Financial Advisor in Fort Lauderdale, FL. Your hard-earned money deserves attention, and you want to be confident about how it's expanding and how it's being used. A lot of Fort Lauderdale residents do not have the financial literacy to feel confident they're making the optimal decisions with their money, while others simply don't have the time or interest to stay informed on financial markets along with new laws, rules, and global events. That's when you should consider hiring a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Fort Lauderdale, FL will make your money work for you. We use in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Fort Lauderdale, FL and beyond. Reach out to us today at 877-930-4015 or contact us online to learn how Correct Capital can help you.
Not sure if you're ready to hire a financial advisor in Fort Lauderdale, FL? Take a look at our process page to discover how simple we make it to find out if we would make a good team.
A 2018 study by FINRA found that 53 percent of American adults are anxious about their finances. The cause of that concern is often just not being sure they're making the right decisions with their money. Once our Fort Lauderdale, FL financial advisor team gets to know you, your finances and your financial goals, we'll create a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically compelled to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in Fort Lauderdale, FL have certifications that can only be awarded through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a specialist who provides advice on managing personal finances and investments. This wide-ranging definition covers a wide range of services, from investment management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a comprehensive view of your financial situation to recommend strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in Fort Lauderdale, FL
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they must act within a client's best interest. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for themselves. They must register with the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For example, an advisor who has a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have completed rigorous training and adhere to the highest ethical standards, particularly a fiduciary duty to their clients. CFPs offer a wide array of financial planning services, ranging from debt management to retirement planning, and estate planning. Their methodology is comprehensive, designed to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs specialize in providing comprehensive financial advice, covering areas such as estate planning to tax advice, ensuring that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Concentrate on improving clients' financial literacy, guiding with fundamentals such as saving money and creating budgets. They are perfect for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a solid foundation for handling personal finances efficiently, especially for those in the early stages of financial planning.
- Wealth Managers: Help high-net-worth individuals, offering comprehensive services that encompass estate planning, tax assistance, and investment management. They collaborate intimately with their clients to manage complex financial situations and implement wealth preservation strategies. Their expertise is focused on enhancing the financial health and legacy of wealthy individuals, making sure that their clients' goals and aspirations are met through tailored advice and approaches.
Each type of financial advisor provides unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, making sure that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will analyze your extant financial situation, determine methods to enhance it, and help you accomplish your long-term financial goals. A lot of Fort Lauderdale, FL residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a principal facet of any financial plan, a qualified financial advisor will be able to offer you holistic financial advice that gives consideration to the whole of your finances. Below are some of the services your Correct Capital financial advisor in Fort Lauderdale, FL will use in order to help you accomplish your objectives.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Fort Lauderdale, FL offer all-encompassing services and tailored advice by considering your entire financial situation.
- Tax Planning
Taxes are involved in nearly every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to reduce your tax liability. A professional and trustworthy Fort Lauderdale, FL financial advisor will guide you through your tax implications in the interest of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in Fort Lauderdale, FL will assist in allocating and diversify your assets to mitigate risk and optimally position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you hang up your cape, your Fort Lauderdale, FL financial advisor will help with tax implications, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will help you formulate a budget and plan for source of income in retirement so you can enjoy your golden years just how you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Fort Lauderdale, FL businesses and business owners. Introducing a 401(k) plan is a superb way to retain your best employees and keep them motivated and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Fort Lauderdale, FL financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be difficult to know the best way to deal with the money you've accumulated in a previous Fort Lauderdale, FL employer's 401(k) plan. You have multiple options, including keeping the money in the account it is currently in, moving it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best manage managing your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to want to leave a legacy and bequeath some wealth behind the people you care about the most. Wealth transfers are distinct from merely leaving gifts behind in estate planning. A financial advisor in Fort Lauderdale, FL can optimize your money for not only your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's vital to choose one who has earned accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Fort Lauderdale, FL financial advisor at Correct Capital must obey a "Code of Ethics and Standards of Conduct" to:
- Act with honesty, integrity, competence, and diligence.
- Act in the client's best interest.
- Exercise due care.
- Avoid conflicts of interest, disclose them when they arise, and manage them in the client's best interest.
- Maintain confidentiality and protect the privacy of client information.
- Act in a manner that reflects positively on the financial planning profession and CFP® certification.
- Debt Management
Financial advisors offer customized debt management plans that focus on managing debt, achieving lower interest rates where possible, and prioritizing repayments. The goal is to create a practical path forward that matches your financial capabilities and goals, eventually leading to stability.
