Financial Advisor in Providence, RI. Your hard-earned money deserves attention, and you need to be confident about how it's expanding and how it's being used. Numerous Providence residents lack the financial literacy to feel sure 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, rules, and different events happening around the world. That's when you should consider hiring a trustworthy, seasoned, 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. Speak to a team member 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? Check out our process page to discover 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 anxiety is often simply not being sure they're managing their money correctly. Once 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 realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can offer you. Our financial advisors in Providence, RI 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 assists individuals oversee their money, budget, put enough money away, and prepare for their financial future. This role covers 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 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 can only be obtained through rigorous education and exams.
Types of Financial Advisors in Providence, RI
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 provide advice on securities and manage investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, prioritizing their clients' interests above their own. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must register with 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, an individual 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 adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial planning services, such as managing debt to planning for retirement, and investment strategies. Their methodology is comprehensive, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering areas such as estate planning to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, assisting with basics such as saving money and budgeting. They are ideal for clients who don't have the financial resources to hire a financial advisor just yet. Their services provides a strong basis for managing personal finances effectively, especially 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 work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their skill set is geared towards optimizing the financial health and future of those with substantial assets, ensuring that their clients' goals and aspirations are met through personalized advice and solutions.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will evaluate your current financial situation, ascertain ways to enhance it, and help you accomplish your future financial goals. A lot of Providence, RI residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a essential feature of any financial plan, a certified financial advisor will be able to provide you with extensive financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Providence, RI will utilize in order to help you achieve your goals.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Providence, RI offer holistic services and tailored consulting by evaluating your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal means to minimize taxes owed. A reliable and expert Providence, RI financial advisor will help you navigate your tax implications with the aim of 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 other investments such as art. A financial advisor in Providence, RI will help in allocating and diversify your assets to mitigate risk and optimally 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 Providence, RI financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and plan 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 Providence, RI businesses and business owners. Introducing a 401(k) plan is a superb way to keep your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and numerous 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 tough to know the best way to deal with the money you've already saved in a previous Providence, RI employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to want to leave a legacy and pass on some wealth behind the people you care about the dearly. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Providence, RI can optimize your money for not only 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 crucial to pick one who has obtained accreditations and certifications from regulatory bodies 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 must act in accordance with 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 tailored debt management plans that focus on managing debt, securing 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 stability.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Providence, RI can assist clients comprehend your income level, spot areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for efficient budgeting, advisors ensure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Providence, RI financial advisor at Correct Capital, we start by getting to know you and your goals. We will analyze your current income, assets, investments, debts, and expenses. Next we've accomplished that, we'll work with you to determine your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can propose, 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 guidance of a financial advisor can be a vital 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 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 buying a home or changing careers, 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 evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you aren't confident to successfully manage your investments, or simply choose to spend your time on other pursuits, a financial advisor can be crucial. They bring expertise and wisdom to your financial decisions, assisting to enhance your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, determine your retirement needs, and craft a plan to ensure you can enjoy 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 wide array 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 essential. They can help you comprehend the risks and benefits, ensuring that any investment matches 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 involves your hard-earned money. In addition to finding a trustworthy advisor, you need one who best meets 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 track record, including their years in the industry, the varieties of clients they've assisted, and their expert areas, can give you a sense of their skills and whether they're well-suited to manage your financial needs.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting demanding educational, experience, and ethical standards, signifying a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are essential to a productive client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor plans to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Understanding how an advisor is compensated will enable you to discern potential conflicts of interest and guarantee that their recommendations are offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is essential. 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 comprehensive 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. 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 transparently share potential conflicts of interest and how they manage them to ensure they don't harm 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:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to suggest options that generate higher commissions instead of 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.
- Fee-Only: Advisors on a fee-only basis 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 hourly rates assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees 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 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 Providence, RI
Correct Capital is distinguished in the Providence, RI financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical 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 ideal for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are largely confident in managing their finances but are looking for professional insight to confirm they're on the right track. Our team performs a thorough review of your current financial situation, 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 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 investment 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 a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Providence, RI Financial Advisor?
Correct Capital is a premier choice for individuals and families in Providence, RI looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we is 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 in mind.
- Our I.O.U. Promise: All the advice 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 choose the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes 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.
- Proactivity is Our Approach: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Leveraging in-depth research and analytics, we prepare 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 commitment to client education guarantees 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 personalized approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Providence, RI include:
Call Correct Capital's Providence, RI 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 that the relationship between a person, family, or entrepreneur in Providence, RI and their financial advisor is based on trust. Committed to helping our clients realize their personal and financial 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.
