Financial Advisor in McKinney, TX

Financial Advisor in McKinney, TX. You work hard for your money, and you need to be confident about how it's expanding and how it's being used. A lot of McKinney residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay up to date on financial markets along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a trustworthy, 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. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Not sure if you're ready to work with a financial advisor in McKinney, TX? Take a look at our process page to find out how straightforward we make it to ascertain if you're a good fit.

A 2018 study by FINRA found 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 McKinney, TX financial advisor team gets to know you, your present financial situation and your financial ambitions, we'll create a road map to help you reach them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in McKinney, 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 specialist who assists individuals oversee their money, budget, save, and plan for their financial future. This comprehensive definition encompasses a wide range 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 accreditations from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.

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 advisors provide advice on securities and manage investment portfolios. They're often 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 certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets they manage.
• Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. 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 instance, a broker who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have undergone extensive education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, such as managing debt to planning for retirement, and estate planning. Their methodology is holistic, aiming to meet every facet of a client's financial life.
• Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering holistic financial advice, covering everything from estate planning to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Focus on boosting clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are perfect for clients who don't have the financial resources to hire a financial advisor yet. Their services provides a solid foundation for handling personal finances wisely, especially 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 assistance, and investment management. They work closely with their clients to handle complex financial situations and implement wealth preservation strategies. Their expertise is tailored for enhancing the financial health and future of those with substantial assets, ensuring that their clients' goals and aspirations are met through 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 group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, making sure that we act solely in the best interest of our clients across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will analyze your current finances, pinpoint ways to enhance it, and help you realize your long-term financial goals. A lot of McKinney, TX residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a crucial component of any financial plan, a knowledgeable financial advisor will be able to offer you holistic financial advice that gives consideration to the whole of your finances. The following are some of the services your Correct Capital financial advisor in McKinney, TX will utilize to help you accomplish your objectives.

• Financial Planning

  Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate deals, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in McKinney, TX offer comprehensive services and tailored guidance by evaluating your entire financial situation.

• Tax Planning

  Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it offers perfectly legal means to minimize taxes owed. A reliable and expert McKinney, TX financial advisor will guide you through 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 aggregation of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in McKinney, TX will assist to allocate and diversify your assets in order to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your McKinney, TX financial advisor will help with tax implications, evaluating the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will help you formulate a budget and strategy for source of income in retirement so you can spend your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as McKinney, TX businesses and business owners. Introducing a 401(k) plan is a superb way to maintain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our McKinney, TX financial advisor team offers thorough 401(k) planning for companies as well as customized benefits for their employees.

• 401(k) Rollover

  When moving to a new job, it can be tough 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 in now, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will know how to best approach handling your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's common to want to leave a legacy and pass on some wealth 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 generations to come, even ones you haven't met yet.

• Fiduciary Advising

  Anyone can call themselves a "financial advisor," so it's vital to choose one who has received accreditations and certifications from regulatory boards 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 tailored debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that matches your financial capabilities and goals, eventually leading to financial freedom.

• Budgeting

  Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in McKinney, TX can help clients understand their cash flow, find areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.

When you hire a McKinney, TX financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work in tandem with you to determine your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only commitment 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.

Do I Need to Speak to a Financial Advisor in McKinney, TX?

Seeking the advice of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the right time can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.

• Major Life Transitions: Life is a long line of transitions, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you through these changes, ensuring that your financial plan adapts to meet your evolving circumstances 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, overwhelming for many. If you lack the experience to successfully manage your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
• Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can assist you review 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 myriad 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 expertise can be crucial. They can guide 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 particularly so when it comes to your hard-earned money. Beyond just finding a trustworthy advisor, you need one who ideally suits 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 varieties of clients they've collaborated with, and their areas of expertise, can provide you a sense of their proficiency and whether they're prepared to manage your financial situation.

• What are your qualifications and certifications?

  Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous education, experience, and ethical standards, indicating a high level of competence and expertise.

• Can you describe your investment philosophy?

  An advisor's investment philosophy should align with 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 be in harmony with your aspirations and expectations.

• How do you prefer to communicate with clients?

  Communication style and frequency are crucial to a successful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or online, and how the advisor plans to keep you informed about your investments and financial plan.

• How are you compensated for your services?

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

• Are you a fiduciary financial advisor?

  Confirming that an advisor serves as a fiduciary is crucial. This means they are legally required to put your interests ahead of their own, offering 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 educational resources and portfolio reviews. Grasping 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 address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.

Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also help you gauge 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 insurance policies. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend options that generate higher commissions instead of 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.
2. Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including hourly rates 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.
3. Fee-Based: Fee-based advisors use a combination of client-paid fees and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, such advisors typically also have a fiduciary duty, which means that even if 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 is distinguished in the McKinney, TX 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 a variety of service models to our clients in McKinney, TX:

One-Time Financial Plan (best for validators)

This service model is ideal for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who largely feel good about managing their finances but seek professional validation to ensure they're on the right track. 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 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 updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not 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, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement 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 dedicated to maximizing their wealth and realizing their long-term goals.

Why Choose Correct Capital as Your McKinney, TX Financial Advisor?

Correct Capital is a premier choice for individuals and families in McKinney, TX seeking 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, Correct Capital are legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out in a way that aligns most closely with your goals.
• Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence means we aren't tied to any specific 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.
• We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, our aim is to craft 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 dedication to client education ensures that you are fully prepared to make informed decisions alongside 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 custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and safeguard their future.

Other services we offer in McKinney, TX include:

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

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, family, or business owner in McKinney, TX and their financial advisor is based on trust. Committed to helping 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 during your retirement years. Contact our McKinney, TX financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.

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