- Budgeting
Creating and sticking to a budget is fundamental to achieving financial health and goals. Financial advisors in Fort Lauderdale, FL can assist clients grasp how much money's coming in, spot areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for successful budgeting, advisors ensure that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a Fort Lauderdale, FL financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will assess your current income, assets, investments, debts, and expenses. Next we've done that, we'll work in concert with you to determine your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only obligation is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can offer you, and we will never try to sell you on something we do not believe in ourselves.
When Should I Consider Hiring a Financial Advisor in Fort Lauderdale, FL?
Seeking the guidance of a financial advisor can be a vital step towards getting the life and financial prosperity you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Changes: Life is a long line of changes, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly affect how your money should be used and invested. A financial advisor can assist you manage these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, demanding, and, frankly, daunting for many. If you aren't confident to successfully handle your investments, or simply choose to spend your time elsewhere, a financial advisor can be essential. They bring expertise and perspective to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can help you evaluate your current financial situation, calculate your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years without worry. This includes strategies for Social Security benefits, pension management, and distribution strategies from retirement accounts.
- Complex Financial Products: The financial market offers a myriad of investment options, many of which come with their own complexities. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's expertise can be vital. They can help you comprehend the risks and benefits, ensuring that any investment fits your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is essential when you're hiring someone for any service, but especially so when it comes to your finances. Beyond just finding a reliable advisor, you need one whose specialties align with your needs. It's important to inquire properly during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's background, including their years in the industry, the varieties of clients they've assisted, and their expert areas, can provide you a sense of their skills and whether they're well-suited to manage your financial needs.
- What are your qualifications and certifications?
Ask them to mention any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require fulfilling rigorous education, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more aggressive strategy, their philosophy should reflect your goals and expectations.
- How do you prefer to communicate with clients?
Communication method and regularity are essential to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be in person or virtual, and how the advisor plans to keep you updated about how your investments are going and if you need any updates to your plan.
- How are you compensated for your services?
Advisors can be fee-only, commission-based, or a mixture thereof. Understanding how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their advice is given with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is crucial. This means they are legally obligated to put your interests before their own, providing advice that optimally benefits your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide holistic financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Grasping the full scope of services offered can assist you in determining whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will openly discuss potential conflicts of interest and how they manage them to ensure they don't negatively impact their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only provide you with essential information about the financial advisor's qualifications and approach but also assist you in determining whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in Fort Lauderdale, FL?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors make their earnings through commissions on the products they sell, such as other financial products. This fee structure can create a possible conflict, as the advisor could be motivated to suggest options that generate higher commissions rather than those that best meet your needs. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to advise on products that can aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such advisors generally also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information to the client and cannot recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in Fort Lauderdale, FL
Correct Capital stands out in the Fort Lauderdale, FL financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or the same goals, we offer three different service models to our clients in Fort Lauderdale, FL:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are seeking the insights and advice a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but seek professional insight to confirm they're doing things the right way. Our team conducts a thorough review of your financial landscape, providing you with a detailed plan that tackles your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for people who appreciate consistent guidance and advice as their financial situation changes, or when they have specific questions about taxes, investments, or other aspects of their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not be managing your portfolio, we'll work to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and proactive advice on a wide range of financial matters — from tax strategies and preparing for retirement to estate planning and beyond. Our wealth management clients enjoy peace of mind, knowing that every aspect of their financial well-being is being carefully managed by a dedicated team of professionals dedicated to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Fort Lauderdale, FL Financial Advisor?
Correct Capital is a leading choice for individuals and families in Fort Lauderdale, FL looking for trusted, professional financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to act in your best interests. This commitment guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is carried out with your best interests in mind.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Being independent signifies we aren't tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which allows us access to a wide variety of investment solutions and research. Our advisor team includes a couple of CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- Proactivity is Our Approach: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education ensures that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Fort Lauderdale, FL means joining forces with a team dedicated to your financial success. Our experience, fiduciary commitment, and custom-tailored approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in Fort Lauderdale, FL include:
Call Correct Capital's Fort Lauderdale, FL Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, family, or business owner in Fort Lauderdale, FL and their financial advisor is founded on trust. Dedicating our lives to helping our clients realize their personal and financial goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Reach out to our Fort Lauderdale, FL financial advisor team today at 877-930-4015 or get in touch with us online to begin building your wealth in the manner you desire.
