Financial Advisor in Lubbock, TX. You work hard for your money, and you want to be assured about how it's growing and how it's being used. Numerous Lubbock residents lack the financial literacy to feel sure they're making the right decisions with their money, while others simply don't have the time or interest to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Lubbock, TX will help your finances grow. We use in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Lubbock, TX and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Uncertain if you're ready to work with a financial advisor in Lubbock, TX? Take a look at our process page to see how easy we make it to ascertain 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 reported that 53 percent of American adults are anxious about their finances. The root of that apprehensiveness is often simply not being sure they're putting their money in the right places. After our Lubbock, TX financial advisor team gets to know you, your current financial situation and your financial goals, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Lubbock, TX have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals manage their money, plan their finances, put enough money away, and prepare for their financial future. This comprehensive definition covers 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 call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Lubbock, TX
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, 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 assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must be registered by the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, a broker who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous education and adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a vast spectrum of financial planning services, such as debt management to planning for retirement, and tax optimization strategies. Their methodology is holistic, designed to meet every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training similar to CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering holistic financial advice, covering areas such as estate planning to retirement strategies, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, helping with basics such as saving money and creating budgets. They are perfect for clients who may not possess the wealth to hire a financial advisor just yet. This type of guidance delivers a good starting point for handling personal finances efficiently, 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 work closely with their clients to manage complex financial situations and develop wealth preservation strategies. This expertise is tailored for enhancing the financial health and future of those with substantial assets, ensuring that every financial decision is aligned with customized advice and strategies.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your present finances, ascertain methods to improve it, and help you reach your future financial goals. A lot of Lubbock, TX residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a crucial feature of any financial plan, a professional financial advisor will be able to offer you comprehensive financial advice that takes into account the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Lubbock, TX will utilize 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 paying for college, real estate transactions, choosing insurance policies, and putting food on the table each night. The best financial advisors in Lubbock, TX offer comprehensive 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, more than 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A skilled and ethical Lubbock, TX financial advisor will guide you through your tax implications with the aim of keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the collection 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 Lubbock, TX will help in allocating and diversify your assets in order to mitigate risk and strategically position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you hang up your cape, your Lubbock, TX financial advisor will assist with tax implications, considering the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and strategy for where your income will come from in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Lubbock, TX businesses and business owners. Implementing a 401(k) plan is a great way to maintain 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 Lubbock, TX financial advisor team offers extensive 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 difficult to know the best way to manage the money you've already saved in a previous Lubbock, TX employer's 401(k) plan. You have multiple options, such as leaving the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to wish to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Lubbock, TX can optimize your money for not only 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 paramount to choose one who has obtained accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Lubbock, TX financial advisor at Correct Capital is bound by a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on managing debt, securing lower interest rates where possible, and structuring repayments. The goal is to create a workable path forward that suits your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Lubbock, TX can help clients comprehend your income level, identify areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Lubbock, TX financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. Once we've done that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you accomplish your goals. As an independent advisory firm, our only job is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Lubbock, TX?
Seeking the advice of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment can differ greatly from person to person, certain life events and circumstances often suggest the need for expert 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 facing retirement, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan adapts 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 complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to effectively manage your investments, or simply choose to spend your time on other pursuits, a financial advisor can be invaluable. They bring expertise and wisdom to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Nearing 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 with peace of mind. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a wide array 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 expertise can be essential. They can assist you comprehend the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is paramount when you're hiring someone for any service, but especially so when it involves your finances. Beyond just finding a reliable advisor, you need one whose specialties align with your needs. It's important to make the right inquiries 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 types of clients they've assisted, and their areas of expertise, can provide you a sense of their expertise and whether they're equipped to handle 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 accreditations often require fulfilling strict education, experience, and ethical standards, demonstrating a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement 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 goals and expectations.
- How do you prefer to communicate with clients?
Communication method and frequency 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 face-to-face or online, and how the advisor expects 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 fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will enable you to discern potential biases and guarantee that their advice is 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, giving advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can enable you to assess 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 address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only offer 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 Lubbock, TX?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to suggest products that generate higher commissions instead of those that are most suited to your financial goals. 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.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
- 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, fee-based advisors generally also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this to the client and 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 Lubbock, TX
Correct Capital stands out in the Lubbock, TX 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 three different service models to our clients in Lubbock, TX:
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 excellent for individuals who largely feel good about managing their finances but desire professional validation to confirm they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we won't manage your investments for you, we'll strive to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax planning 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 committed to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Lubbock, TX Financial Advisor?
Correct Capital is a premier choice for individuals and families in Lubbock, TX seeking reliable, expert 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 guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done 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. Our independence means we are not tied to any financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. 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 anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: 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 well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Lubbock, TX means partnering 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 perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Lubbock, TX include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Lubbock, TX Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between an individual, household, or entrepreneur in Lubbock, TX and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients realize their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Lubbock, TX financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
