Financial Advisor in Salem, OR. You work hard for your money, and you want to feel secure about how it's expanding and how it's being used. A lot of Salem 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 interest to stay informed on market trends along with new laws, rules, and global events. That's when you need a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Salem, OR will make your money work for you. We employ in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Salem, OR and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Salem, OR? Explore our process page to see how easy we make it to determine if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The cause of that apprehensiveness is frequently simply not being sure they're making the right decisions with their money. After our Salem, OR financial advisor team gets to know you, your present financial situation and your financial ambitions, we'll build a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can suggest. Our financial advisors in Salem, OR have certifications that can only be acquired through rigorous testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who helps individuals oversee their money, budget, save, and prepare for their financial future. This role covers a spectrum of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to recommend strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Salem, OR
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, putting their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by 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 example, 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 with the CFP certification have completed rigorous training and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a broad range of financial planning services, such as managing debt to planning for retirement, and estate planning. This approach is holistic, designed to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and also adhere to a fiduciary duty. They focus on offering comprehensive financial advice, covering areas such as investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, assisting with fundamentals such as saving money and budgeting. They are suited for clients who might not have the financial resources to hire a financial advisor yet. This type of guidance provides a good starting point for managing personal finances effectively, 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 handle complex financial situations and implement wealth preservation strategies. This expertise is geared towards maximizing the financial health and future of wealthy individuals, ensuring that their clients' goals and aspirations are met through personalized advice and strategies.
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 group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will analyze your present finances, identify means to improve it, and help you achieve your long-term financial goals. Many Salem, OR residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental component of any financial plan, a knowledgeable financial advisor will be able to provide you with extensive financial advice that gives consideration to the whole of your finances. Below are some of the services your Correct Capital financial advisor in Salem, OR will utilize to help you reach your objectives.
- Financial Planning
Our finances are involved in almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, picking insurance policies, and putting food on the table each night. The best financial advisors in Salem, OR offer holistic services and tailored guidance 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, more than 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it allows for perfectly legal means to minimize taxes owed. A skilled and ethical Salem, OR financial advisor will assist you in navigating your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection 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 Salem, OR will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you retire, your Salem, OR financial advisor will help with tax implications, considering the best age 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 Salem, OR businesses and business owners. Implementing a 401(k) plan is a superb way to keep your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Salem, OR financial advisor team offers thorough 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 challenging to know the best way to handle the money you've accumulated in a previous Salem, OR employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to want to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are separate from merely leaving gifts behind in estate planning. A financial advisor in Salem, OR can optimize your money for both 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 pick one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Salem, OR financial advisor at Correct Capital is bound 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that aligns with your financial situation 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 Salem, OR can help clients comprehend how much money's coming in, identify areas for savings, and set realistic spending limits that encourage wealth accumulation. By providing tools and strategies for efficient budgeting, advisors ensure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Salem, OR financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will evaluate your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work with you to establish your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limitation to the services, products, and investment opportunities our financial advisor team can propose, and we will never try to sell you on something we do not believe in ourselves.
Do I Need to Hire a Financial Advisor in Salem, OR?
Seeking the guidance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing can differ greatly from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Transitions: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan grows to meet your new 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, daunting for many. If you don't have the knowledge to successfully handle your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be crucial. They bring insight and wisdom to your financial decisions, aiding to improve your portfolio, avoid 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 assist you assess your current financial situation, calculate your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be vital. 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 essential when you're hiring someone for any service, but especially so when it comes to your finances. Beyond just finding a trustworthy advisor, you need one who ideally suits 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 background, including their years in the industry, the kinds of clients they've worked with, and their areas of expertise, can provide you a sense of their skills and whether they're prepared to manage your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations 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 align with your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should be in harmony with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are crucial to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor plans to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern potential biases and guarantee that their recommendations are made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is 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 client education and portfolio reviews. Understanding the full scope of services offered can assist you in determining 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 address them to ensure they don't harm 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 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 Salem, OR?
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 lead to a potential conflict of interest, as the advisor might be incentivized to recommend products that generate higher commissions rather than 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 help you achieve 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 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: 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 Salem, OR
Correct Capital stands out in the Salem, OR financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Salem, OR:
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 largely confident in managing their finances but desire professional insight to confirm they're doing things the right way. Our team conducts a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who value consistent guidance and advice as their financial situation evolves, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not be managing your portfolio, we'll work 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 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 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Salem, OR Financial Advisor?
Correct Capital is a premier choice for individuals and families in Salem, OR seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests in mind.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any financial institution or product, enabling us the freedom to select 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 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.
- 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, 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 commitment 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 Salem, OR means joining forces with a team dedicated 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 seeking to achieve their financial goals and safeguard their future.
Other services we offer in Salem, OR include:
Call Correct Capital's Salem, OR Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or business owner in Salem, OR and their financial advisor is based on trust. Dedicating our lives to helping our clients achieve their financial and personal goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Reach out to our Salem, OR financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth in the manner you desire.
