Fiduciary Financial Advisor in Fort Wayne, IN

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Fiduciary financial advisor in Fort Wayne, IN. For those in Fort Wayne, IN who don't have the free time, skill, or interest to oversee their assets and retirement accounts themselves, partnering with a financial advisor is a great way to help meet their financial goals. Trust is paramount in that relationship, and whether you're preparing for retirement, seeking to manage your wealth, or saving for your kids' education, the knowledge, skill, and integrity of your financial advisor are of utmost importance. By working with a fiduciary financial advisor in Fort Wayne, IN, you'll gain a ally who is legally and ethically bound to put your own best interests first.

At Correct Capital Wealth Management, our Fort Wayne, IN fiduciary financial advisors won't ever recommend a product, investment, or strategy that we don't genuinely have faith in ourselves. For financial advisors that follow the fiduciary standard and operate with your best interest in mind, call Correct Capital now at 314-930-401(k), fill out our online form, or schedule a meeting with a member of our advisor team.



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What Is a Fiduciary?

A fiduciary is a individual or organization that holds a role of trust and responsibility when handling assets, finances, or legal affairs for someone else. Fiduciaries are legally and ethically committed 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 known as the fiduciary standard.

Frequent examples of fiduciaries are:

  • Trustees — People or organizations charged with managing and overseeing assets held in a trust for the advantage of beneficiaries.
  • Executors — Individuals designated to oversee 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 put first the client's financial goals.
  • Corporate directors — Individuals of a company's board of directors who are assigned making decisions in the best interests of the shareholders.
  • Guardians — Individuals chosen by the court to make decisions on behalf of minors or persons who are not able to make decisions for themselves.
  • Attorneys — Legal professionals who are committed by a fiduciary duty to operate in the best interests of their clients when managing their legal affairs.
  • Real estate agents — Professionals who help 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 crucial elements to understanding fiduciary duty:

1. Good Faith

Fiduciaries are obligated to act in "good faith," which means they interact with their clients or beneficiaries honestly, with sincerity, and without any intention to deceive or harm the interests of their beneficiaries. They must continually 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 client, which means they must put first the beneficiary's interests above their own. They should eschew any conflicts of interest that might impair their ability to act solely in the client's best interests. Any conflicts of interest must be revealed to the client and the advisor has to still act with the beneficiary's interest over their own.

3. Duty of Care

Fiduciaries have a "duty of care" to apply the standard of care, skill, and diligence that a wise person would apply in similar circumstances. They must make informed and considered decisions when handling assets or deciding on behalf of their client. This duty confirms that they do their best to shield and increase the assets under their care while minimizing risks.

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What Is a Fiduciary Financial Advisor in Fort Wayne, IN?

Financial advisors help Fort Wayne, IN individuals, families, and business owners achieve their life goals via a range of financial services and recommendations. These services include investment choices, retirement planning, tax planning, estate planning, asset management and others.

Any person in Fort Wayne, IN 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 credentials and certifications from industry organizations such as the CFP Board and Fi360. Achieving and maintaining these certifications necessitate persistent education and a rigorous moral standard.

For instance, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification must comply with 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 Fort Wayne, IN Fiduciaries?

Not all financial advisor in Fort Wayne, IN are fiduciaries. The key reason is that financial advisors can function under various regulatory frameworks and compensation structures, leading to differentiated standards of care:

  • Regulatory framework — Financial advisors can be subject to distinct regulatory frameworks depending on their business model. For instance, Registered Investment Advisors (RIAs) are typically fiduciaries. In contrast, some advisors (for example, those within a broker-dealer model) operate under the suitability standard, which demands strategies to be fitting for clients but does not mandate the same level of fiduciary duty.
  • Compensation structure — The way financial advisors are compensated may impact their fiduciary status. Fiduciary advisors usually charge a percentage fee for their services, making their compensation clear and limiting conflicts of interest. Non-fiduciary advisors typically receive commissions or other forms of compensation associated with product sales, which means they might 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, often known as the prudent investor rule. The rule acknowledges that financial advisors can't predict the future or determine which investments will be profitable ahead of time, but mandates that a fiduciary financial advisor go for investments that a reasonable person would purchase considering an acceptable risk considering 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 can apply their own unique laws. Missouri law, for example, sets out that fiduciary financial advisors must consider:

  • General economic conditions
  • Potential inflation or deflation
  • Expected tax implications of investments
  • The part that each investment or approach plays within your portfolio
  • Expected return and appreciation of capital
  • Additional assets and resources you have
  • Your needs for liquidity, 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 work under the “suitability rule” are only obligated to suggest investment products or financial products that match your objectives, while advisors with a fiduciary duty must operate in your best interest. Here are some key differences:

Fiduciary Duty

  • Legal and Ethical Obligation: Fiduciary financial advisors are lawfully and ethically obligated to operate in their clients' best interests at all times.
  • Best Interest: Financial advisors must focus on the client's financial well-being over their own profit.
  • Comprehensive Care: They must reveal all conflicts of interest, guarantee transparency, and provide the highest standard of care in their advice and actions.
  • Governance: Governed by the Investment Advisers Act of 1940, which mandates that investment advisors have a fiduciary duty to their clients.
  • ExamplesInstances: Registered Investment Advisors (RIAs) and CERTIFIED FINANCIAL PLANNER™ professionals.

