Financial Advisor in Lubbock, TX. You work hard for your money, and you need to feel secure about how it's being managed and how it's being used. A lot of Lubbock 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 up to date on market trends along with new laws, regulations, and different events happening around the world. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Lubbock, TX will make your money work for you. We use in-depth research along with our extensive expertise 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 online to see if Correct Capital is a good fit for you.
Wondering if you're ready to hire a financial advisor in Lubbock, TX? Explore our process page to see how straightforward we make it to ascertain if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. A source of that anxiety is frequently just not being sure they're putting their money in the right places. After our Lubbock, TX financial advisor team gets to know you, your extant financial situation and your financial objectives, we'll build a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can endorse. Our financial advisors in Lubbock, TX have certifications that can only be gained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals oversee their money, budget, save, and plan for their financial future. This role 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 be called a financial advisor or financial planner, credible and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Lubbock, TX
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 advisors provide advice on securities and manage investment portfolios. They're often associated with RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for their clients or for themselves. They must be registered by 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 example, an advisor who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP certification have completed rigorous education and adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, including debt management to planning for retirement, and tax optimization strategies. Their methodology is comprehensive, aiming to address 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 CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering everything from estate planning to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, helping with basics such as saving money and creating budgets. They are ideal for clients who might not have the financial resources to hire a financial advisor just yet. Their services offers a solid foundation for handling personal finances effectively, particularly for those just starting out.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their expertise is geared towards optimizing the financial health and future of affluent clients, guaranteeing that every financial decision is aligned with 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 embody the highest standards of fiduciary responsibility and personalized service, making sure 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 evaluate your current finances, identify ways to improve it, and help you reach your long-term financial goals. Many Lubbock, TX residents commonly immediately think of investing when they consider wealth management services and financial advisors. While that is a crucial component of any financial plan, a certified financial advisor will be able to offer you holistic financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Lubbock, TX will implement in order to help you achieve your goals.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, choosing insurance policies, and putting food on the table each night. The best financial advisors in Lubbock, TX offer holistic services and tailored advice by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in nearly every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to minimize taxes owed. A professional and trustworthy Lubbock, TX financial advisor will help you navigate your tax implications in the interest of keeping more money in your hands than in the government'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 art. A financial advisor in Lubbock, TX will help to allocate and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Lubbock, TX financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will 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 Lubbock, TX businesses and business owners. Implementing 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 hundreds of plan participants nationwide. Our Lubbock, TX financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting 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, including leaving the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will have the knowledge how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and leave some wealth behind the people you care about the dearly. Wealth transfers are separate from merely leaving gifts behind in estate planning. A financial advisor in Lubbock, TX can best position your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's necessary to choose one who has obtained accreditations and certifications from regulatory bodies 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Lubbock, TX can assist clients understand their cash flow, spot areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for successful budgeting, advisors make sure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Lubbock, TX financial advisor at Correct Capital, we start by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. Then we've completed that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only obligation 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.
Do I Need to Hire a Financial Advisor in Lubbock, TX?
Seeking the assistance of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the right time can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have significant financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can help you through these changes, ensuring that your financial plan evolves to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully manage your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can help you review 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 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 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 crucial whenever you hire someone to do something, but particularly 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 track record, including their time spent in the industry, the kinds of clients they've worked with, and their areas of expertise, can give you a sense of their expertise and whether they're well-suited to handle your financial needs.
- What are your qualifications and certifications?
Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to demanding educational, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should align with 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 goals and expectations.
- How do you usually communicate with clients?
Communication style and frequency are essential to a successful client-advisor relationship. Discuss 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 your investments and financial 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. Grasping how an advisor is compensated will enable you to discern potential biases and guarantee that their recommendations are given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests before their own, providing advice that is in the best interest of 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 educational resources and portfolio reviews. Understanding 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 transparently share 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 must 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 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 products they sell, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor might be incentivized 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 advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis 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 various shapes, including a percentage of the assets under management (AUM). This model is often seen 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 mix of the fee-only and commission-based structures, such 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 is distinguished in the Lubbock, TX financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Lubbock, TX:
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 continuous oversight. This service is great for individuals who are generally confident in 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, supplying 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 value ongoing guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, 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 save and grow your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to hand over the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Lubbock, TX Financial Advisor?
Correct Capital is a premier choice for individuals and families in Lubbock, TX looking for trusted, professional 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 act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out 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 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 two 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. Leveraging the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education ensures that you are fully prepared to make informed decisions alongside 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 personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Lubbock, TX include:
Call Correct Capital's Lubbock, TX Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between a person, household, or business owner in Lubbock, TX and their financial advisor is founded on trust. Committed to guiding our clients realize their personal and financial goals, whether it's sending your children to college or making the dream purchase of that dream car in retirement. Contact our Lubbock, TX financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth how you've always wanted.
