Financial Advisor in Kansas City, MO. Your hard-earned money deserves attention, and you want to feel assured about how it's growing and how it's being used. A lot of Kansas City residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay up to date on market trends along with new laws, rules, 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 Kansas City, MO will make your money work for you. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Kansas City, MO 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.
Uncertain if you're ready to work with a financial advisor in Kansas City, MO? Take a look at our process page to find out how simple we make it to determine if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are nervous about their finances. The cause of that apprehensiveness is frequently just not being sure they're making the right decisions with their money. Once our Kansas City, MO financial advisor team gets to know you, your present financial situation and your financial goals, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the plans we can offer you. Our financial advisors in Kansas City, MO 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 specialist who provides advice on managing personal finances and investments. This comprehensive definition includes a spectrum of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to suggest strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy 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 Kansas City, MO
There are various types of advisors that differ based on the services they provide, how they're paid, their professional expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They're often associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- 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 typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, an individual who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have undergone extensive training and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial advisory services, such as debt management to retirement planning, and investment strategies. This approach is holistic, aiming to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education similar to CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, encompassing everything from investment management to retirement strategies, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are perfect for clients who may not possess the wealth to hire a financial advisor yet. This type of guidance provides a good starting point for managing personal finances wisely, 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 collaborate intimately with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their skill set is geared towards maximizing the financial health and legacy of those with substantial assets, guaranteeing that every financial decision is aligned with customized advice and strategies.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring that we act only in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will evaluate your extant finances, identify means to improve it, and help you achieve your future financial goals. Many Kansas City, MO residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a essential element of any financial plan, a certified financial advisor will be able to give 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 Kansas City, MO will utilize in order to help you accomplish your objectives.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Kansas City, MO offer comprehensive services and tailored consulting by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in nearly every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to reduce your tax liability. A reliable and expert Kansas City, MO financial advisor will assist you in navigating 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, MO will assist in allocating and diversify your assets in order to mitigate risk and strategically position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you retire, your Kansas City, MO financial advisor will assist with tax planning, considering the optimal time to retire, when to withdraw money and how much to withdraw. 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 Kansas City, MO businesses and business owners. Setting up a 401(k) plan is a great way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Kansas City, MO financial advisor team offers thorough 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to manage the money you've accumulated in a previous Kansas City, MO employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to wish to leave a legacy and pass on some wealth to the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Kansas City, MO 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 call themselves a "financial advisor," so it's necessary 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, MO 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 tailored debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that suits your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Kansas City, MO can assist clients grasp your income level, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for effective budgeting, advisors make sure that clients can satisfy their current financial obligations while also planning for future goals.
When you hire a Kansas City, MO financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Once we've done that, we'll work in concert 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 priority is to act in your best interest. There is no restrictions 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, MO?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial prosperity you want. While the ideal moment 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 major financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can assist you manage these changes, ensuring that your financial plan evolves to meet your evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, daunting for many. If you lack the experience to successfully manage your investments, or simply prefer to focus your energy on other pursuits, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, aiding to optimize your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, calculate your retirement needs, and formulate 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 plethora 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 insight can be vital. 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 especially so when it comes to your finances. In addition to finding a reliable 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 experience, including their years in the industry, the varieties of clients they've worked with, and their specializations, can give you a sense of their expertise and whether they're prepared to handle your financial needs.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting rigorous educational, experience, and ethical standards, signifying a high level of expertise and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your goals and expectations.
- How do you prefer to communicate with clients?
Communication method and frequency are crucial to a fruitful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be face-to-face 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 combination thereof. Knowing how an advisor is compensated will enable you to discern potential biases and make certain that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is crucial. This means they are legally obligated to put your interests before their own, offering advice that best serves 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 client education and portfolio reviews. Understanding the full scope of services offered can assist you in determining 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 address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must 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 help you gauge 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, MO?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend options 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 recommend products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis 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 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: Fee-based advisors 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 generally also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Kansas City, MO
Correct Capital is distinguished in the Kansas City, MO 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, MO:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are generally confident in managing their finances but are looking for professional validation to ensure they're doing things the right way. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for individuals who appreciate ongoing 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 manage your investments for you, we'll strive 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 delegate 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 retirement planning to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Kansas City, MO Financial Advisor?
Correct Capital is a premier choice for individuals and families in Kansas City, MO 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 guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests at heart.
- Our I.O.U. Promise: All the advice 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 gives us the ability 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.
- Proactivity is Our Approach: 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, we prepare 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 guarantees that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Kansas City, MO means joining forces with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized 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, MO include:
Call Correct Capital's Kansas City, MO Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, household, or entrepreneur in Kansas City, MO and their financial advisor is based on mutual trust. Dedicating our lives to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Kansas City, MO financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth how you've always wanted.