Suitability Standard

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

Best Interest vs. Reasonable Basis

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


Best Interest Reasonable Belief
Definition Requires advisors to act in the client's most favorable financial interest. Demands financial advisors to suggest suitable investment products or strategies based on provided information.
Standard of Care Higher level of care ensuring every action aligns with the client's most favorable outcome. Guarantees recommendations are suitable and make sense for the client's circumstances.
Client-Centric Approach Financial advisors focus on client's goals, needs, and preferences above their own. Financial advisors base suggestions on the client's stated financial situation, objectives, and risk tolerance.
Transparency Full disclosure of potential conflicts of interest is mandated. Looser disclosure requirements, so long as the recommendation is proper.
Due Diligence Suggestions based on a comprehensive evaluation of the client's financial situation. Suggestions based on adequate research and analysis.
Ongoing Duty Unceasing duty to act in the client's best interest, demanding regular reviews and updates. Stresses the suitability of advice at the time of the recommendation, with less focus on ongoing oversight.
Conflict of Interest Must reveal and manage conflicts openly, ensuring clients are aware of potential biases. Conflicts are less tightly controlled, as long as the suggestion remains suitable.
Long-Term Commitment Financial advisors have a continuous obligation to oversee and update 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 Fort Wayne, IN

Deciding to work with a fiduciary financial advisor in Fort Wayne, IN provides an array of benefits that can profoundly affect your fiscal health:

  • Fiduciary financial advisers must act in your best interest and adhere to high standards
  • Total disclosure of pertinent materials and facts and full transparency concerning matters like risks, fees, and potential conflicts of interest, permitting you to make the best decisions for you and your Fort Wayne, IN family
  • Manage investments on your behalf by leveraging their expertise to develop and handle a diversified portfolio that aligns with your goals and strategies
  • Complete financial planning and a holistic approach to your financial well-being, taking into account all facets of your financial life to create a custom approach
  • Continuous monitoring and advice to guarantee your financial strategies and investments continue to be in line and that you can adapt to any surprises the market or life throws your way
  • Reduced risk with prudent and responsible investment choices taken by meticulously assessing the risk linked with each investment and shaping your portfolio to align with your risk tolerance
  • Assurance that your best interests are being watched over by experienced financial advisors
  • A lasting relationship with a fiduciary financial advisor that grasps your financial goals shift over time, and life situations modify

What Financial Planning Services Do Fiduciary Advisors Offer?

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


Customized Financial Roadmap

We begin by performing a comprehensive analysis of your present financial status, including income, expenses, assets, and liabilities. This helps us develop a personalized financial roadmap that meets your short-term needs and long-term objectives.


Investment Portfolio Management

We develop personalized strategies to balance your portfolio, making sure your risk tolerance aligns with your time horizon. Our team regularly monitors and adjusts your investments to match your financial goals, making sure that your portfolio remains robust and adaptable as market conditions change.


Retirement Strategy

Planning for retirement is a key element of our comprehensive financial planning. We assist you in navigating the complexities of retirement accounts, social security benefits, and income strategies to guarantee you can retire comfortably and with confidence.


Tax Planning

Effective tax planning helps keep your hard-earned money out of Uncle Sam's hands. Our advisors are highly knowledgeable in tax laws and strategies that can decrease your tax liability and enhance your overall financial health.


Estate Planning

We also provide educated guidance on estate planning to assist you in safeguarding your legacy. From wills and trusts to estate tax strategies, we make certain your assets are passed on according to your wishes while lowering tax burdens.


Continuous Oversight

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


Client-Focused Strategy

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

Other services we offer in Fort Wayne, IN include:


Choose Correct Capital as Your Fort Wayne, IN Fiduciary Financial Advisor

Selecting a financial advisor in Fort Wayne, IN with a fiduciary standard is essential 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 Fort Wayne, IN individuals and business owners equally. Our team includes CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals and we are a Registered Investment Advisor (RIA) with the skills and qualifications necessary to lead 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 314-930-401(k) or contact us through our website to set up an appointment and find out more about how we can assist you reach your financial goals in Fort Wayne, IN.

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