Fiduciary Financial Advisor in Fairview Heights, IL

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Fiduciary financial advisor in Fairview Heights, IL. For those in Fairview Heights, IL who don't have the time, knowledge, or inclination to manage their assets and retirement accounts on their own, partnering with a financial advisor provides peace of mind. That relationship is built on trust, and whether you're planning for retirement, seeking to increase your wealth, or saving for your kids' education, the knowledge, skill, and honesty of your financial advisor matter greatly. By choosing a fiduciary financial advisor in Fairview Heights, IL, you'll gain a partner who is legally and ethically bound to put your own best interests first.

At Correct Capital Wealth Management, our Fairview Heights, IL fiduciary financial advisors won't ever recommend a solution, investment, or approach that we don't sincerely believe in ourselves. For financial advisors that uphold the fiduciary standard and operate with your best interest in mind, call Correct Capital now at 877-930-4015, fill out our online form, or schedule a meeting with on of our advisors.


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What Is a Fiduciary?

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

Typical examples of fiduciaries are:

  • Trustees — Individuals or organizations tasked with handling and overseeing assets held in a trust for the advantage of beneficiaries.
  • Executors — Individuals designated to handle the estate and assets of a decedent according to their will or the law.
  • Financial advisors — Professionals who offer financial advice and manage investments for clients, with an duty to emphasize the client's financial goals.
  • Corporate directors — Members of a company's board of directors who are bound to shareholders to try and increase their profit.
  • Guardians — Individuals chosen by the court to make decisions on behalf of minors or individuals who are unable to make decisions for themselves.
  • Attorneys — Lawyers who are committed by a fiduciary duty to operate in the best interests of their clients when dealing with their legal affairs.
  • Real estate agents — Specialists who assist clients in purchasing, 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 required to act in "good faith," which means they deal with their clients or beneficiaries with integrity, with genuine intention, and without any design to deceive or infringe upon the interests of their beneficiaries. They must always act honestly and with the best interests of the clients at the forefront.

2. Duty of Loyalty

Fiduciaries owe a "duty of loyalty" to the beneficiary, which means they must put first the beneficiary's interests over their own. They should eschew any conflicts of interest that could jeopardize their ability to act exclusively in the beneficiary's best interests. All conflicts of interest need to be made known 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 apply the degree of care, skill, and diligence that a judicious person would use in comparable circumstances. They must make informed and considered decisions when overseeing assets or making decisions on behalf of their client. This duty confirms that they work diligently to shield and expand the assets within their care while minimizing risks.

Fiduciary Financial Advisor in Fairview Heights, IL | Retirement Consultant | Small Business Financial Advisor | Wealth management near me

What Is a Fiduciary Financial Advisor in Fairview Heights, IL?

Financial advisors help Fairview Heights, IL individuals, families, and business owners attain their life goals as they relate to their finances. These services consist of investment recommendations, retirement consulting, tax planning, estate planning, asset management and others.

Any person in Fairview Heights, IL can call themselves a "financial advisor," but to be a fiduciary, an advisor has to have accreditations and certifications from industry organizations such as the CFP Board and Fi360. Obtaining and retaining these certifications necessitate ongoing education and a stringent moral standard.

As an example, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification are required to follow 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 Fairview Heights, IL Fiduciaries?

Not all financial advisor in Fairview Heights, IL is fiduciaries. The primary reason is that financial advisors can function under various regulatory frameworks and compensation structures, leading to divergent standards of care:

  • Regulatory framework — Financial advisors can be subject to various regulatory frameworks relying 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 mandates advice to be fitting for clients but does not mandate the same duties of loyalty and care.
  • Compensation structure — The method financial advisors are compensated may impact their fiduciary status. Fiduciary advisors often charge a percentage fee for their services, rendering their compensation open and limiting conflicts of interest. Other advisors typically receive commissions or different kinds 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 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 know which investments will be profitable ahead of time, but stipulates that a fiduciary financial advisor go for investments that a prudent person would purchase from an acceptable risk based on the client's goals and investment objective.

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

  • General economic conditions
  • Potential inflation or deflation
  • Expected tax consequences of investments
  • The part that each investment or strategy plays within your portfolio
  • Expected profit and appreciation of capital
  • Additional assets and resources you own
  • Your needs for readily available funds, income, and preservation of capital
  • An asset's distinctive 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

Benefits of Working with a Fiduciary Financial Advisor in Fairview Heights, IL

Opting to collaborate with a fiduciary financial advisor in Fairview Heights, IL brings to the table an array of benefits that can profoundly impact your financial health:

  • Fiduciary financial advisers are required to act in your best interest and adhere to ethical standards
  • Total disclosure of essential materials and facts and full transparency with matters like risks, fees, and potential conflicts of interest, allowing you to make the optimal decisions for you and your Fairview Heights, IL family
  • Make investments on your behalf by employing their expertise to craft and handle a diversified portfolio that matches your goals and strategies
  • Thorough financial planning and a full approach to your financial well-being, evaluating all facets of your financial life to establish a custom approach
  • Consistent monitoring and guidance to guarantee your financial tactics and investments continue to be in line and that you can modify to any curveballs the market or life throws your way
  • Reduced risk with sensible and responsible investment choices done by meticulously assessing the risk linked with each investment and shaping your portfolio to align with your risk tolerance
  • Relief that your best interests are being looked after by knowledgeable financial professionals
  • A long-term relationship with a fiduciary financial advisor that grasps your financial goals shift over time, and life scenarios change
Fiduciary Financial Advisor in Fairview Heights, IL | Retirement Consultant | Small Business Financial Advisor | Wealth management near me

Hire Correct Capital as Your Fairview Heights, IL Fiduciary Financial Advisor

Selecting a financial advisor in Fairview Heights, IL with a fiduciary duty is vital to ensure your long-term interests remain protected. At Correct Capital Wealth Management, we are honored to be fiduciary financial advisors who place at the forefront the financial success and peace of mind of Fairview Heights, IL individuals and business owners equally. Our team includes CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals and we are a Registered Investment Advisor (RIA) with the knowledge and qualifications necessary to guide you on your financial journey. We offer 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 set up an appointment and find out more about how we can assist you achieve your financial goals in Fairview Heights, IL.

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