Financial Advisor in Salem, OR. Your hard-earned money deserves attention, and you need to be confident about how it's expanding and how it's being used. Many Salem residents lack 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 financial markets along with new laws, rules, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Salem, OR 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 Salem, OR and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Wondering if you're ready to work with a financial advisor in Salem, OR? Explore our process page to find out how easy we make it to determine if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are nervous about their finances. A source of that anxiety is often simply not being sure they're putting their money in the right places. Once our Salem, OR financial advisor team gets to know you, your finances and your financial ambitions, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the plans we can put forward. Our financial advisors in Salem, OR have certifications that can only be awarded through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals manage their money, plan their finances, put enough money away, and prepare for their financial future. This wide-ranging definition includes a wide range 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, 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 Salem, OR
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Investment advisors are registered with either the Securities and Exchange Commission (SEC) or state regulators, depending on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are usually 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): Advisors with the CFP designation have undergone extensive education and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs offer a broad range of financial planning services, ranging from debt management to retirement planning, and tax optimization strategies. Their approach is all-encompassing, 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 also adhere to a fiduciary duty. Like CFPs, ChFCs focus on offering comprehensive financial advice, covering everything from estate planning to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, assisting with fundamentals such as saving money and budgeting. They are suited for clients who don't have the financial resources to hire a financial advisor just yet. Financial coaching delivers a strong basis for managing personal finances wisely, especially for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and develop wealth preservation strategies. Their skill set is tailored for enhancing the financial health and future of those with substantial assets, ensuring that their clients' goals and aspirations are met through personalized advice and solutions.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors includes CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 financial situation, ascertain ways to improve it, and help you achieve your future financial goals. A lot of Salem, OR residents frequently immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental facet of any financial plan, an experienced financial advisor will be able to provide you with all-encompassing financial advice that considers the whole of your finances. The following are some of the services your Correct Capital financial advisor in Salem, OR will utilize in order to help you meet your objectives.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a home, picking insurance policies, and putting food on the table each night. The best financial advisors in Salem, OR offer comprehensive services and personalized consulting by considering your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. 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 incredibly complicated, yet it provides perfectly legal ways to lower your taxes. A reliable and expert 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 equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Salem, OR will help to allocate 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 your desired lifestyle when you retire, your Salem, OR financial advisor will help with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and strategy for where your income will come from in retirement so you can enjoy your golden years just how 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 retain your best employees and keep them satisfied 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 comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to manage the money you've accumulated in a previous Salem, OR employer's 401(k) plan. You have several options, such as keeping 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 be skilled in how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and pass on some wealth behind the people you care about the most. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Salem, OR 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 imperative to pick 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 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 customized debt management plans that focus on managing debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Salem, OR can help clients comprehend how much money's coming in, find areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for efficient budgeting, advisors ensure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Salem, OR financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. After we've completed that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only priority 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.
Do I Need to Hire a Financial Advisor in Salem, OR?
Seeking the assistance of a financial advisor can be a vital step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing can vary widely from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have significant financial implications. Whether you're buying a home or facing retirement, 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 grows to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you lack the experience to successfully manage your investments, or simply choose to spend your energy elsewhere, a financial advisor can be essential. They bring insight and objectivity 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 help you evaluate your current financial situation, determine your retirement needs, and devise 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 wide array of investment options, many of which come with their own set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be crucial. They can help you understand the risks and benefits, ensuring that any investment matches your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial whenever you hire someone to do something, but especially so when it involves your finances. In addition to finding a dependable advisor, you need one whose specialties align with 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 kinds of clients they've assisted, and their expert areas, can offer you a sense of their proficiency and whether they're prepared to handle your financial situation.
- 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 adhering to strict educational, experience, and ethical standards, signifying a high level of competence and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate with your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are crucial to a productive client-advisor relationship. Ask about how often you'll have meetings, whether they'll be in person or virtual, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will help you identify potential conflicts of interest 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 crucial. This means they are legally obligated to put your interests ahead of their own, providing 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 help you gauge whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will clearly explain potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only provide you with 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 earn their income through commissions on the financial products they offer, such as other financial products. This fee structure can create a possible conflict, as the advisor could be motivated to suggest 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 advise on 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 advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including a percentage of the assets under management (AUM). This model is frequently regarded as more clear and in line with the client's best interests, as it reduces 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 mix of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that although 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 Salem, OR
Correct Capital stands out in the Salem, OR 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 Salem, OR:
One-Time Financial Plan (best for validators)
This service model is best 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 ensure they're on the right track. Our team performs a thorough review of your financial landscape, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
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 insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, we'll strive to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to hand over the management of their investments and financial planning to professionals. This includes active portfolio management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax strategies and retirement planning to estate planning and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated 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 looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we is legally obligated to put your interests first. This commitment guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out in a way that aligns most closely with your goals.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent 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 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. Leveraging in-depth research and analytics, we prepare 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 dedication to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Salem, OR means partnering with a team dedicated to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Salem, OR include:
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Small Business Retirement Plans
Call Correct Capital's Salem, OR Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between an individual, household, or business owner in Salem, OR and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, whether it's funding higher education for your children or making the dream purchase of that dream car in retirement. Contact our Salem, OR financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth in the manner you desire.
