Financial Advisor in Montgomery, AL

Financial Advisor in Montgomery, AL. Your hard-earned money deserves attention, and you want to be confident about how it's expanding and how it's being used. Many Montgomery residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay informed on market trends along with new laws, regulations, and global events. That's when you should consider hiring a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Montgomery, AL will help your finances grow. We employ in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Montgomery, AL and beyond. Call us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.

Not sure if you're ready to work with a financial advisor in Montgomery, AL? Take a look at our process page to find out how simple we make it to find out if we would make a good team.

A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. A source of that concern is frequently just not being sure they're making the right decisions with their money. Once our Montgomery, AL financial advisor team gets to know you, your finances and your financial ambitions, we'll create a road map to help you realize them. As a fiduciary and an independent firm, every 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 endorse. Our financial advisors in Montgomery, AL 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 specialist who provides advice on managing personal finances and investments. This comprehensive definition includes a variety of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a holistic view of your financial situation to recommend strategies that suit 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 accreditations from organizations such as FINRA and the CFP Board that denote their experience and education.

Types of Financial Advisors in Montgomery, AL

There are multiple types of advisors that vary based on the services they offer, how they're paid, their areas of expertise, and their legal obligations to clients:

• Investment Advisors or Portfolio Managers: These advisors offer advice on securities and manage investment portfolios. They often work in RIAs and are required to serve as fiduciaries, prioritizing their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets 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 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, 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): Professionals with the CFP designation have undergone extensive training and adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial advisory services, such as debt management to planning for retirement, and investment strategies. Their approach is comprehensive, aiming to satisfy all aspects of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in offering holistic financial advice, encompassing everything from investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Concentrate on enhancing clients' financial literacy, assisting with fundamentals such as saving money and budgeting. They are suited for clients who might not have the financial resources to hire a financial advisor yet. Their services provides a strong basis for managing personal finances efficiently, particularly for those just starting out.
• Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and develop wealth preservation strategies. Their expertise is focused on optimizing the financial health and future of affluent clients, ensuring that every financial decision is aligned with personalized advice and solutions.

Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act exclusively in the best interest of our clients in all of our advice and dealings.

What Does a Financial Advisor Do?

A financial advisor will asses your extant financial situation, ascertain methods to improve it, and help you achieve your future financial goals. Many Montgomery, AL residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a crucial component of any financial plan, an experienced financial advisor will be able to provide you with overarching financial advice that considers the whole of your finances. Below are some of the services your Correct Capital financial advisor in Montgomery, AL will use in order to help you realize your objectives.

• Financial Planning

  Our money is integral to almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Montgomery, AL offer all-encompassing services and personalized advice by taking into account your entire financial situation.

• Tax Planning

  Tax considerations play a role in almost 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 incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A reliable and expert Montgomery, AL financial advisor will assist you in navigating your tax implications with the aim of 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 Montgomery, AL will help to allocate and diversify your assets in order to mitigate risk and best position your money for long-term 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 Montgomery, AL 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 help you formulate a budget and strategy 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 Montgomery, AL businesses and business owners. Implementing a 401(k) plan is a fantastic way to maintain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Montgomery, AL financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.

• 401(k) Rollover

  When starting a new job, it can be tough to know the best way to manage the money you've already saved in a previous Montgomery, AL employer's 401(k) plan. You have a number of options, such as keeping the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's common to wish to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Montgomery, AL can best position your money for both 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 crucial to pick one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Montgomery, AL 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 customized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that suits your financial capabilities and goals, eventually leading to financial freedom.

• Budgeting

  Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in Montgomery, AL can help clients understand your income level, find areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can fulfill their current financial obligations while also preparing for future goals.

When you hire a Montgomery, AL financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will assess your current income, assets, investments, debts, and expenses. After we've completed that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only obligation is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can recommend, 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 Montgomery, AL?

Seeking the advice of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the right time can vary widely from person to person, certain life events and circumstances often suggest the need for expert financial advice.

• Major Life Changes: Life is a long line of changes, and many of them have significant financial implications. Whether you're starting a family or changing careers, these milestones can profoundly affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan evolves to meet your evolving circumstances and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you lack the experience to effectively manage your investments, or simply choose to spend your time elsewhere, a financial advisor can be essential. They bring experience and perspective to your financial decisions, aiding to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
• Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, determine your retirement needs, and formulate 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 essential. 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 essential when you're hiring someone for any service, but especially so when it comes to your finances. Beyond just finding a reliable advisor, you need one who perfectly matches 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 background, including their years in the industry, the types of clients they've worked with, and their areas of expertise, can provide you a sense of their proficiency and whether they're equipped to handle your specific financial circumstances.

• What are your qualifications and certifications?

  Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require fulfilling demanding education, experience, and ethical standards, indicating a high level of expertise 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 conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your aspirations and expectations.

• How do you usually communicate with clients?

  Communication method and frequency are vital to a successful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be in person or virtual, and how the advisor plans to keep you updated about how your investments are going and if you need any updates to your 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. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and ensure that their advice is made 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 obligated to put your interests before their own, giving advice that is in the best interest of 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. Grasping 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 disclose conflicts of interest, and must manage them in their client's best interest.

Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also assist you in determining whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.

You can find many of these questions answered on our FAQ page.

How Much Does a Financial Advisor Cost in Montgomery, AL?

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

1. Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as insurance policies. This fee structure can create a possible conflict, as the advisor could be motivated to recommend products that generate higher commissions rather than those that best meet your needs. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
2. Fee-Only: Fee-only advisors are compensated directly by their 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 frequently regarded as more transparent 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 blend 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 disclose that information 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 Montgomery, AL

Correct Capital is distinguished in the Montgomery, AL 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 three different service models to our clients in Montgomery, AL:

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 continuous oversight. This service is excellent for individuals who are generally 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 conducts a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service caters to people who appreciate 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, 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 delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement to estate planning 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 committed to maximizing their wealth and achieving their financial goals.

Why Choose Correct Capital as Your Montgomery, AL Financial Advisor?

Correct Capital is a leading choice for individuals and families in Montgomery, AL looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:

• We're Fiduciary Advisors: As fiduciaries, we is legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests at heart.
• Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means 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 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 boast over 100 years of combined experience.
• Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
• Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops 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 together with your advisor.

Choosing Correct Capital as your financial advisor in Montgomery, AL 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 perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.

Other services we offer in Montgomery, AL include:

• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Montgomery, AL Financial Advisor Team Today

Your money and the choices you make with it are inherently personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or entrepreneur in Montgomery, AL and their financial advisor is based on mutual trust. Committed to helping our clients achieve their personal and financial goals, be it sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Montgomery, AL financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth how you've always wanted.

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