Fiduciary Financial Advisor in Toledo, OH

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Fiduciary financial advisor in Toledo, OH. For those in Toledo, OH who lack the time, expertise, or interest to handle their investments and retirement accounts on their own, working with a financial advisor provides peace of mind. That relationship is built on trust, and whether you're planning for retirement, seeking to grow your wealth, or ensuring a stable financial future for your loved ones, the knowledge, skill, and honesty of your financial advisor matter greatly. By choosing a fiduciary financial advisor in Toledo, OH, you'll gain a partner who is legally and ethically obliged to put your own best interests first.

At Correct Capital Wealth Management, our Toledo, OH fiduciary financial advisors will never recommend a product, investment, or strategy that we don't truly believe in ourselves. For financial advisors that uphold the fiduciary standard and act with your best interest as their top priority, get in touch with Correct Capital today at 314-930-401(k), contact us online, or schedule a meeting with on of our advisors.



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What Is a Fiduciary?

A fiduciary is a person or organization that holds a position of trust and responsibility when handling assets, finances, or legal matters for someone else. Fiduciaries are legally and ethically committed to operate 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 called the fiduciary standard.

Common examples of fiduciaries include:

  • Trustees — People or organizations responsible for handling and overseeing assets held in a trust for the advantage of beneficiaries.
  • Executors — People designated to handle the estate and assets of a deceased person based on their will or the law.
  • Financial advisors — Professionals who offer financial advice and oversee investments for clients, with an obligation to put first the client's financial well-being.
  • Corporate directors — Representatives of a company's board of directors who are given making decisions in the best interests of the shareholders.
  • Guardians — Individuals appointed by the court to make decisions on behalf of minors or persons who are unable to make decisions for themselves.
  • Attorneys — Legal professionals who are obligated by a fiduciary duty to operate in the best interests of their clients when managing legal matters.
  • Real estate agents — Specialists 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 vital facets 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 honestly, with genuine intention, and without any aim to mislead or damage the interests of their beneficiaries. They must consistently 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 client, which means they must put first the beneficiary's interests above their own. They must steer clear of any conflicts of interest that might jeopardize their capability to act exclusively in the beneficiary's best interests. Any conflicts of interest need to be made known to the client or beneficiary and the advisor has to still act with the beneficiary's interest above their own.

3. Duty of Care

Fiduciaries have a "duty of care" to employ the degree of care, skill, and diligence that a wise person would apply in the same or similar situations. They must make well-informed and thoughtful decisions when handling assets or deciding on behalf of their client or beneficiary. This duty ensures that they do their best to safeguard and grow the assets within their care while reducing risks.

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What Is a Fiduciary Financial Advisor in Toledo, OH?

Financial advisors help Toledo, OH individuals, families, and business owners realize their life goals by means of a array of financial services and recommendations. These services include investment strategies, retirement consulting, tax planning, estate planning, asset management and others.

Any person in Toledo, OH can label 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 credentials and certifications from industry organizations such as the CFP Board and Fi360. Obtaining and retaining these certifications necessitate persistent education and a stringent moral standard.

As an example, 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 Toledo, OH Fiduciaries?

Not all financial advisor in Toledo, OH are fiduciaries. The primary reason lies in the fact that financial advisors can work under diverse regulatory frameworks and compensation structures, resulting to varying standards of care:

  • Regulatory framework — Financial advisors might be subject to various regulatory frameworks based on their business model. For instance, Registered Investment Advisors (RIAs) are usually fiduciaries. In contrast, some advisors (for example, those falling under a broker-dealer model) operate under the suitability standard, which demands recommendations to be fitting for clients but does not mandate the same duties of loyalty and care.
  • Compensation structure — The method financial advisors are compensated can influence their fiduciary status. Fiduciary advisors typically charge a proportional charge for their services, rendering their compensation clear and limiting conflicts of interest. Non-fiduciary advisors usually receive commissions or other forms of compensation tied to product sales, which means you can't be sure that their recommendations are 100% for your benefit.

