Fiduciary Financial Advisor in Buffalo, NY

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Fiduciary financial advisor in Buffalo, NY. For those in Buffalo, NY who lack the free time, skill, or inclination to manage their investments and retirement accounts themselves, working with a financial advisor provides peace of mind. That relationship is built on trust, and whether you're preparing for retirement, seeking to increase your wealth, or ensuring a safe financial future for your loved ones, you need a financial advisor who you know will be an honest steward of your assets. By working with a fiduciary financial advisor in Buffalo, NY, you'll gain a partner who has a legal and ethical responsibility to put your own best interests first.

At Correct Capital Wealth Management, our Buffalo, NY fiduciary financial advisors will never suggest a solution, investment, or plan that we do not sincerely have faith in ourselves. For financial advisors that follow the fiduciary standard and act with your best interest as their top priority, get in touch with Correct Capital today at 314-930-401(k), fill out our online form, or schedule an appointment with on of our advisors.



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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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Understanding Fiduciaries

A fiduciary is a individual or entity that holds a position of confidence and responsibility when managing assets, monetary matters, or legal matters on behalf of another. Fiduciaries are legally and ethically obliged to operate in the best interests of the person or organization they are serving, often referred to as their "principal" or "beneficiary". This duty of loyalty and duty of care is called the fiduciary standard.

Common examples of fiduciaries include:

  • Trustees — People or entities charged with managing and monitoring assets held in a trust for the gain of beneficiaries.
  • Executors — Individuals designated to handle the estate and assets of a deceased person according to their will or the law.
  • Financial advisors — Professionals who offer financial advice and manage investments for clients, with an obligation to emphasize the client's financial goals.
  • Corporate directors — Representatives of a company's board of directors who are entrusted with the responsibility of making decisions in the best interests of the shareholders.
  • Guardians — Individuals chosen by the court to make decisions on behalf of underage individuals or persons who are incapable to make decisions for themselves.
  • Attorneys — Lawyers who are committed by a fiduciary duty to work in the best interests of their clients when dealing with their cases.
  • Real estate agents — Professionals who assist clients in buying, selling, or renting properties and are expected to act in the best interests of their clients in real estate transactions.

Good Faith, Duty of Loyalty, and Duty of Care

There are three vital elements to understanding fiduciary duty:

1. Good Faith

Fiduciaries are obligated to act in "good faith," which means they engage with their clients or beneficiaries truthfully, with genuine intention, and without any aim to mislead or infringe upon the interests of their beneficiaries. They must consistently act with integrity and with the best interests of the clients in mind.

2. Duty of Loyalty

Fiduciaries owe a "duty of loyalty" to the beneficiary, which means they must prioritize the beneficiary's interests above their own. They ought to avoid any conflicts of interest that might jeopardize their ability to act only in the beneficiary's best interests. All conflicts of interest need to be revealed to the client and the advisor has to still act with the client/beneficiary's interest over their own.

3. Duty of Care

Fiduciaries have a "duty of care" to exercise the level of care, skill, and diligence that a judicious person would employ in the same or similar situations. They must make well-informed and considered decisions when managing assets or deciding on behalf of their client. This duty confirms that they strive to shield and expand the assets within their care while mitigating risks.

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What Is a Fiduciary Financial Advisor in Buffalo, NY?

Financial advisors help Buffalo, NY individuals, families, and business owners attain their life goals via a array of financial services and proposals. These services include investment strategies, retirement consulting, tax planning, estate planning, portfolio management and more.

Anyone in Buffalo, NY can give themselves the title of "financial advisor," but to say that they're a fiduciary, an advisor must be registered with the SEC, and is legally required to abide by fiduciary duty, and as a result, must put clients’ interests ahead of their own. They must possess qualifications and certifications from industry organizations such as the CFP Board and Fi360. Achieving and keeping these certifications necessitate ongoing education and a rigorous moral standard.

To illustrate, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification need to adhere to the CFP Board's Code of Ethics and Standards of Conduct to:

  • Act with honesty, integrity, competence, and diligence
  • Act in the client’s best interests
  • Exercise due care
  • Avoid or disclose and manage conflicts of interest
  • Maintain the confidentiality and protect the privacy of client information
  • Act in a manner that reflects positively on the financial planning profession and CFP® certification

Are All Financial Advisors in Buffalo, NY Fiduciaries?

