Financial Advisor in Riverside, CA. You work hard for your money, and you want to be secure about how it's being managed and how it's being used. Many Riverside 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 inclination to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Riverside, CA will help your finances grow. We employ in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Riverside, CA 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.
Wondering if you're ready to work with a financial advisor in Riverside, CA? Take a look at our process page to find out how straightforward we make it to determine if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. The cause of that anxiety is often simply not being sure they're making the right decisions with their money. After our Riverside, CA financial advisor team gets to know you, your current financial situation and your financial ambitions, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Riverside, CA have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who helps individuals oversee their money, plan their finances, save, and prepare for their financial future. This broad definition encompasses a spectrum of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to recommend strategies that match your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Riverside, CA
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 provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must be registered by 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 advisor who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to their customers. CFPs provide a wide array of financial advisory services, ranging from managing debt to retirement planning, and investment strategies. Their approach is holistic, 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 similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in offering holistic 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 boosting clients' financial literacy, helping with basics such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Their services offers a solid foundation for handling personal finances wisely, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Help high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They partner closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their expertise is focused on maximizing the financial health and future of affluent clients, ensuring that every financial decision is aligned with customized advice and approaches.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our team of advisors includes CFPs and other qualified professionals who embody 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 look over your present financial situation, pinpoint means to improve it, and help you meet your future financial goals. A lot of Riverside, CA residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a core component of any financial plan, a knowledgeable financial advisor will be able to offer you all-encompassing financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Riverside, CA will use 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 paying for college, buying and/or selling a home, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Riverside, CA offer all-encompassing services and bespoke guidance by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in almost every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal means to lower your taxes. A professional and trustworthy Riverside, CA financial advisor will guide you through your tax implications in the interest of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Riverside, CA will assist to allocate and diversify your assets in order to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Riverside, CA financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and plan for source of income in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Riverside, CA businesses and business owners. Introducing a 401(k) plan is a fantastic 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 Riverside, CA financial advisor team offers comprehensive 401(k) planning for companies as well as individualized 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 Riverside, CA employer's 401(k) plan. You have several options, such as keeping the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will know how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and bequeath 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 Riverside, CA can best position your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's important to pick one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Riverside, CA financial advisor at Correct Capital must abide by 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 where possible, and prioritizing repayments. The goal is to create a practical path forward that matches your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to having the financial health and life you want. Financial advisors in Riverside, CA can assist clients grasp how much money's coming in, spot areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors guarantee that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Riverside, CA financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. Next we've done that, we'll work with you to determine your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only priority is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can suggest, and we will never try to sell you on something we do not believe in ourselves.
Do I Need to Hire a Financial Advisor in Riverside, CA?
Seeking the advice of a financial advisor can be a critical 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 suggest the need for professional financial advice.
- Major Life Changes: Life is a series of transitions, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can assist you through these changes, ensuring that your financial plan adapts to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and wisdom to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you evaluate your current financial situation, estimate 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 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 insight can be essential. They can assist you grasp the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is paramount when you're hiring someone for any service, but particularly so when it involves your finances. In addition to finding a dependable advisor, you need one who ideally suits 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 track record, including their time spent in the industry, the varieties of clients they've assisted, and their expert areas, can offer you a sense of their proficiency and whether they're prepared to manage your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling demanding educational, experience, and ethical standards, demonstrating a high level of expertise 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 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 style and frequency are essential to a productive client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor intends to keep you 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 assist you in identifying potential conflicts of interest and make certain that their advice is given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is essential. This means they are legally obligated to put your interests before their own, giving advice that optimally benefits 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 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 openly discuss potential conflicts of interest and how they manage them to ensure they don't harm their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only offer 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 Riverside, CA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the products they sell, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to suggest 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 directly by their 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 frequently regarded as more transparent and in line 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 fees paid by the client and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information 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 Riverside, CA
Correct Capital is distinguished in the Riverside, CA 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 three different service models to our clients in Riverside, CA:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the guidance and recommendations a financial advisor can offer without the ongoing management. This service is great for individuals who largely feel good about managing their finances but seek professional insight to confirm they're doing things the right way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who value ongoing 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, 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 save and grow 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, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement 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 realizing their long-term goals.
Why Choose Correct Capital as Your Riverside, CA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Riverside, CA looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital 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 done with your best interests at heart.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence signifies we aren't tied to any specific 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 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 anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, our aim is to craft 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 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 Riverside, CA means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Riverside, CA include:
Call Correct Capital's Riverside, CA Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we firmly believe in the relationship between a person, family, or business owner in Riverside, CA and their financial advisor is based on trust. Committed to helping our clients achieve their financial and personal goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Reach out to our Riverside, CA financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
