Financial Advisor in Springfield, MO. You work hard for your money, and you need to feel secure about how it's expanding and how it's being used. Numerous Springfield residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or inclination to stay informed on financial markets along with new laws, rules, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Springfield, MO will make your money work for you. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Springfield, MO and beyond. Speak to a team member today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Springfield, MO? Check out our process page to see how simple we make it to find out if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. The root of that apprehensiveness is often just not being sure they're managing their money correctly. After our Springfield, MO financial advisor team gets to know you, your finances and your financial goals, we'll create a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the solutions we can endorse. Our financial advisors in Springfield, MO have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who helps individuals manage their money, plan their finances, save, and plan for their financial future. This wide-ranging definition covers a variety of services, from portfolio management and retirement planning to tax planning and estate planning. 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, 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 Springfield, MO
There are various types of advisors that differ based on the services they provide, their compensation models, their areas of expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Portfolio managers are registered 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 on behalf of 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 depend on their specific licenses, such as Series 6 or Series 7. For example, a broker 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): Advisors with the CFP designation have completed rigorous education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial planning services, ranging from debt management to planning for retirement, and estate planning. Their methodology is holistic, designed to meet every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also bound by a fiduciary duty. They focus on providing holistic financial advice, covering everything from estate planning to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, helping with fundamentals such as saving money and budgeting. They are suited for clients who might not have the wealth to hire a financial advisor just yet. This type of guidance offers a good starting point for managing personal finances wisely, 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 help, and investment management. They work closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their skill set is focused on enhancing the financial health and future of wealthy individuals, making sure that all investments and planning strategies meet 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 features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will examine your present finances, pinpoint means to improve it, and help you achieve your long-term financial goals. A lot of Springfield, MO residents typically immediately think of investing when they consider wealth management services and financial advisors. While that is a key part of any financial plan, an accomplished financial advisor will be able to provide you with holistic financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Springfield, MO will use in order to help you realize your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to education, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in Springfield, MO offer holistic services and tailored advice by evaluating 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 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 Springfield, MO financial advisor will guide you through your tax implications to ensure keeping more money in your hands than in Uncle Sam's.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Springfield, MO will help in allocating and diversify your assets to mitigate risk and strategically position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you retire, your Springfield, MO financial advisor will assist with tax planning, evaluating the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will aid in creating a budget and plan for source of income in retirement so you can spend your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Springfield, MO businesses and business owners. Implementing a 401(k) plan is a great way to retain your best employees and keep them productive and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Springfield, MO financial advisor team offers extensive 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 tough to know the best way to deal with the money you've already saved in a previous Springfield, MO employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will have the knowledge how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's natural to wish to leave a legacy and pass on some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Springfield, MO can strategically plan 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 essential to choose one who has accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Springfield, MO financial advisor at Correct Capital must act in accordance with a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer customized debt management plans that focus on managing debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a workable path forward that aligns with your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to achieving financial health and goals. Financial advisors in Springfield, MO can help clients comprehend how much money's coming in, spot areas for savings, and set realistic spending limits that encourage growing your wealth. By providing tools and strategies for efficient budgeting, advisors make sure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Springfield, MO financial advisor at Correct Capital, we begin by getting to know you and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work with you to determine 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 Hire a Financial Advisor in Springfield, MO?
Seeking the guidance of a financial advisor can be a key step towards getting the life and financial health you want. While the right time can vary widely from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Transitions: Life is a long line of changes, and many of them have significant financial implications. Whether you're buying a home or changing careers, these milestones can dramatically affect your financial landscape. A financial advisor can assist you through these changes, ensuring that your financial plan grows 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, time-consuming, and, frankly, daunting for many. If you aren't confident to effectively manage your investments, or simply choose to focus your time on other pursuits, a financial advisor can be invaluable. They bring expertise and perspective to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- 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, determine your retirement needs, and devise a plan to ensure you can enjoy your retirement years with peace of mind. This includes strategies for Social Security benefits, pension management, and distribution strategies 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 essential. They can guide you understand 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 when you're hiring someone for any service, but especially so when it involves your hard-earned money. Beyond just finding a trustworthy 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 track record, including their time spent in the industry, the varieties of clients they've worked with, and their specializations, can give you a sense of their skills and whether they're well-suited to tackle your financial needs.
- What are your qualifications and certifications?
Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require meeting demanding educational, experience, and ethical standards, indicating a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should align with 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 aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are vital to a successful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or online, and how the advisor intends to keep you informed about your investments and financial plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Grasping how an advisor is compensated will assist you in identifying potential biases and ensure that their advice is offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally obligated to put your interests ahead of their own, providing advice that is in the best interest of your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide extensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Understanding the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they deal with them to ensure they don't negatively impact 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 Springfield, MO?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as mutual funds. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend 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 recommend products that can aid in achieving your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Advisors on a fee-only basis 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 frequently regarded as more transparent and in line with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees 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 disclose that information 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 Springfield, MO
Correct Capital stands out in the Springfield, MO 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 three different service models to our clients in Springfield, MO:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the guidance and recommendations a financial advisor can offer without the ongoing management. This service is excellent for individuals who are generally confident in managing their finances but seek professional insight to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your current financial situation, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals who appreciate ongoing guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not be managing your portfolio, we'll work to look for opportunities to help you save and grow your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and forward-looking guidance 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Springfield, MO Financial Advisor?
Correct Capital is a leading choice for individuals and families in Springfield, MO looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we are 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: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any 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 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.
- 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, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education guarantees that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Springfield, MO 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 looking to achieve their financial goals and safeguard their future.
Other services we offer in Springfield, MO include:
Call Correct Capital's Springfield, MO Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we firmly believe in the relationship between an individual, household, or business owner in Springfield, MO and their financial advisor is based on mutual trust. Committed to helping our clients achieve their financial and personal goals, whether it's funding higher education for your children or making the dream purchase of that dream car in retirement. Contact our Springfield, MO financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth in the manner you desire.
