Financial Advisor in Plano, TX

Financial Advisor in Plano, TX. Your hard-earned money deserves attention, and you want to feel assured about how it's expanding and how it's being used. Many Plano residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or interest to stay informed on market trends along with new laws, rules, and different events happening around the world. That's when you should consider hiring a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Plano, TX will make your money work for you. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Plano, TX and beyond. Call us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.

Wondering if you're ready to work with a financial advisor in Plano, TX? Explore our process page to find out how simple we make it to find out if we would make a good team.

A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that apprehensiveness is often just not being sure they're putting their money in the right places. Once our Plano, TX financial advisor team gets to know you, your extant financial situation and your financial ambitions, we'll create a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can endorse. Our financial advisors in Plano, TX 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 specialist who provides advice on managing personal finances and investments. This role encompasses a spectrum of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to suggest strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.

Types of Financial Advisors in Plano, TX

There are several types of advisors that vary based on the services they provide, their compensation models, their areas of expertise, and their legal obligations to clients:

• Investment Advisors or Portfolio Managers: These advisors provide 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 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 their own accounts. They must register with the SEC and are usually 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 individual who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have undergone extensive education and uphold high ethical standards, particularly a fiduciary duty to their clients. CFPs provide a wide array of financial planning services, including debt management to planning for retirement, and investment strategies. This approach is holistic, designed to satisfy every facet of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education similar to CFPs and are also bound by a fiduciary duty. They focus on offering holistic financial advice, covering everything from investment management to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
• Financial Coaches: Concentrate on improving clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are ideal for clients who don't have the wealth to hire a financial advisor just yet. This type of guidance provides a strong basis for handling personal finances effectively, especially for those in the early stages of financial planning.
• Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They collaborate intimately with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is focused on enhancing the financial health and future of affluent clients, guaranteeing that every financial decision is aligned with personalized 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 represent the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively in the best interest of our clients across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will examine your current financial situation, identify methods to improve it, and help you accomplish your future financial goals. Many Plano, TX residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a essential feature of any financial plan, a professional financial advisor will be able to offer you overarching financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Plano, TX will utilize to help you realize your objectives.

• Financial Planning

  Our money is integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Plano, TX offer all-encompassing services and bespoke guidance by taking into account your entire financial situation.

• Tax Planning

  Tax considerations play a role in almost every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to minimize taxes owed. A professional and trustworthy Plano, TX financial advisor will help you navigate your tax implications with the aim of keeping more money in your hands than in Uncle Sam'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 other investments such as art. A financial advisor in Plano, TX will help to allocate and diversify your assets to mitigate risk and best position your money for growth.

• Retirement Planning

  Depending on where you stand in life and the kind of life you want to live when you hang up your cape, your Plano, TX financial advisor will assist with tax planning, considering the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and plan for where your income will come from in retirement so you can live out your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Plano, TX businesses and business owners. Implementing a 401(k) plan is a superb way to maintain 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 Plano, TX financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.

• 401(k) Rollover

  When moving to a new job, it can be difficult to know the best way to deal with the money you've already saved in a previous Plano, TX employer's 401(k) plan. You have a number of options, including leaving the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will know how to best navigate managing your 401(k) funds.

• Generational Wealth Transfers

  You work hard for your money, and it's common to desire to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Plano, TX can best position your money for both 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 imperative to choose one who has received accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Plano, TX financial advisor at Correct Capital is bound by 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 personalized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a workable path forward that suits your financial situation and goals, ultimately leading to financial freedom.

• Budgeting

  Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Plano, TX can assist clients comprehend your income level, find areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for successful budgeting, advisors make sure that clients can meet their current financial obligations while also planning for future goals.

When you hire a Plano, TX financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in concert with you to establish your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only job is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can put forward, 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 Plano, TX?

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

• Major Life Changes: 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 dramatically affect how your money should be used and invested. A financial advisor can guide you through 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 By Yourself: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you aren't confident to effectively manage your investments, or simply choose to focus your energy on other pursuits, a financial advisor can be essential. They bring experience and perspective to your financial decisions, aiding to enhance your portfolio, avoid costly mistakes, and set up your investments for future success.
• Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can help you assess your current financial situation, estimate your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
• Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be vital. They can assist you grasp the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.

Questions to Ask a Financial Advisor Before Hiring Them

Trust is crucial when you're hiring someone for any service, but particularly so when it comes to your hard-earned money. Beyond just finding a dependable advisor, you need one who perfectly matches 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 background, including their time spent in the industry, the kinds of clients they've assisted, and their expert areas, can give you a sense of their proficiency and whether they're prepared to tackle your specific financial circumstances.

• What are your qualifications and certifications?

  Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to rigorous education, experience, and ethical standards, signifying a high level of competence 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 conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should reflect your expectations and expectations.

• How do you prefer to communicate with clients?

  Communication method and frequency are crucial to a productive client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be face-to-face 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 biases and make certain that their recommendations are made with your best interests in mind.

• Are you a fiduciary financial advisor?

  Confirming that an advisor is a fiduciary is vital. This means they are legally obligated 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 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. Knowing 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 deal with them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and are required to manage them in their client's best interest.

Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also 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 Plano, TX?

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

1. Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor might be incentivized to suggest options 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 advise on products that can help you achieve 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 often seen as more clear and aligned 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 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, 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 Plano, TX

Correct Capital stands out in the Plano, TX financial advisory landscape for its bespoke 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 Plano, TX:

One-Time Financial Plan (best for validators)

This service model is best for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who are largely confident in 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 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 caters to individuals who value ongoing guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly 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 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 hand over 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 preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, 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 financial goals.

Why Choose Correct Capital as Your Plano, TX Financial Advisor?

Correct Capital is a leading choice for individuals and families in Plano, TX looking for trusted, professional 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 ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
• Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means we are not tied to any specific financial institution or product, enabling us the freedom to select the best investments and strategies for you.
• Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability 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 boast 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. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
• Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Plano, TX means partnering with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and secure their future.

Other services we offer in Plano, TX include:

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

Call Correct Capital's Plano, TX 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 Plano, TX and their financial advisor is founded on trust. Committed to guiding our clients achieve their personal and financial goals, be it sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Plano, TX financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth how you've always wanted.

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