Financial Advisor in Wichita, KS. Your hard-earned money deserves attention, and you need to be secure about how it's being managed and how it's being used. Many Wichita residents do not have the financial literacy to feel confident they're making the right decisions with their money, while others are too busy or inclination to stay informed on market trends along with new laws, rules, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Wichita, KS will make your money work for you. We utilize in-depth research along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Wichita, KS and beyond. Call us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Wondering if you're ready to hire a financial advisor in Wichita, KS? Take a look at our process page to see how straightforward we make it to determine if we would make a good team.
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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. The root of that anxiety is frequently simply not being sure they're making the right decisions with their money. Once our Wichita, KS financial advisor team gets to know you, your current financial situation and your financial objectives, we'll build a road map to help you realize 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 suggest. Our financial advisors in Wichita, KS have certifications that can only be obtained through exhaustive 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 covers a spectrum of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to suggest strategies that align with 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 accreditations from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Wichita, KS
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They're often associated with RIAs and are required to act in a fiduciary capacity, 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, 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 for their clients or for themselves. They must be registered by the SEC and are typically members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, a broker who has a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have undergone extensive training and uphold the highest ethical standards, particularly a fiduciary duty to their clients. CFPs offer a broad range of financial planning services, ranging from debt management to planning for retirement, and investment strategies. This approach is holistic, intended to meet all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training comparable with CFPs and also adhere to a fiduciary duty. Like CFPs, ChFCs focus on offering holistic financial advice, covering everything from estate planning to tax advice, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, guiding with basics such as saving money and creating budgets. They are ideal for clients who are not yet wealthy enough to work with most financial advisors. Their services provides a solid foundation for managing personal finances efficiently, especially for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive services that include estate planning, tax help, and investment management. They collaborate intimately with their clients to manage complex financial situations and implement wealth preservation strategies. This expertise is tailored for maximizing the financial health and future of affluent clients, making sure that all investments and planning strategies meet personalized advice and solutions.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors includes CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your current financial situation, identify means to enhance it, and help you achieve your long-term financial goals. A lot of Wichita, KS residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a principal feature of any financial plan, a qualified financial advisor will be able to give you extensive financial advice that gives consideration to the whole of your finances. The following are some of the services your Correct Capital financial advisor in Wichita, KS will utilize in order to help you realize your objectives.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a house, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Wichita, KS offer comprehensive services and tailored 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 70 percent of Americans overpay in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal ways to minimize taxes owed. A skilled and ethical Wichita, KS 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 assembly of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Wichita, KS will help to allocate and diversify your assets to mitigate risk and strategically position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Wichita, KS financial advisor will help with tax implications, evaluating the best age to retire, when to make withdrawals and how much to withdraw. 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 Wichita, KS businesses and business owners. Setting up a 401(k) plan is a fantastic way to keep your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Wichita, KS 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 difficult to know the best way to manage the money you've already saved in a previous Wichita, KS employer's 401(k) plan. You have several options, such as keeping 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 approach managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to wish to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Wichita, KS can optimize your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's necessary to pick one who has accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Wichita, KS 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 personalized 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 aligns with your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and sticking to a budget is crucial to having the financial health and life you want. Financial advisors in Wichita, KS can assist clients grasp your income level, identify areas for savings, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for efficient budgeting, advisors make sure that clients can meet their current financial obligations while also preparing for future goals.
When you hire a Wichita, KS financial advisor at Correct Capital, we start by getting to know you and your goals. We will evaluate your current income, assets, investments, debts, and expenses. After we've completed that, we'll work with you to determine your preferred risk tolerance and how we can best help you reach your goals. As an independent advisory firm, our only responsibility is to act in your best interest. There is no limit 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.
When Should I Consider Hiring a Financial Advisor in Wichita, KS?
Seeking the assistance of a financial advisor can be a key step towards achieving financial well-being, peace of mind, and wealth. While the optimal timing 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 long line of transitions, and many of them have major financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you manage these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully manage your investments, or simply choose to focus your energy on other pursuits, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate 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 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 essential. They can guide 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 paramount when you're hiring someone for any service, but especially so when it involves your hard-earned money. In addition to finding a trustworthy 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 experience, including their time spent in the industry, the kinds of clients they've assisted, and their areas of expertise, can give you a sense of their expertise 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 credentials often require fulfilling rigorous education, experience, and ethical standards, signifying a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should complement 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 goals and expectations.
- How do you usually communicate with clients?
Communication style and regularity are essential to a fruitful client-advisor relationship. Ask about how often you'll have meetings, 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 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 acts as a fiduciary is vital. This means they are legally obligated to put your interests ahead of their own, offering advice that optimally benefits 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 educational resources and portfolio reviews. Knowing the full scope of services offered can help you gauge whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will clearly explain potential conflicts of interest and how they deal with them to ensure they don't adversely affect 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 assist you in determining 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 Wichita, KS?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions make their earnings through commissions on the products they sell, such as mutual funds. This fee structure can lead to a possible conflict, as the advisor could be motivated to recommend options that generate higher commissions instead of those that best meet your needs. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated straightforwardly by clients for the guidance and assistance 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 transparent 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 blend of the fee-only and commission-based structures, such advisors typically 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 Wichita, KS
Correct Capital stands out in the Wichita, KS 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 Wichita, KS:
One-Time Financial Plan (best for validators)
This service model is best for those who are seeking the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who are largely confident in managing their finances but seek professional validation to confirm they're doing things the right 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 opportunities for growth.
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 updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not manage your investments for you, we'll strive to look for opportunities to help you save and grow your wealth.
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 investment management, strategic financial planning, and proactive advice on a wide range of financial matters — from tax strategies and retirement planning to estate considerations and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Wichita, KS Financial Advisor?
Correct Capital is a leading choice for individuals and families in Wichita, KS looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to act in your best interests. 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. Being independent means we aren't tied to any 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 allows us 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 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. Utilizing the latest data and software to analyze trends, our aim is to craft the most appropriate strategy for your needs.
- Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops to keep you informed 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 Wichita, KS means joining forces with a team dedicated 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 seeking to achieve their financial goals and secure their future.
Other services we offer in Wichita, KS include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Wichita, KS Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or entrepreneur in Wichita, KS and their financial advisor is based on trust. Committed to guiding our clients realize their personal and financial goals, whether it's funding higher education for your children or making the dream purchase of that dream car during your retirement years. Reach out to our Wichita, KS 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.
