Financial Advisor in Tacoma, WA

Financial Advisor in Tacoma, WA. Your hard-earned money deserves attention, and you need to feel confident about how it's expanding and how it's being used. Numerous Tacoma residents lack the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or inclination to stay informed on market trends along with new laws, regulations, and global events. That's when you should consider hiring a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Tacoma, WA 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 Tacoma, WA and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.

Not sure if you're ready to hire a financial advisor in Tacoma, WA? Check out our process page to see how straightforward 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 worried about their finances. The root of that apprehensiveness is frequently simply not being sure they're managing their money correctly. Once our Tacoma, WA financial advisor team gets to know you, your extant financial situation and your financial goals, we'll create a road map to help you reach them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Tacoma, WA have certifications that can only be gained through rigorous testing and by meeting strict education requirements.

What Is a Financial Advisor?

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

Types of Financial Advisors in Tacoma, WA

Financial advisors can work and market themselves under different titles:

• Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are registered with either the Securities and Exchange Commission (SEC) or state regulators, based on the assets under management.
• 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 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 example, someone who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
• CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP designation have completed rigorous education and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a broad range of financial advisory services, including managing debt to retirement planning, and estate planning. This approach is all-encompassing, intended to address all aspects of a client's financial life.
• Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. They focus on providing comprehensive financial advice, encompassing everything from investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
• Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with basics such as saving money and budgeting. They are ideal for clients who may not possess the wealth to hire a financial advisor just yet. This type of guidance provides a solid foundation for managing personal finances efficiently, especially for those in the early stages of financial planning.
• Wealth Managers: Serve high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They collaborate intimately with their clients to handle complex financial situations and formulate wealth preservation strategies. This expertise is tailored for optimizing the financial health and legacy of wealthy individuals, ensuring that all investments and planning strategies meet personalized advice and solutions.

Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors features CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 examine your present finances, identify methods to enhance it, and help you meet your future financial goals. Many Tacoma, WA residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a crucial facet of any financial plan, an accomplished financial advisor will be able to offer you extensive financial advice that considers the whole of your finances. Below are some of the services your Correct Capital financial advisor in Tacoma, WA will use to help you accomplish your objectives.

• Financial Planning

  Our money is involved in almost everything we do, from making sure we're set up in retirement, to paying for college, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in Tacoma, WA 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 pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal means to minimize taxes owed. A professional and trustworthy Tacoma, WA financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your pocket.

• Portfolio Management and Asset Management

  Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as art. A financial advisor in Tacoma, WA will help in allocating and diversify your assets in order to mitigate risk and best position your money for long-term growth.

• Retirement Planning

  Depending on where you currently are in life and the kind of life you want to live when you retire, your Tacoma, WA financial advisor will help with tax implications, evaluating the best age to retire, when to withdraw money and how much to take out. A financial advisor will aid in creating 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 Tacoma, WA businesses and business owners. Introducing a 401(k) plan is a fantastic way to retain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Tacoma, WA financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.

• 401(k) Rollover

  When moving to a new job, it can be challenging to know the best way to handle the money you've accumulated in a previous Tacoma, WA employer's 401(k) plan. You have several options, including 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 variety of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.

• Generational Wealth Transfers

  You earn your money, and it's natural to want to leave a legacy and pass on some wealth to the people you care about the dearly. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Tacoma, WA can optimize your money for not only your children but for future generations to come, even ones you haven't met yet.

• Fiduciary Advising

  Anyone can give themselves the title of "financial advisor," so it's vital to pick one who has obtained accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Tacoma, WA financial advisor at Correct Capital must observe a "Code of Ethics and Standards of Conduct" to:

1. Act with honesty, integrity, competence, and diligence.
2. Act in the client's best interest.
3. Exercise due care.
4. Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
5. Maintain confidentiality and protect the privacy of client information.
6. Act in a manner that reflects positively on the financial planning profession and CFP® certification.
• Debt Management

  Financial advisors offer tailored debt management plans that focus on managing debt, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that suits your financial situation and goals, eventually leading to stability.

• Budgeting

  Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Tacoma, WA can help clients grasp your income level, spot areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.

When you hire a Tacoma, WA financial advisor at Correct Capital, we start by getting to know you personally and your goals. We will analyze your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work in tandem with you to ascertain your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only obligation is to act in your best interest. There is no restrictions 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.

Do I Need to Speak to a Financial Advisor in Tacoma, WA?

Seeking the guidance of a financial advisor can be a critical 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 professional financial advice.

• Major Life Changes: Life is a long line of transitions, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can significantly affect how your money should be used and invested. 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 Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you aren't confident to effectively handle your investments, or simply choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, helping 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 most common reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, determine your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years without worry. 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 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 vital. They can help you comprehend 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 essential whenever you hire someone to do something, but particularly so when it involves your finances. Beyond just finding a trustworthy 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 time spent in the industry, the types of clients they've worked with, and their specializations, can provide you a sense of their skills and whether they're well-suited to tackle your specific financial circumstances.

• What are your qualifications and certifications?

  Inquire about any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require meeting strict 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 match your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should be in harmony with your aspirations and expectations.

• How do you prefer to communicate with clients?

  Communication method and regularity are crucial to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face 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 fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and make certain 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 vital. This means they are legally obligated to put your interests ahead of their own, giving 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 client education and portfolio reviews. Knowing 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 address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must make known conflicts of interest, and are required to manage them in their client's best interest.

Asking these questions will not only offer essential information about the financial advisor's qualifications and approach but also enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.

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

How Much Does a Financial Advisor Cost in Tacoma, WA?

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

1. Commission-Based: Advisors who earn through commissions make their earnings through commissions on the products they sell, such as other financial products. This fee structure can create a possible conflict, as the advisor could be motivated to recommend products that generate higher commissions rather than those that are most suited to your financial goals. 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.
2. 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 several forms, including hourly rates assets under management (AUM). This model is often seen as more transparent and in line with the client's best interests, as it reduces conflicts of interest related to product sales.
3. Fee-Based: Advisors with a fee-based approach 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 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 Tacoma, WA

Correct Capital is distinguished in the Tacoma, WA financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Tacoma, WA:

One-Time Financial Plan (best for validators)

This service model is ideal for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who are largely confident in managing their finances but seek professional validation 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 caters to individuals who appreciate ongoing 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 insights from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not manage your investments for you, we'll work to look for opportunities to help you flourish financially.

Wealth Management (best for delegators)

Our wealth management service model is for clients who choose to delegate the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement 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 committed to maximizing their wealth and realizing their financial goals.

Why Choose Correct Capital as Your Tacoma, WA Financial Advisor?

Correct Capital is a leading choice for individuals and families in Tacoma, WA 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, Correct Capital are legally obligated to put your interests first. This commitment ensures 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, enabling us the freedom to choose the best investments and strategies for you.
• Professional Credentials: 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 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 in-depth research and analytics, we prepare the most appropriate strategy for your needs.
• Ongoing Education and Resources: 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 guarantees that you are well-equipped to make informed decisions alongside your advisor.

Choosing Correct Capital as your financial advisor in Tacoma, WA means joining forces with a team committed to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and secure their future.

Other services we offer in Tacoma, WA include:

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

Call Correct Capital's Tacoma, WA Financial Advisor Team Today

The decisions you make about your finances and the decisions you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between a person, family, or business owner in Tacoma, WA and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients realize their financial and personal goals, whether it's sending your children to college or making the dream purchase of that dream car in retirement. Contact our Tacoma, WA financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth in the manner you desire.

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