Fiduciary Financial Advisor in Milwaukee, WI

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Fiduciary financial advisor in Milwaukee, WI. For Milwaukee, WI residents who lack the free time, knowledge, or interest to handle their investments and retirement accounts on their own, working with a financial advisor is a great way to help meet their financial goals. Trust is paramount in that partnership, and whether you're planning for retirement, looking to increase your wealth, or saving for your kids' education, you need a financial advisor who you know will be an honest steward of your assets. By choosing a fiduciary financial advisor in Milwaukee, WI, you'll have a partner who is legally and ethically committed to put your own best interests first.

At Correct Capital Wealth Management, our Milwaukee, WI fiduciary financial advisors won't ever propose a product, investment, or strategy that we do not sincerely believe in ourselves. For financial advisors that adhere to the fiduciary standard and operate with your best interest at heart, call Correct Capital now at 314-930-401(k), contact us online, 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 entity that maintains a position of trust and duty when overseeing assets, finances, or legal affairs for someone else. Fiduciaries are legally and ethically obliged to act in the best interests of the individual or organization 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 institutions responsible for handling and monitoring assets held in a trust for the advantage of beneficiaries.
  • Executors — People designated to manage the estate and assets of a deceased person as per their will or the law.
  • Financial advisors — Professionals who offer financial advice and handle investments for clients, with an responsibility to prioritize the client's financial goals.
  • Corporate directors — Individuals 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 underage individuals or people who are incapable to make decisions for themselves.
  • Attorneys — Legal professionals who are committed by a fiduciary duty to act in the best interests of their clients when handling their cases.
  • Real estate agents — Specialists who assist 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 crucial aspects to understanding fiduciary duty:

1. Good Faith

Fiduciaries have an obligation to act in "good faith," which means they engage with their clients or beneficiaries with integrity, with genuine intention, and without any design to mislead or damage the interests of their beneficiaries. They must consistently act honestly 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 over their own. They must steer clear of any conflicts of interest that might compromise their ability to act only in the client's best interests. Any conflicts of interest must be made known to the client and the advisor must 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 judicious person would use in similar circumstances. They must make informed and considered decisions when handling assets or deciding on behalf of their client or beneficiary. This duty confirms that they do their best to shield and expand the assets under their care while mitigating risks.

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What Is a Fiduciary Financial Advisor in Milwaukee, WI?

Financial advisors help Milwaukee, WI individuals, families, and business owners achieve their life goals as they relate to their finances. These services include investment choices, retirement planning, tax planning, estate planning, portfolio management and others.

Any person in Milwaukee, WI can label themselves a "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 need to have qualifications and certifications from industry organizations such as the CFP Board and Fi360. Achieving and retaining these certifications demand continuous education and a rigorous moral standard.

For instance, fiduciary financial advisors with a CERTIFIED FINANCIAL PLANNER™ certification need 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 Milwaukee, WI Fiduciaries?

Not all financial advisor in Milwaukee, WI is fiduciaries. The key reason is that financial advisors can operate under different regulatory frameworks and compensation structures, resulting to differentiated standards of care:

  • Regulatory framework — Financial advisors can be subject to distinct regulatory frameworks based 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 requires strategies to be suitable for clients but does not mandate the same duties of loyalty and care.
  • Compensation structure — The manner financial advisors are compensated may impact their fiduciary status. Fiduciary advisors typically charge a proportional charge for their services, rendering their compensation open and minimizing conflicts of interest. Non-fiduciary advisors generally receive commissions or different kinds of compensation tied to product sales, which means they may 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, 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 stipulates 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 originates in common law, and was subsequently unified with the Uniform Prudent Investor Act. Each state might apply their own specific 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 strategy 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 distinctive 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

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

Advisors who work under the “suitability rule” are only required to recommend investments or financial products that align with your objectives, while advisors with a fiduciary duty must operate in your best interest. Here are some key differences:

Fiduciary Duty

  • Ethical Responsibility: Fiduciary financial advisors are lawfully and morally bound to act in their clients' best interests at all times.
  • Client's Best Interest: Financial advisors must prioritize the client's financial health over their own profit.
  • Comprehensive Care: They must reveal all conflicts of interest, guarantee transparency, and deliver the highest level of care in their recommendations and actions.
  • Oversight: 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

