The impact of proximity-induced spin-orbit and exchange coupling on the correlated phase diagram of rhombohedral trilayer graphene (RTG) is investigated theoretically. By employing ab initio-fitted effective models of RTG encapsulated by transition metal dichalcogenides (spin-orbit proximity effect) and ferromagnetic Cr2Ge2Te6 (exchange proximity effect), we incorporate the Coulomb interactions within the random-phase approximation to explore potential correlated phases at different displacement fields and doping. We find a rich spectrum of spin-valley resolved Stoner and intervalley coherence instabilities induced by the spin-orbit proximity effects, such as the emergence of a spin-valley-coherent phase due to the presence of valley-Zeeman coupling. Similarly, proximity exchange removes the phase degeneracies by biasing the spin direction, enabling a magnetocorrelation effect—strong sensitivity of the correlated phases to the relative magnetization orientations (parallel or antiparallel) of the encapsulating ferromagnetic layers.