Financial Advisor in Tampa, FL. You work hard for your money, and you need to be confident about how it's growing and how it's being used. A lot of Tampa residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay up to date on financial markets along with new laws, rules, and different events happening around the world. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Tampa, FL will make your money work for you. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Tampa, FL and beyond. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Wondering if you're ready to hire a financial advisor in Tampa, FL? Explore our process page to see how straightforward we make it to determine if you're a good fit.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. A source of that anxiety is commonly simply not being sure they're putting their money in the right places. Once our Tampa, FL financial advisor team gets to know you, your finances and your financial aims, we'll implement a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can offer you. Our financial advisors in Tampa, FL 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 encompasses a wide range 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, trustworthy and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Tampa, FL
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, 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, depending 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 typically members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an advisor who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, such as managing debt to planning for retirement, and investment strategies. Their methodology is holistic, intended to meet every aspect of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed training similar to CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing holistic financial advice, covering areas such as estate planning to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, guiding with basics such as saving money and creating budgets. They are perfect for clients who might not have the wealth to hire a financial advisor yet. Their services delivers a solid foundation for managing personal finances efficiently, 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 help, and investment management. They partner closely with their clients to manage complex financial situations and implement wealth preservation strategies. Their skill set is tailored for optimizing the financial health and future of wealthy individuals, guaranteeing that every financial decision is aligned with tailored advice and approaches.
Each type of financial advisor provides 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 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 analyze your present finances, identify means to improve it, and help you accomplish your long-term financial goals. Many Tampa, FL residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a principal part of any financial plan, a certified financial advisor will be able to provide you with overarching financial advice that considers the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Tampa, FL will utilize in order to help you realize your objectives.
- Financial Planning
Our money is integral to almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a house, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Tampa, FL offer comprehensive services and bespoke advice by considering your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. 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 provides perfectly legal ways to lower your taxes. A professional and trustworthy Tampa, FL financial advisor will assist you in navigating your tax implications to ensure keeping more money in your hands than in the government's.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation 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 Tampa, FL will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you hang up your cape, your Tampa, FL financial advisor will assist with tax implications, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will assist in formulating a budget and strategy for where your income will come from 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 Tampa, FL businesses and business owners. Setting up a 401(k) plan is a great way to maintain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Tampa, FL financial advisor team offers extensive 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 deal with the money you've already saved in a previous Tampa, FL employer's 401(k) plan. You have a number of 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 navigate handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to want to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Tampa, FL can best position 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 vital to pick one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Tampa, FL 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 tailored debt management plans that focus on consolidating debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a workable path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Tampa, FL 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 efficient budgeting, advisors ensure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Tampa, FL financial advisor at Correct Capital, we start by getting to know you and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in tandem 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 responsibility 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 Tampa, FL?
Seeking the advice of a financial advisor can be a critical step towards achieving financial health, peace of mind, and wealth. While the right time can differ greatly from person to person, certain life events and circumstances often suggest the need for expert financial advice.
- Major Life Transitions: Life is a series of transitions, and many of them have substantial financial implications. Whether you're buying a home or facing retirement, these milestones can significantly affect your financial landscape. A financial advisor can assist you through these changes, ensuring that your financial plan grows to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you don't have the knowledge to effectively handle your investments, or simply prefer to focus your time elsewhere, a financial advisor can be essential. They bring insight and wisdom to your financial decisions, assisting to enhance your portfolio, avoid costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can help you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can experience 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 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 knowledge can be essential. They can assist you grasp the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial when you're hiring someone for any service, but particularly so when it involves your hard-earned money. In addition to finding a reliable 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 track record, including their time spent in the industry, the varieties of clients they've assisted, and their areas of expertise, can provide you a sense of their proficiency and whether they're equipped to tackle your financial situation.
- What are your qualifications and certifications?
Ask about any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require meeting rigorous educational, experience, and ethical standards, indicating a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your expectations and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are crucial to a successful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or virtual, and how the advisor intends to keep you updated about how your investments are going and if you need any updates to your plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential biases and guarantee that their advice is made with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is essential. This means they are legally required to put your interests before their own, offering advice that best serves 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 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 address them to ensure they don't harm their clients' financial plans. Fiduciary advisors must reveal 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 Tampa, FL?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the products they sell, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to suggest 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 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 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 a percentage of the assets under management (AUM). This model is frequently regarded as more clear and in line 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 generally also have a fiduciary duty, which means that although 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 Tampa, FL
Correct Capital is distinguished in the Tampa, FL 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 Tampa, FL:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the insights and advice 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 insight to confirm they're doing things the right way. Our team conducts 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 caters to people who value ongoing guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, regular check-ins every quarter, and availability on an as-needed basis. While we won't manage your investments for you, we'll strive to look for opportunities to help you flourish financially.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to hand over the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate planning and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals committed to maximizing their wealth and achieving their financial goals.
Why Choose Correct Capital as Your Tampa, FL Financial Advisor?
Correct Capital is a leading choice for individuals and families in Tampa, FL seeking 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 guarantees that each piece of advice, each investment recommendation, and each strategic move we make on your behalf is carried out with your best interests in mind.
- 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 specific financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which 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. Additionally, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- Proactivity is Our Approach: Our advisors believe 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: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education guarantees that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Tampa, FL 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 secure their future.
Other services we offer in Tampa, FL include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Tampa, FL 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 entrepreneur in Tampa, FL and their financial advisor is based on mutual trust. Committed to guiding our clients achieve their personal and financial goals, whether it's funding higher education for your children or making the dream purchase of that dream car in retirement. Reach out to our Tampa, FL financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.