital's Houston, TX Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between an individual, household, or business owner in Houston, TX and their financial advisor is based on mutual trust. Committed to helping our clients achieve their personal and financial goals, whether it's sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Houston, TX 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.
