Financial Advisor in McKinney, TX

Complimentary financial planning By Savology

Financial Advisor in McKinney, TX. You work hard for your money, and you want to be confident about how it's growing and how it's being used. Numerous McKinney 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 inclination to stay up to date on market trends along with new laws, rules, and global events. That's when you should consider hiring a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in McKinney, 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 McKinney, TX and beyond. Speak to a team member 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 hire a financial advisor in McKinney, TX? Take a look at our process page to discover how straightforward we make it to determine if you're a good fit.


Get Your Free Financial Plan Now

Heading into retirement? Looking for investment guidance? Transition into your golden years the smart way with help from the CERTIFIED FINANCIAL PLANNER™ professionals of Correct Capital. Get started with a free, personalized financial assessment.

Use Our Complimentary Financial Planning Tool By Savology


A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. The root of that concern is frequently just not being sure they're putting their money in the right places. Once our McKinney, TX financial advisor team gets to know you, your present financial situation and your financial goals, we'll create a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in McKinney, TX have certifications that can only be awarded through rigorous 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, save, and plan for their financial future. This comprehensive definition covers a spectrum of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. 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 McKinney, 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 professionals provide advice on securities and oversee 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. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
  • Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must register with the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, a broker who holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
  • CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have undergone extensive training and uphold high ethical standards, including a fiduciary duty to their customers. CFPs offer a broad range of financial planning services, such as debt management to retirement planning, and tax optimization strategies. Their methodology is comprehensive, intended to satisfy every aspect of a client's financial life.
  • Financial Consultants: This term can be widely applied, 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 comprehensive financial advice, encompassing areas such as investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
  • Financial Coaches: Concentrate on boosting clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are ideal for clients who might not have the wealth to hire a financial advisor just yet. Their services provides a good starting point for managing personal finances effectively, especially for those just starting out.
  • Wealth Managers: Serve high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their expertise is tailored for enhancing the financial health and legacy of those with substantial assets, ensuring that all investments and planning strategies meet tailored advice and solutions.

Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, making sure 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 evaluate your present financial situation, ascertain ways to improve it, and help you accomplish your future financial goals. A lot of McKinney, TX residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental element of any financial plan, a certified financial advisor will be able to provide you with extensive financial advice that considers the whole of your finances. Below are some of the services your Correct Capital financial advisor in McKinney, TX will utilize to help you realize your goals.

  • Financial Planning

    Our finances are a part of almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, picking insurance policies, and putting food on the table each night. The best financial advisors in McKinney, TX 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 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 lower your taxes. A professional and trustworthy McKinney, TX financial advisor will help you navigate your tax implications to ensure 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 alternative assets such as art. A financial advisor in McKinney, TX will assist to allocate and diversify your assets 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 retire, your McKinney, TX financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating 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 McKinney, TX businesses and business owners. Implementing a 401(k) plan is a superb way to retain your best employees and keep them motivated and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our McKinney, TX financial advisor team offers comprehensive 401(k) planning for companies as well as individualized benefits for their employees.

  • 401(k) Rollover

    When moving to a new job, it can be challenging to know the best way to deal with the money you've accumulated in a previous McKinney, TX employer's 401(k) plan. You have multiple options, such as 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 range of IRA accounts. A financial advisor will be skilled in how to best manage handling your 401(k) funds.

  • Generational Wealth Transfers

    You work hard for your money, and it's common to want to leave a legacy and pass on some wealth to the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in McKinney, 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 call themselves a "financial advisor," so it's essential to pick 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 McKinney, TX 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 personalized debt management plans that focus on managing debt, achieving lower interest rates if feasible, and structuring 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 staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in McKinney, TX can help clients understand their cash flow, find areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also preparing for future goals.

When you hire a McKinney, TX financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation 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 McKinney, TX?

Seeking the advice of a financial advisor can be a critical 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 signal the need for professional financial advice.

  • Major Life Transitions: Life is a series of changes, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can help you manage these changes, ensuring that your financial plan grows to meet your changing circumstances and goals.
  • Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you aren't confident to effectively manage your investments, or simply prefer to focus your energy on other pursuits, a financial advisor can be essential. They bring experience and perspective to your financial decisions, assisting to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
  • Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, estimate your retirement needs, and devise a plan to ensure you can live comfortably during your retirement years without worry. 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 challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be vital. They can guide you grasp the risks and benefits, ensuring that any investment aligns with 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 especially so when it comes to your hard-earned money. Beyond just finding a trustworthy advisor, you need one whose specialties align with your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:

  • What is your experience in the financial advisory field?

    Understanding an advisor's experience, including their years in the industry, the varieties of clients they've assisted, and their expert areas, can provide you a sense of their skills and whether they're prepared to tackle your financial needs.

  • What are your qualifications and certifications?

    Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to demanding educational, experience, and ethical standards, signifying 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 dynamic strategy, their philosophy should resonate with your goals and expectations.

  • How do you prefer to communicate with clients?

    Communication style and frequency are vital to a successful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor expects to keep you informed about your investments and financial plan.

  • What's your fee structure?

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

  • Do you have a fiduciary duty to your clients?

    Confirming that an advisor is a fiduciary is vital. This means they are legally obligated to put your interests before their own, offering 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 educational resources and portfolio reviews. Knowing 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 manage them to ensure they don't harm their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and are required to manage them in their client's best interest.

Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also 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 McKinney, TX?

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 products they sell, such as mutual funds. This fee structure can create a possible conflict, as the advisor could be motivated to suggest options 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 advise on products that can help you achieve your goals, but not necessarily the ones most appropriate to your needs.
  2. Fee-Only: Advisors on a fee-only basis 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 several forms, including hourly rates assets under management (AUM). This model is frequently regarded as more clear and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
  3. 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 reveal this to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.

Correct Capital's Financial Advisory Services in McKinney, TX

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


One-Time Financial Plan (best for validators)

This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the ongoing management. This service is excellent for individuals who largely feel good about managing their finances but are looking for professional validation to confirm they're setting their money up for success in the best way. Our team conducts 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 appreciate ongoing guidance and advice as their financial situation changes, or when they have specific questions about something related to 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 retirement planning to estate considerations and beyond. Our wealth management clients enjoy peace of mind, 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 McKinney, TX Financial Advisor?

Correct Capital is a leading choice for individuals and families in McKinney, 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 is 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: All the advice we offer is independent, objective, and unbiased. Being independent signifies we are not tied to any financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
  • Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
  • Proactivity is Our Approach: 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 the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
  • Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education guarantees that you are fully prepared to make informed decisions together with your advisor.

Choosing Correct Capital as your financial advisor in McKinney, TX means partnering with a team committed to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and secure their future.

Other services we offer in McKinney, TX include:

Call Correct Capital's McKinney, TX Financial Advisor Team Today

Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe in the relationship between a person, household, or business owner in McKinney, TX and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our McKinney, TX financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.


Are you ready to experience the Correct Capital difference?

GET STARTED

Meet our team of financial advisors.

Our Team

Services We Offer