Financial Advisor in Washington, DC. Your hard-earned money deserves attention, and you want to feel assured about how it's growing and how it's being used. Many Washington residents do not have the financial literacy to feel confident they're making the best decisions with their money, while others simply don't have the time or inclination to stay up to date on market trends along with new laws, rules, and global events. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Washington, DC will help your finances grow. We utilize in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Washington, DC and beyond. Speak to a team member 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 Washington, DC? Explore our process page to find out how straightforward we make it to ascertain if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are worried about their finances. A source of that concern is often just not being sure they're making the right decisions with their money. After our Washington, DC financial advisor team gets to know you, your present financial situation and your financial aims, we'll create a road map to help you reach 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 options we can recommend. Our financial advisors in Washington, DC have certifications that can only be obtained through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who helps individuals oversee their money, budget, put enough money away, and plan for their financial future. This role covers a wide range of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to suggest strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, credible 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 Washington, DC
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They're commonly associated with RIAs and are required to act in a fiduciary capacity, prioritizing their clients' interests above their own. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. 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 instance, an advisor who has a Series 7 license is qualified to sell general securities, such as 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, including a fiduciary duty to their clients. CFPs provide a broad range of financial planning services, such as managing debt to retirement planning, and investment strategies. This approach is holistic, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education comparable with CFPs and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in offering comprehensive financial advice, encompassing areas such as investment management to tax advice, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, helping with basics such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a good starting point for handling personal finances wisely, especially for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. This expertise is geared towards maximizing the financial health and future of those with substantial assets, making sure that all investments and planning strategies meet tailored advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors includes CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act solely in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will evaluate your present finances, identify means to improve it, and help you accomplish your long-term financial goals. Many Washington, DC residents commonly immediately think of investing when they consider wealth management services and financial advisors. While that is a principal part of any financial plan, an accomplished financial advisor will be able to give you comprehensive financial advice that takes into account the whole of your finances. Below are some of the services your Correct Capital financial advisor in Washington, DC will use to help you accomplish your goals.
- Financial Planning
Our money is involved in almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Washington, DC offer holistic services and personalized consulting by taking into account your entire financial situation.
- Tax Planning
Tax considerations play a role in virtually every financial transaction and transfer. According to the IRS's own data, over 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it allows for perfectly legal ways to lower your taxes. A reliable and expert Washington, DC financial advisor will guide you through 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 collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in Washington, DC will help to allocate and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your aspired lifestyle when you hang up your cape, your Washington, DC financial advisor will help with tax implications, considering the best age to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and strategy for source of income 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 Washington, DC businesses and business owners. Introducing a 401(k) plan is a superb way to retain 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 Washington, DC financial advisor team offers comprehensive 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 tough to know the best way to handle the money you've already saved in a previous Washington, DC 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 investing the money in one of a variety of IRA accounts. A financial advisor will know how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to wish to leave a legacy and leave some wealth to the people you care about the most. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Washington, DC can best position your money for both 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 paramount 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 Washington, DC financial advisor at Correct Capital must heed 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 managing debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that suits your financial capabilities and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in Washington, DC can assist clients grasp how much money's coming in, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing resources and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Washington, DC financial advisor at Correct Capital, we begin by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. Once we've accomplished that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you realize your goals. As an independent advisory firm, our only commitment is to act in your best interest. There is no limitation 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 Hire a Financial Advisor in Washington, DC?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial health you want. While the ideal moment can vary widely from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Changes: Life is a long line of transitions, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can guide 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 By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you lack the experience to successfully manage your investments, or simply prefer to spend your time on other pursuits, a financial advisor can be crucial. They bring expertise and objectivity to your financial decisions, helping to enhance your portfolio, prevent costly mistakes, and set up your investments for long-term growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can enjoy 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 wide array 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 guide you comprehend 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. Beyond just finding a reliable advisor, you need one who ideally suits your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's track record, including their time spent in the industry, the kinds of clients they've collaborated with, and their areas of expertise, can offer you a sense of their expertise and whether they're well-suited to tackle your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require meeting rigorous educational, experience, and ethical standards, signifying a high level of competence and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement 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 resonate with your goals and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are vital to a successful client-advisor relationship. Inquire about 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 how your investments are going and if you need any updates to your 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. Knowing how an advisor is compensated will help you identify potential biases and ensure 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 vital. This means they are legally obligated to put your interests ahead of their own, giving advice that optimally benefits 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. Understanding the full scope of services offered can enable you to assess whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they manage them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must reveal conflicts of interest, and must 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 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 Washington, DC?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the financial products they offer, such as other financial products. This fee structure can lead to a possible conflict, 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 aid in achieving your goals, but not necessarily the ones most appropriate to your needs.
- Fee-Only: Fee-only advisors 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 various shapes, including a percentage of the assets under management (AUM). This model is frequently regarded as more clear and aligned 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 blend 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 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 Washington, DC
Correct Capital stands out in the Washington, DC financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in Washington, DC:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the ongoing management. This service is great for individuals who are generally confident in managing their finances but seek professional validation to confirm they're setting their money up for success in the best way. Our team performs 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 people who appreciate ongoing guidance and advice as their financial situation evolves, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not manage your investments for you, 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 delegate 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 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 long-term goals.
Why Choose Correct Capital as Your Washington, DC Financial Advisor?
Correct Capital is a leading choice for individuals and families in Washington, DC looking for reliable, expert financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, we are legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent 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.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- Proactivity is Our Approach: 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 in-depth research and analytics, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops to keep you informed 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 Washington, DC means partnering with a team dedicated to your financial success. Our experience, 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 secure their future.
Other services we offer in Washington, DC include:
Call Correct Capital's Washington, DC Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between a person, family, or entrepreneur in Washington, DC and their financial advisor is based on mutual trust. Committed to helping our clients realize their personal and financial goals, be it sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Washington, DC financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth in the manner you desire.
