Financial Advisor in Lexington, KY

Financial Advisor in Lexington, KY. You work hard for your money, and you need to feel confident about how it's being managed and how it's being used. Many Lexington residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay up to date on financial markets along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Lexington, KY 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 Lexington, KY and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Uncertain if you're ready to hire a financial advisor in Lexington, KY? Take a look at our process page to discover how simple we make it to find out if you're a good fit.

A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. The root of that anxiety is commonly simply not being sure they're managing their money correctly. Once our Lexington, KY financial advisor team gets to know you, your finances and your financial ambitions, we'll create a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can suggest. Our financial advisors in Lexington, KY have certifications that can only be acquired 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 wide-ranging definition encompasses a variety of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to advise on strategies that suit your goals, risk tolerance, and time horizon. 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 denote their experience and education.

Types of Financial Advisors in Lexington, KY

Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
• Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must register with the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, someone 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 certification have undergone extensive education and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial planning services, including debt management to retirement planning, and tax optimization strategies. Their approach is holistic, intended to meet every facet 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 focus on offering holistic financial advice, encompassing areas such as estate planning to tax advice, ensuring that clients' financial goals are met with the highest ethical standards.
• Financial Coaches: Focus on boosting clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are perfect for clients who might not have the wealth to hire a financial advisor yet. Financial coaching provides a good starting point for managing personal finances effectively, 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 include estate planning, tax assistance, and investment management. They partner closely with their clients to manage complex financial situations and formulate wealth preservation strategies. Their expertise is tailored for enhancing the financial health and legacy of affluent clients, making sure that every financial decision is aligned with tailored advice and strategies.

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 team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively 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, ascertain ways to improve it, and help you realize your future financial goals. Many Lexington, KY residents frequently immediately think of investing when they think of wealth management services and financial advisors. While that is a core aspect of any financial plan, a certified financial advisor will be able to offer you all-encompassing financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Lexington, KY will use to help you realize your objectives.

• Financial Planning

  Our money is a part of almost everything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, choosing insurance policies, and putting food on the table each night. The best financial advisors in Lexington, KY offer holistic services and bespoke consulting by evaluating your entire financial situation.

• Tax Planning

  Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to lower your taxes. A skilled and ethical Lexington, KY financial advisor will guide you through your tax implications to ensure keeping more money in your hands than in Uncle Sam's.

• 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 other investments such as real estate. A financial advisor in Lexington, KY will help in allocating and diversify your assets in order to mitigate risk and strategically position your money for growth.

• Retirement Planning

  Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Lexington, KY financial advisor will help with tax implications, evaluating the best age to retire, when to make withdrawals 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 exactly the way you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Lexington, KY businesses and business owners. Implementing a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Lexington, KY financial advisor team offers thorough 401(k) planning for companies as well as individualized 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 Lexington, KY employer's 401(k) plan. You have a number of options, including keeping the money in the account it is currently in, transferring it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best manage managing your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's common to want to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Lexington, KY 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 give themselves the title of "financial advisor," so it's essential 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 Lexington, KY financial advisor at Correct Capital is bound by 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 tailored debt management plans that focus on managing debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that aligns with your financial situation and goals, ultimately leading to stability.

• Budgeting

  Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in Lexington, KY can assist clients comprehend your income level, find areas for savings, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for effective budgeting, advisors ensure that clients can fulfill their current financial obligations while also preparing for future goals.

When you hire a Lexington, KY 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. Then we've done that, we'll work with you to determine your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only commitment is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can recommend, and we will never try to sell you on something we do not believe in ourselves.

Do I Need to Hire a Financial Advisor in Lexington, KY?

Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial prosperity you want. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for professional financial advice.

• Major Life Changes: Life is a series of transitions, and many of them have significant financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can help you through these changes, ensuring that your financial plan grows to meet your new circumstances 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 don't have the knowledge to effectively handle your investments, or simply choose to focus your time 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 future success.
• 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 formulate a plan to ensure you can experience 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 essential. They can help you grasp the risks and benefits, ensuring that any investment fits your overall financial strategy and goals.

Questions to Ask a Financial Advisor Before Hiring Them

Trust is essential whenever you hire someone to do something, but particularly so when it comes to your finances. In addition to finding a reliable advisor, you need one who perfectly matches 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 experience, including their years in the industry, the types of clients they've assisted, and their expert areas, can provide you a sense of their proficiency and whether they're well-suited to manage your specific financial circumstances.

• What are your qualifications and certifications?

  Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require fulfilling demanding education, experience, and ethical standards, demonstrating a high level of professionalism and expertise.

• What is your investment philosophy?

  An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your expectations and expectations.

• How do you prefer to communicate with clients?

  Communication method and frequency are essential to a fruitful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor plans to keep you updated about how your investments are going and if you need any updates to your plan.

• How are you compensated for your services?

  Advisors can be fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will help you identify potential biases and make certain that their advice is offered with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor acts as a fiduciary is vital. This means they are legally required to put your interests ahead of their own, giving advice that optimally benefits 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. 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 address them to ensure they don't harm their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.

Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also 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 Lexington, KY?

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

1. Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to recommend products that generate higher commissions instead of those that best meet your needs. Commission-based 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 best suited to your needs.
2. 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 transparent and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. Fee-Based: Advisors with a fee-based approach use a combination of client-paid fees 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 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 Lexington, KY

Correct Capital stands out in the Lexington, KY financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Lexington, KY:

One-Time Financial Plan (best for validators)

This service model is best for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who are generally confident in managing their finances but seek professional insight to confirm 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 growth opportunities.

Subscription (best for collaborators)

Our subscription service caters to 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 availability on an as-needed basis. While we won't be managing your portfolio, we'll strive to look for opportunities to help you flourish financially.

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 planning and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, 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 Lexington, KY Financial Advisor?

Correct Capital is a leading choice for individuals and families in Lexington, KY seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:

• We're Fiduciary Advisors: As fiduciaries, we are 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 done with your best interests in mind.
• Our I.O.U. Promise: Every piece of guidance 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 select 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 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: We hold the belief 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, we prepare the most appropriate strategy for your needs.
• Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education ensures that you are fully prepared to make informed decisions together with your advisor.

Choosing Correct Capital as your financial advisor in Lexington, KY means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and safeguard their future.

Other services we offer in Lexington, KY include:

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

Call Correct Capital's Lexington, KY Financial Advisor Team Today

The decisions you make about your finances and the choices you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or entrepreneur in Lexington, KY and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients realize their personal and financial goals, whether it's sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Lexington, KY financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.

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