Financial Advisor in Shreveport, LA. Your hard-earned money deserves attention, and you want to feel assured about how it's growing and how it's being used. A lot of Shreveport residents do not have 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 up to date on market trends along with new laws, rules, and global events. That's when you should consider hiring a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Shreveport, LA will help your finances grow. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Shreveport, LA and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Uncertain if you're ready to work with a financial advisor in Shreveport, LA? Check out our process page to see how easy we make it to find out if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that anxiety is often simply not being sure they're making the right decisions with their money. Once our Shreveport, LA financial advisor team gets to know you, your current financial situation and your financial goals, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Shreveport, LA have certifications that can only be obtained through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals oversee their money, plan their finances, save, and plan for their financial future. This wide-ranging definition includes 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations 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 Shreveport, LA
Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, 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, based on the assets under management.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of 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 instance, an advisor who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have completed rigorous training and adhere to 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, such as debt management to planning for retirement, and estate planning. Their methodology is all-encompassing, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and also adhere to a fiduciary duty. Like CFPs, ChFCs specialize in offering holistic financial advice, covering everything from estate planning to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are ideal for clients who might not have the financial resources to hire a financial advisor just yet. Their services provides a strong basis for managing personal finances efficiently, especially for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to manage complex financial situations and develop wealth preservation strategies. Their expertise is tailored for enhancing the financial health and future of those with substantial assets, guaranteeing that all investments and planning strategies meet tailored advice and solutions.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring that we act exclusively in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will evaluate your extant finances, identify methods to improve it, and help you realize your future financial goals. Many Shreveport, LA residents frequently immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental part of any financial plan, an experienced financial advisor will be able to give you overarching financial advice that considers the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Shreveport, LA will utilize in order to help you achieve your goals.
- Financial Planning
Our money is a part of almost everything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Shreveport, LA offer all-encompassing services and personalized 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 every year. The United States tax code is notoriously complex, yet it offers perfectly legal means to reduce your tax liability. A skilled and ethical Shreveport, LA financial advisor will help you navigate your tax implications in the interest of keeping more money in your own account.
- 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 Shreveport, LA will assist in allocating and diversify your assets to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Shreveport, LA financial advisor will help with tax planning, considering the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating 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 Shreveport, LA businesses and business owners. Setting up a 401(k) plan is a great way to maintain 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 Shreveport, LA financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be difficult to know the best way to handle the money you've accumulated in a previous Shreveport, LA employer's 401(k) plan. You have several options, including leaving the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will know how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to want to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Shreveport, LA can optimize your money for not only 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 imperative to pick one who has accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Shreveport, LA 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 personalized debt management plans that focus on managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that aligns with your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in Shreveport, LA can help clients understand your income level, find areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for successful budgeting, advisors ensure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Shreveport, LA financial advisor at Correct Capital, we start by getting to know you and your objectives. We will evaluate 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 grow your wealth. As an independent advisory firm, our only commitment is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can recommend, 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 Shreveport, LA?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial prosperity you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family 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 adapts to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply prefer to focus your energy elsewhere, a financial advisor can be essential. They bring expertise and perspective to your financial decisions, assisting to improve 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 assist you assess your current financial situation, calculate your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and 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 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 assist 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. Beyond just finding a dependable advisor, you need one who best meets 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 years in the industry, the varieties of clients they've assisted, and their specializations, can offer you a sense of their expertise and whether they're prepared to tackle your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to demanding education, experience, and ethical standards, demonstrating a high level of competence 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 aggressive strategy, their philosophy should reflect your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are vital to a productive client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or online, and how the advisor intends 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 mixture thereof. Understanding how an advisor is compensated will enable you to discern potential biases and make certain that their recommendations are given 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 bound by law to put your interests ahead of their own, providing advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide extensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources 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 deal with them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and must 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 Shreveport, LA?
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 products they sell, such as insurance policies. This fee structure can lead to a potential conflict of interest, as the advisor could be motivated to suggest options that generate higher commissions rather than those that best meet your needs. 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: Fee-only advisors are compensated directly by their clients for the guidance and assistance 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 minimizes 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 even if 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 Shreveport, LA
Correct Capital stands out in the Shreveport, LA financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer a variety of service models to our clients in Shreveport, LA:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking 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 validation to confirm they're on the right track. Our team performs a thorough review of your financial landscape, 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 people who value 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 updates from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we will not manage your investments for you, 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 investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Shreveport, LA Financial Advisor?
Correct Capital is a leading choice for individuals and families in Shreveport, LA seeking reliable, expert 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 are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests at heart.
- Our I.O.U. Promise: Every piece of guidance 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 choose the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers boast 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, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Shreveport, LA means joining forces with a team dedicated 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 seeking to achieve their financial goals and safeguard their future.
Other services we offer in Shreveport, LA include:
Call Correct Capital's Shreveport, LA 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 Shreveport, LA and their financial advisor is based on mutual trust. Committed to helping our clients realize their financial and personal goals, be it sending your children to college or making the dream purchase of that dream car in retirement. Reach out to our Shreveport, LA financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
