Fiduciary Financial Advisor in Jackson, MS

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Fiduciary financial advisor in Jackson, MS. For Jackson, MS residents who lack the time, knowledge, or inclination to oversee their assets and retirement accounts on their own, working with a financial advisor offers peace of mind. That relationship is built on trust, and whether you're planning for retirement, seeking to increase your wealth, or ensuring a secure financial future for your family, you need a financial advisor who you know will treat you and your money well. By choosing a fiduciary financial advisor in Jackson, MS, you'll gain a confidante who has a legal and ethical responsibility to put your own best interests first.

At Correct Capital Wealth Management, our Jackson, MS fiduciary financial advisors won't ever recommend a solution, investment, or approach that we do not sincerely trust in ourselves. For financial advisors that uphold the fiduciary standard and operate with your best interest as their top priority, reach out to Correct Capital now at 314-930-401(k), contact us through our wesbite, or schedule an appointment with on of our advisors.



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What Is a Fiduciary?

A fiduciary is a individual or organization that occupies a role of trust and responsibility when handling assets, monetary matters, or legal concerns on behalf of another. Fiduciaries are legally and ethically committed to work 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 known as the fiduciary standard.

Typical examples of fiduciaries are:

  • Trustees — Individuals or organizations responsible for managing and overseeing assets held in a trust for the gain of beneficiaries.
  • Executors — Individuals chosen to handle the estate and assets of a decedent according to their will or the law.
  • Financial advisors — Professionals who provide financial advice and handle investments for clients, with an duty to prioritize the client's financial well-being.
  • Corporate directors — Representatives of a company's board of directors who are assigned making decisions in the best interests of the shareholders.
  • Guardians — People designated by the court to make decisions on behalf of people under 18 or individuals who are unable to make decisions for themselves.
  • Attorneys — Lawyers who are obligated by a fiduciary duty to operate in the best interests of their clients when dealing with their legal affairs.
  • Real estate agents — Experts who help 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 crucial aspects to understanding fiduciary duty:

1. Good Faith

Fiduciaries are required to act in "good faith," which means they interact with their clients or beneficiaries truthfully, with sincerity, and without any intention to mislead or harm the interests of their beneficiaries. They must always 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 put first the beneficiary's interests over their own. They must avoid any conflicts of interest that might compromise their ability to act exclusively in the client's best interests. All 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 degree of care, skill, and diligence that a prudent person would use in the same or similar situations. They must make well-informed and considered decisions when handling assets or making decisions on behalf of their client. This duty guarantees that they work diligently to shield and expand the assets within their care while mitigating risks.

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What Is a Fiduciary Financial Advisor in Jackson, MS?

Financial advisors help Jackson, MS individuals, families, and business owners achieve their life goals via a array of financial services and suggestions. These services include investment choices, retirement planning, tax planning, estate planning, portfolio management and others.

Anyone in Jackson, MS can call themselves a "financial advisor," but to be 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 have to have accreditations and certifications from industry organizations such as the CFP Board and Fi360. Securing and retaining these certifications necessitate ongoing education and a strict moral standard.

To illustrate, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification are required 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 Jackson, MS Fiduciaries?

Not all financial advisor in Jackson, MS are fiduciaries. The primary reason is that financial advisors can function under various regulatory frameworks and compensation structures, resulting to varying standards of care:

  • Regulatory framework — Financial advisors might be subject to different regulatory oversight depending on their business model. For example, Registered Investment Advisors (RIAs) are typically fiduciaries. On the other hand, some advisors (for example, those falling under a broker-dealer model) operate under the suitability standard, which mandates advice to be appropriate for clients but does not mandate the same level of fiduciary duty.
  • Compensation structure — The method financial advisors are compensated may impact their fiduciary status. Fiduciary advisors usually 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 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 must 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 go for investments that a reasonable person would purchase based on an acceptable risk considering 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 can apply their own specific 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 approach plays within your portfolio
  • Expected profit and appreciation of capital
  • Additional assets and resources you possess
  • Your needs for liquidity, 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

