Financial Advisor in Providence, RI

Financial Advisor in Providence, RI. You work hard for your money, and you want to be confident about how it's being managed and how it's being used. Many Providence residents do not have 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 up to date on financial markets along with new laws, rules, and different events happening around the world. That's when you should consider hiring a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Providence, RI will help your finances grow. We use in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Providence, RI and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.

Uncertain if you're ready to work with a financial advisor in Providence, RI? Explore our process page to see how easy we make it to determine if we would make a good team.

A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. The root of that anxiety is frequently simply not being sure they're putting their money in the right places. After our Providence, RI financial advisor team gets to know you, your finances and your financial goals, we'll build a road map to help you achieve 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 plans we can put forward. Our financial advisors in Providence, RI have certifications that can only be gained through rigorous testing and by meeting stringent education requirements.

What Is a Financial Advisor?

A financial advisor is a specialist who helps individuals manage their money, plan their finances, save, and prepare for their financial future. This broad definition includes a variety of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, reliable and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.

Types of Financial Advisors in Providence, RI

Financial advisors can operate under different titles:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
• Broker-Dealers and Brokers: Broker-dealers buy and sell 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 are determined by their specific licenses, such as Series 6 or Series 7. For instance, someone 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): Advisors with the CFP certification have undergone extensive training and adhere to the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a wide array of financial planning services, including managing debt to retirement planning, and tax optimization strategies. This approach is comprehensive, aiming to meet every facet of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering areas such as investment management to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
• Financial Coaches: Concentrate on boosting clients' financial literacy, assisting with basics such as saving money and creating budgets. They are ideal for clients who don't have the wealth to hire a financial advisor yet. This type of guidance offers a good starting point for handling personal finances efficiently, particularly for those just starting out.
• Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to manage complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards enhancing the financial health and future of wealthy individuals, guaranteeing that every financial decision is aligned with personalized advice and solutions.

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, ensuring that we act only in the best interest of our clients across all our engagements.

What Does a Financial Advisor Do?

A financial advisor will asses your extant financial situation, determine methods to improve it, and help you reach your long-term financial goals. A lot of Providence, RI residents frequently immediately think of investing when they consider wealth management services and financial advisors. While that is a central part of any financial plan, a knowledgeable financial advisor will be able to give you comprehensive financial advice that takes into consideration the whole of your finances. Below are some of the services your Correct Capital financial advisor in Providence, RI will use to help you achieve your objectives.

• Financial Planning

  Our money is involved in almost everything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a house, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Providence, RI offer comprehensive services and personalized guidance by evaluating your entire financial situation.

• Tax Planning

  Taxes are involved in virtually every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to minimize taxes owed. A skilled and ethical Providence, RI financial advisor will assist you in navigating your tax implications to ensure keeping more money in your pocket.

• 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 art. A financial advisor in Providence, RI will assist to allocate and diversify your assets in order to mitigate risk and strategically position your money for long-term growth.

• Retirement Planning

  Depending on where you currently are in life and the kind of life you want to live when you retire, your Providence, RI financial advisor will help with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and plan for source of income in retirement so you can spend your golden years just how you want to.

• 401(k) Services

  We offer 401(k) services to individuals and families as well as Providence, RI businesses and business owners. Setting up a 401(k) plan is a fantastic way to keep your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Providence, RI financial advisor team offers extensive 401(k) planning for companies as well as customized benefits for their employees.

• 401(k) Rollover

  When moving to a new job, it can be difficult to know the best way to manage the money you've already saved in a previous Providence, RI employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.

• Generational Wealth Transfers

  You strive for your money, and it's normal to want to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are distinct from simply leaving gifts behind in estate planning. A financial advisor in Providence, RI 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 call themselves a "financial advisor," so it's imperative to pick one who has earned accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Providence, RI 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 customized debt management plans that focus on managing debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a practical path forward that suits your financial situation and goals, ultimately leading to financial freedom.

• Budgeting

  Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Providence, RI can assist clients comprehend their cash flow, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for effective budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.

When you hire a Providence, RI financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work in tandem 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 limit to the services, products, and investment opportunities our financial advisor team can offer you, 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 Providence, RI?

Seeking the advice of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.

• Major Life Changes: Life is a long line of changes, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan evolves to meet your changing situation and goals.
• Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you lack the experience to successfully manage your investments, or simply prefer to spend your time 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 long-term growth.
• Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, determine your retirement needs, and formulate a plan to ensure you can experience your retirement years with peace of mind. 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 fits 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 involves your finances. Beyond just finding a dependable advisor, you need one who perfectly matches your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:

• What is your experience in the financial advisory field?

  Understanding an advisor's track record, including their years in the industry, the types of clients they've collaborated with, and their expert areas, can offer you a sense of their expertise and whether they're prepared to manage 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 fulfilling demanding educational, experience, and ethical standards, indicating a high level of professionalism and expertise.

• What is your investment philosophy?

  An advisor's investment philosophy should align with 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 aspirations and expectations.

• How do you prefer to communicate with clients?

  Communication style and regularity are essential to a successful 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 updated 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 help you identify potential conflicts of interest and make certain that their advice is offered with your best interests in mind.

• Do you have a fiduciary duty to your clients?

  Confirming that an advisor serves as a fiduciary is essential. This means they are legally obligated to put your interests before their own, offering advice that best serves your financial goals and needs.

• What services do you offer beyond investment management?

  Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources and portfolio reviews. 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 transparently share potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must manage them in their client's best interest.

Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also 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 Providence, RI?

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

1. Commission-Based: Commission-based advisors earn their income through commissions on the products they sell, such as insurance policies. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to suggest products that generate higher commissions rather than those that best meet your needs. Commission-based 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 advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
3. Fee-Based: Advisors with a fee-based approach use a combination of fees paid by the client and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, fee-based advisors generally also have a fiduciary duty, which means that even if 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 Providence, RI

Correct Capital is distinguished in the Providence, RI financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Providence, RI:

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 continuous oversight. This service is great for individuals who are generally confident in managing their finances but seek professional validation to ensure they're doing things the right way. Our team conducts a thorough review of your financial landscape, supplying you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service caters to people who appreciate consistent 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 updates 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 choose to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax strategies and retirement planning to estate considerations 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 achieving their long-term goals.

Why Choose Correct Capital as Your Providence, RI Financial Advisor?

Correct Capital is a premier choice for individuals and families in Providence, RI 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, Correct Capital are legally obligated to put your interests first. 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: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we aren't tied to any financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
• Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes 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.
• 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 in-depth research and analytics, our aim is to craft 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 commitment to client education ensures that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Providence, RI 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 Providence, RI include:

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

Call Correct Capital's Providence, RI 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 business owner in Providence, RI and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients achieve their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car in retirement. Reach out to our Providence, RI financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth in the manner you desire.

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