Financial Services For Contractors and Construction in St. Louis, Missouri
Architects and the construction industry offer St. Louis, MO, and our entire country the roads, buildings, and infrastructure that allow us to live, earn money, and thrive. At Correct Capital Wealth Management, we offer contractors and construction firms that same infrastructure and support to achieve their financial and business goals through customized retirement planning and 401(k) services. The growth and development of your workforce and construction business depends on having a financial advisory partner that is equally driven and dedicated to results.
How can Correct Capital help make your construction or architecture business more profitable? By leveraging our knowledge of the construction industry, over 75 years of combined financial experience, and our specialty as a 401(k) group to create retirement plans catered to your firm's specific needs. Implementing or improving a retirement plan can help you place more competitive bids, maintain a more dedicated workforce, and/or develop a succession plan. Correct Capital will be by your side every step of the way, providing support and invaluable insights that can help make your construction business go from good, to great, to phenomenal.
Challenges Missouri Construction Companies Face With Retirement Planning
The "building-construction-contracting" sector, in general, is actually above average among other industries when it comes to offering 401(k)s and matching contributions. However, the construction industry lags far behind in key metrics like participation rate, average account balance, and immediate eligibility. Some challenges construction, architecture, and contractor firms face include:
- An aging workforce and lack of younger employees to replace it
- High turnover and seasonal workers
- Low retirement plan participation rates, which can lead to compliance issues
- Diverse workforce needs, as they employ a mix of skilled laborers, administrative staff, and management
- Lack of financial literacy among some workers
- Ensuring the retirement plans align with succession and exit strategies
How Correct Capital's Retirement Planning Services Can Help Your Missouri Construction Business Thrive
Offering a retirement plan can present unique challenges to construction companies, architects, and contractors. With prudent planning mixed with outside-the-box thinking, those challenges can turn into opportunities to help your business get to the next level and stay there. Correct Capital offers:
- Tailored retirement solutions — Our retirement solutions are custom-designed to cater to the specific needs of your employees, boosting participation rate and employee satisfaction.
- Diverse plan options — From traditional 401(k)s to more creative plans like ESOPs or KSOPs, we challenge ourselves to think outside the box to offer the greatest benefit to you and your employees.
- Comprehensive employee education — Our team conducts informational group sessions and one-on-one appointments, educating employees on the advantages of participation and helping them make informed decisions.
- Regular plan review — We conduct regular reviews of your retirement plan, ensuring it remains aligned with industry trends, your company's goals, and regulatory oversight.
- Compliance and regulatory oversight — Our team helps ensure your plan remains compliant, minimizing any risks of penalties or legal complications.
- Cost-effective management — Our retirement plan solutions are not only focused on employee benefits but also offer unique tax advantages to employers.
- Tailored plan integration — Whether you're transitioning from an old plan or setting up a new one, we ensure a smooth integration process with minimal disruption to your operations.
- Risk management within the plan — We provide guidance on risk management strategies within the retirement plan, nurturing the safety and growth of the invested assets and your employees' savings.
- Exit and succession planning integration — If control of the business will be changing hands soon, we'll help you create a retirement plan that aligns well with your exit and succession strategies.
With Correct Capital's retirement planning services for construction, architecture, and contractors, you can:
- Focus more on immediate business needs knowing your retirement plan is under the care of a fiduciary
- Outsource the majority of fiduciary duty and liability for your retirement plan
- Maintain cash flow
- Attract, retain, and reward top performing employees
- Maintain a company culture that promotes work ethic and employee engagement
- Scale your retirement planning for better pricing and investment access
- Align the interests of employees and stake owners
- Gain access to Multiple Employer Plans (MEPs) for employee benefits
- Navigate tax codes to optimize cost reductions
- Minimize financial risks with tailored strategies
- Stay compliant with industry-specific regulations
- Identify and capitalize on new growth opportunities
Not sure exactly what you need? Just ask. We're here to be your architecture or construction firm's financial guide and answer all of your questions–including the ones you never thought to ask.
Why Choose Correct Capital in St. Louis, MO for Your Retirement Planning Needs
Of all the financial decisions you can make for your Missouri construction firm, among the most important may be your choice of financial advisor who will oversee your retirement plan for the coming years and decades. Here's why Correct Capital is the ideal choice:
- As a specialty 401(k) group that works closely with contractors and construction firms in St. Louis and Missouri, we know intimately both the challenges your business faces and how to turn those challenges into strengths
- We are a 3(38) investment manager that works with AGC of Missouri, offering unique insights and opportunities for contractors, architects, and construction firms (you can check out information on AGC's MEP here)
- As a privately-owned, independent fiduciary and Registered Investment Advisor (RIA), Correct Capital is free from the constraints and conflicts that often come with larger institutions. We always put your best interests first
- Our experience and understanding of the nuances of the construction industry in Missouri allow us to craft solutions that address your specific pain points
- At the core of Correct Capital's ethos is trust–established with the legacy of helping others succeed, our commitment to being a true steward of your assets means we prioritize transparency and clear communication
- Our financial advisor team boasts two leading CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals, an Accredited Investment Fiduciary® (AIF®), and seasoned retirement counselors
- We currently manage over 37 plans in both small and large companies, and represent over $212 million in total plan assets across the U.S. (*as of March 2024)
AGCMO is a current client of Correct Capital Wealth Management, LLC “Correct Capital”. Correct Capital is a Member of AGCMO and pays an annual membership fee to be part of the association since December 2021. This is not meant to be an endorsement of the Correct Capital.
Get Started With Correct Capital's Retirement Planning Services for Construction and Contractors in St. Louis, Missouri
Ready to get started with a new era of growth and employee engagement? Just give us a call! Our process consists of four easy steps:
If you're ready to transform your business with qualified, customized retirement plans based on industry experience and in-depth market research, call Correct Capital today at 877-930-4015, contact us online, or schedule a meeting with a member of our advisor team to get started.
