Financial Advisor in Milwaukee, WI. 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 Milwaukee residents do not have the financial literacy to feel sure they're making the right decisions with their money, while others simply don't have the time or interest to stay informed 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 Milwaukee, WI will help your finances grow. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Milwaukee, WI and beyond. Call 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 Milwaukee, WI? Explore our process page to discover how simple we make it to ascertain if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. A source of that apprehensiveness is often just not being sure they're putting their money in the right places. After our Milwaukee, WI financial advisor team gets to know you, your extant financial situation and your financial objectives, we'll create a road map to help you accomplish 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 plans we can endorse. Our financial advisors in Milwaukee, WI have certifications that can only be obtained 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 broad definition covers a spectrum of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to advise on strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Milwaukee, WI
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 manage investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell 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 are determined by their specific licenses, such as Series 6 or Series 7. For example, 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): Advisors with the CFP designation have completed rigorous education and uphold the highest ethical standards, including a fiduciary duty to their customers. CFPs provide a broad range of financial advisory services, such as managing debt to retirement planning, and investment strategies. Their methodology is all-encompassing, aiming to address 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 CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in providing holistic financial advice, encompassing everything from investment management to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, helping with basics such as saving money and budgeting. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a strong basis for managing personal finances efficiently, especially for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and implement wealth preservation strategies. Their skill set is geared towards optimizing the financial health and legacy of affluent clients, making sure that all investments and planning strategies meet customized 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 includes CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your extant financial situation, ascertain ways to improve it, and help you meet your long-term financial goals. Many Milwaukee, WI residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a core part of any financial plan, a qualified financial advisor will be able to give you all-encompassing financial advice that takes into account the whole of your finances. Below are some of the services your Correct Capital financial advisor in Milwaukee, WI will utilize to help you meet your objectives.
- Financial Planning
Our money is integral to almost anything we do, from making sure we're set up in retirement, to education, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Milwaukee, WI offer comprehensive services and tailored consulting by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it allows for perfectly legal means to lower your taxes. A professional and trustworthy Milwaukee, WI 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 collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Milwaukee, WI will assist to allocate and diversify your assets to mitigate risk and strategically position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you retire, your Milwaukee, WI financial advisor will help with tax planning, considering the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and plan for where your income will come from in retirement so you can live out your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Milwaukee, WI businesses and business owners. Implementing a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and thousands of plan participants nationwide. Our Milwaukee, WI financial advisor team offers thorough 401(k) planning for companies as well as individualized 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 Milwaukee, WI employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, 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 approach managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's common to wish to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Milwaukee, WI can optimize your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's vital to choose one who has received accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Milwaukee, WI financial advisor at Correct Capital must heed 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 customized debt management plans that focus on consolidating debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a practical path forward that suits your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Milwaukee, WI can help clients comprehend their cash flow, identify areas to spend less, and set realistic spending limits that encourage wealth accumulation. 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 Milwaukee, WI 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 done that, we'll work 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 job is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.
When Should I Consider Hiring a Financial Advisor in Milwaukee, WI?
Seeking the assistance of a financial advisor can be a critical step towards achieving financial health, peace of mind, and wealth. While the optimal timing can differ greatly from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Changes: 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 significantly 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 changing situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you lack the experience to effectively handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be essential. They bring insight and objectivity to your financial decisions, helping to enhance your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and devise a plan to ensure you can enjoy your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 crucial. They can help you comprehend 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 involves your hard-earned money. Beyond just finding a trustworthy 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 track record, including their years in the industry, the types of clients they've worked with, and their specializations, can offer you a sense of their skills and whether they're equipped to manage your financial needs.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to rigorous education, experience, and ethical standards, demonstrating a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your goals and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are essential to a fruitful client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor plans to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern potential biases and ensure that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is essential. 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 extensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can 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 harm their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and must 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 Milwaukee, WI?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as mutual funds. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to recommend options that generate higher commissions rather than those that are most suited to your financial goals. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it minimizes 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 blend of the fee-only and commission-based structures, fee-based advisors generally also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information 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 Milwaukee, WI
Correct Capital stands out in the Milwaukee, WI 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 Milwaukee, WI:
One-Time Financial Plan (best for validators)
This service model is ideal 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 are largely confident in managing their finances but desire professional insight to ensure they're setting their money up for success in the best way. Our team performs a thorough review of your financial landscape, supplying you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals who value ongoing guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not 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 choose to hand over the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy 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 financial goals.
Why Choose Correct Capital as Your Milwaukee, WI Financial Advisor?
Correct Capital is a premier choice for individuals and families in Milwaukee, WI seeking reliable, expert 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 each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests in mind.
- 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 specific financial institution or product, enabling us the freedom to choose 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 two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging in-depth research and analytics, we prepare 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 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 Milwaukee, WI means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Milwaukee, WI include:
Call Correct Capital's Milwaukee, WI Financial Advisor Team Today
Your money and the decisions you make with it are inherently personal. At Correct Capital, we firmly believe that the relationship between a person, family, or business owner in Milwaukee, WI and their financial advisor is based on trust. Dedicating our lives to helping our clients achieve their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Milwaukee, WI financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth in the manner you desire.
