Financial Advisor in Huntsville, AL. Your hard-earned money deserves attention, and you need to be confident about how it's expanding and how it's being used. Many Huntsville residents do not have the financial literacy to feel confident they're making the right decisions with their money, while others are too busy or interest to stay up to date on financial markets along with new laws, regulations, and different events happening around the world. That's when you need a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Huntsville, AL will make your money work for you. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Huntsville, AL and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in Huntsville, AL? Take a look at our process page to find out how simple we make it to find out if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The root of that concern is commonly simply not being sure they're managing their money correctly. Once our Huntsville, AL financial advisor team gets to know you, your finances and your financial ambitions, we'll design a road map to help you reach 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 endorse. Our financial advisors in Huntsville, AL have certifications that can only be awarded through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals oversee their money, budget, put enough money away, and plan for their financial future. This role covers a wide range of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to advise on strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, credible and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Huntsville, AL
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must 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, a broker who holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have undergone extensive education and adhere to high ethical standards, particularly a fiduciary duty to their clients. CFPs offer a vast spectrum of financial planning services, such as managing debt to planning for retirement, and investment strategies. Their approach is all-encompassing, intended to address all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing holistic financial advice, covering areas such as investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on improving clients' financial literacy, guiding 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. Their services provides a strong basis for managing personal finances efficiently, especially for those just starting out.
- Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their skill set is tailored for maximizing the financial health and future of those with substantial assets, guaranteeing that their clients' goals and aspirations are met through 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 uphold the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will examine your extant finances, ascertain means to improve it, and help you reach your long-term financial goals. A lot of Huntsville, AL residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental component of any financial plan, a qualified financial advisor will be able to offer you extensive financial advice that considers the whole of your finances. Below are some of the services your Correct Capital financial advisor in Huntsville, AL will use to help you realize your goals.
- Financial Planning
Our money is integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Huntsville, AL offer holistic services and bespoke consulting by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal ways to minimize taxes owed. A reliable and expert Huntsville, AL financial advisor will assist you in navigating your tax implications to ensure 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 Huntsville, AL will help to allocate and diversify your assets to mitigate risk and best position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you hang up your cape, your Huntsville, AL financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will help you formulate a budget and plan for where your income will come from in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Huntsville, AL businesses and business owners. Implementing a 401(k) plan is a great way to maintain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and numerous of plan participants nationwide. Our Huntsville, AL financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to handle the money you've already saved in a previous Huntsville, AL employer's 401(k) plan. You have several options, such as leaving the money in the account it is currently in, transferring it to a new 401(k), or putting 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 strive for your money, and it's natural to wish to leave a legacy and bequeath some wealth behind the people you care about the most. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Huntsville, AL can optimize your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's important to pick one who has accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Huntsville, AL financial advisor at Correct Capital is bound 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 managing debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a practical path forward that matches your financial situation 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 Huntsville, AL can help clients understand your income level, spot areas to spend less, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for effective budgeting, advisors ensure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Huntsville, AL financial advisor at Correct Capital, we start by getting to know you and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in concert 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 commitment 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 Huntsville, AL?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial health you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have significant financial implications. Whether you're buying a home or facing retirement, 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 evolves to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you lack the experience to successfully handle your investments, or simply choose to focus your time elsewhere, a financial advisor can be invaluable. They bring expertise and perspective to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate 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 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 challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be crucial. They can assist you understand the risks and benefits, ensuring that any investment aligns with 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 reliable advisor, you need one who ideally suits 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 experience, including their time spent in the industry, the kinds of clients they've collaborated with, and their expert areas, can offer you a sense of their skills and whether they're well-suited to tackle your financial situation.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require fulfilling demanding educational, experience, and ethical standards, indicating a high level of professionalism 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 be in harmony with your goals and expectations.
- How do you usually communicate with clients?
Communication style and frequency are crucial to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or online, and how the advisor plans to keep you informed 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. Grasping how an advisor is compensated will assist you in identifying potential biases and make certain that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is vital. This means they are legally required to put your interests before their own, providing advice that optimally benefits 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 enable you to assess 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 adversely affect 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 give 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 Huntsville, AL?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as other financial products. This fee structure can create a possible conflict, as the advisor might be incentivized to suggest options that generate higher commissions instead of 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.
- 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 several forms, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- 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, such advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information 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 Huntsville, AL
Correct Capital is distinguished in the Huntsville, AL financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Huntsville, AL:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking 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 desire professional insight to confirm they're setting their money up for success in the best way. Our team performs a thorough review of your current financial situation, supplying 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 consistent 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 updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not be managing your portfolio, we'll work to look for opportunities to help you save and grow your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose 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 preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Huntsville, AL Financial Advisor?
Correct Capital is a leading choice for individuals and families in Huntsville, AL seeking 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 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 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. Our independence signifies we are not tied to any financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us 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 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. Utilizing in-depth research and analytics, our aim is to craft 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 Huntsville, AL means joining forces with a team committed to your financial success. Our experience, 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 Huntsville, AL include:
Call Correct Capital's Huntsville, AL 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 business owner in Huntsville, AL and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Huntsville, AL financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth in the manner you desire.
