Financial Advisor in Richmond, VA. You work hard for your money, and you need to be secure about how it's expanding and how it's being used. A lot of Richmond residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay informed on financial markets along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Richmond, VA 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 Richmond, VA and beyond. Call us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to hire a financial advisor in Richmond, VA? Take a look at our process page to see how straightforward 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 nervous about their finances. The cause of that apprehensiveness is commonly simply not being sure they're putting their money in the right places. After our Richmond, VA financial advisor team gets to know you, your extant financial situation 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 required to act in your best interest and we are not limited in the plans we can endorse. Our financial advisors in Richmond, VA 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 provides advice on managing personal finances and investments. This role covers a wide range 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 align with your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in Richmond, VA
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. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for 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 example, 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 with the CFP designation have undergone extensive training and uphold high ethical standards, including 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 estate planning. Their methodology is holistic, intended to address all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing holistic financial advice, covering everything from estate planning to retirement strategies, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, guiding with basics such as saving money and budgeting. They are perfect for clients who might not have the wealth to hire a financial advisor yet. Their services delivers a good starting point for managing personal finances effectively, particularly for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They work closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their skill set is geared towards optimizing the financial health and future of affluent clients, ensuring that all investments and planning strategies meet customized advice and solutions.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure that we act exclusively in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will look over your current finances, identify ways to improve it, and help you realize your long-term financial goals. A lot of Richmond, VA residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a essential aspect of any financial plan, a knowledgeable financial advisor will be able to give you all-encompassing financial advice that gives consideration to the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Richmond, VA will implement to help you accomplish your objectives.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're prepared for retirement, to education, buying and/or selling a house, choosing insurance policies, and putting food on the table each night. The best financial advisors in Richmond, VA offer holistic services and personalized consulting by considering 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 pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal means to reduce your tax liability. A professional and trustworthy Richmond, VA financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation 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 Richmond, VA will assist in allocating and diversify your assets to mitigate risk and strategically position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Richmond, VA financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating 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 Richmond, VA businesses and business owners. Implementing a 401(k) plan is a fantastic way to maintain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Richmond, VA 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 manage the money you've accumulated in a previous Richmond, VA employer's 401(k) plan. You have several options, such as leaving the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to wish to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Richmond, VA can strategically plan your money for both your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's vital to pick one who has obtained accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Richmond, VA 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 tailored debt management plans that focus on consolidating debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in Richmond, VA can help clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that encourage growing your wealth. By providing resources and strategies for successful budgeting, advisors guarantee that clients can meet their current financial obligations while also saving for future goals.
When you hire a Richmond, VA 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. After we've done that, we'll work in tandem with you to ascertain your preferred risk tolerance and how we can best help you grow your wealth. 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 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 Richmond, VA?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial security you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Transitions: Life is a series of transitions, and many of them have significant financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can help you through these changes, ensuring that your financial plan adapts to meet your changing 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 don't have the knowledge to successfully handle your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be essential. They bring insight and wisdom to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a wide array 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 crucial. They can guide you understand 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 paramount whenever you hire someone to do something, but especially so when it comes to your hard-earned money. In addition to finding a reliable advisor, you need one whose specialties align with 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 time spent in the industry, the types of clients they've assisted, and their expert areas, can provide you a sense of their skills and whether they're well-suited to handle your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require fulfilling strict educational, experience, and ethical standards, demonstrating 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 conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should be in harmony with your goals and expectations.
- How do you usually 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 face-to-face or virtual, and how the advisor intends to keep you informed about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will help you identify potential conflicts of interest and make certain 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 obligated to put your interests ahead of 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 extensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Knowing the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they deal with them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only give essential information about the financial advisor's qualifications and approach but also enable you to assess 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 Richmond, VA?
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 products they sell, such as other financial products. 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: Fee-only advisors are compensated directly by their clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including hourly rates assets under management (AUM). This model is frequently regarded as more clear 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 mix 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 Richmond, VA
Correct Capital is distinguished in the Richmond, VA 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 a variety of service models to our clients in Richmond, VA:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who largely feel good about managing their finances but are looking for professional validation to confirm 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 value ongoing guidance and advice as their financial situation evolves, 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 open availability if the need ever arises. While we will not 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 prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, 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 peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals committed to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Richmond, VA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Richmond, VA looking for 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 is 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 in mind.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means we aren't tied to any specific financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast 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 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.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education ensures that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Richmond, VA means joining forces with a team committed 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 secure their future.
Other services we offer in Richmond, VA include:
Call Correct Capital's Richmond, VA Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are inherently personal. At Correct Capital, we firmly believe that the relationship between a person, family, or business owner in Richmond, VA and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car in retirement. Contact our Richmond, VA financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth how you've always wanted.
