Financial Advisor in Raleigh, NC. You work hard for your money, and you need to feel assured about how it's being managed and how it's being used. Many Raleigh residents do not have the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or inclination to stay up to date on financial markets along with new laws, rules, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Raleigh, NC will make your money work for you. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Raleigh, NC and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Uncertain if you're ready to work with a financial advisor in Raleigh, NC? Take a look at our process page to find out how simple we make it to determine if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are nervous about their finances. A source of that concern is often just not being sure they're putting their money in the right places. After our Raleigh, NC financial advisor team gets to know you, your finances and your financial goals, we'll implement a road map to help you reach 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 plans we can recommend. Our financial advisors in Raleigh, NC have certifications that can only be acquired through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This role covers a wide range of services, from portfolio 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 qualifications from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Raleigh, NC
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 professionals offer advice on securities and manage investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
- 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 register with the SEC and are typically 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 advisor who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP designation have undergone extensive training and adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs offer a wide array of financial planning services, such as debt management to planning for retirement, and tax optimization strategies. Their approach is comprehensive, aiming to satisfy every aspect 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 are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing comprehensive financial advice, encompassing everything from estate planning to tax advice, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, helping with basics such as saving money and creating budgets. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance provides a good starting point for handling personal finances efficiently, especially for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They collaborate intimately with their clients to handle complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards optimizing the financial health and legacy of affluent clients, making sure that their clients' goals and aspirations are met through 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 team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only 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 present finances, identify ways to enhance it, and help you accomplish your long-term financial goals. A lot of Raleigh, NC residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a principal component of any financial plan, a certified financial advisor will be able to give you overarching financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Raleigh, NC will implement in order to help you meet your goals.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're set up in retirement, to education, real estate transactions, choosing insurance policies, and putting food on the table each night. The best financial advisors in Raleigh, NC offer comprehensive services and tailored guidance by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A reliable and expert Raleigh, NC financial advisor will guide you through your tax implications with the aim of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Raleigh, NC will help in allocating and diversify your assets in order to mitigate risk and optimally 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 Raleigh, NC financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will help you formulate a budget and strategy 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 Raleigh, NC businesses and business owners. Implementing a 401(k) plan is a great 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 Raleigh, NC financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to manage the money you've already saved in a previous Raleigh, NC employer's 401(k) plan. You have multiple 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 be skilled in how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's common to wish to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Raleigh, NC can best position your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's paramount to choose 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 Raleigh, NC financial advisor at Correct Capital must follow a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a workable path forward that suits your financial capabilities and goals, eventually leading to stability.
- Budgeting
Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in Raleigh, NC can help clients understand how much money's coming in, find areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Raleigh, NC financial advisor at Correct Capital, we start by getting to know you personally and your aims. 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 achieve your goals. As an independent advisory firm, our only job is to act in your best interest. There is no limit 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 Raleigh, NC?
Seeking the advice of a financial advisor can be a critical step towards getting the life and financial health you want. 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 transitions, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can guide 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 complicated, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to successfully handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be invaluable. They bring experience and wisdom to your financial decisions, helping to optimize your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, calculate your retirement needs, and craft a plan to ensure you can experience 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 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 crucial. 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 whenever you hire someone to do something, but especially so when it comes to your finances. In addition to finding a trustworthy advisor, you need one who perfectly matches your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their years in the industry, the types of clients they've collaborated with, and their areas of expertise, can give you a sense of their expertise and whether they're equipped 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 rigorous educational, experience, and ethical standards, signifying a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your goals and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are crucial to a successful client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor plans to keep you informed about how your investments are going and if you need any updates to your plan.
- How are you compensated for your services?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will help you identify potential biases and ensure that their recommendations are made 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 required to put your interests ahead of their own, giving advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide 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. Grasping the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will clearly explain potential conflicts of interest and how they 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 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 Raleigh, NC?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the products they sell, such as mutual funds. This fee structure can create a potential conflict of interest, as the advisor could be motivated to recommend products that generate higher commissions instead of 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 recommend products that can aid in achieving 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 advice and services 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 transparent 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 blend of the fee-only and commission-based structures, such 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 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 Raleigh, NC
Correct Capital stands out in the Raleigh, NC financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Raleigh, NC:
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 generally confident in managing their finances but seek professional validation to confirm they're on the right track. Our team performs a thorough review of your financial landscape, supplying you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
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 something related to their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we won't be managing your portfolio, we'll strive 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, strategic financial planning, 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 a sense of security, 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 realizing their financial goals.
Why Choose Correct Capital as Your Raleigh, NC Financial Advisor?
Correct Capital is a premier choice for individuals and families in Raleigh, NC seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound 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 in a way that aligns most closely with your goals.
- 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 choose 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 a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, we prepare 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 ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Raleigh, NC means joining forces with a team committed to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Raleigh, NC include:
Call Correct Capital's Raleigh, NC Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, household, or entrepreneur in Raleigh, NC and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, be it sending your children to college or finally achieving the dream of owning that dream car in retirement. Contact our Raleigh, NC financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth how you've always wanted.
