Financial Advisor in Salt Lake City, UT

Financial Advisor in Salt Lake City, UT. Your hard-earned money deserves attention, and you want to be confident about how it's being managed and how it's being used. Numerous Salt Lake City 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 inclination to stay up to date on financial markets along with new laws, regulations, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Salt Lake City, UT will make your money work for you. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Salt Lake City, UT and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Wondering if you're ready to hire a financial advisor in Salt Lake City, UT? Take a look at our process page to see 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 worried about their finances. A source of that concern is commonly just not being sure they're managing their money correctly. Once our Salt Lake City, UT financial advisor team gets to know you, your current financial situation and your financial ambitions, we'll create a road map to help you achieve 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 Salt Lake City, UT have certifications that can only be awarded through rigorous testing and by meeting strict education requirements.

What Is a Financial Advisor?

A financial advisor is a professional who provides advice on managing personal finances and investments. This broad definition encompasses a variety of services, from investment management and retirement planning to tax planning and generational wealth transfers. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can call themselves a financial advisor or financial planner, credible and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.

Types of Financial Advisors in Salt Lake City, UT

There are various types of advisors that vary based on the services they offer, their compensation models, their professional expertise, and their legal obligations to customers:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are registered 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 trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are generally members of FINRA. The financial products they can sell depend on 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 holding the CFP designation have undergone extensive education and uphold the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, ranging from debt management to planning for retirement, and estate planning. This approach is all-encompassing, intended to satisfy every aspect of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering areas such as estate planning to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Concentrate on boosting clients' financial literacy, guiding with fundamentals such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance offers a strong basis for handling personal finances efficiently, especially for those in the early stages of financial planning.
• Wealth Managers: Cater to high-net-worth individuals, offering extensive services that include estate planning, tax help, and investment management. They work closely with their clients to manage complex financial situations and formulate wealth preservation strategies. This expertise is tailored for enhancing the financial health and legacy of wealthy individuals, guaranteeing that their clients' goals and aspirations are met through tailored advice and solutions.

Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our group of advisors features CFPs and other qualified professionals who represent 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 current financial situation, pinpoint means to enhance it, and help you realize your future financial goals. A lot of Salt Lake City, UT residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a core aspect of any financial plan, a qualified financial advisor will be able to provide you with extensive financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Salt Lake City, UT will utilize to help you accomplish your objectives.

• Financial Planning

  Our finances are a part of almost anything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a house, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Salt Lake City, UT offer holistic services and bespoke advice by taking into account your entire financial situation.

• Tax Planning

  Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to lower your taxes. A professional and trustworthy Salt Lake City, UT financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in the government's.

• 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 Salt Lake City, UT will help to allocate and diversify your assets to mitigate risk and best position your money for long-term growth.

• Retirement Planning

  Depending on where you currently are in life and your aspired lifestyle when you hang up your cape, your Salt Lake City, UT financial advisor will assist with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to take out. 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 Salt Lake City, UT businesses and business owners. Introducing 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 Salt Lake City, UT financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.

• 401(k) Rollover

  When starting a new job, it can be challenging to know the best way to handle the money you've accumulated in a previous Salt Lake City, UT employer's 401(k) plan. You have multiple options, such as keeping the money in the account it is in now, 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 manage handling your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's natural to desire to leave a legacy and leave some wealth behind the people you care about the most. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Salt Lake City, UT can optimize your money for not only your children but for future generations to come, even ones you haven't met yet.

• Fiduciary Advising

  Anyone can call themselves a "financial advisor," so it's essential 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 Salt Lake City, UT financial advisor at Correct Capital must abide by a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. 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 consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that aligns with your financial situation and goals, eventually leading to stability.

• Budgeting

  Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Salt Lake City, UT can help clients comprehend your income level, spot areas for savings, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for successful budgeting, advisors guarantee that clients can meet their current financial obligations while also preparing for future goals.

When you hire a Salt Lake City, UT financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Once we've accomplished 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 responsibility is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.

When Should I Consider Hiring a Financial Advisor in Salt Lake City, UT?

Seeking the guidance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the ideal moment can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.

• Major Life Transitions: Life is a series of changes, and many of them have substantial financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan adapts to meet your evolving situation and goals.
• Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully manage your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring experience and objectivity to your financial decisions, assisting to enhance your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
• Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist 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 withdrawal plans from retirement accounts.
• Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be crucial. They can help you comprehend 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 when you're hiring someone for any service, but especially so when it involves your hard-earned money. In addition to finding a reliable advisor, you need one who perfectly matches 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 background, including their years in the industry, the kinds of clients they've collaborated with, and their areas of expertise, can provide you a sense of their skills and whether they're well-suited to tackle your financial situation.

• What are your qualifications and certifications?

  Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require meeting demanding education, experience, and ethical standards, signifying a high level of expertise 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 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 prefer to communicate with clients?

  Communication method and regularity are vital to a successful client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor plans to keep you informed about how your investments are going and if you need any updates to your plan.

• How are you compensated for your services?

  Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and guarantee that their advice is given with your best interests in mind.

• Are you a fiduciary financial advisor?

  Confirming that an advisor serves as a fiduciary is crucial. This means they are legally required to put your interests before their own, providing advice that best serves 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 assist you in determining 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 offer essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.

You can find many of these questions answered on our FAQ page.

How Much Does a Financial Advisor Cost in Salt Lake City, UT?

In general, there are three common ways for financial advisors to be compensated:

1. Commission-Based: Advisors who earn through commissions 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 might be incentivized to suggest options that generate higher commissions instead of those that are most suited to your financial goals. These 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.
2. 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 several forms, including hourly rates assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
3. 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, fee-based 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 Salt Lake City, UT

Correct Capital is distinguished in the Salt Lake City, UT 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 three different service models to our clients in Salt Lake City, UT:

One-Time Financial Plan (best for validators)

This service model is ideal for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but desire professional validation to ensure they're on the right track. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.

Subscription (best for collaborators)

Our subscription service is designed for individuals who value consistent guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not manage your investments for you, 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 prefer 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 planning 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 committed to maximizing their wealth and achieving their long-term goals.

Why Choose Correct Capital as Your Salt Lake City, UT Financial Advisor?

Correct Capital is a leading choice for individuals and families in Salt Lake City, UT 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, Correct Capital is legally obligated to put your interests first. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
• Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence means 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 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. Additionally, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
• We Are Proactive: 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. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
• Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed 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 Salt Lake City, UT means partnering 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 Salt Lake City, UT include:

• High-Net-Worth Wealth Management
• Retirement Planner
• Financial Planning
• Retirement Plan Consultants
• Fiduciary Financial Advisor

Call Correct Capital's Salt Lake City, UT 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 a person, household, or entrepreneur in Salt Lake City, UT and their financial advisor is founded on trust. Committed to helping our clients realize their personal and financial goals, whether it's sending your children to college or making the dream purchase of that dream car during your retirement years. Contact our Salt Lake City, UT financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth how you've always wanted.

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