Financial Advisor in Winston-Salem, NC. You work hard for your money, and you need to feel assured about how it's expanding and how it's being used. Numerous Winston-Salem residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or interest to stay informed on financial markets along with new laws, rules, and different events happening around the world. That's when you should consider hiring a reliable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Winston-Salem, NC will help your finances grow. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Winston-Salem, NC and beyond. Reach out to us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Wondering if you're ready to work with a financial advisor in Winston-Salem, NC? Take a look at our process page to see how simple we make it to find out 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 apprehensiveness is frequently just not being sure they're putting their money in the right places. Once our Winston-Salem, NC financial advisor team gets to know you, your finances and your financial goals, we'll design a road map to help you accomplish 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 endorse. Our financial advisors in Winston-Salem, NC have certifications that can only be awarded through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This role covers a wide range of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a thorough view of your financial situation to recommend strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Winston-Salem, NC
There are several types of advisors that vary based on the services they provide, how they're paid, their professional expertise, and their legal obligations to clients:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they always have the client's best interest at heart. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by the SEC and are usually members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For example, a broker who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP designation have undergone extensive education and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a wide array of financial planning services, ranging from debt management to retirement planning, and investment strategies. Their approach is all-encompassing, aiming to meet all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in providing holistic financial advice, encompassing areas such as investment management to tax advice, guaranteeing that clients' financial goals are achieved through 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. This type of guidance delivers a strong basis for handling personal finances effectively, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Cater to high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to navigate complex financial situations and implement wealth preservation strategies. This expertise is tailored for enhancing the financial health and future of those with substantial assets, ensuring that all investments and planning strategies meet customized advice and approaches.
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, ensuring 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 realize your future financial goals. A lot of Winston-Salem, NC residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a central facet of any financial plan, a qualified financial advisor will be able to offer you overarching financial advice that gives consideration to the whole of your finances. Below are some of the services your Correct Capital financial advisor in Winston-Salem, NC will use in order to help you realize your goals.
- Financial Planning
Our money is involved in almost everything we do, from making sure we're prepared for retirement, to paying for college, 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 Winston-Salem, NC offer all-encompassing services and personalized consulting by taking into account your entire financial situation.
- Tax Planning
Taxes are involved in nearly 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 allows for perfectly legal means to reduce your tax liability. A professional and trustworthy Winston-Salem, NC financial advisor will guide you through your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Winston-Salem, NC will assist in allocating and diversify your assets to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and your desired lifestyle when you retire, your Winston-Salem, NC financial advisor will assist with tax implications, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will help you formulate a budget and strategy for source of income in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Winston-Salem, NC businesses and business owners. Implementing 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 hundreds of plan participants nationwide. Our Winston-Salem, NC financial advisor team offers comprehensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to deal with the money you've already saved in a previous Winston-Salem, NC employer's 401(k) plan. You have a number of options, such as keeping the money in the account it is currently in, transferring it to a new 401(k), or investing the money in one of a selection of IRA accounts. A financial advisor will know how to best navigate handling your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's normal to desire to leave a legacy and pass on some wealth to the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in Winston-Salem, NC can best position your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's essential to pick one who has received accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Winston-Salem, NC 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 consolidating debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a practical path forward that aligns with your financial capabilities and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Winston-Salem, NC can help clients comprehend your income level, identify areas for savings, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for successful budgeting, advisors ensure that clients can meet their current financial obligations while also saving for future goals.
When you hire a Winston-Salem, NC financial advisor at Correct Capital, we start by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your wealth. As an independent advisory firm, our only commitment is to act in your best interest. There is no limit 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 Winston-Salem, NC?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial prosperity you want. While the right time 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 series of transitions, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can significantly affect how your money should be used and invested. A financial advisor can guide you navigate these changes, ensuring that your financial plan evolves 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, demanding, and, frankly, overwhelming for many. If you aren't confident to successfully handle your investments, or simply choose to spend your time elsewhere, a financial advisor can be essential. They bring insight and wisdom to your financial decisions, assisting to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
- 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, determine your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years comfortably. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 essential. They can assist you understand the risks and benefits, ensuring that any investment fits 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 comes to your finances. Beyond just finding a reliable advisor, you need one whose specialties align with your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's track record, including their years in the industry, the types of clients they've collaborated with, and their specializations, can provide you a sense of their expertise and whether they're equipped to handle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to rigorous education, experience, and ethical standards, demonstrating a high level of expertise and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with 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 productive client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or online, and how the advisor expects to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their recommendations are given with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor acts as a fiduciary is crucial. This means they are legally required to put your interests ahead of their own, providing advice that is in the best interest of 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. Grasping 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 address 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 enable you to assess whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Winston-Salem, NC?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as other financial products. This fee structure can create a potential conflict of interest, as the advisor could be motivated to suggest 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 best suited to your needs.
- Fee-Only: Fee-only advisors are compensated directly by their clients for the advice and services they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it minimizes 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, such advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Winston-Salem, NC
Correct Capital is distinguished in the Winston-Salem, NC financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Winston-Salem, NC:
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 largely feel good about managing their finances but seek professional validation to ensure they're on the right track. Our team conducts a thorough review of your current financial situation, 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 evolves, 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 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 choose to delegate 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 planning 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 realizing their financial goals.
Why Choose Correct Capital as Your Winston-Salem, NC Financial Advisor?
Correct Capital is a premier choice for individuals and families in Winston-Salem, NC seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, 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 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 are not tied to any specific financial institution or product, enabling us the freedom to choose the best investments and strategies for you.
- Professional Credentials: 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.
- 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. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: Correct Capital offers quarterly webinars and workshops to keep you informed and engaged with your financial health. Our commitment to client education guarantees that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Winston-Salem, NC means joining forces with a team committed 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 Winston-Salem, NC include:
Call Correct Capital's Winston-Salem, NC Financial Advisor Team Today
Your money and the choices you make with it are inherently personal. At Correct Capital, we strongly believe that the relationship between a person, household, or entrepreneur in Winston-Salem, NC and their financial advisor is based on trust. Dedicating our lives to helping our clients realize their financial and personal goals, whether it's sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Winston-Salem, NC financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth in the manner you desire.