The Prudent-Person Rule

Fiduciary financial advisors need to abide by the Prudent-Person Rule, commonly known as the prudent investor rule. The rule acknowledges that financial advisors cannot 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 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 later unified with the Uniform Prudent Investor Act. Each state may apply their own unique laws. Missouri law, for example, stipulates 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 profit and appreciation of capital
  • Other assets and resources you own
  • 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 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 suggest investments 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 morally obligated to operate in their clients' best interests at all times.
  • Best Interest: Advisors must prioritize the client's financial health over their own profit.
  • Full Disclosure: They must disclose all conflicts of interest, ensure transparency, and provide the highest level of care in their advice and actions.
  • Regulation: 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 merely need to ensure that their recommendations are appropriate for the client’s financial requirements and objectives at the time of the transaction.
  • Lower Standard of Care: Advisors can consider their own interests as long as the recommendations are suitable.
  • Possible Conflicts: Financial advisors may earn commissions from the sale of investment products, which can create conflicts of interest.
  • Governance: Governed 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 stipulates that fiduciary advisors must act in their clients' "best interest," while FINRA Rule 2111 requires that dealer-brokers and other non-fiduciaries only have a "reasonable basis" for their suggestions. Here's a summary of what those terms mean in relation to handling a client's investments and financial planning:


Best Interest Reasonable Belief
Definition Mandates advisors to act in the client's best financial interest. Mandates financial advisors to recommend appropriate investment products or strategies based on provided information.
Standard of Care Higher level of care making sure every action aligns with the client's most favorable outcome. Ensures recommendations are appropriate and make sense for the client's circumstances.
Client-Centric Approach Financial advisors prioritize client's goals, needs, and preferences above their own. Advisors base recommendations on the client's disclosed financial situation, objectives, and risk tolerance.
Transparency Complete disclosure of potential conflicts of interest is mandated. More relaxed disclosure requirements, provided the recommendation is proper.
Due Diligence Suggestions 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, requiring 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 disclose and handle conflicts openly, ensuring clients are aware of potential biases. Conflicts are less strictly regulated, as long as the suggestion remains appropriate.
Long-Term Commitment Advisors have a continuous obligation to monitor and adjust 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 Toledo, OH

Choosing to partner with a fiduciary financial advisor in Toledo, OH brings to the table an array of advantages that can significantly influence your fiscal health:

  • Fiduciary financial advisers are required to act in your best interest and uphold ethical standards
  • Total disclosure of pertinent materials and facts and complete transparency regarding issues like risks, fees, and potential conflicts of interest, enabling you to make the most informed decisions for you and your Toledo, OH family
  • Handle investments on your behalf by leveraging their expertise to create and oversee a diversified portfolio that resonates with your financial goals and risk tolerance
  • Comprehensive financial planning and a holistic approach to your financial well-being, considering all facets of your financial life to devise a tailored approach
  • Consistent monitoring and advice to guarantee your financial strategies and investments stay aligned and that you can adjust to any unexpected situations the market or life throws your way
  • Diminished risk with sensible and judicious investment choices done by meticulously assessing the risk tied to each investment and modifying your portfolio to match your risk tolerance
  • Relief that your best interests are being cared for by skilled financial advisors
  • A long-term relationship with a fiduciary financial advisor that comprehends your financial goals shift over time, and life scenarios change

What Financial Planning Services Do Fiduciary Advisors Offer?

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


Tailored Financial Roadmap

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


Investment Portfolio Management

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


Retirement Strategy

Planning for retirement is a cornerstone of our comprehensive financial planning. We help you navigate the complexities of retirement accounts, social security benefits, and income strategies to make certain 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 well-versed in tax laws and strategies that can decrease your tax liability and boost your overall financial health.


Legacy Planning

We also provide informed guidance on estate planning to help you protecting your legacy. From wills and trusts to estate tax strategies, we guarantee your assets are passed on according to your wishes while minimizing tax burdens.


Continuous Oversight

Financial planning is not a single event but a continuous process. We provide ongoing monitoring and periodic 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 profoundly client-centric. We take pride in building long-lasting relationships based on trust, transparency, and personalized service. Your financial well-being is our top priority, and we are devoted to helping you achieve your financial goals with integrity and excellence.

Other services we offer in Toledo, OH include:


Choose Correct Capital as Your Toledo, OH Fiduciary Financial Advisor

Selecting a financial advisor in Toledo, OH 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 pleased to be fiduciary financial advisors who place at the forefront the financial success and peace of mind of Toledo, OH residents 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 necessary to assist you on your financial journey. We give 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 through our website to arrange an appointment and discover how we can aid you reach your financial goals in Toledo, OH.

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