Not all financial advisor in Buffalo, NY are fiduciaries. The primary reason lies in the fact that financial advisors can work under different regulatory frameworks and compensation structures, leading to varying standards of care:

  • Regulatory framework — Financial advisors might be subject to various regulatory oversight based on their business model. For instance, Registered Investment Advisors (RIAs) are generally fiduciaries. Conversely, some advisors (for example, those within a broker-dealer model) work under the suitability standard, which demands investments to be suitable for clients but does not mandate the same level of fiduciary duty.
  • Compensation structure — The method financial advisors are compensated can affect their fiduciary status. Fiduciary advisors often charge a percentage fee for their services, rendering their compensation open and minimizing conflicts of interest. Non-fiduciary advisors generally receive commissions or different kinds of compensation tied to product sales, which means you can't be sure that their recommendations are 100% for your benefit.

The Prudent-Person Rule

Fiduciary financial advisors need to abide by the Prudent-Person Rule, also known as the prudent investor rule. The rule acknowledges that financial advisors can't predict the future or determine which investments will be profitable with 100% certainty, but mandates that a fiduciary financial advisor select investments that a reasonable person would purchase based on an acceptable risk based on the client's goals and investment objective.

The prudent person rule originates in common law, and was eventually unified with the Uniform Prudent Investor Act. Each state can apply their own unique laws. Missouri law, for example, stipulates that fiduciary financial advisors must consider:

  • General economic conditions
  • Potential inflation or deflation
  • Expected tax consequences of investments
  • The part that each investment or approach plays within your portfolio
  • Expected return and appreciation of capital
  • Additional assets and resources you possess
  • Your needs for readily available funds, income, and preservation of capital
  • An asset's unique relationship or value to you, if any
  • The size and nature of your portfolio, its distribution requirements, and the estimated duration of your relationship with the fiduciary financial advisor

Fiduciary Duty vs. Suitability Standard: What’s the Difference?

Advisors who operate under the “suitability standard” are merely obligated to suggest investments or products that align with your goals, while advisors with a fiduciary duty must act in your best interest. Here are some key differences:

Fiduciary Duty

  • Legal Responsibility: Fiduciary financial advisors are lawfully and ethically bound to act in their clients' best interests at all times.
  • Client's Best Interest: Advisors must focus on the client's financial well-being over their own profit.
  • Comprehensive Care: They must disclose all conflicts of interest, ensure transparency, and deliver the highest standard of care in their recommendations and actions.
  • Governance: Regulated by the Investment Advisers Act of 1940, which requires that investment advisors have a fiduciary duty to their clients.
  • ExamplesInstances: Registered Investment Advisors (RIAs) and CERTIFIED FINANCIAL PLANNER™ professionals.

Suitability Standard

  • Suitability: Financial advisors merely need to ensure that their suggestions are appropriate for the client’s financial requirements and objectives at the time of the transaction.
  • Reduced Care Standard: Advisors can consider their own interests as long as the suggestions are suitable.
  • Potential Conflicts: Advisors may receive commissions from the sale of financial products, which can create conflicts of interest.
  • Governance: Governed by the Financial Industry Regulatory Authority (FINRA), which requires a “reasonable basis” that an investment is suitable for the client.
  • Instances: Some broker-dealers and insurance agents.

Best Interest vs. Reasonable Basis

The Investment Advisers Act of 1940 mandates that fiduciary advisors must act in their clients' "best interest," while FINRA Rule 2111 mandates that dealer-brokers and other non-fiduciaries only have a "reasonable basis" for their recommendations. Here's a summary of what those terms mean in relation to handling a client's investments and financial planning:


Best Interest Reasonable Belief
Definition Demands financial advisors to act in the client's optimal financial interest. Requires financial advisors to recommend suitable products or strategies based on available information.
Standard of Care Higher level of care making sure every action conforms with the client's best outcome. Makes certain suggestions are proper and make sense for the client's situation.
Client-Centric Approach Advisors focus on client's objectives, needs, and preferences above their own. Financial advisors base suggestions on the client's disclosed financial situation, objectives, and risk tolerance.
Transparency Total disclosure of potential conflicts of interest is necessary. Less stringent disclosure requirements, so long as the recommendation is appropriate.
Due Diligence Suggestions based on a comprehensive evaluation of the client's financial situation. Recommendations based on adequate research and analysis.
Ongoing Duty Continuous duty to act in the client's best interest, necessitating regular reviews and updates. Emphasizes the appropriateness of advice at the time of the recommendation, with reduced focus on ongoing oversight.
Conflict of Interest Must disclose and manage conflicts openly, ensuring clients are aware of potential biases. Conflicts are more loosely governed, as long as the suggestion remains appropriate.
Long-Term Commitment Financial advisors have a continuous obligation to oversee and adjust the client's financial plan. Regular reviews are recommended, but the focus is on the suitability of initial suggestions.

