Financial Advisor in Newport News, VA. Your hard-earned money deserves attention, and you want to be secure about how it's being managed and how it's being used. Many Newport News residents do not have the financial literacy to feel sure they're making the best decisions with their money, while others are too busy or interest to stay informed on market trends along with new laws, regulations, and different events happening around the world. That's when you need 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 decades of experience to create personalized financial solutions for individuals, families, and businesses in Newport News, VA and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Not sure if you're ready to work with a financial advisor in Newport News, VA? Explore our process page to discover how straightforward we make it to ascertain if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. A source of that apprehensiveness is often just not being sure they're putting their money in the right places. After our Newport News, VA financial advisor team gets to know you, your finances and your financial aims, we'll implement a road map to help you achieve them. As a fiduciary and an independent firm, your 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 gained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This broad definition includes a variety of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a thorough view of your financial situation to recommend strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, credible and professional advisors will have qualifications 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 can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and manage 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. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must be registered by the SEC and are typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an advisor who holds a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP designation have undergone extensive education and uphold high ethical standards, particularly a fiduciary duty to their clients. CFPs offer a vast spectrum of financial planning services, such as managing debt to planning for retirement, and estate planning. Their approach is holistic, designed to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs focus on offering comprehensive financial advice, encompassing areas such as investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with fundamentals such as saving money and creating budgets. They are ideal for clients who may not possess the wealth to hire a financial advisor just yet. This type of guidance provides a solid foundation for handling personal finances efficiently, especially for those just starting out.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that include estate planning, tax help, and investment management. They work closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their expertise is focused on enhancing the financial health and future of wealthy individuals, ensuring that their clients' goals and aspirations are met through 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 group of advisors features CFPs and other qualified professionals who uphold 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 look over your extant financial situation, identify methods to improve it, and help you reach your long-term financial goals. A lot of Newport News, VA residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a central feature of any financial plan, a knowledgeable financial advisor will be able to give you holistic financial advice that takes into account the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Newport News, VA will implement in order to help you reach your objectives.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're prepared for retirement, to education, buying and/or selling a house, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Newport News, VA offer comprehensive services and personalized guidance by taking into account 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 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it offers perfectly legal means to reduce your tax liability. A reliable and expert Newport News, VA 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 aggregation of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Newport News, VA will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for long-term success.
- 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 Newport News, VA financial advisor will help with tax planning, evaluating the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and plan for source of income in retirement so you can spend your golden years exactly the way 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. Setting up a 401(k) plan is a great way to retain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Newport News, VA financial advisor team offers thorough 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 deal with the money you've accumulated in a previous Newport News, VA employer's 401(k) plan. You have multiple options, including keeping the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will be skilled in how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's common to want to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Newport News, VA can best position your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's crucial to choose one who has obtained accreditations and certifications from regulatory authorities 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 must follow 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 personalized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that aligns with 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 Newport News, VA can assist clients understand how much money's coming in, identify areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing tools and strategies for successful budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.
When you hire a Newport News, VA financial advisor at Correct Capital, we start by getting to know you personally and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. Once we've done that, we'll work with you to establish your preferred risk tolerance and how we can best help you achieve 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 Hire a Financial Advisor in Newport News, VA?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial security you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Transitions: Life is a series of transitions, 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 assist you navigate these changes, ensuring that your financial plan adapts to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you aren't confident to successfully handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be invaluable. They bring insight and objectivity to your financial decisions, assisting to optimize your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, estimate your retirement needs, and craft a plan to ensure you can live comfortably during 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 myriad 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 knowledge can be essential. They can help you comprehend 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 whenever you hire someone to do something, but especially so when it involves your finances. Beyond just finding a reliable advisor, you need one who best meets 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 time spent in the industry, the types of clients they've worked with, and their expert areas, 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 them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require fulfilling rigorous educational, 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 prefer to communicate with clients?
Communication style and regularity are crucial to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, 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 combination thereof. Knowing how an advisor is compensated will enable you to discern potential biases and make certain that their advice is offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts 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 holistic 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 enable you to assess 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 deal with them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also 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: Advisors who earn through commissions make their earnings through commissions on the products they sell, such as other financial products. 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 are most suited to your financial goals. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis 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 several forms, including hourly rates assets under management (AUM). This model is often seen as more clear 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, such advisors generally also have a fiduciary duty, which means that although 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 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. Understanding that not all clients have the same starting point or the same goals, we offer a variety of 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 ongoing management. This service is great for individuals who are largely confident in managing their finances but seek professional insight to ensure they're doing things the right way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate consistent guidance and advice as their financial situation evolves, or when they have specific questions about something related to 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 be managing your portfolio, we'll strive to look for opportunities to help you grow and save your wealth.
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 portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax planning and retirement planning 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 carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and realizing 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 looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are 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 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. Our independence signifies we aren't tied to any specific financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Our Qualifications: 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 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 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: We offer at Correct Capital 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 Newport News, VA means partnering with a team committed 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 safeguard their future.
Other services we offer in Newport News, VA include:
- Financial Planning for Business Owners
- Comprehensive Financial Planning
- Retirement Income Planning
- Investment Planning
- Retirement Financial Planning
- Independent Financial Advisor
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
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 in the relationship between a person, household, or entrepreneur in Newport News, VA and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, whether it's funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Newport News, VA financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth in the manner you desire.
