Financial Advisor in Nashville, TN. Your hard-earned money deserves attention, and you need to be assured about how it's being managed and how it's being used. Numerous Nashville residents lack the financial literacy to feel sure they're making the right decisions with their money, while others simply don't have the time or inclination to stay up to date on market trends along with new laws, rules, and global events. That's when you should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Nashville, TN will help your finances grow. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Nashville, TN and beyond. Call us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Uncertain if you're ready to work with a financial advisor in Nashville, TN? Explore our process page to discover how easy we make it to determine if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. The root of that apprehensiveness is frequently simply not being sure they're managing their money correctly. Once our Nashville, TN financial advisor team gets to know you, your finances and your financial ambitions, we'll implement a road map to help you achieve 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 options we can offer you. Our financial advisors in Nashville, 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 role 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 call themselves a financial advisor or financial planner, credible 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 Nashville, TN
There are various types of advisors that vary based on the services they provide, their compensation models, their areas of expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They often work in 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 assets under management.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, an individual who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors 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 planning services, ranging from managing debt to planning for retirement, and investment strategies. Their methodology is all-encompassing, designed to address all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They focus on offering comprehensive financial advice, encompassing areas such as estate planning to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are ideal for clients who may not possess the financial resources to hire a financial advisor just yet. This type of guidance provides a strong basis for managing personal finances wisely, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Serve high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. This expertise is geared towards maximizing the financial health and legacy of affluent clients, making sure that every financial decision is aligned with tailored 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 team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will evaluate your current financial situation, determine ways to enhance it, and help you accomplish your future financial goals. Many Nashville, TN residents frequently immediately think of investing when they think of wealth management services and financial advisors. While that is a central part of any financial plan, a professional financial advisor will be able to give you comprehensive financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Nashville, TN will utilize in order to help you realize your goals.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a house, picking insurance policies, and putting food on the table each night. The best financial advisors in Nashville, TN offer all-encompassing services and bespoke guidance by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in nearly every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it provides perfectly legal means to reduce your tax liability. A reliable and expert Nashville, TN financial advisor will assist you in navigating your tax implications in the interest 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Nashville, TN will assist in allocating and diversify your assets to mitigate risk and optimally 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 retire, your Nashville, TN 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 aid in creating a budget and strategy for where your income will come from 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 Nashville, TN businesses and business owners. Introducing a 401(k) plan is a great way to retain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and thousands of plan participants nationwide. Our Nashville, TN financial advisor team offers comprehensive 401(k) planning for companies as well as customized 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 Nashville, TN employer's 401(k) plan. You have multiple options, including leaving the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will know how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to want to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Nashville, TN can optimize your money for both 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 important to choose one who has accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Nashville, TN financial advisor at Correct Capital must observe 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 tailored debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that matches your financial capabilities and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Nashville, TN can help clients understand their cash flow, spot areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing resources and strategies for effective budgeting, advisors guarantee that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Nashville, TN financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will evaluate your current income, assets, investments, debts, and expenses. Next we've done that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you grow your wealth. 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 put forward, and we will never try to sell you on something we do not believe in ourselves.
When Should I Hire a Financial Advisor in Nashville, TN?
Seeking the guidance of a financial advisor can be a key step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Changes: Life is a series of changes, and many of them have substantial financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you navigate 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 complex, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, helping to enhance your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate your retirement needs, and craft a plan to ensure you can enjoy 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 wide array 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 knowledge can be essential. They can assist you grasp the risks and benefits, ensuring that any investment fits 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 particularly so when it involves your finances. In addition to finding a reliable 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 assisted, and their areas of expertise, can give you a sense of their skills and whether they're equipped to manage your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require fulfilling rigorous education, experience, and ethical standards, indicating a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should be in harmony with your aspirations and expectations.
- How do you usually communicate with clients?
Communication style and frequency are vital to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor intends to keep you updated about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest and guarantee that their advice is given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is vital. This means they are bound by law to put your interests before their own, offering 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. Understanding 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 transparently share potential conflicts of interest and how they deal with them to ensure they don't adversely affect 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 give 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 Nashville, TN?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the products they sell, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor could be motivated 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 advise on products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- 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 various shapes, including a percentage of the assets under management (AUM). This model is often seen as more transparent and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
- 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, fee-based advisors generally also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this to the client and 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 Nashville, TN
Correct Capital stands out in the Nashville, TN financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Nashville, TN:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who largely feel good about managing their finances but seek professional insight to confirm they're doing things the right way. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people 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 open availability if the need ever arises. While we will not be managing your portfolio, we'll work to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, 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 peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Nashville, TN Financial Advisor?
Correct Capital is a leading choice for individuals and families in Nashville, TN looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant 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 every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done 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. Being independent signifies we are not tied to any financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers 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 anticipate trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Nashville, TN means partnering 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 perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Nashville, TN include:
Call Correct Capital's Nashville, TN 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 entrepreneur in Nashville, TN and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients realize their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Nashville, TN financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth how you've always wanted.
