Financial Advisor in Kansas City, KA. You work hard for your money, and you want to feel secure about how it's growing and how it's being used. Numerous Kansas City residents do not have the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or interest to stay informed on market trends along with new laws, rules, and global events. That's when you should consider hiring a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Kansas City, KA will make your money work for you. We employ in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Kansas City, KA and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in Kansas City, KA? Explore our process page to see how simple we make it to find out if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. A source of that apprehensiveness is commonly just not being sure they're making the right decisions with their money. After our Kansas City, KA financial advisor team gets to know you, your current financial situation and your financial ambitions, we'll design a road map to help you achieve them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the options we can put forward. Our financial advisors in Kansas City, KA have certifications that can only be gained through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who helps individuals manage their money, budget, put enough money away, and plan for their financial future. This role includes a wide range of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to recommend strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Kansas City, KA
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 advisors offer advice on securities and manage investment portfolios. They're often associated with 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, 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 their own accounts. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, a broker who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have completed rigorous training and uphold the highest ethical standards, including a fiduciary duty to their clients. CFPs offer a broad range of financial advisory services, including debt management to retirement planning, and investment strategies. Their approach is all-encompassing, aiming to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and also adhere to a fiduciary duty. They specialize in offering comprehensive financial advice, encompassing everything from estate planning to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, helping with basics such as saving money and creating budgets. They are suited 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 effectively, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They collaborate intimately with their clients to manage complex financial situations and develop wealth preservation strategies. Their skill set is tailored for enhancing the financial health and future of wealthy individuals, 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 features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act only in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will look over your current finances, identify methods to enhance it, and help you realize your future financial goals. A lot of Kansas City, KA residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a essential facet of any financial plan, a knowledgeable financial advisor will be able to give you comprehensive financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Kansas City, KA will utilize to help you accomplish your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate deals, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Kansas City, KA offer all-encompassing services and bespoke advice by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in almost 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 incredibly complicated, yet it allows for perfectly legal means to minimize taxes owed. A skilled and ethical Kansas City, KA financial advisor will help you navigate your tax implications with the aim of keeping more money in your pocket.
- 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 Kansas City, KA will assist to allocate and diversify your assets to mitigate risk and optimally position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you retire, your Kansas City, KA financial advisor will assist with tax planning, considering the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will help you formulate a budget and strategy for source of income in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Kansas City, KA businesses and business owners. Implementing a 401(k) plan is a great way to keep 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 Kansas City, KA financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to deal with the money you've accumulated in a previous Kansas City, KA employer's 401(k) plan. You have multiple options, including keeping the money in the account it is currently in, moving 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 work hard for your money, and it's common to want to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Kansas City, KA can strategically plan 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 vital 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 Kansas City, KA financial advisor at Correct Capital must act in accordance with 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 personalized 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 suits your financial situation and goals, ultimately 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 Kansas City, KA can assist clients comprehend how much money's coming in, find areas for savings, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for efficient budgeting, advisors make sure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Kansas City, KA financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. Once we've accomplished 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 job is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can offer you, 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 Kansas City, KA?
Seeking the assistance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the right time can vary widely 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 transitions, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can significantly 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 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 prefer to focus your energy on other pursuits, a financial advisor can be invaluable. They bring experience and perspective to your financial decisions, helping to enhance your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- 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, calculate 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 withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a wide array of investment options, many of which come with their own 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 vital. They can guide you understand 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 whenever you hire someone to do something, but especially so when it involves your finances. In addition to finding a dependable advisor, you need one who best meets 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 track record, including their years in the industry, the varieties of clients they've collaborated with, and their expert areas, can give you a sense of their expertise and whether they're equipped to manage your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to rigorous educational, experience, and ethical standards, indicating a high level of professionalism and expertise.
- What is 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 aggressive strategy, their philosophy should reflect your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are crucial to a successful 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 expects to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Grasping how an advisor is compensated will help you identify potential conflicts of interest and make certain that their recommendations are made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is vital. This means they are legally obligated to put your interests before their own, providing 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 educational resources and portfolio reviews. Understanding 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 transparently share 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 must manage them in their client's best interest.
Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Kansas City, KA?
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 products they sell, such as mutual funds. This fee structure can lead to a possible conflict, as the advisor might be incentivized to suggest products that generate higher commissions rather than those that best meet your needs. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on 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 guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including a percentage of the assets under management (AUM). This model is often seen as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of fees paid by the client and commissions from selling financial products. While this model offers a mix 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 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 Kansas City, KA
Correct Capital stands out in the Kansas City, KA 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 Kansas City, KA:
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 continuous oversight. This service is great for individuals who are generally confident in managing their finances but seek 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, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value consistent guidance and advice as their financial situation changes, 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 open availability if the need ever arises. 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 choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations and beyond. Our wealth management clients enjoy 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 realizing their long-term goals.
Why Choose Correct Capital as Your Kansas City, KA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Kansas City, KA 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, Correct Capital is legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent signifies we are not tied to any financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes 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.
- Proactivity is Our Approach: We hold the belief 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 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 Kansas City, KA means partnering 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 looking to achieve their financial goals and safeguard their future.
Other services we offer in Kansas City, KA include:
Call Correct Capital's Kansas City, KA Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, household, or entrepreneur in Kansas City, KA and their financial advisor is founded on trust. Committed to guiding our clients realize their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car in retirement. Reach out to our Kansas City, KA financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
