Financial Advisor in Tucson, AZ. You work hard for your money, and you need to feel secure about how it's expanding and how it's being used. Numerous Tucson residents lack the financial literacy to feel sure they're making the right decisions with their money, while others are too busy or interest to stay informed on market trends along with new laws, regulations, and global events. That's when you need a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Tucson, AZ will help your finances grow. We utilize in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Tucson, AZ and beyond. Speak to a team member today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Uncertain if you're ready to hire a financial advisor in Tucson, AZ? Explore our process page to see how easy we make it to ascertain if you're a good fit.
A 2018 study by FINRA reported that 53 percent of American adults are nervous about their finances. A source of that apprehensiveness is commonly simply not being sure they're managing their money correctly. After our Tucson, AZ financial advisor team gets to know you, your current financial situation and your financial goals, we'll design 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 plans we can suggest. Our financial advisors in Tucson, AZ 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. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Tucson, AZ
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. 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 trade 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 instance, an individual who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have completed rigorous education and uphold high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a wide array of financial planning services, ranging from debt management to retirement planning, and investment strategies. Their approach is comprehensive, designed to address all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering areas such as investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to enhancing clients' financial literacy, assisting with fundamentals such as saving money and budgeting. They are suited 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 in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that include estate planning, tax assistance, and investment management. They work closely with their clients to handle complex financial situations and formulate wealth preservation strategies. This expertise is focused on maximizing the financial health and legacy of those with substantial assets, guaranteeing that every financial decision is aligned with tailored advice and strategies.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our team of advisors features CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, making sure 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 current finances, ascertain methods to enhance it, and help you achieve your long-term financial goals. A lot of Tucson, AZ residents typically immediately think of investing when they think of wealth management services and financial advisors. While that is a core feature of any financial plan, a qualified financial advisor will be able to offer you holistic financial advice that gives consideration to the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Tucson, AZ will utilize in order to help you reach your goals.
- Financial Planning
Our money is a part of almost everything we do, from making sure we're prepared for 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 Tucson, AZ offer all-encompassing services and tailored guidance by taking into account your entire financial situation.
- Tax Planning
Taxes are involved 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 every year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to lower your taxes. A skilled and ethical Tucson, AZ financial advisor will help you navigate 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 stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Tucson, AZ will help in allocating and diversify your assets to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Tucson, AZ 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 aid in creating a budget and strategy for where your income will come from in retirement so you can live out your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Tucson, AZ businesses and business owners. Implementing a 401(k) plan is a fantastic way to maintain your best employees and keep them productive and happy. Our retirement consultants oversee over $218 million in plan assets and numerous of plan participants nationwide. Our Tucson, AZ financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to manage the money you've accumulated in a previous Tucson, AZ employer's 401(k) plan. You have several options, such as keeping the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will be skilled in how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to want to leave a legacy and leave some wealth to the people you care about the most. Wealth transfers are distinct from simply leaving gifts behind in estate planning. A financial advisor in Tucson, AZ can optimize your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's vital to pick one who has earned accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Tucson, AZ financial advisor at Correct Capital is bound by a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer customized debt management plans that focus on managing debt, achieving lower interest rates where possible, and structuring repayments. The goal is to create a workable path forward that aligns with 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 Tucson, AZ can help clients understand your income level, identify areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing resources and strategies for successful budgeting, advisors ensure that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Tucson, AZ financial advisor at Correct Capital, we begin by getting to know you personally and your goals. We will evaluate your current income, assets, investments, debts, and expenses. After we've completed that, we'll work in tandem with you to ascertain your preferred risk tolerance and how we can best help you meet your goals. 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 suggest, 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 Tucson, AZ?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial security 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 changes, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can assist you manage these changes, ensuring that your financial plan evolves to meet your new circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you lack the experience to effectively manage your investments, or simply choose to focus your energy on other pursuits, a financial advisor can be crucial. They bring insight and objectivity to your financial decisions, helping to improve your portfolio, avoid costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you evaluate your current financial situation, estimate your retirement needs, and devise a plan to ensure you can experience your retirement years without worry. 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 set of complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's knowledge can be crucial. 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 paramount when you're hiring someone for any service, but particularly so when it involves your hard-earned money. In addition to finding a dependable advisor, you need one whose specialties align with 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 years in the industry, the kinds of clients they've worked with, and their areas of expertise, can give you a sense of their proficiency and whether they're prepared to manage your financial situation.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require adhering to strict education, experience, and ethical standards, demonstrating a high level of expertise 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 be in harmony with your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and regularity are essential to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor intends to keep you updated about your investments and financial plan.
- How are you compensated for your services?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest and guarantee that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is crucial. 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 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. 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 clearly explain potential conflicts of interest and how they manage them to ensure they don't negatively impact 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 help you gauge 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 Tucson, AZ?
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 mutual funds. This fee structure can create a possible conflict, as the advisor might be incentivized to recommend options that generate higher commissions rather than 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 often seen as more clear and in line with the client's best interests, as it reduces 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, fee-based advisors generally also have a fiduciary duty, which means that although 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 Tucson, AZ
Correct Capital is distinguished in the Tucson, AZ 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 Tucson, AZ:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who are generally confident in managing their finances but desire professional insight to confirm they're doing things the right way. Our team performs a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we won't be managing your portfolio, we'll work to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose to hand over the management of their investments and financial planning to professionals. This includes active investment management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax planning and retirement planning to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Tucson, AZ Financial Advisor?
Correct Capital is a leading choice for individuals and families in Tucson, AZ seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we 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 with your best interests at heart.
- 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 financial institution or product, enabling us the freedom to choose 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 a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: 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 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 dedication to client education guarantees that you are well-equipped to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Tucson, AZ means partnering with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and secure their future.
Other services we offer in Tucson, AZ include:
Call Correct Capital's Tucson, AZ Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, household, or business owner in Tucson, AZ and their financial advisor is based on trust. Dedicating our lives to guiding our clients achieve their personal and financial 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 Tucson, AZ financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth how you've always wanted.
