Financial Advisor in Lancaster, CA. Your hard-earned money deserves attention, and you need to be secure about how it's expanding and how it's being used. Numerous Lancaster 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 informed 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 Lancaster, CA will make your money work for you. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Lancaster, CA and beyond. Call us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Not sure if you're ready to work with a financial advisor in Lancaster, CA? Check out our process page to find out how straightforward we make it to determine if you're a good fit.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. The cause of that apprehensiveness is frequently simply not being sure they're putting their money in the right places. Once our Lancaster, CA financial advisor team gets to know you, your finances and your financial goals, we'll implement a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the plans we can put forward. Our financial advisors in Lancaster, CA have certifications that can only be obtained through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals manage their money, budget, save, and plan for their financial future. This comprehensive definition includes 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, reliable and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Lancaster, CA
There are multiple types of advisors that differ based on the services they offer, how they're paid, their professional expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and manage investment portfolios. They're often associated with RIAs and are required to 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, depending on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, someone who holds 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 undergone extensive training and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, including managing debt to planning for retirement, and estate planning. Their methodology is all-encompassing, 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 undergone education comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing holistic financial advice, covering areas such as estate planning to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are suited for clients who may not possess the wealth to hire a financial advisor yet. Their services provides a solid foundation for handling personal finances effectively, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Serve high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to manage complex financial situations and develop wealth preservation strategies. This expertise is tailored for maximizing the financial health and future of wealthy individuals, ensuring that all investments and planning strategies meet tailored advice and solutions.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 asses your extant finances, identify ways to improve it, and help you achieve your long-term financial goals. A lot of Lancaster, CA residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a core part of any financial plan, a certified financial advisor will be able to provide you with extensive financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Lancaster, CA will utilize to help you realize your objectives.
- Financial Planning
Our finances are a part of almost everything we do, from making sure we're set up in 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 Lancaster, CA offer comprehensive services and bespoke consulting by taking into account your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to lower your taxes. A skilled and ethical Lancaster, CA financial advisor will guide you through your tax implications with the aim of keeping more money in your own account.
- 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 Lancaster, CA will assist to allocate and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Lancaster, CA financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and strategy for where your income will come from in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Lancaster, CA businesses and business owners. Introducing a 401(k) plan is a fantastic way to maintain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Lancaster, CA 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 tough to know the best way to deal with the money you've already saved in a previous Lancaster, CA employer's 401(k) plan. You have several options, such as keeping the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will have the knowledge how to best 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 distinct from simply leaving gifts behind in estate planning. A financial advisor in Lancaster, CA can best position your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's necessary to choose one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Lancaster, CA financial advisor at Correct Capital must observe 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 customized 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 financial freedom.
- Budgeting
Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Lancaster, CA can help clients grasp your income level, identify areas to spend less, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for effective budgeting, advisors ensure that clients can satisfy their current financial obligations while also planning for future goals.
When you hire a Lancaster, CA financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only job is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Lancaster, CA?
Seeking the assistance of a financial advisor can be a critical step towards achieving financial well-being, peace of mind, and wealth. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Transitions: Life is a series of transitions, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can guide you navigate these changes, ensuring that your financial plan evolves to meet your new circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you aren't confident to effectively handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring experience and wisdom to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, estimate your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and 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 knowledge can be crucial. 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 essential when you're hiring someone for any service, but particularly so when it involves your hard-earned money. In addition to finding a trustworthy 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 time spent in the industry, the kinds of clients they've worked with, and their specializations, can give you a sense of their expertise and whether they're equipped to manage your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting demanding 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 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 reflect your expectations and expectations.
- How do you usually communicate with clients?
Communication style and frequency are crucial to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be in person or virtual, and how the advisor plans to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Grasping how an advisor is compensated will enable you to discern 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 is a fiduciary is vital. This means they are bound by law 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. Knowing 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 deal with them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also 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 Lancaster, CA?
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 mutual funds. This fee structure can create a potential conflict of interest, as the advisor could be motivated 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 aid in achieving your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Fee-only advisors are compensated directly by their clients for the advice and services 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 clear and aligned with the client's best interests, as it reduces 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 blend 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 Lancaster, CA
Correct Capital stands out in the Lancaster, CA 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 Lancaster, CA:
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 excellent for individuals who largely feel good about managing their finances but desire professional insight to ensure they're doing things the right way. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
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 taxes, investments, or other aspects of 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 prefer to hand over the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies and retirement planning to estate planning 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 dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Lancaster, CA Financial Advisor?
Correct Capital is a premier choice for individuals and families in Lancaster, CA looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out 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 are not tied to any 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 a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast 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 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: We offer at Correct Capital quarterly webinars and workshops to keep you informed 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 Lancaster, CA means joining forces with a team dedicated to your financial success. Our experience, fiduciary commitment, and custom-tailored 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 Lancaster, CA include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Lancaster, CA Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we firmly believe in the relationship between a person, household, or entrepreneur in Lancaster, CA and their financial advisor is based on trust. Dedicating our lives to helping our clients realize their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Lancaster, CA financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth in the manner you desire.
