Financial Advisor in Salinas, CA. Your hard-earned money deserves attention, and you want to be secure about how it's being managed and how it's being used. Many Salinas residents lack the financial literacy to feel sure they're making the optimal decisions with their money, while others simply don't have the time or interest to stay informed on financial markets along with new laws, regulations, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Salinas, 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 Salinas, CA and beyond. Reach out to us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Not sure if you're ready to work with a financial advisor in Salinas, CA? Check out our process page to find out how easy we make it to find out if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that anxiety is commonly just not being sure they're managing their money correctly. Once our Salinas, CA 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 solutions we can suggest. Our financial advisors in Salinas, CA have certifications that can only be acquired through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who assists individuals oversee their money, plan their finances, put enough money away, and plan for their financial future. This role covers a wide range of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. 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, credible and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Salinas, CA
There are various types of advisors that vary 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 offer advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, 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, based on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by the SEC and are usually 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, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have completed rigorous education and uphold high ethical standards, including a fiduciary duty to their clients. CFPs offer a vast spectrum of financial advisory services, including debt management to retirement planning, and investment strategies. This approach is all-encompassing, aiming to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education similar to CFPs and are also required to hold their clients' interests above their own. They focus on providing comprehensive financial advice, encompassing everything from estate planning to tax advice, guaranteeing that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on boosting clients' financial literacy, helping with basics such as saving money and creating budgets. They are perfect for clients who may not possess the financial resources to hire a financial advisor yet. Financial coaching offers a strong basis for handling personal finances wisely, particularly for those in the early stages of financial planning.
- Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that include estate planning, tax assistance, and investment management. They partner closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their expertise is geared towards maximizing the financial health and legacy of affluent clients, ensuring that all investments and planning strategies meet customized advice and strategies.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act solely in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your current financial situation, identify means to improve it, and help you achieve your future financial goals. A lot of Salinas, CA residents often immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental aspect of any financial plan, an accomplished financial advisor will be able to provide you with all-encompassing financial advice that takes into account the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Salinas, CA will use to help you reach your objectives.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're prepared for retirement, to education, real estate deals, picking insurance policies, and putting food on the table each night. The best financial advisors in Salinas, CA offer comprehensive services and personalized advice by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in virtually every financial transaction and transfer. According to the IRS's own data, more than 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A skilled and ethical Salinas, CA financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your pocket.
- 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 other investments such as art. A financial advisor in Salinas, CA will assist to allocate and diversify your assets in order to mitigate risk and strategically 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 hang up your cape, your Salinas, CA financial advisor will assist with tax implications, considering the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and strategy for source of income in retirement so you can live out your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Salinas, CA 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 manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Salinas, CA financial advisor team offers thorough 401(k) planning for companies as well as customized 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 Salinas, CA employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is currently in, moving 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 approach handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to want to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Salinas, CA can optimize your money for both your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's necessary 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 Salinas, CA financial advisor at Correct Capital must follow a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer personalized debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a workable path forward that aligns with your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Salinas, CA can assist clients understand your income level, identify areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for successful budgeting, advisors make sure that clients can satisfy their current financial obligations while also planning for future goals.
When you hire a Salinas, 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. Once we've completed that, we'll work in concert 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 job is to act in your best interest. There is no restrictions 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 Hire a Financial Advisor in Salinas, CA?
Seeking the advice of a financial advisor can be a key step towards getting the life and financial prosperity you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can guide you through these changes, ensuring that your financial plan grows to meet your evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you aren't confident to successfully handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be invaluable. They bring insight and wisdom to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, estimate 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 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 essential. They can assist you comprehend 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 whenever you hire someone to do something, but especially so when it involves your finances. In addition to finding a reliable advisor, you need one who best meets your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their years in the industry, the varieties of clients they've worked with, and their specializations, can offer you a sense of their skills and whether they're well-suited to tackle your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting strict education, experience, and ethical standards, indicating a high level of expertise and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and frequency are vital to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor intends to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their recommendations are made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally required to put your interests ahead of their own, giving advice that best serves 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 assist you in determining 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 offer 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 Salinas, CA?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to suggest options that generate higher commissions instead of those that best meet your needs. 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 straightforwardly by clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take several forms, including hourly rates assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it reduces 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 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 Salinas, CA
Correct Capital is distinguished in the Salinas, CA financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in Salinas, CA:
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 continuous oversight. This service is great for individuals who are generally confident in managing their finances but desire 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 caters to people who appreciate ongoing 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, 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 grow and save 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, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning and preparing for retirement 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 overseen by a dedicated team of professionals committed to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Salinas, CA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Salinas, CA 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 ensures that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests at heart.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means we aren't 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 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. Additionally, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- Proactivity is Our Approach: We hold the belief that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, 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 ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Salinas, CA means joining forces with a team committed to your financial success. Our experience, 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 Salinas, CA include:
Call Correct Capital's Salinas, CA 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 strongly believe that the relationship between an individual, household, or entrepreneur in Salinas, CA and their financial advisor is based on trust. Dedicating our lives to guiding our clients realize their personal and financial goals, whether it's sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Salinas, CA financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards growing your wealth how you've always wanted.
