Financial Advisor in San Bernardino, CA. You work hard for your money, and you need to be assured about how it's expanding and how it's being used. Many San Bernardino residents do not have the financial literacy to feel sure they're making the right decisions with their money, while others are too busy or interest to stay informed on financial markets along with new laws, regulations, and global events. That's when you need a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in San Bernardino, CA will make your money work for you. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in San Bernardino, CA and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in San Bernardino, CA? Explore our process page to see how easy we make it to ascertain if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. The cause of that concern is frequently just not being sure they're managing their money correctly. After our San Bernardino, CA financial advisor team gets to know you, your finances and your financial objectives, we'll build a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in San Bernardino, CA have certifications that can only be obtained through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals manage their money, budget, put enough money away, and prepare for their financial future. This broad definition covers a variety of services, from portfolio 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 be called 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 San Bernardino, CA
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 advisors offer 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 certified with either the Securities and Exchange Commission (SEC) or state regulators, depending 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 register with the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For 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 certification have undergone extensive training and adhere to the highest ethical standards, particularly a fiduciary duty to their customers. CFPs provide a broad range of financial advisory services, such as managing debt to retirement planning, and investment strategies. This approach is holistic, intended to satisfy every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. They specialize in providing holistic financial advice, covering everything from investment management to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are perfect for clients who might not have the wealth to hire a financial advisor just yet. This type of guidance offers a strong basis for handling personal finances effectively, especially for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, 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 those with substantial assets, ensuring that their clients' goals and aspirations are met through tailored 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 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 across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will evaluate your extant finances, determine ways to enhance it, and help you reach your future financial goals. A lot of San Bernardino, CA residents frequently immediately think of investing when they think of wealth management services and financial advisors. While that is a central part of any financial plan, a knowledgeable financial advisor will be able to give you extensive financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in San Bernardino, CA will use to help you reach your objectives.
- Financial Planning
Our money is involved in almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in San Bernardino, CA offer all-encompassing services and bespoke advice by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans overpay in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal means to reduce your tax liability. A reliable and expert San Bernardino, CA financial advisor will guide you through your tax implications to ensure keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in San Bernardino, CA will help to allocate and diversify your assets in order to mitigate risk and optimally position your money for long-term success.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you retire, your San Bernardino, CA financial advisor will assist with tax planning, evaluating the best age to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and plan for where your income will come from 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 San Bernardino, CA businesses and business owners. Introducing a 401(k) plan is a fantastic way to maintain your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our San Bernardino, CA financial advisor team offers thorough 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to manage the money you've already saved in a previous San Bernardino, CA employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is in now, moving it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will know how to best manage managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to desire to leave a legacy and leave 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 San Bernardino, CA can best position 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 paramount to pick one who has accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your San Bernardino, CA financial advisor at Correct Capital must heed 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 consolidating debt, securing lower interest rates if feasible, and prioritizing repayments. The goal is to create a manageable path forward that suits 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 San Bernardino, CA can assist clients understand your income level, find areas for savings, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors guarantee that clients can satisfy their current financial obligations while also preparing for future goals.
When you hire a San Bernardino, CA financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Next we've accomplished that, we'll work in concert with you to establish your preferred risk tolerance and how we can best help you meet your goals. 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.
When Should I Consider Hiring a Financial Advisor in San Bernardino, CA?
Seeking the assistance of a financial advisor can be a vital step towards achieving financial health, 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 Changes: Life is a series of transitions, and many of them have significant financial implications. Whether you're starting a family or changing careers, these milestones can significantly affect your financial landscape. A financial advisor can help you navigate these changes, ensuring that your financial plan adapts to meet your new circumstances and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you don't have the knowledge to successfully handle your investments, or simply prefer to focus your time on other pursuits, a financial advisor can be essential. They bring insight and wisdom to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- 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 craft a plan to ensure you can live comfortably during your retirement years without worry. 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 set of 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 help 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 paramount whenever you hire someone to do something, but particularly so when it comes to your hard-earned money. In addition to finding a dependable advisor, you need one whose specialties align with your needs. It's important to ask the right questions 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 types of clients they've worked with, and their specializations, can give you a sense of their skills and whether they're prepared to manage your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require meeting strict educational, experience, and ethical standards, signifying a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should resonate 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. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor expects to keep you updated about your investments and financial 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 combination thereof. Grasping how an advisor is compensated will help you identify potential conflicts of interest and guarantee that their advice is 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 required to put your interests before their own, offering advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic 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 manage them to ensure they don't harm their clients' financial plans. Fiduciary advisors must disclose 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 assist you in determining 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 San Bernardino, CA?
In general, there are three common ways for financial advisors to be compensated:
- 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 could be motivated to recommend options that generate higher commissions rather than 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.
- Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more transparent and aligned 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, such advisors generally also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this 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 San Bernardino, CA
Correct Capital is distinguished in the San Bernardino, CA financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in San Bernardino, CA:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is great for individuals who are generally confident in managing their finances but are looking for professional insight to ensure they're setting their money up for success in the best way. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate ongoing 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, regular check-ins every quarter, and availability on an as-needed basis. While we won't manage your investments for you, we'll work 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 investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax planning 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 achieving their financial goals.
Why Choose Correct Capital as Your San Bernardino, CA Financial Advisor?
Correct Capital is a premier choice for individuals and families in San Bernardino, CA seeking reliable, expert 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 each piece of advice, each investment recommendation, and each strategic move we make on your behalf is done in a way that aligns most closely with your goals.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we aren't tied to any specific financial institution or product, allowing us the freedom to select 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 two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in San Bernardino, CA 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 perfect choice for individuals and families seeking to achieve their financial goals and secure their future.
Other services we offer in San Bernardino, CA include:
Call Correct Capital's San Bernardino, CA Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, household, or entrepreneur in San Bernardino, CA and their financial advisor is based on trust. Dedicating our lives to guiding our clients achieve their personal and financial goals, whether it's funding higher education for your children or making the dream purchase of that dream car in retirement. Reach out to our San Bernardino, CA 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.
