Financial Advisor in Joliet, IL

Financial Advisor in Joliet, IL. You work hard for your money, and you need to be confident about how it's being managed and how it's being used. Numerous Joliet 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 interest to stay informed on financial markets along with new laws, rules, and different events happening around the world. That's when you should consider hiring a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Joliet, IL will help your finances grow. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Joliet, IL and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Wondering if you're ready to hire a financial advisor in Joliet, IL? 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 found that 53 percent of American adults are anxious about their finances. A source of that concern is frequently just not being sure they're making the right decisions with their money. After our Joliet, IL financial advisor team gets to know you, your finances and your financial goals, we'll create 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 plans we can offer you. Our financial advisors in Joliet, IL have certifications that can only be awarded through exhaustive 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 wide-ranging definition covers a variety 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 call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.

Types of Financial Advisors in Joliet, IL

Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:

• Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors 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 trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, a broker who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have undergone extensive education and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a vast spectrum of financial advisory services, such as debt management to planning for retirement, and investment strategies. This approach is all-encompassing, intended to address every aspect of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and also adhere to a fiduciary duty. They specialize in providing holistic financial advice, covering everything from investment management to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
• Financial Coaches: Focus on improving clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching provides a good starting point for managing personal finances efficiently, especially for those looking to take the first step towards financial wellbeing.
• Wealth Managers: Cater to high-net-worth individuals, offering extensive services that include estate planning, tax help, and investment management. They work closely with their clients to manage complex financial situations and formulate wealth preservation strategies. Their skill set is focused on optimizing the financial health and legacy of affluent clients, making sure that their clients' goals and aspirations are met through tailored 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, ensuring 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 evaluate your current finances, identify means to improve it, and help you meet your future financial goals. Many Joliet, IL residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a essential aspect of any financial plan, a certified financial advisor will be able to offer you overarching financial advice that takes into consideration the whole of your finances. Below are some of the services your Correct Capital financial advisor in Joliet, IL will implement to help you accomplish your objectives.

• Financial Planning

  Our money is integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Joliet, IL offer comprehensive services and tailored advice by considering 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 7 out of 10 of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A reliable and expert Joliet, IL financial advisor will assist you in navigating your tax implications to ensure keeping more money in your hands than in the government's.

• Portfolio Management and Asset Management

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

• Retirement Planning

  Depending on where you currently are in life and the kind of life you want to live when you retire, your Joliet, IL financial advisor will help with tax implications, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will help you formulate a budget and strategy for source of income in retirement so you can enjoy your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Joliet, IL businesses and business owners. Implementing a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Joliet, IL financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.

• 401(k) Rollover

  When transitioning to a new job, it can be challenging to know the best way to handle the money you've already saved in a previous Joliet, IL employer's 401(k) plan. You have several options, including keeping the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best navigate managing your 401(k) funds.

• Generational Wealth Transfers

  You work hard for your money, and it's common to desire to leave a legacy and bequeath some wealth behind the people you care about the most. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Joliet, IL 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 pick one who has obtained accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Joliet, IL financial advisor at Correct Capital must observe 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a workable path forward that matches your financial situation and goals, eventually leading to financial freedom.

• Budgeting

  Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Joliet, IL can assist clients understand their cash flow, spot areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for efficient budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.

When you hire a Joliet, IL financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in tandem with you to ascertain your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can put forward, and we will never try to sell you on something we do not believe in ourselves.

When Should I Consider Hiring a Financial Advisor in Joliet, IL?

Seeking the assistance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.

• Major Life Transitions: Life is a long line of changes, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can guide you navigate 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, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully manage your investments, or simply choose to focus your time elsewhere, a financial advisor can be essential. They bring expertise and wisdom to your financial decisions, helping to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
• Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, calculate your retirement needs, and craft a plan to ensure you can experience 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 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 essential. 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 paramount when you're hiring someone for any service, but particularly so when it comes to your finances. In addition to finding a dependable 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 types of clients they've assisted, and their expert areas, can provide you a sense of their expertise and whether they're equipped to tackle your financial situation.

• What are your qualifications and certifications?

  Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require fulfilling rigorous educational, experience, and ethical standards, signifying a high level of professionalism and expertise.

• What is your investment philosophy?

  An advisor's investment philosophy should align with 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 expectations and expectations.

• How do you prefer to communicate with clients?

  Communication style and frequency are essential 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 intends to keep you informed about your investments and financial plan.

• What's your fee structure?

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

• Are you a fiduciary financial advisor?

  Confirming that an advisor acts as a fiduciary is crucial. 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 extensive 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 openly discuss potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known 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 Joliet, IL?

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 financial products they offer, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend products that generate higher commissions rather than those that best meet your needs. 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 help you achieve your goals, but not necessarily the ones most appropriate to your needs.
2. Fee-Only: Fee-only advisors are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. Fee-Based: Fee-based advisors 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 typically also have a fiduciary duty, which means that although 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 Joliet, IL

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

One-Time Financial Plan (best for validators)

This service model is ideal for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who are largely confident in managing their finances but seek professional insight to confirm they're on the right track. 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 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, quarterly meetings, and availability on an as-needed basis. While we will not manage your investments for you, we'll strive to look for opportunities to help you grow and save 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 portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax planning and preparing for retirement 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 long-term goals.

Why Choose Correct Capital as Your Joliet, IL Financial Advisor?

Correct Capital is a leading choice for individuals and families in Joliet, IL looking for trusted, professional 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 put your interests first. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is done 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 means we aren't tied to any 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 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. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
• Proactivity is Our Approach: We hold the belief 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, our aim is to craft the most appropriate strategy for your needs.
• Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops to keep you informed 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 Joliet, IL means joining forces with a team committed to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and secure their future.

Other services we offer in Joliet, IL include:

• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor
• Small Business Retirement Plans

Call Correct Capital's Joliet, IL Financial Advisor Team Today

Your money and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between a person, family, or entrepreneur in Joliet, IL and their financial advisor is founded on mutual trust. Committed to guiding our clients realize their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car in retirement. Contact our Joliet, IL financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth how you've always wanted.

---