  • Appropriateness: Financial advisors only need to ensure that their suggestions are suitable for the client’s financial requirements and objectives at the time of the transaction.
  • Reduced Care Standard: Financial 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.
  • Regulation: Regulated by the Financial Industry Regulatory Authority (FINRA), which requires 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 mandates that fiduciary advisors must serve in their clients' "best interest," while FINRA Rule 2111 mandates that dealer-brokers and other non-fiduciaries simply have a "reasonable basis" for their recommendations. 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 Demands financial advisors to act in the client's most favorable financial interest. Requires advisors to recommend suitable products or strategies based on provided information.
Standard of Care Superior level of care making sure every action aligns with the client's most favorable outcome. Ensures suggestions are suitable and make sense for the client's situation.
Client-Centric Approach Advisors prioritize client's objectives, needs, and preferences above their own. Financial advisors base recommendations on the client's disclosed financial situation, objectives, and risk tolerance.
Transparency Complete disclosure of potential conflicts of interest is required. More relaxed disclosure requirements, as long as the suggestion is proper.
Due Diligence Recommendations based on a comprehensive evaluation of the client's financial situation. Recommendations based on reasonable research and analysis.
Ongoing Duty Unceasing 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 minimal focus on ongoing oversight.
Conflict of Interest Must reveal and manage conflicts transparently, ensuring clients are aware of potential biases. Conflicts are less strictly regulated, as long as the suggestion remains appropriate.
Long-Term Commitment Financial advisors have a continuous obligation to monitor and update the client's financial plan. Periodic reviews are advised, but the focus is on the suitability of initial recommendations.

Benefits of Working with a Fiduciary Financial Advisor in Milwaukee, WI

Choosing to partner with a fiduciary financial advisor in Milwaukee, WI provides an array of advantages that can deeply influence your financial health:

  • Fiduciary financial advisers are required to act in your best interest and uphold ethical standards
  • Complete disclosure of pertinent materials and facts and complete transparency with issues like risks, fees, and potential conflicts of interest, permitting you to make the optimal decisions for you and your Milwaukee, WI family
  • Manage investments on your behalf by leveraging their expertise to create and manage a diversified portfolio that aligns with your financial goals and risk tolerance
  • Complete financial planning and a full approach to your financial well-being, evaluating all facets of your financial life to create a custom approach
  • Consistent monitoring and advice to guarantee your financial strategies and investments stay aligned and that you can modify to any unexpected situations the market or life throws your way
  • Minimized risk with prudent and judicious investment choices done by meticulously assessing the risk associated 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 experienced financial professionals
  • A prolonged relationship with a fiduciary financial advisor that understands your financial goals evolve over time, and life situations change

What Financial Planning Services Do Fiduciary Advisors Offer?

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


Personalized Financial Roadmap

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


Investment Portfolio Management

We create personalized strategies to diversify your portfolio, balancing your risk tolerance with your time horizon. Our team consistently monitors and adjusts your investments to meet your financial goals, ensuring that your portfolio remains robust and adaptable as market conditions change.


Retirement Strategy

Planning for retirement is a cornerstone of our comprehensive financial planning. We guide you through the complexities of retirement accounts, social security benefits, and income strategies to guarantee you can retire with ease and safely.


Tax Planning

Effective tax planning ensures more of your hard-earned money in your pocket and your family. 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 expert 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 distributed according to your wishes while lowering tax burdens.


Continuous Oversight

Financial planning is not a single event but a continuous process. We deliver ongoing monitoring and routine reviews to adapt 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 take pride in building lasting relationships based on trust, transparency, and personalized service. Your financial well-being is our top priority, and we are committed to helping you attain your financial goals with integrity and excellence.

Other services we offer in Milwaukee, WI include:


Choose Correct Capital as Your Milwaukee, WI Fiduciary Financial Advisor

Selecting a financial advisor in Milwaukee, WI with a fiduciary duty 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 place at the forefront the financial success and peace of mind of Milwaukee, WI individuals and business owners alike. Our team includes CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals and we are a Registered Investment Advisor (RIA) with the expertise and qualifications needed 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 set up an appointment and discover how we can help you reach your financial goals in Milwaukee, WI.

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