Fiduciary Financial Advisor in Hollywood, FL

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Fiduciary financial advisor in Hollywood, FL. For those in Hollywood, FL who lack the time, expertise, or interest to oversee their assets and retirement accounts themselves, working with a financial advisor is a great way to help meet their financial goals. Trust is crucial in that partnership, and whether you're preparing for retirement, looking to manage your wealth, or ensuring a stable financial future for your loved ones, the knowledge, skill, and honesty of your financial advisor are of utmost importance. By choosing a fiduciary financial advisor in Hollywood, FL, you'll have a partner who has a legal and ethical responsibility to put your own best interests first.

At Correct Capital Wealth Management, our Hollywood, FL fiduciary financial advisors will never recommend a solution, investment, or approach that we don't sincerely trust in ourselves. For financial advisors that adhere to the fiduciary standard and act with your best interest at heart, call Correct Capital today at 314-930-401(k), fill out our online form, or schedule an appointment with a member of our advisor team.



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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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What Is a Fiduciary?

A fiduciary is a person or entity that holds a position of confidence 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 individual or organization they are representing, often known as their "principal" or "beneficiary". This duty of loyalty and duty of care is known as the fiduciary standard.

Common examples of fiduciaries include:

  • Trustees — People or entities tasked with handling and overseeing assets held in a trust for the advantage of beneficiaries.
  • Executors — People appointed to oversee the estate and assets of a decedent according to their will or the law.
  • Financial advisors — Professionals who give financial advice and handle investments for clients, with an duty to prioritize the client's financial goals.
  • Corporate directors — Representatives of a company's board of directors who are bound to shareholders to try and increase their profit.
  • Guardians — People chosen by the court to make decisions on behalf of minors or persons who are incapable to make decisions for themselves.
  • Attorneys — Lawyers who are bound by a fiduciary duty to act in the best interests of their clients when handling their cases.
  • Real estate agents — Professionals who help clients in purchasing, 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 engage with their clients or beneficiaries honestly, with sincerity, and without any intention to deceive or damage the interests of their beneficiaries. They must continually act honestly 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 over their own. They ought to avoid any conflicts of interest that might compromise their ability to act exclusively in the client's best interests. Every conflicts of interest must be revealed to the client or beneficiary 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 exercise the degree of care, skill, and diligence that a prudent person would employ in the same or similar situations. They must make informed and considered decisions when handling assets or deciding on behalf of their client. This duty ensures that they work diligently to safeguard and expand the assets under their care while minimizing risks.

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What Is a Fiduciary Financial Advisor in Hollywood, FL?

Financial advisors help Hollywood, FL individuals, families, and business owners realize their life goals by means of a variety of financial services and suggestions. These services consist of investment strategies, retirement consulting, tax planning, estate planning, portfolio management and others.

Any individual in Hollywood, FL 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 accreditations and certifications from industry organizations such as the CFP Board and Fi360. Securing and maintaining these certifications demand ongoing education and a rigorous moral standard.

As an example, 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 Hollywood, FL Fiduciaries?

Not all financial advisor in Hollywood, FL is fiduciaries. The key reason lies in the fact that financial advisors can operate under diverse regulatory frameworks and compensation structures, leading to divergent standards of care:

  • Regulatory framework — Financial advisors might be subject to different regulatory frameworks depending on their business model. For example, Registered Investment Advisors (RIAs) are usually fiduciaries. On the other hand, some advisors (for example, those falling under a broker-dealer model) operate under the suitability standard, which mandates strategies to be fitting for clients but doesn't require the same duties of loyalty and care.
  • Compensation structure — The way financial advisors are compensated can affect their fiduciary status. Fiduciary advisors usually charge a proportional charge for their services, making their compensation transparent and limiting conflicts of interest. Other advisors usually receive commissions or other forms of compensation linked to 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 with 100% certainty, but mandates that a fiduciary financial advisor select investments that a prudent person would purchase based on an acceptable risk in light of the client's goals and investment objective.

