Financial Advisor in Norfolk, VA

Financial Advisor in Norfolk, VA. Your hard-earned money deserves attention, and you need to feel assured about how it's expanding and how it's being used. Numerous Norfolk residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or inclination to stay informed on financial markets along with new laws, regulations, and global events. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Norfolk, VA will help your finances grow. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Norfolk, VA and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Uncertain if you're ready to hire a financial advisor in Norfolk, VA? Explore our process page to find out how simple we make it to determine if you're a good fit.

A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. A source of that concern is often simply not being sure they're making the right decisions with their money. Once our Norfolk, VA financial advisor team gets to know you, your finances and your financial objectives, we'll design a road map to help you reach 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 solutions we can offer you. Our financial advisors in Norfolk, VA have certifications that can only be gained through rigorous testing and by meeting strict education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This wide-ranging definition covers a wide range of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to advise on strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.

Types of Financial Advisors in Norfolk, 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 offer 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 registered with either the Securities and Exchange Commission (SEC) or state regulators, depending 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 themselves. They must register with the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, an advisor who holds a Series 7 license is qualified to sell general securities, including 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 clients. CFPs provide a vast spectrum of financial planning services, such as debt management to planning for retirement, and investment strategies. Their approach is all-encompassing, intended to meet every aspect of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in providing holistic financial advice, encompassing everything from estate planning to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Concentrate on boosting clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance delivers a good starting point for handling personal finances efficiently, especially for those just starting out.
• Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that encompass estate planning, tax help, and investment management. They collaborate intimately with their clients to handle complex financial situations and implement wealth preservation strategies. Their expertise is focused on maximizing the financial health and future of affluent clients, making sure 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 team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act solely in the best interest of our clients across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will analyze your extant finances, determine methods to improve it, and help you meet your future financial goals. Many Norfolk, VA residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental feature of any financial plan, an experienced financial advisor will be able to offer you overarching financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Norfolk, VA will utilize to help you accomplish your goals.

• Financial Planning

  Our money is involved in almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in Norfolk, VA offer all-encompassing services and personalized consulting 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, more than 7 out of 10 of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal means to lower your taxes. A professional and trustworthy Norfolk, VA financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in the government's.

• Portfolio Management and Asset Management

  Your financial portfolio is the collection of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Norfolk, VA will help to allocate and diversify your assets to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you currently are in life and the kind of life you want to live when you retire, your Norfolk, VA financial advisor will help with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and strategy for where your income will come from in retirement so you can enjoy your golden years exactly the way you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Norfolk, VA businesses and business owners. Implementing a 401(k) plan is a great way to keep your best employees and keep them motivated and happy. Our retirement consultants manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Norfolk, VA financial advisor team offers thorough 401(k) planning for companies as well as customized benefits for their employees.

• 401(k) Rollover

  When transitioning to a new job, it can be difficult to know the best way to deal with the money you've accumulated in a previous Norfolk, VA employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will be skilled in how to best navigate handling your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's normal to want to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Norfolk, 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 call themselves a "financial advisor," so it's crucial to pick one who has accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Norfolk, VA financial advisor at Correct Capital must obey a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer tailored debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that suits your financial capabilities and goals, ultimately leading to financial freedom.

• Budgeting

  Creating and staying compliant with a budget is fundamental to having the financial health and life you want. Financial advisors in Norfolk, VA can help clients understand how much money's coming in, spot areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for successful budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.

When you hire a Norfolk, 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. Next we've accomplished that, we'll work with you to determine your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only job is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.

When Should I Hire a Financial Advisor in Norfolk, VA?

Seeking the guidance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment can vary widely from person to person, certain life events and circumstances often signal the need for expert financial advice.

• Major Life Changes: Life is a long line of changes, and many of them have significant financial implications. Whether you're buying a home or facing retirement, these milestones can dramatically affect how your money should be used and invested. A financial advisor can guide you navigate 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 complicated, demanding, and, frankly, overwhelming for many. If you aren't confident to successfully manage your investments, or simply prefer to spend your energy elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
• Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess 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 crucial. They can assist you comprehend 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 crucial when you're hiring someone for any service, but especially 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 experience, including their years in the industry, the types of clients they've assisted, and their expert areas, can give you a sense of their skills and whether they're well-suited to handle your financial situation.

• What are your qualifications and certifications?

  Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting strict educational, experience, and ethical standards, signifying a high level of professionalism and expertise.

• Can you describe your investment philosophy?

  An advisor's investment philosophy should match 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 reflect your goals and expectations.

• How do you usually communicate with clients?

  Communication style and frequency are crucial to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential biases and make certain 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 crucial. This means they are legally obligated to put your interests before their own, providing 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 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 address them to ensure they don't adversely affect 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 offer essential information about the financial advisor's qualifications and approach but also help you gauge 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 Norfolk, VA?

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

1. Commission-Based: Advisors who earn through commissions earn their income through commissions on the products they sell, such as other financial products. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to recommend products that generate higher commissions instead of 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 most appropriate to your needs.
2. Fee-Only: Fee-only advisors are compensated directly by their clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including fixed fees assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. 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 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 Norfolk, VA

Correct Capital is distinguished in the Norfolk, VA financial advisory landscape for its bespoke 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 Norfolk, VA:

One-Time Financial Plan (best for validators)

This service model is ideal for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but are looking for professional validation to confirm they're on the right track. Our team performs 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 individuals who appreciate ongoing guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, quarterly meetings, 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 delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.

Why Choose Correct Capital as Your Norfolk, VA Financial Advisor?

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

• We're Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to put your interests first. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests in mind.
• Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence 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 boast over 100 years of combined experience.
• Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Utilizing in-depth research and analytics, 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 fully prepared to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Norfolk, VA means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.

Other services we offer in Norfolk, VA include:

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

Call Correct Capital's Norfolk, VA Financial Advisor Team Today

The decisions you make about your finances and the choices you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or entrepreneur in Norfolk, VA and their financial advisor is founded on trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Norfolk, VA financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.

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