Financial Advisor in Syracuse, NY. You work hard for your money, and you want to be secure about how it's being managed and how it's being used. Numerous Syracuse residents lack the financial literacy to feel confident they're making the right decisions with their money, while others are too busy or inclination to stay informed on market trends along with new laws, regulations, and different events happening around the world. That's when you should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Syracuse, NY will help your finances grow. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Syracuse, NY and beyond. Call us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Not sure if you're ready to hire a financial advisor in Syracuse, NY? Explore our process page to find out how simple we make it to determine if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are anxious about their finances. A source of that concern is commonly simply not being sure they're making the right decisions with their money. Once our Syracuse, NY financial advisor team gets to know you, your finances and your financial goals, we'll design a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically bound to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Syracuse, NY 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 provides advice on managing personal finances and investments. This role includes a variety of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to suggest strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Syracuse, NY
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 provide advice on securities and manage investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Investment advisors 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 trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must be registered by the SEC and are usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, a broker who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have completed rigorous education and adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial advisory services, ranging from debt management to planning for retirement, and investment strategies. This approach is all-encompassing, aiming 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 required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing comprehensive financial advice, encompassing everything from investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus 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 managing personal finances wisely, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that encompass estate planning, tax assistance, and investment management. They collaborate intimately with their clients to manage complex financial situations and formulate wealth preservation strategies. Their skill set is focused on enhancing the financial health and legacy of wealthy individuals, making sure that every financial decision is aligned with tailored advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors includes CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will look over your current finances, ascertain means to improve it, and help you realize your future financial goals. A lot of Syracuse, NY residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a fundamental facet of any financial plan, a professional financial advisor will be able to give you comprehensive financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Syracuse, NY will utilize in order to help you meet your goals.
- Financial Planning
Our finances are a part of almost everything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in Syracuse, NY offer holistic services and personalized advice by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role in almost every financial transaction and transfer. According to the IRS's own data, more than 7 out of 10 of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal ways to reduce your tax liability. A reliable and expert Syracuse, NY financial advisor will guide you through your tax implications with the aim 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 stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Syracuse, NY will assist to allocate and diversify your assets to mitigate risk and best position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Syracuse, NY financial advisor will assist with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and plan for source of income in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Syracuse, NY businesses and business owners. Setting up a 401(k) plan is a superb way to keep your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and thousands of plan participants nationwide. Our Syracuse, NY financial advisor team offers comprehensive 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 handle the money you've already saved in a previous Syracuse, NY employer's 401(k) plan. You have a number of options, including keeping the money in the account it is currently in, 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 approach handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Syracuse, NY can optimize your money for both 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 necessary 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 Syracuse, NY financial advisor at Correct Capital must observe 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, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that matches your financial situation and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Syracuse, NY can assist clients grasp how much money's coming in, find areas for savings, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for efficient budgeting, advisors ensure that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Syracuse, NY financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will assess your current income, assets, investments, debts, and expenses. Then we've done 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 commitment 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 Speak to a Financial Advisor in Syracuse, NY?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial prosperity you want. While the ideal moment can vary widely 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 changes, and many of them have major financial implications. Whether you're buying a home or changing careers, these milestones can dramatically affect your financial landscape. A financial advisor can help you through 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 aren't confident to successfully handle your investments, or simply choose to focus your time elsewhere, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, assisting to optimize 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, estimate your retirement needs, and devise a plan to ensure you can enjoy your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 insight can be vital. They can help you grasp 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 essential whenever you hire someone to do something, but particularly so when it comes to your finances. In addition to finding a trustworthy advisor, you need one who ideally suits 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 types of clients they've worked with, and their areas of expertise, can offer you a sense of their skills and whether they're well-suited to tackle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling strict education, experience, and ethical standards, signifying a high level of professionalism and expertise.
- Can you describe 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 reflect your expectations and expectations.
- How do you usually communicate with clients?
Communication method and frequency are vital to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor plans to keep you updated about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is essential. This means they are bound by law to put your interests ahead of their own, offering advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Knowing the full scope of services offered can help you gauge 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 adversely affect 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 provide you with 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 Syracuse, NY?
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 products they sell, such as insurance policies. This fee structure can create 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. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can help you achieve your goals, but not necessarily the ones most appropriate to your needs.
- 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 a percentage of the 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 Syracuse, NY
Correct Capital is distinguished in the Syracuse, NY 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 Syracuse, NY:
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 continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but seek professional validation to confirm they're on the right track. Our team conducts a thorough review of your current financial situation, supplying 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 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 insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, 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 portfolio 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Syracuse, NY Financial Advisor?
Correct Capital is a leading choice for individuals and families in Syracuse, NY 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 put your interests first. 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. Being independent signifies we aren't tied to any specific financial institution or product, allowing us the freedom to choose 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. Additionally, 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 anticipate trends and lead, rather than follow. Leveraging 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 aimed at keeping you up-to-date 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 Syracuse, NY 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 looking to achieve their financial goals and safeguard their future.
Other services we offer in Syracuse, NY include:
Call Correct Capital's Syracuse, NY Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, family, or entrepreneur in Syracuse, NY and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their financial and personal goals, be it funding higher education for your children or finally achieving the dream of owning that dream car during your retirement years. Contact our Syracuse, NY 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.
