Financial Advisor in Los Angeles, CA. You work hard for your money, and you need to feel confident about how it's growing and how it's being used. Many Los Angeles residents do not have the financial literacy to feel confident they're making the best decisions with their money, while others are too busy or inclination to stay informed 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 Los Angeles, CA will make your money work for you. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Los Angeles, CA and beyond. Reach out to us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Wondering if you're ready to hire a financial advisor in Los Angeles, CA? Take a look at our process page to discover how simple we make it to find out if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. The root of that concern is commonly just not being sure they're making the right decisions with their money. Once our Los Angeles, CA financial advisor team gets to know you, your extant financial situation and your financial aims, we'll implement a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the plans we can suggest. Our financial advisors in Los Angeles, CA have certifications that can only be obtained through exhaustive 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, put enough money away, and prepare for their financial future. This role encompasses a variety of services, from investment management and retirement planning to tax planning and generational wealth transfers. 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, trustworthy 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 Los Angeles, CA
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They're commonly associated with RIAs and are required to act in a fiduciary capacity, 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 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 their own accounts. They must register with the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, 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): Advisors holding the CFP certification have completed rigorous training and adhere to the highest ethical standards, including a fiduciary duty to their clients. CFPs provide a vast spectrum of financial planning services, ranging from debt management to planning for retirement, and estate planning. Their methodology is all-encompassing, intended to satisfy every facet of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing holistic financial advice, encompassing everything from estate planning to retirement strategies, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, helping with basics such as saving money and creating budgets. They are ideal for clients who don't have the wealth to hire a financial advisor just yet. Financial coaching provides a solid foundation for managing personal finances efficiently, particularly for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering comprehensive services that include estate planning, tax help, and investment management. They work closely with their clients to manage complex financial situations and formulate wealth preservation strategies. Their skill set is tailored for maximizing the financial health and future of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through personalized 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 team of advisors includes CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act solely 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 improve it, and help you reach your future financial goals. A lot of Los Angeles, CA residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a principal component of any financial plan, a knowledgeable financial advisor will be able to offer you all-encompassing financial advice that takes into account the whole of your finances. Below are some of the services your Correct Capital financial advisor in Los Angeles, CA will use in order to help you realize your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're set up in retirement, to education, real estate deals, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Los Angeles, CA offer holistic services and tailored guidance 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, more than 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to minimize taxes owed. A skilled and ethical Los Angeles, CA financial advisor will guide you through your tax implications in the interest of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection 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 Los Angeles, CA will assist to allocate and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you retire, your Los Angeles, CA financial advisor will assist with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will help you formulate a budget and plan for where your income will come from 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 Los Angeles, CA businesses and business owners. Setting up a 401(k) plan is a superb way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Los Angeles, CA financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to handle the money you've accumulated in a previous Los Angeles, CA employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will be skilled in how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to want to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Los Angeles, CA can best position your money for both your children but for 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 accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Los Angeles, CA 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 consolidating debt, securing lower interest rates where possible, and prioritizing 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 staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Los Angeles, CA can assist clients understand how much money's coming in, identify areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing resources and strategies for efficient budgeting, advisors make sure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Los Angeles, CA financial advisor at Correct Capital, we begin by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in concert with you to establish your preferred risk tolerance and how we can best help you achieve your goals. As an independent advisory firm, our only priority is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can 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 Los Angeles, CA?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial health you want. While the right time can vary widely 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 significant financial implications. Whether you're buying a home or changing careers, these milestones can profoundly affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan evolves to meet your changing situation 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, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to spend your time elsewhere, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, helping to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate your retirement needs, and devise a plan to ensure you can experience your retirement years comfortably. 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 challenges. 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 paramount whenever you hire someone to do something, but especially so when it comes to your finances. In addition to finding a reliable advisor, you need one whose specialties align with your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their years in the industry, the varieties of clients they've worked with, and their expert areas, can offer you a sense of their skills and whether they're well-suited to handle your financial situation.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous educational, experience, and ethical standards, indicating a high level of competence and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should reflect your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and regularity are vital to a successful client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor plans to keep you informed 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their recommendations are made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is crucial. This means they are bound by law to put your interests before their own, giving advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can assist you in determining whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will transparently share potential conflicts of interest and how they manage them to ensure they don't harm their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only 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 Los Angeles, 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 products they sell, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor could be motivated to suggest products that generate higher commissions rather than 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 advise on 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 guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including a percentage of the assets under management (AUM). This model is often seen as more transparent and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees and commissions from selling financial products. While this model offers a blend 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 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 Los Angeles, CA
Correct Capital is distinguished in the Los Angeles, CA financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Los Angeles, CA:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but seek professional insight to ensure they're on the right track. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals who value 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, regular check-ins every quarter, and availability on an as-needed basis. While we will not be managing your portfolio, we'll work to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax strategies and preparing for retirement 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Los Angeles, CA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Los Angeles, CA looking for 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, Correct Capital are legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent signifies we aren't tied to any financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, we prepare 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 guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Los Angeles, CA means joining forces with a team committed 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 looking to achieve their financial goals and secure their future.
Other services we offer in Los Angeles, CA include:
Call Correct Capital's Los Angeles, CA Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or entrepreneur in Los Angeles, CA and their financial advisor is founded on trust. Committed to guiding our clients achieve their personal and financial goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Los Angeles, CA 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.