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 align with your goals, while financial 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 legally and ethically bound to operate in their clients' best interests at all times.
  • Best Interest: Financial advisors must prioritize the client's financial well-being over their own profit.
  • Full Disclosure: They must reveal all conflicts of interest, guarantee transparency, and deliver the highest level of care in their recommendations and actions.
  • Regulation: Regulated 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

  • Suitability: Financial advisors only need to ensure that their suggestions are appropriate 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: Advisors may receive commissions from the sale of financial products, which can create conflicts of interest.
  • Regulation: Governed 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 stipulates that dealer-brokers and other non-fiduciaries only have a "reasonable basis" for their suggestions. Here's a breakdown of what those terms mean in relation to handling a client's investments and financial planning:


Best Interest Reasonable Belief
Definition Demands advisors to act in the client's optimal financial interest. Requires financial advisors to recommend appropriate investment products or strategies based on available information.
Standard of Care Superior level of care ensuring every action aligns with the client's most favorable outcome. Makes certain recommendations are proper and make sense for the client's circumstances.
Client-Centric Approach Advisors prioritize client's objectives, needs, and preferences above their own. Advisors base suggestions on the client's stated financial situation, objectives, and risk tolerance.
Transparency Total disclosure of potential conflicts of interest is required. More relaxed disclosure requirements, as long as the suggestion 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 Ongoing duty to act in the client's best interest, demanding regular reviews and updates. Focuses on the appropriateness of advice at the time of the recommendation, with reduced focus on ongoing oversight.
Conflict of Interest Must reveal and handle conflicts transparently, ensuring clients are aware of potential biases. Conflicts are less tightly controlled, as long as the suggestion remains suitable.
Long-Term Commitment Advisors have a ongoing obligation to oversee and adjust the client's financial plan. Periodic reviews are recommended, but the focus is on the suitability of initial recommendations.

Benefits of Working with a Fiduciary Financial Advisor in Jackson, MS

Opting to collaborate with a fiduciary financial advisor in Jackson, MS brings to the table an array of benefits that can profoundly influence your financial health:

  • Fiduciary financial advisers are obligated to act in your best interest and maintain professional standards
  • Total disclosure of relevant materials and facts and full transparency with issues like risks, fees, and potential conflicts of interest, permitting you to make the optimal decisions for you and your Jackson, MS family
  • Make investments on your behalf by leveraging their expertise to craft and oversee a diversified portfolio that resonates with your financial goals and risk tolerance
  • Thorough financial planning and a holistic approach to your financial well-being, evaluating all facets of your financial life to create a personalized approach
  • Ongoing monitoring and advice to guarantee your financial tactics and investments continue to be in line and that you can modify to any curveballs the market or life gives your way
  • Reduced risk with prudent and responsible investment choices made by carefully assessing the risk tied to each investment and tailoring your portfolio to correspond with your risk tolerance
  • Relief that your best interests are being watched over by experienced financial advisors
  • A lasting relationship with a fiduciary financial advisor that understands your financial goals shift over time, and life situations change

What Financial Planning Services Do Fiduciary Advisors Offer?

At Correct Capital Wealth Management, our comprehensive financial planning services are created to provide you with a holistic approach to reaching your financial goals. Our team of fiduciary financial advisors in St. Louis functions diligently to understand your unique financial situation and tailor strategies that match 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 create a personalized financial roadmap that addresses your short-term needs and long-term objectives.


Investment Portfolio Management

We craft personalized strategies to balance your portfolio, making sure your risk tolerance aligns with your time horizon. Our team continuously 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 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 ensure you can retire with ease and with confidence.


Tax Planning

Effective tax planning ensures more of your hard-earned money in your pocket and your loved ones. Our advisors are expert in tax laws and strategies that can reduce your tax liability and boost your overall financial health.


Legacy Planning

We also offer 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.


Ongoing Monitoring and Adjustments

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


Client-Centric Approach

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

Other services we offer in Jackson, MS include:


Choose Correct Capital as Your Jackson, MS Fiduciary Financial Advisor

Choosing a financial advisor in Jackson, MS with a fiduciary duty is vital 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 Jackson, MS residents 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 essential 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 online to schedule an appointment and learn more about how we can help you attain your financial goals in Jackson, MS.

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