Financial Advisor in Newark, NJ. You work hard for your money, and you need to feel confident about how it's growing and how it's being used. A lot of Newark residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or interest to stay informed on financial markets along with new laws, regulations, and different events happening around the world. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Newark, NJ will make your money work for you. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Newark, NJ and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Newark, NJ? Take a look at our process page to see how easy 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 frequently just not being sure they're putting their money in the right places. After our Newark, NJ 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 obligated to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Newark, NJ have certifications that can only be obtained through exhaustive 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 wide range of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Newark, NJ
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 oversee investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, meaning they always have the client's best interest at heart. Portfolio managers are registered 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 on behalf of 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 example, a broker who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have undergone extensive training and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial planning services, ranging from managing debt to retirement planning, and tax optimization strategies. Their methodology is holistic, intended to satisfy every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, 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. Like CFPs, ChFCs focus on offering holistic financial advice, covering everything from estate planning to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, assisting with basics such as saving money and budgeting. They are suited for clients who may not possess the financial resources to hire a financial advisor just yet. This type of guidance provides a good starting point for handling personal finances efficiently, particularly for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and implement wealth preservation strategies. This expertise is tailored for maximizing the financial health and future of those with substantial assets, guaranteeing that all investments and planning strategies meet 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 represent 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 examine your extant finances, pinpoint ways to enhance it, and help you meet your long-term financial goals. A lot of Newark, NJ residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a principal component of any financial plan, a qualified financial advisor will be able to give you overarching financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Newark, NJ will use to help you meet your goals.
- 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, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Newark, NJ offer comprehensive services and tailored consulting by evaluating your entire financial situation.
- Tax Planning
Taxes are involved in virtually every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes each 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 Newark, NJ financial advisor will guide you through your tax implications with the aim 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Newark, NJ will assist in allocating and diversify your assets in order to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Newark, NJ financial advisor will assist with tax planning, considering 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 source of income in retirement so you can spend your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Newark, NJ businesses and business owners. Implementing a 401(k) plan is a superb way to retain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Newark, NJ financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be difficult to know the best way to manage the money you've already saved in a previous Newark, NJ employer's 401(k) plan. You have several options, including 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 selection of IRA accounts. A financial advisor will know how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to want to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Newark, NJ 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 paramount to pick one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Newark, NJ financial advisor at Correct Capital is bound by 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, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Newark, NJ can assist clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for efficient budgeting, advisors make sure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Newark, NJ financial advisor at Correct Capital, we start by getting to know you and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Next we've done that, we'll work in tandem 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 obligation is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can propose, 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 Newark, NJ?
Seeking the assistance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment 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 series of changes, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can help you manage these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be invaluable. They bring insight and perspective to your financial decisions, aiding to optimize your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you evaluate your current financial situation, calculate your retirement needs, and craft a plan to ensure you can experience your retirement years comfortably. 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 challenges. 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 assist you understand 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 whenever you hire someone to do something, but especially so when it comes to your hard-earned money. In addition to finding a trustworthy advisor, you need one whose specialties align with 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 offer you a sense of their skills and whether they're well-suited to tackle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to strict educational, experience, and ethical standards, demonstrating a high level of competence 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 cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should be in harmony with your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are crucial to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or virtual, and how the advisor intends 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 fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will help you identify potential conflicts of interest and make certain that their recommendations are offered with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is vital. This means they are bound by law to put your interests before their own, providing advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education 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 adversely affect 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 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 Newark, NJ?
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 products they sell, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to recommend products that generate higher commissions instead of those that best meet your needs. 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 help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors 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 frequently regarded as more transparent and in line 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 cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Newark, NJ
Correct Capital is distinguished in the Newark, NJ financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Newark, NJ:
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 great for individuals who are largely confident in managing their finances but seek professional insight to confirm they're setting their money up for success in the best way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for people 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 updates from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we will not manage your investments for you, 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 hand over 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 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 achieving their financial goals.
Why Choose Correct Capital as Your Newark, NJ Financial Advisor?
Correct Capital is a leading choice for individuals and families in Newark, NJ looking for 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 are legally obligated to put your interests first. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out 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 signifies we aren't tied to any specific financial institution or product, enabling us the freedom to select 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. Additionally, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- Proactivity is Our Approach: We hold the belief that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed 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 Newark, NJ means partnering with a team committed to your financial success. Our experience, 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 Newark, NJ include:
Call Correct Capital's Newark, NJ 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 Newark, NJ and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our Newark, NJ financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
