Financial Advisor in Overland Park, KS. You work hard for your money, and you want to feel secure about how it's expanding and how it's being used. A lot of Overland Park residents lack the financial literacy to feel confident they're making the optimal decisions with their money, while others simply don't have the time or interest to stay informed on market trends along with new laws, regulations, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Overland Park, KS will make your money work for you. We use in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Overland Park, KS and beyond. Call us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Wondering if you're ready to work with a financial advisor in Overland Park, KS? Explore our process page to see how simple we make it to ascertain if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. A source of that apprehensiveness is frequently just not being sure they're putting their money in the right places. After our Overland Park, KS financial advisor team gets to know you, your finances and your financial objectives, we'll build a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in Overland Park, KS have certifications that can only be awarded 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 broad definition encompasses a spectrum of services, from investment management and retirement planning to tax planning and estate planning. 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 be called a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Overland Park, KS
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 advisors offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, 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, based 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 their own accounts. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, 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 holding the CFP certification have completed rigorous education and uphold the highest ethical standards, including a fiduciary duty to their clients. CFPs offer a broad range of financial planning services, such as debt management to planning for retirement, and tax optimization strategies. This approach is all-encompassing, 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 completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on offering comprehensive financial advice, encompassing areas such as investment management to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, guiding with basics such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance delivers a solid foundation for managing personal finances effectively, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and develop wealth preservation strategies. This expertise is geared towards maximizing the financial health and future of wealthy individuals, guaranteeing that all investments and planning strategies meet customized advice and solutions.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our group of advisors includes CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will evaluate your present financial situation, ascertain means to improve it, and help you realize your future financial goals. Many Overland Park, KS residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a core element of any financial plan, a knowledgeable financial advisor will be able to provide you with holistic financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Overland Park, KS will use to help you accomplish your objectives.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Overland Park, KS offer all-encompassing services and bespoke advice by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in virtually every financial transaction and transfer. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal means to minimize taxes owed. A reliable and expert Overland Park, KS financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Overland Park, KS will assist 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 Overland Park, KS financial advisor will help with tax planning, considering the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and strategy for where your income will come from in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Overland Park, KS businesses and business owners. Setting up a 401(k) plan is a superb way to retain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and thousands of plan participants nationwide. Our Overland Park, KS financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Overland Park, KS employer's 401(k) plan. You have a number of options, including keeping 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 be skilled in how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to desire to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Overland Park, KS can strategically plan 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 vital to pick one who has accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Overland Park, KS financial advisor at Correct Capital must abide 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 personalized debt management plans that focus on managing debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that aligns with your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Overland Park, KS can help clients comprehend how much money's coming in, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Overland Park, KS financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will assess your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only priority is to act in your best interest. There is no limit 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 Consider Hiring a Financial Advisor in Overland Park, KS?
Seeking the assistance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Changes: Life is a series of transitions, and many of them have major 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 circumstances 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 handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be crucial. They bring experience and objectivity to your financial decisions, helping to enhance your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate your retirement needs, and 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 distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 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 essential when you're hiring someone for any service, but particularly so when it comes to your hard-earned money. Beyond just finding a reliable advisor, you need one who perfectly matches 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 time spent in the industry, the varieties of clients they've worked with, and their specializations, can offer you a sense of their expertise and whether they're well-suited to handle your financial needs.
- 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 adhering to rigorous 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 conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your goals and expectations.
- How do you usually communicate with clients?
Communication method and regularity are crucial to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or online, and how the advisor expects to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest 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 acts as a fiduciary is crucial. This means they are bound by law to put your interests ahead of 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 client education 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 clearly explain potential conflicts of interest and how they address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and must 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 Overland Park, KS?
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 lead to a potential conflict of interest, 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 help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including a percentage of the assets under management (AUM). This model is often seen as more transparent and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of client-paid fees and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this 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 Overland Park, KS
Correct Capital is distinguished in the Overland Park, KS 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 Overland Park, KS:
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 validation to confirm they're doing things the right way. Our team conducts a thorough review of your current financial situation, 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 evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. 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 choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and retirement planning to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Overland Park, KS Financial Advisor?
Correct Capital is a leading choice for individuals and families in Overland Park, KS looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done in a way that aligns most closely with your goals.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent signifies we are not tied to any financial institution or product, allowing us the freedom to select 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: 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: 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 ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Overland Park, KS 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 seeking to achieve their financial goals and secure their future.
Other services we offer in Overland Park, KS include:
Call Correct Capital's Overland Park, KS 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, family, or entrepreneur in Overland Park, KS and their financial advisor is based on mutual trust. Committed to guiding our clients realize their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Contact our Overland Park, KS financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