The prudent person rule is an early common law principle, and was later unified with the Uniform Prudent Investor Act. Each state may apply their own particular 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 role that each investment or course of action plays within your portfolio
  • Expected return and appreciation of capital
  • Other assets and resources you have
  • 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 anticipated duration of your relationship with the fiduciary financial advisor

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

Advisors who operate under the “suitability rule” are merely required to recommend investments or 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 Responsibility: Fiduciary financial advisors are lawfully and ethically obligated to operate 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.
  • Full Disclosure: They must disclose all conflicts of interest, ensure transparency, and deliver the highest level of care in their recommendations and actions.
  • Regulation: 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 suitable for the client’s financial requirements and objectives at the time of the transaction.
  • Lower Standard of Care: Advisors can take into account their own interests as long as the suggestions are suitable.
  • Potential Conflicts: Advisors may earn commissions from the sale of investment products, which can create conflicts of interest.
  • Regulation: Regulated by the Financial Industry Regulatory Authority (FINRA), which mandates 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 requires that fiduciary advisors must serve 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 managing a client's investments and financial planning:


Best Interest Reasonable Belief
Definition Mandates financial advisors to act in the client's best financial interest. Demands financial advisors to suggest appropriate investment products or strategies based on provided information.
Standard of Care Elevated level of care making sure every action matches with the client's best outcome. Makes certain recommendations are appropriate and make sense for the client's circumstances.
Client-Centric Approach Financial advisors prioritize client's objectives, needs, and preferences above their own. Financial advisors base recommendations on the client's stated financial situation, objectives, and risk tolerance.
Transparency Complete disclosure of potential conflicts of interest is mandated. 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 reasonable research and analysis.
Ongoing Duty Continuous duty to act in the client's best interest, demanding regular reviews and updates. Emphasizes the suitability 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 less tightly controlled, as long as the suggestion remains appropriate.
Long-Term Commitment Advisors have a ongoing obligation to monitor 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 Hollywood, FL

Opting to collaborate with a fiduciary financial advisor in Hollywood, FL offers an array of advantages that can deeply affect your fiscal health:

  • Fiduciary financial advisers are required to act in your best interest and uphold ethical standards
  • Complete disclosure of relevant materials and facts and full transparency with matters like risks, fees, and potential conflicts of interest, permitting you to make the most informed decisions for you and your Hollywood, FL family
  • Handle investments on your behalf by employing their expertise to craft and manage a diversified portfolio that resonates with your goals and strategies
  • Thorough financial planning and a well-rounded approach to your financial well-being, taking into account all facets of your financial life to establish a personalized approach
  • Ongoing monitoring and guidance to guarantee your financial strategies and investments continue to be in line and that you can adapt to any curveballs the market or life gives your way
  • Reduced risk with wise and judicious investment choices taken by carefully assessing the risk linked with each investment and shaping your portfolio to align with your risk tolerance
  • Peace of mind that your best interests are being cared for by skilled financial professionals
  • A long-term relationship with a fiduciary financial advisor that comprehends your financial goals evolve 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 created to provide you with a holistic approach to achieving your financial goals. Our team of fiduciary financial advisors in St. Louis functions diligently to grasp your unique financial situation and customize strategies that match your life aspirations.


Customized Financial Roadmap

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


Investment Portfolio Management

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


Retirement Planning

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


Tax Planning

Effective tax planning ensures more of your hard-earned money out of Uncle Sam's hands. Our advisors are well-versed in tax laws and strategies that can reduce your tax liability and improve your overall financial health.


Legacy Planning

We also provide informed guidance on estate planning to assist you in protecting your legacy. From wills and trusts to estate tax strategies, we make certain your assets are allocated according to your wishes while reducing tax burdens.


Ongoing Monitoring and Adjustments

Financial planning is not a single event but a continuous process. We offer ongoing monitoring and regular reviews to adapt your financial plan to any changes in your life circumstances or economic environment.


Client-Centric Approach

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 top priority, and we are committed to helping you achieve your financial goals with integrity and excellence.

Other services we offer in Hollywood, FL include:


Hire Correct Capital as Your Hollywood, FL Fiduciary Financial Advisor

Selecting a financial advisor in Hollywood, FL with a fiduciary duty is crucial to ensure your money is being put to use how you need it to be. At Correct Capital Wealth Management, we are proud to be fiduciary financial advisors who hold in high regard the financial success and peace of mind of Hollywood, FL 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 skills and qualifications essential to guide 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 today at 314-930-401(k) or contact us online to schedule an appointment and discover how we can help you attain your financial goals in Hollywood, FL.

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