Financial Advisor in Knoxville, TN

Financial Advisor in Knoxville, TN. You work hard for your money, and you want to be confident about how it's growing and how it's being used. Numerous Knoxville 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 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 should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Knoxville, TN 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 Knoxville, TN 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 hire a financial advisor in Knoxville, TN? Take a look at our process page to discover how easy we make it to determine if we would make a good team.

A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. The cause of that apprehensiveness is often just not being sure they're managing their money correctly. Once our Knoxville, TN financial advisor team gets to know you, your finances and your financial ambitions, we'll create a road map to help you accomplish 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 suggest. Our financial advisors in Knoxville, TN 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 helps individuals manage their money, budget, save, and prepare for their financial future. This broad definition includes a wide range of services, from portfolio 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, credible and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.

Types of Financial Advisors in Knoxville, TN

There are various types of advisors that vary based on the services they provide, how they're paid, their areas of expertise, and their legal obligations to clients:

• 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 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 trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with 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, an individual who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals 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 offer a wide array of financial advisory services, such as debt management to retirement planning, and investment strategies. Their approach is all-encompassing, intended to meet all aspects of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and also adhere to a fiduciary duty. They specialize in providing comprehensive financial advice, encompassing areas such as estate planning to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Concentrate on improving clients' financial literacy, assisting with basics such as saving money and budgeting. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance provides a strong basis for managing personal finances wisely, particularly for those looking to take the first step towards financial wellbeing.
• Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They collaborate intimately with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their skill set is tailored for maximizing the financial health and future of those with substantial assets, ensuring that every financial decision is aligned with personalized advice and strategies.

Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors includes 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 asses your present finances, pinpoint ways to enhance it, and help you achieve your future financial goals. A lot of Knoxville, TN residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a core facet of any financial plan, a qualified financial advisor will be able to give you extensive financial advice that takes into account the whole of your finances. Below are some of the services your Correct Capital financial advisor in Knoxville, TN will utilize in order to help you meet your goals.

• Financial Planning

  Our finances are involved in almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in Knoxville, TN offer comprehensive services and tailored advice by taking into account your entire financial situation.

• Tax Planning

  Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, more than 7 out of 10 of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal means to minimize taxes owed. A skilled and ethical Knoxville, TN 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 aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Knoxville, TN will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for long-term growth.

• Retirement Planning

  Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Knoxville, TN financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and strategy for source of income in retirement so you can spend your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Knoxville, TN businesses and business owners. Setting up a 401(k) plan is a superb way to maintain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Knoxville, TN financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.

• 401(k) Rollover

  When transitioning to a new job, it can be challenging to know the best way to handle the money you've accumulated in a previous Knoxville, TN employer's 401(k) plan. You have several options, such as keeping 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 manage managing your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's natural to desire to leave a legacy and leave 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 Knoxville, TN can best position your money for not only 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 important to choose one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Knoxville, TN financial advisor at Correct Capital must heed a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer personalized debt management plans that focus on managing debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a practical path forward that aligns with your financial capabilities and goals, eventually leading to stability.

• Budgeting

  Creating and staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in Knoxville, TN can help clients grasp your income level, find areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing resources and strategies for effective budgeting, advisors guarantee that clients can satisfy their current financial obligations while also planning for future goals.

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

When Should I Consider Hiring a Financial Advisor in Knoxville, TN?

Seeking the advice of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.

• Major Life Changes: Life is a series of changes, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can guide you manage these changes, ensuring that your financial plan grows to meet your evolving situation and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you aren't confident to successfully handle your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, aiding to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
• Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, determine your retirement needs, and devise a plan to ensure you can experience your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
• Complex Financial Products: The financial market offers a plethora 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 insight can be crucial. They can assist you grasp the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.

Questions to Ask a Financial Advisor Before Hiring Them

Trust is paramount when you're hiring someone for any service, but particularly so when it comes to your hard-earned money. Beyond just finding a reliable 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 years in the industry, the types of clients they've assisted, and their areas of expertise, can offer you a sense of their skills and whether they're prepared to tackle your specific financial circumstances.

• What are your qualifications and certifications?

  Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling strict education, experience, and ethical standards, indicating a high level of professionalism 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 aggressive strategy, their philosophy should be in harmony with your goals and expectations.

• How do you usually communicate with clients?

  Communication style and regularity are vital to a fruitful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor plans to keep you updated 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 help you identify potential conflicts of interest and guarantee that their recommendations are offered with your best interests in mind.

• Are you a fiduciary financial advisor?

  Confirming that an advisor serves as a fiduciary is vital. 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 educational resources and portfolio reviews. Grasping 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 openly discuss potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must disclose 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 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 Knoxville, TN?

In general, there are three common ways for financial advisors to be compensated:

1. Commission-Based: Commission-based advisors make their earnings through commissions on the products they sell, such as other financial products. This fee structure can lead to a possible conflict, as the advisor might be incentivized to recommend products 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 aid in achieving your goals, but not necessarily the ones most appropriate to your needs.
2. Fee-Only: Fee-only advisors are compensated directly by their clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. Fee-Based: Fee-based advisors use a combination of 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 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 Knoxville, TN

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

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 ongoing management. This service is great for individuals who are generally confident in managing their finances but desire professional insight to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service caters to individuals who appreciate consistent guidance and advice as their financial situation evolves, 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 won't be managing your portfolio, we'll work 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 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their long-term goals.

Why Choose Correct Capital as Your Knoxville, TN Financial Advisor?

Correct Capital is a premier choice for individuals and families in Knoxville, TN seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:

• We're Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests in mind.
• Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence signifies we aren't tied to any specific financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
• Professional Credentials: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers boast 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. Leveraging the latest data and software to analyze trends, we prepare 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 ensures that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Knoxville, TN means partnering with a team dedicated 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 seeking to achieve their financial goals and safeguard their future.

Other services we offer in Knoxville, TN include:

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

Call Correct Capital's Knoxville, TN 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 a person, household, or entrepreneur in Knoxville, TN and their financial advisor is founded on mutual trust. Committed to guiding our clients achieve 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 Knoxville, TN financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth how you've always wanted.

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