Financial Advisor in Wichita, KS. Your hard-earned money deserves attention, and you need to be confident 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 simply don't have the time or interest to stay informed on financial markets along with new laws, regulations, and different events happening around the world. That's when you need a trustworthy, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Wichita, KS will make your money work for you. We employ 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.
Uncertain if you're ready to hire a financial advisor in Wichita, KS? Check out our process page to discover how simple we make it to find out if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are nervous about their finances. The cause of that concern is frequently simply not being sure they're putting their money in the right places. After our Wichita, KS financial advisor team gets to know you, your current financial situation and your financial objectives, we'll design a road map to help you realize 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 solutions we can offer you. 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 helps individuals manage their money, plan their finances, save, and prepare for their financial future. This role encompasses a spectrum of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can be called a financial advisor or financial planner, reliable 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 Wichita, KS
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They're commonly 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 certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, someone who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have undergone extensive education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, including debt management to planning for retirement, and investment strategies. Their approach is comprehensive, intended to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering comprehensive financial advice, covering everything from investment management to tax advice, ensuring that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, helping 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 offers a strong basis for handling personal finances effectively, especially for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to navigate complex financial situations and develop wealth preservation strategies. Their expertise is focused on maximizing the financial health and legacy of wealthy individuals, ensuring that every financial decision is aligned with personalized advice and strategies.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our group of advisors boasts CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, ensuring that we act solely 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 current financial situation, identify ways to enhance it, and help you meet your long-term financial goals. Many Wichita, KS residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a fundamental aspect of any financial plan, an accomplished financial advisor will be able to offer you all-encompassing financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in Wichita, KS will use in order to help you realize your objectives.
- Financial Planning
Our money is a part of almost everything we do, from making sure we're set up in 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 Wichita, KS offer holistic services and tailored advice by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, over 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is notoriously complex, yet it offers perfectly legal ways to minimize taxes owed. A reliable and expert Wichita, KS financial advisor will guide you through your tax implications to ensure keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly 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 Wichita, KS will help in allocating and diversify your assets to mitigate risk and optimally position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and the kind of life you want to live when you hang up your cape, your Wichita, KS financial advisor will assist with tax planning, evaluating the optimal time to retire, when to make withdrawals and how much to withdraw. A financial advisor will help you formulate a budget and plan 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 maintain your best employees and keep them satisfied and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our Wichita, KS financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to handle the money you've accumulated in a previous Wichita, KS employer's 401(k) plan. You have a number of options, including leaving the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's natural to desire to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are distinct from just leaving gifts behind in estate planning. A financial advisor in Wichita, KS can strategically plan your money for both your children but for 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 obtained accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Wichita, KS financial advisor at Correct Capital must obey 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 where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is essential to having the financial health and life you want. Financial advisors in Wichita, KS can help clients understand your income level, spot areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for efficient budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.
When you hire a Wichita, KS financial advisor at Correct Capital, we start by getting to know you personally and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've done that, we'll work in concert with you to ascertain your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only priority is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can put forward, and we will never try to sell you on something we do not believe in ourselves.
When Should I Speak to a Financial Advisor in Wichita, KS?
Seeking the guidance of a financial advisor can be a critical step towards getting the life and financial prosperity you want. While the optimal timing can vary widely from person to person, certain life events and circumstances often indicate the need for expert financial advice.
- Major Life Changes: Life is a series of changes, and many of them have major financial implications. Whether you're buying a home or changing careers, these milestones can significantly affect how your money should be used and invested. A financial advisor can guide you through these changes, ensuring that your financial plan adapts to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Interest 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 prefer to spend your energy elsewhere, a financial advisor can be essential. They bring experience and wisdom to your financial decisions, assisting to optimize your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you evaluate your current financial situation, estimate your retirement needs, and formulate a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a plethora of investment options, many of which come with their own complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be crucial. They can assist 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 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 track record, including their years in the industry, the varieties of clients they've worked with, and their expert areas, can give you a sense of their expertise and whether they're well-suited to tackle 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 strict educational, experience, and ethical standards, indicating a high level of competence and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should reflect your expectations and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are crucial to a fruitful client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or virtual, and how the advisor expects to keep you informed about how your investments are going and if you need any updates to your plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and ensure that their recommendations are given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor serves as a fiduciary is vital. This means they are bound by law to put your interests before 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. 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 negatively impact their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and must 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 earn their income through commissions on the financial products they offer, such as insurance policies. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to recommend options that generate higher commissions instead of those that are most suited to your financial goals. Commission-based advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend 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 straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including fixed fees 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, 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 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 identical 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 guidance and recommendations a financial advisor can offer without the ongoing management. This service is great for individuals who largely feel good about managing their finances but desire professional validation to ensure they're setting their money up for success in the best way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to people who value 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 will not be managing your portfolio, 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 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 preparing for retirement 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 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 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 significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we is legally obligated to put your interests first. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out 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. Our independence means we aren't tied to any specific financial institution or product, allowing us the freedom to choose the best investments and strategies for you.
- Professional Credentials: 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.
- We Are Proactive: 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, our aim is to craft the most appropriate strategy for your needs.
- Continuous Learning Opportunities: 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 fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Wichita, KS means joining forces with a team dedicated to your financial success. Our expertise, 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 safeguard their future.
Other services we offer in Wichita, KS include:
Call Correct Capital's Wichita, KS Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or business owner in Wichita, KS and their financial advisor is based on trust. Committed to guiding our clients realize their financial and personal goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Wichita, KS financial advisor team today at 877-930-4015 or start a conversation with us online to begin growing your wealth how you've always wanted.
