Fiduciary Financial Advisor in Ellisville, MO

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Fiduciary financial advisor in Ellisville, MO. For those in Ellisville, MO who don't have the free time, expertise, or interest to oversee their investments and retirement accounts on their own, partnering with a financial advisor is a great way to help meet their financial goals. Trust is vital in that partnership, and whether you're preparing for retirement, seeking to manage your wealth, or ensuring a secure financial future for your family, you need a financial advisor who you know will be an honest steward of your assets. By choosing a fiduciary financial advisor in Ellisville, MO, you'll gain a partner who is legally and ethically bound to put your own best interests first.

At Correct Capital Wealth Management, our Ellisville, MO fiduciary financial advisors will never propose a product, investment, or approach that we don't sincerely trust in ourselves. For financial advisors that adhere to the fiduciary standard and operate with your best interest at heart, reach out to Correct Capital now at 877-930-4015, contact us through our wesbite, or schedule a meeting with a member of our advisor team.


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About Fiduciaries

A fiduciary is a person or organization that maintains a role of confidence and duty when managing assets, monetary matters, or legal matters on behalf of someone else. Fiduciaries are legally and ethically obliged to work in the best interests of the person or entity they are serving, often known as their "principal" or "beneficiary". This duty of loyalty and duty of care is referred to as the fiduciary standard.

Frequent examples of fiduciaries include:

  • Trustees — Individuals or organizations responsible for handling and overseeing assets held in a trust for the benefit of beneficiaries.
  • Executors — Individuals designated to manage the estate and assets of a decedent as per their will or the law.
  • Financial advisors — Professionals who provide financial advice and manage investments for clients, with an responsibility to prioritize the client's financial goals.
  • Corporate directors — Members of a company's board of directors who are given making decisions in the best interests of the shareholders.
  • Guardians — Individuals chosen by the court to make decisions on behalf of underage individuals or individuals who are not able to make decisions for themselves.
  • Attorneys — Lawyers who are committed by a fiduciary duty to operate in the best interests of their clients when managing their legal affairs.
  • Real estate agents — Specialists who help clients in buying, selling, or renting properties and are required 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 important aspects to understanding fiduciary duty:

1. Good Faith

Fiduciaries are mandated to act in "good faith," which means they interact 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 as a priority.

2. Duty of Loyalty

Fiduciaries owe a "duty of loyalty" to the client/beneficiary, which means they must prioritize the beneficiary's interests above their own. They must steer clear of any conflicts of interest that might jeopardize their ability to act solely in the beneficiary's best interests. Any conflicts of interest must be made known to the client or beneficiary and the advisor must still act with the client/beneficiary's interest over their own.

3. Duty of Care

Fiduciaries have a "duty of care" to employ the standard of care, skill, and diligence that a wise person would use in the same or similar situations. They must make well-informed and considered decisions when handling assets or deciding on behalf of their client. This duty guarantees that they work diligently to protect and increase the assets under their care while reducing risks.

Fiduciary Financial Advisor in Ellisville, MO | Retirement Consultant | Small Business Financial Advisor | Wealth management near me

What Is a Fiduciary Financial Advisor in Ellisville, MO?

Financial advisors help Ellisville, MO individuals, families, and business owners realize their life goals via a range of financial services and suggestions. These services consist of investment recommendations, retirement planning, tax planning, estate planning, asset management and more.

Anyone in Ellisville, MO can give themselves the title of "financial advisor," but to say that they're a fiduciary, an advisor needs accreditations and certifications from industry organizations such as the CFP Board and Fi360. Achieving and maintaining these certifications demand continuous education and a rigorous moral standard.

For instance, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification must 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 Ellisville, MO Fiduciaries?

Not all financial advisor in Ellisville, MO are fiduciaries. The main reason is that financial advisors can work under different regulatory frameworks and compensation structures, resulting to divergent standards of care:

  • Regulatory framework — Financial advisors can be subject to distinct regulatory frameworks relying on their business model. For example, Registered Investment Advisors (RIAs) are usually fiduciaries. Conversely, some advisors (for example, those falling under a broker-dealer model) function under the suitability standard, which requires investments to be appropriate for clients but doesn't require the same duties of loyalty and care.
  • Compensation structure — The manner financial advisors are compensated can influence their fiduciary status. Fiduciary advisors usually charge a percentage fee for their services, making their compensation open and reducing conflicts of interest. Other advisors generally receive commissions or other forms of compensation associated with product sales, which means they could make recommendations that are more in their interest than yours.

The Prudent-Person Rule

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

The prudent person rule is an early common law principle, and was subsequently unified with the Uniform Prudent Investor Act. Each state may apply their own unique laws. Missouri law, for example, stipulates that fiduciary financial advisors must consider:

  • General economic conditions
  • Possible inflation or deflation
  • Expected tax implications of investments
  • The role that each investment or approach plays within your portfolio
  • Expected return and appreciation of capital
  • Additional assets and resources you possess
  • Your needs for liquidity, income, and preservation of capital
  • An asset's special relationship or value to you, if any
  • The size and nature of your portfolio, its distribution requirements, and the expected duration of your relationship with the fiduciary financial advisor

Benefits of Working with a Fiduciary Financial Advisor in Ellisville, MO

Opting to collaborate with a fiduciary financial advisor in Ellisville, MO offers an array of advantages that can profoundly impact your financial health:

  • Fiduciary financial advisers are required to act in your best interest and maintain high standards
  • Full disclosure of essential materials and facts and full transparency regarding matters like risks, fees, and potential conflicts of interest, enabling you to make the best decisions for you and your Ellisville, MO family
  • Make investments on your behalf by employing their expertise to craft and oversee a diversified portfolio that matches your goals and strategies
  • Comprehensive financial planning and a well-rounded approach to your financial well-being, considering all facets of your financial life to devise a custom approach
  • Consistent monitoring and guidance to guarantee your financial tactics and investments remain on track and that you can modify to any curveballs the market or life throws your way
  • Diminished risk with wise and accountable investment choices done by carefully assessing the risk tied to each investment and tailoring your portfolio to match your risk tolerance
  • Assurance that your best interests are being watched over by experienced financial advisors
  • A long-term relationship with a fiduciary financial advisor that comprehends your financial goals change over time, and life scenarios modify
Fiduciary Financial Advisor in Ellisville, MO | Retirement Consultant | Small Business Financial Advisor | Wealth management near me

Choose Correct Capital as Your Ellisville, MO Fiduciary Financial Advisor

Selecting a financial advisor in Ellisville, MO with a fiduciary standard is essential to ensure your money is being put to use how you need it to be. At Correct Capital Wealth Management, we are pleased to be fiduciary financial advisors who hold in high regard the financial success and peace of mind of Ellisville, MO individuals and business owners equally. Our team is comprised of CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals and we are a Registered Investment Advisor (RIA) with the expertise and qualifications essential to lead you on your financial journey. We give all our clients our I.O.U promise: all of our advice will be independent, objective, and unbiased.

Reach out to us now at 877-930-4015 or contact us through our website to arrange an appointment and learn more about how we can aid you attain your financial goals in Ellisville, MO.

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