Financial Advisor in Memphis, TN

Financial Advisor in Memphis, TN. Your hard-earned money deserves attention, and you need to feel confident about how it's expanding and how it's being used. Numerous Memphis residents lack the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or inclination to stay informed on market trends along with new laws, regulations, and global events. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Memphis, TN will make your money work for you. We employ in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Memphis, TN and beyond. Speak to a team member today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Uncertain if you're ready to hire a financial advisor in Memphis, TN? Explore our process page to discover how straightforward we make it to find out if you're a good fit.

A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. A source of that concern is commonly just not being sure they're putting their money in the right places. After our Memphis, TN financial advisor team gets to know you, your finances and your financial aims, we'll create a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the solutions we can recommend. Our financial advisors in Memphis, TN have certifications that can only be gained through rigorous testing and by meeting stringent education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This wide-ranging definition encompasses a variety of services, from investment management and retirement planning to tax planning and generational wealth transfers. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can be called a financial advisor or financial planner, credible and professional advisors will have accreditations 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 Memphis, TN

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 offer 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. Portfolio managers 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 trade securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must register with the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an individual 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): Advisors with the CFP designation have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to their clients. CFPs provide a broad range of financial advisory services, including debt management to retirement planning, and tax optimization strategies. Their approach is holistic, designed to meet all aspects of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering everything from estate planning to retirement strategies, guaranteeing that clients' financial goals are met with the highest ethical standards.
• Financial Coaches: Concentrate on improving clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are perfect for clients who may not possess the financial resources to hire a financial advisor just yet. This type of guidance offers a solid foundation for managing personal finances efficiently, particularly for those just starting out.
• Wealth Managers: Serve high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and develop wealth preservation strategies. This expertise is geared towards enhancing the financial health and future of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through customized advice and approaches.

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 embody 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 extant finances, identify methods to improve it, and help you realize your long-term financial goals. Many Memphis, TN residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a key feature of any financial plan, a certified financial advisor will be able to give you extensive financial advice that takes into account the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Memphis, TN will utilize in order to help you realize your objectives.

• Financial Planning

  Our money is involved in almost everything we do, from making sure we're prepared for retirement, to education, real estate deals, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Memphis, TN offer holistic services and bespoke advice by considering your entire financial situation.

• Tax Planning

  Taxes are involved in almost every financial transaction and transfer. 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 offers perfectly legal ways to minimize taxes owed. A skilled and ethical Memphis, TN financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your own account.

• Portfolio Management and Asset Management

  Your financial portfolio is the assembly 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 Memphis, TN will assist to allocate and diversify your assets to mitigate risk and strategically 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 Memphis, TN financial advisor will help with tax implications, considering the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can enjoy your golden years just how you want to.

• 401(k) Services

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

• 401(k) Rollover

  When transitioning to a new job, it can be challenging to know the best way to manage the money you've already saved in a previous Memphis, TN employer's 401(k) plan. You have multiple options, including keeping 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 know how to best navigate managing your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's common to desire to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Memphis, TN can optimize 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 paramount to pick 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 Memphis, TN financial advisor at Correct Capital must observe 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 consolidating debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a workable path forward that matches your financial situation 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 Memphis, TN can help clients grasp how much money's coming in, find areas for savings, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for efficient budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.

When you hire a Memphis, TN financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Then 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 wealth. As an independent advisory firm, our only priority is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.

When Should I Speak to a Financial Advisor in Memphis, TN?

Seeking the advice of a financial advisor can be a critical step towards achieving financial well-being, 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 professional financial advice.

• Major Life Changes: Life is a series of transitions, and many of them have substantial financial implications. Whether you're buying a home 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 evolves to meet your new circumstances and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply choose to spend your energy elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, aiding to optimize your portfolio, avoid 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 craft 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 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 vital. They can assist you understand 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 hard-earned money. Beyond just finding a dependable advisor, you need one whose specialties align with your needs. It's important to inquire properly 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 types of clients they've collaborated with, and their areas of expertise, can provide you a sense of their skills and whether they're prepared to manage your specific financial circumstances.

• What are your qualifications and certifications?

  Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to demanding education, experience, and ethical standards, signifying a high level of professionalism and expertise.

• What is your investment philosophy?

  An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your goals and expectations.

• How do you prefer to communicate with clients?

  Communication style and frequency are essential to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or online, and how the advisor expects to keep you updated 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 help you identify potential conflicts of interest and ensure that their recommendations are given with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor acts as a fiduciary is crucial. This means they are bound by law to put your interests ahead of their own, giving advice that best serves your financial goals and needs.

• What services do you offer beyond investment management?

  Many advisors provide comprehensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources and portfolio reviews. Knowing 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 clearly explain potential conflicts of interest and how they deal with 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 give 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 Memphis, TN?

In general, there are three common ways for financial advisors to be compensated:

1. 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 recommend products that generate higher commissions rather than those that are most suited to your financial goals. 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: 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 often seen as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. Fee-Based: Advisors with a fee-based approach 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, fee-based 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 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 Memphis, TN

Correct Capital stands out in the Memphis, TN financial advisory landscape for its customized 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 Memphis, TN:

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 are largely confident in managing their finances but are looking for professional validation to ensure they're on the right track. Our team performs a thorough review of your current financial situation, supplying you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service caters to people who value consistent guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights 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 flourish financially.

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 portfolio management, strategic financial planning, and forward-looking guidance 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.

Why Choose Correct Capital as Your Memphis, TN Financial Advisor?

Correct Capital is a leading choice for individuals and families in Memphis, TN seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:

• We are Fiduciary Advisors: As fiduciaries, Correct Capital is legally obligated to act in your best interests. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move 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 aren't tied to any financial institution or product, enabling us the freedom to select 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. Moreover, our retirement consultants and financial portfolio managers have 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.
• Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment 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 Memphis, TN 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 Memphis, TN include:

• 401(k) Audit
• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Memphis, TN Financial Advisor Team Today

The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between a person, household, or entrepreneur in Memphis, TN and their financial advisor is founded on trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Contact our Memphis, TN financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth how you've always wanted.

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