Financial Advisor in Pomona, CA. Your hard-earned money deserves attention, and you want to feel secure about how it's being managed and how it's being used. Many Pomona residents lack the financial literacy to feel sure they're making the right decisions with their money, while others are too busy or interest to stay up to date on market trends along with new laws, regulations, and global events. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Pomona, CA will help your finances grow. We use in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Pomona, CA and beyond. Call us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Pomona, CA? Take a look at our process page to find out how straightforward we make it to determine if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. A source of that concern is commonly simply not being sure they're managing their money correctly. Once our Pomona, CA financial advisor team gets to know you, your current financial situation and your financial objectives, we'll implement a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Pomona, CA have certifications that can only be obtained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals oversee their money, budget, put enough money away, and plan for their financial future. This broad definition includes a variety of services, from portfolio 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 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 denote their experience and education.
Types of Financial Advisors in Pomona, CA
There are multiple types of advisors that differ based on the services they offer, their compensation models, their areas of expertise, and their legal obligations to clients:
- 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 always have the client's best interest at heart. Portfolio managers are certified 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 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 typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, a broker who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have completed rigorous education and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial planning services, including debt management to planning for retirement, and tax optimization strategies. Their methodology is all-encompassing, designed to address all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering holistic financial advice, covering everything from investment management to tax advice, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, assisting with fundamentals such as saving money and creating budgets. They are perfect for clients who might not have the wealth to hire a financial advisor yet. Their services provides a solid foundation for handling personal finances effectively, particularly for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering extensive services that include estate planning, tax help, and investment management. They work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. This expertise is geared towards enhancing the financial health and future of wealthy individuals, making sure that all investments and planning strategies meet 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 team of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring 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 evaluate your present finances, pinpoint means to enhance it, and help you reach your future financial goals. Many Pomona, CA residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a fundamental component of any financial plan, a professional financial advisor will be able to provide you with holistic financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Pomona, CA will utilize to help you realize your goals.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're set up in retirement, to paying for college, real estate deals, choosing insurance policies, and putting food on the table each night. The best financial advisors in Pomona, CA offer all-encompassing services and tailored advice by considering 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 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to minimize taxes owed. A reliable and expert Pomona, CA financial advisor will guide you through your tax implications to ensure 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Pomona, CA will help to allocate and diversify your assets in order to mitigate risk and strategically 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 Pomona, CA financial advisor will assist with tax implications, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will aid in creating a budget and strategy for source of income in retirement so you can 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 Pomona, CA businesses and business owners. Setting up a 401(k) plan is a fantastic way to maintain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Pomona, CA financial advisor team offers extensive 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 challenging to know the best way to deal with the money you've already saved in a previous Pomona, CA employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, transferring 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 manage managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to want to leave a legacy and leave some wealth behind the people you care about the dearly. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Pomona, CA can optimize your money for both 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 necessary to choose one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Pomona, CA financial advisor at Correct Capital must obey a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer customized debt management plans that focus on managing debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that aligns with your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in Pomona, CA can assist clients comprehend your income level, spot areas for savings, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for successful budgeting, advisors guarantee that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Pomona, CA financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Then we've accomplished that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can 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 Pomona, CA?
Seeking the assistance of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often signal 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 your financial landscape. A financial advisor can guide you manage these changes, ensuring that your financial plan adapts to meet your new circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you aren't confident to effectively manage your investments, or simply choose to focus your time on other pursuits, a financial advisor can be crucial. They bring insight and wisdom to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and craft a plan to ensure you can enjoy your retirement years comfortably. 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 set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be crucial. They can help you comprehend 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 essential whenever you hire someone to do something, but especially so when it comes to your finances. In addition to finding a dependable 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 background, including their years in the industry, the types of clients they've worked with, and their expert areas, can give you a sense of their proficiency and whether they're equipped to handle your specific financial circumstances.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to strict education, experience, and ethical standards, signifying a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are vital to a fruitful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor intends to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests ahead of their own, providing advice that best serves 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 clearly explain potential conflicts of interest and how they deal with them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only give essential information about the financial advisor's qualifications and approach but also 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 Pomona, CA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to recommend options that generate higher commissions rather than those that are most suited to your financial goals. Commission-based 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 best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including fixed fees assets under management (AUM). This model is often seen as more clear and in line with the client's best interests, as it minimizes 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, such 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 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 Pomona, CA
Correct Capital stands out in the Pomona, CA financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Pomona, CA:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking 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 ensure they're on the right track. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, 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 portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Pomona, CA Financial Advisor?
Correct Capital is a premier choice for individuals and families in Pomona, CA looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests at heart.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent means we are not tied to any specific financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Professional Credentials: 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 two 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, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops to keep you informed 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 Pomona, CA means partnering with a team dedicated to your financial success. Our experience, fiduciary commitment, and custom-tailored 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 Pomona, CA include:
Call Correct Capital's Pomona, CA Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, family, or entrepreneur in Pomona, CA and their financial advisor is founded on trust. Dedicating our lives to guiding our clients realize their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Pomona, CA financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth in the manner you desire.
