Financial Advisor in Newport News, VA. You work hard for your money, and you need to feel assured about how it's expanding and how it's being used. Many Newport News residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination 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 Newport News, VA will help your finances grow. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Newport News, VA and beyond. Call us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Newport News, VA? Take a look at our process page to find out how simple we make it to determine if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that anxiety is frequently simply not being sure they're putting their money in the right places. Once our Newport News, VA financial advisor team gets to know you, your current financial situation and your financial objectives, we'll create a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can endorse. Our financial advisors in Newport News, VA have certifications that can only be acquired 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 role encompasses a wide range of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to suggest 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 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 Newport News, VA
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 commonly associated with RIAs and are required to act in a fiduciary capacity, putting their clients' interests above their own. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based 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 be registered by the SEC and are generally members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, an individual who holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous training and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a wide array of financial advisory services, such as managing debt to planning for retirement, and tax optimization strategies. This approach is comprehensive, intended to meet 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 CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering comprehensive financial advice, encompassing everything from estate planning to retirement strategies, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, assisting with basics such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a solid foundation for handling personal finances efficiently, particularly for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards optimizing the financial health and legacy of wealthy individuals, 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 represent the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 look over your current finances, ascertain means to improve it, and help you reach your long-term financial goals. A lot of Newport News, VA residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a essential feature of any financial plan, an accomplished financial advisor will be able to provide you with holistic financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Newport News, VA will use in order to help you realize your objectives.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a house, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Newport News, VA offer holistic services and bespoke advice by evaluating your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal means to lower your taxes. A skilled and ethical Newport News, VA financial advisor will help you navigate your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Newport News, VA will help to allocate and diversify your assets to mitigate risk and optimally position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Newport News, VA financial advisor will assist with tax planning, considering the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating a budget and strategy for source of income in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Newport News, VA businesses and business owners. Implementing a 401(k) plan is a great way to keep your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and numerous of plan participants nationwide. Our Newport News, VA financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be difficult to know the best way to handle the money you've already saved in a previous Newport News, VA employer's 401(k) plan. You have several options, such as leaving the money in the account it is currently in, moving 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 managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's natural to want to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are separate from merely leaving gifts behind in estate planning. A financial advisor in Newport News, VA can strategically plan 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 paramount to choose 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 Newport News, VA 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 customized debt management plans that focus on consolidating debt, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Newport News, VA can help clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that promote 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 Newport News, VA financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation 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 Newport News, VA?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial prosperity you want. While the optimal timing can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have substantial 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 help you through these changes, ensuring that your financial plan evolves to meet your changing situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be crucial. 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.
- Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans 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 expertise can be essential. They can guide you grasp the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial when you're hiring someone for any service, but especially so when it involves your finances. In addition to finding a dependable advisor, you need one whose specialties align with your needs. It's important to make the right inquiries during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their years in the industry, the types of clients they've assisted, and their areas of expertise, can offer you a sense of their proficiency and whether they're well-suited to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling demanding educational, experience, and ethical standards, signifying 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 aggressive strategy, their philosophy should be in harmony with your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and regularity are crucial to a successful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor expects to keep you informed about your investments and financial 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 biases and guarantee that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is crucial. This means they are legally required 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. Knowing 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 clearly explain potential conflicts of interest and how they deal with 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 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 Newport News, VA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can create a possible conflict, as the advisor might be incentivized to suggest options that generate higher commissions rather than 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 most appropriate to your needs.
- Fee-Only: Advisors on a fee-only basis 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 several forms, including hourly rates assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors 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 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 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 Newport News, VA
Correct Capital is distinguished in the Newport News, VA financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Newport News, VA:
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 continuous oversight. This service is excellent for individuals who are largely confident in managing their finances but are looking for professional validation to confirm they're setting their money up for success in the best way. Our team performs a thorough review of your current financial situation, supplying you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to people who value consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to 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 won't manage your investments for you, we'll work to look for opportunities to help you save and grow your wealth.
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 investment management, comprehensive financial strategizing, 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 carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Newport News, VA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Newport News, VA seeking 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, Correct Capital is legally obligated to act in your best interests. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out 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, 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 two 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.
- We Are Proactive: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. 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 commitment to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Newport News, VA 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 perfect choice for individuals and families seeking to achieve their financial goals and secure their future.
Other services we offer in Newport News, VA include:
Call Correct Capital's Newport News, VA Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between a person, family, or business owner in Newport News, VA and their financial advisor is based on mutual trust. Committed to helping 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 during your retirement years. Reach out to our Newport News, VA financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.
