Financial Advisor in Rochester, NY. You work hard for your money, and you want to be assured about how it's growing and how it's being used. Many Rochester residents do not have the financial literacy to feel confident they're making the right decisions with their money, while others simply don't have the time or interest to stay informed on market trends along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Rochester, NY will help your finances grow. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Rochester, NY and beyond. Call us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Rochester, NY? Explore our process page to find out how easy we make it to ascertain if we would make a good team.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. A source of that apprehensiveness is commonly simply not being sure they're putting their money in the right places. After our Rochester, NY financial advisor team gets to know you, your finances and your financial objectives, we'll design a road map to help you realize them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the plans we can offer you. Our financial advisors in Rochester, NY 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 broad definition includes a wide range of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to suggest strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Rochester, NY
There are multiple types of advisors that differ based on the services they provide, their compensation models, their professional expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they must act within a client's best interest. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets 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 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 individual who has a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have completed rigorous training and uphold high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial planning services, such as debt management to retirement planning, and estate planning. This approach is holistic, designed to meet every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering everything from estate planning to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, assisting with basics such as saving money and budgeting. They are ideal for clients who don't have the wealth to hire a financial advisor just yet. This type of guidance provides a solid foundation for managing personal finances efficiently, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Cater to high-net-worth individuals, offering comprehensive services that include estate planning, tax help, and investment management. They work closely with their clients to manage complex financial situations and implement wealth preservation strategies. Their expertise is tailored for maximizing the financial health and legacy of affluent clients, guaranteeing that all investments and planning strategies meet personalized advice and approaches.
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 represent the highest standards of fiduciary responsibility and personalized service, making sure 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 examine your extant financial situation, determine ways to improve it, and help you accomplish your long-term financial goals. A lot of Rochester, NY residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental feature of any financial plan, an accomplished financial advisor will be able to give you all-encompassing financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Rochester, NY will utilize in order to help you achieve your objectives.
- Financial Planning
Our money is a part of almost everything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Rochester, NY offer all-encompassing services and bespoke guidance by taking into account 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 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 skilled and ethical Rochester, NY financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Rochester, NY will help in allocating and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you hang up your cape, your Rochester, NY financial advisor will assist with tax implications, considering the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and strategy for source of income in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Rochester, NY businesses and business owners. Implementing a 401(k) plan is a superb way to retain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Rochester, NY financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be difficult to know the best way to deal with the money you've already saved in a previous Rochester, NY employer's 401(k) plan. You have multiple options, including leaving the money in the account it is in now, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will have the knowledge how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to desire to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are distinct from simply leaving gifts behind in estate planning. A financial advisor in Rochester, NY can best position your money for both 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 vital to choose 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 Rochester, NY financial advisor at Correct Capital must obey 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, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a practical path forward that aligns with your financial capabilities and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Rochester, NY can assist clients comprehend your income level, identify areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can meet their current financial obligations while also saving for future goals.
When you hire a Rochester, NY financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only obligation 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 Speak to a Financial Advisor in Rochester, NY?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial health you want. While the optimal timing can differ greatly from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Changes: Life is a long line 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 help you manage these changes, ensuring that your financial plan adapts to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you lack the experience to successfully handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be essential. They bring insight and perspective to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for future success.
- 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 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 distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 crucial. They can help 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 essential when you're hiring someone for any service, but particularly so when it involves your hard-earned money. In addition to finding a reliable 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 experience, including their time spent in the industry, the varieties of clients they've assisted, and their specializations, can provide 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 certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling strict educational, experience, and ethical standards, indicating a high level of competence and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should match 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 reflect your goals and expectations.
- How do you usually communicate with clients?
Communication method and regularity are essential to a fruitful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor expects 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. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and ensure that their advice is given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is vital. This means they are legally required to put your interests before their own, offering advice that optimally benefits 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 transparently share potential conflicts of interest and how they address them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal 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 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 Rochester, NY?
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 financial products they offer, such as other financial products. This fee structure can create a potential conflict of interest, as the advisor could be motivated to suggest options 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 advise on products that can help you achieve 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 advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more clear and aligned 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 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, fee-based advisors typically 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 Rochester, NY
Correct Capital stands out in the Rochester, NY financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Rochester, NY:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the insights and advice a financial advisor can offer without the continuous oversight. This service is excellent for individuals who are largely confident in managing their finances but desire professional insight to ensure they're on the right track. 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 is designed for individuals who appreciate consistent guidance and advice as their financial situation changes, 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 open availability if the need ever arises. 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 prefer to hand over the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations 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 dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Rochester, NY Financial Advisor?
Correct Capital is a leading choice for individuals and families in Rochester, NY seeking trusted, professional 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 act in your best interests. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is done 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. Our independence means we aren't tied to any financial institution or product, allowing us the freedom to choose 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 two 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.
- We Are Proactive: 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, our aim is to craft 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 ensures that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Rochester, NY means joining forces with a team committed 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 Rochester, NY include:
Call Correct Capital's Rochester, NY Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between a person, family, or business owner in Rochester, NY and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Rochester, NY financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth how you've always wanted.
