Financial Advisor in Kansas City, KS. Your hard-earned money deserves attention, and you want to be secure about how it's being managed and how it's being used. A lot of Kansas City residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay up to date on financial markets along with new laws, rules, and different events happening around the world. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Kansas City, KS will help your finances grow. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Kansas City, KS and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Kansas City, KS? Take a look at our process page to see how simple we make it to ascertain if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. The root of that concern is frequently just not being sure they're putting their money in the right places. After our Kansas City, KS financial advisor team gets to know you, your finances and your financial goals, we'll implement a road map to help you accomplish 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 put forward. Our financial advisors in Kansas City, KS have certifications that can only be awarded through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals manage their money, budget, save, and plan for their financial future. This role encompasses 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, 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 Kansas City, KS
There are several types of advisors that vary based on the services they provide, their compensation models, their areas of expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. 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 typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, an advisor who has 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 designation have completed rigorous training and adhere to high ethical standards, including a fiduciary duty to their clients. CFPs provide a broad range of financial planning services, ranging from debt management to retirement planning, and investment strategies. Their methodology is comprehensive, aiming 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 similar to CFPs and are also bound by a fiduciary duty. They focus on providing comprehensive financial advice, encompassing areas such as estate planning to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, helping with basics such as saving money and creating budgets. They are perfect for clients who might not have the financial resources to hire a financial advisor yet. Financial coaching delivers a strong basis for handling personal finances efficiently, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that include estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. This expertise is focused on optimizing the financial health and future of wealthy individuals, ensuring that all investments and planning strategies meet customized advice and solutions.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who represent 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 asses your current finances, identify means to improve it, and help you reach your long-term financial goals. A lot of Kansas City, KS residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial feature 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 Kansas City, KS will utilize in order 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 transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Kansas City, KS offer comprehensive services and tailored guidance by taking into account your entire financial situation.
- Tax Planning
Taxes are involved in almost every financial transaction and transfer. According to the IRS's own data, more than 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to lower your taxes. A reliable and expert Kansas City, KS financial advisor will help you navigate your tax implications in the interest of keeping more money in your own account.
- 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 Kansas City, KS will assist to allocate and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you retire, your Kansas City, KS financial advisor will help with tax planning, 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 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, KS businesses and business owners. Introducing a 401(k) plan is a fantastic way to maintain your best employees and keep them motivated and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Kansas City, KS financial advisor team offers comprehensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be tough to know the best way to manage the money you've accumulated in a previous Kansas City, KS employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will know how to best navigate 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 bequeath some wealth behind the people you care about the dearly. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Kansas City, KS can best position your money for both your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's important to choose one who has obtained 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, KS 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 personalized debt management plans that focus on consolidating debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Kansas City, KS can assist clients understand how much money's coming in, find areas for savings, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for effective budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Kansas City, KS financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Then we've completed that, we'll work in concert with you to establish your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only obligation is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can put forward, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Kansas City, KS?
Seeking the guidance 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 professional financial advice.
- Major Life Changes: 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 significantly affect your financial landscape. A financial advisor can guide you manage these changes, ensuring that your financial plan evolves to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply prefer to focus your time elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 essential. 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 essential whenever you hire someone to do something, but particularly so when it involves your hard-earned money. In addition to finding a dependable advisor, you need one whose specialties align with your needs. It's important to make the right inquiries 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 time spent in the industry, the types of clients they've assisted, and their areas of expertise, can offer you a sense of their expertise and whether they're equipped to manage your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous educational, experience, and ethical standards, signifying a high level of competence and expertise.
- What is 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 dynamic strategy, their philosophy should be in harmony with your expectations and expectations.
- How do you usually communicate with clients?
Communication method and frequency are vital to a successful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor intends to keep you informed about how your investments are going and if you need any updates to your 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. Knowing how an advisor is compensated will help you identify potential biases and guarantee that their recommendations are offered 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 obligated 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 client education 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 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 make known conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only provide you with 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 Kansas City, KS?
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 other financial products. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to recommend options that generate higher commissions instead of those that are most suited to your financial goals. 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 help you achieve your goals, but not necessarily the ones most appropriate 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 hourly rates 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 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 generally also have a fiduciary duty, which means that even if 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 Kansas City, KS
Correct Capital is distinguished in the Kansas City, KS 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 Kansas City, KS:
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 largely confident in managing their finances but seek professional insight to ensure they're on the right track. Our team conducts a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals who value consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, quarterly meetings, 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 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 investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies 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 committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Kansas City, KS Financial Advisor?
Correct Capital is a premier choice for individuals and families in Kansas City, KS seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we is legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision 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. Being independent signifies 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 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. Moreover, 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 stay ahead of trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, 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 aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Kansas City, KS means joining forces with a team committed to your financial success. Our expertise, fiduciary commitment, and custom-tailored 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 Kansas City, KS include:
Call Correct Capital's Kansas City, KS Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we firmly believe in the relationship between a person, family, or entrepreneur in Kansas City, KS and their financial advisor is based on mutual trust. Committed to helping our clients realize their financial and personal 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, KS financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