Benefits of Working with a Fiduciary Financial Advisor in Buffalo, NY

Deciding to work with a fiduciary financial advisor in Buffalo, NY offers an array of benefits that can profoundly impact your financial health:

  • Fiduciary financial advisers must act in your best interest and adhere to ethical standards
  • Complete disclosure of essential materials and facts and complete transparency concerning issues like risks, fees, and potential conflicts of interest, enabling you to make the best decisions for you and your Buffalo, NY family
  • Make investments on your behalf utilizing their expertise to craft and handle a diversified portfolio that matches your goals and strategies
  • Comprehensive financial planning and a full approach to your financial well-being, evaluating all facets of your financial life to establish a tailored approach
  • Consistent monitoring and direction to ensure your financial plans and investments continue to be in line and that you can adjust to any unexpected situations the market or life throws your way
  • Diminished risk with prudent and judicious investment choices taken by carefully assessing the risk associated with each investment and tailoring your portfolio to correspond with your risk tolerance
  • Assurance that your best interests are being looked after by experienced financial professionals
  • A lasting relationship with a fiduciary financial advisor that understands your financial goals change over time, and life scenarios change

What Financial Planning Services Do Fiduciary Advisors Offer?

At Correct Capital Wealth Management, our holistic financial planning services are designed to provide you with a holistic approach to achieving your financial goals. Our team of fiduciary financial advisors in St. Louis operates diligently to grasp your unique financial situation and customize strategies that suit your life aspirations.


Tailored Financial Roadmap

We begin by conducting a detailed analysis of your current financial status, including income, expenses, assets, and liabilities. This helps us develop a personalized financial roadmap that addresses your short-term needs and long-term objectives.


Investment Portfolio Management

We create personalized strategies to diversify your portfolio, balancing your risk tolerance with your time horizon. Our team consistently monitors and adjusts your investments to meet your financial goals, ensuring that your portfolio remains robust and adaptable to changing market conditions.


Retirement Strategy

Planning for retirement is a foundation of our comprehensive financial planning. We guide you through the complexities of retirement accounts, social security benefits, and income strategies to make certain you can retire comfortably and securely.


Tax Planning

Effective tax planning helps keep your hard-earned money with yourself and your family. Our advisors are well-versed in tax laws and strategies that can decrease your tax liability and improve your overall financial health.


Legacy Planning

We also deliver educated guidance on estate planning to help you safeguarding your legacy. From wills and trusts to estate tax strategies, we guarantee your assets are distributed according to your wishes while lowering tax burdens.


Ongoing Monitoring and Adjustments

Financial planning is not a once-off event but a constant process. We deliver ongoing monitoring and regular reviews to modify your financial plan to any shifts in your life circumstances or economic environment.


Client-Focused Strategy

At Correct Capital, our approach is profoundly client-centric. We pride ourselves on building long-lasting relationships based on trust, transparency, and personalized service. Your financial well-being is our highest priority, and we are dedicated to helping you reach your financial goals with integrity and excellence.

Other services we offer in Buffalo, NY include:


Hire Correct Capital as Your Buffalo, NY Fiduciary Financial Advisor

Selecting a financial advisor in Buffalo, NY with a fiduciary duty is crucial to ensure your long-term interests remain protected. At Correct Capital Wealth Management, we are honored to be fiduciary financial advisors who hold in high regard the financial success and peace of mind of Buffalo, NY individuals and business owners alike. Our team includes CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals and we are a Registered Investment Advisor (RIA) with the skills and qualifications needed to lead you on your financial journey. We provide all our clients our I.O.U promise: all of our advice will be independent, objective, and unbiased.

Get in touch with us now at 314-930-401(k) or contact us through our website to arrange an appointment and find out more about how we can help you attain your financial goals in Buffalo, NY.

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