Financial Advisor in Kansas City, MO. You work hard for your money, and you want to be secure about how it's growing and how it's being used. Numerous Kansas City residents lack the financial literacy to feel sure they're making the right decisions with their money, while others are too busy or inclination to stay up to date on market trends along with new laws, regulations, and different events happening around the world. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Kansas City, MO will help your finances grow. We employ in-depth analytics along with our decades of experience 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 see if Correct Capital is a good fit for you.
Wondering if you're ready to work with a financial advisor in Kansas City, MO? Check out our process page to see how straightforward we make it to determine if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are nervous about their finances. The cause of that anxiety is commonly 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 objectives, we'll build a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Kansas City, MO have certifications that can only be gained through exhaustive 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 role encompasses a wide range 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Kansas City, MO
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee 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. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments 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 usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, an advisor who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous education and adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, including managing debt to retirement planning, and estate planning. Their approach is all-encompassing, designed to address every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training similar to CFPs and are also required to hold their clients' interests above their own. They focus on providing comprehensive financial advice, covering areas such as investment management to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance delivers a good starting point for managing personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They collaborate intimately with their clients to manage complex financial situations and implement wealth preservation strategies. This expertise is tailored for optimizing the financial health and future of wealthy individuals, making sure that every financial decision is aligned with tailored advice and approaches.
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 embody the highest standards of fiduciary responsibility and personalized service, making sure 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 examine your current finances, determine ways to improve it, and help you reach your future financial goals. A lot of Kansas City, MO residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a essential component of any financial plan, a professional financial advisor will be able to offer you extensive financial advice that considers the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Kansas City, MO will utilize in order to help you reach your goals.
- Financial Planning
Our finances are a part of almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Kansas City, MO offer comprehensive services and tailored advice by considering your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, more than 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to minimize taxes owed. A skilled and ethical Kansas City, MO financial advisor will help you navigate your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Kansas City, MO will help 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 your aspired lifestyle when you hang up your cape, your Kansas City, MO financial advisor will help with tax planning, evaluating the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and plan 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, MO businesses and business owners. Introducing a 401(k) plan is a great way to keep your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and numerous of plan participants nationwide. Our Kansas City, MO financial advisor team offers extensive 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 tough 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 a number of options, such as leaving the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will know how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to want to leave a legacy and bequeath some wealth to 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, MO can optimize 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 vital to choose one who has earned accreditations and certifications from regulatory authorities 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 personalized 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 matches your financial capabilities and goals, ultimately 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 Kansas City, MO can help clients understand how much money's coming in, spot areas for savings, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for effective budgeting, advisors guarantee that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Kansas City, MO financial advisor at Correct Capital, we begin by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work with you to determine your preferred risk tolerance and how we can best help you accomplish your goals. As an independent advisory firm, our only responsibility 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.
Do I Need to Speak to a Financial Advisor in Kansas City, MO?
Seeking the advice of a financial advisor can be a critical step towards getting the life and financial security you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're starting a family or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can guide you through these changes, ensuring that your financial plan evolves to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you lack the experience to effectively handle your investments, or simply prefer to focus your time elsewhere, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the most common 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 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 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 involves your hard-earned money. Beyond just finding a trustworthy advisor, you need one whose specialties align with your needs. It's important to inquire properly 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 varieties of clients they've assisted, and their expert areas, can give you a sense of their proficiency and whether they're well-suited to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to rigorous educational, experience, and ethical standards, indicating a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with 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 be in harmony with 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 have meetings, whether they'll be face-to-face or virtual, and how the advisor plans to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will assist you in identifying potential biases and guarantee that their advice is offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is vital. This means they are legally required to put your interests before their own, offering advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources and portfolio reviews. Grasping the full scope of services offered can assist you in determining 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 deal with them to ensure they don't adversely affect 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 give essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in 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 products they sell, such as mutual funds. This fee structure can create a potential conflict of interest, 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 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 guidance and assistance 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 frequently regarded as more clear 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, fee-based advisors generally also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this 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 stands out in the Kansas City, MO 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 a variety of service models to our clients in Kansas City, MO:
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 excellent for individuals who largely feel good about managing their finances but seek professional insight to ensure they're doing things the right way. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who value ongoing guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not be managing your portfolio, we'll 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 hand over 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 planning and retirement planning 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 achieving 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 looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're 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 carried out with your best interests at heart.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any specific financial institution or product, allowing us the freedom to select 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 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.
- 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. Leveraging the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: 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 ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Kansas City, MO means partnering with a team committed to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Kansas City, MO include:
- Financial Planning for Business Owners van arman
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
Call Correct Capital's Kansas City, MO 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, household, or entrepreneur in Kansas City, MO and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, whether it's funding higher education for your children or making the dream purchase of that dream car in retirement. Reach out to our Kansas City, MO financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.
