Financial Advisor in Miami, FL. You work hard for your money, and you need to be assured about how it's expanding and how it's being used. Numerous Miami residents lack the financial literacy to feel like they can handle their investments and finances by themselves, 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 need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Miami, FL will make your money work for you. We employ in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Miami, FL and beyond. Reach out to us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Wondering if you're ready to work with a financial advisor in Miami, FL? Check out our process page to discover how easy we make it to find out if you're a good fit.
Schedule a Meeting With an Advisor Today
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.
Schedule a 15-Minute Introductory Call
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. A source of that concern is commonly simply not being sure they're making the right decisions with their money. Once our Miami, FL financial advisor team gets to know you, your present financial situation and your financial ambitions, we'll build a road map to help you accomplish them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the plans we can offer you. Our financial advisors in Miami, FL have certifications that can only be gained through exhaustive testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who helps individuals oversee their money, plan their finances, save, and plan for their financial future. This broad definition covers a variety of services, from investment management and retirement planning to tax planning and generational wealth transfers. The primary goal of a financial advisor is to help individuals and organizations reach their financial objectives by creating strategies that align with their risk tolerance, financial situation, and long-term goals. While technically anyone can be called a financial advisor or financial planner, reliable and professional advisors will have qualifications from regulatory bodies such as FINRA and the CFP Board that can only be achieved through rigorous education and exams.
Types of Financial Advisors in Miami, FL
Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to serve as fiduciaries, meaning they always have the client's best interest at heart. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds on behalf of their clients or for themselves. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell are determined by their specific licenses, such as Series 6 or Series 7. For instance, an individual who holds a Series 7 license is qualified to sell general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors with the CFP certification have completed rigorous education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, ranging from managing debt to retirement planning, and tax optimization strategies. Their methodology is holistic, designed to meet every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in providing holistic financial advice, covering everything from investment management to tax advice, guaranteeing that customers' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are suited for clients who may not possess the wealth to hire a financial advisor yet. This type of guidance delivers a strong basis for handling personal finances wisely, especially for those in the early stages of financial planning.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering a broad array of services that include estate planning, tax assistance, and investment management. They collaborate intimately with their clients to handle complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards optimizing the financial health and legacy of affluent clients, ensuring that all investments and planning strategies meet customized advice and solutions.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. 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 exclusively in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will examine your present financial situation, pinpoint ways to improve it, and help you accomplish your long-term financial goals. A lot of Miami, FL residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a central component of any financial plan, an accomplished financial advisor will be able to provide you with holistic financial advice that takes into consideration the whole of your finances. Below are some of the services your Correct Capital financial advisor in Miami, FL will use to help you accomplish your goals.
- Financial Planning
Our money is a part of almost everything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Miami, FL offer holistic services and bespoke consulting by considering your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, over 7 out of 10 of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it offers perfectly legal ways to lower your taxes. A reliable and expert Miami, FL financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your own account.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Miami, FL will assist in allocating and diversify your assets in order to mitigate risk and optimally position your money for growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you retire, your Miami, FL financial advisor will assist with tax planning, evaluating the optimal time to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and plan for source of income in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Miami, FL businesses and business owners. Implementing a 401(k) plan is a great way to keep your best employees and keep them productive and happy. Our retirement consultants manage over $218 million in plan assets and thousands of plan participants nationwide. Our Miami, FL financial advisor team offers comprehensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Miami, 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 know how to best manage managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to wish to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are different from simply leaving gifts behind in estate planning. A financial advisor in Miami, FL can optimize your money for both your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's important to pick one who has received accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Miami, FL financial advisor at Correct Capital is bound by 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 consolidating 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 having the financial health and life you want. Financial advisors in Miami, FL can assist clients comprehend their cash flow, spot areas to spend less, and set realistic spending limits that encourage wealth accumulation. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can meet their current financial obligations while also planning for future goals.
When you hire a Miami, FL financial advisor at Correct Capital, we start by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've done that, we'll work in tandem with you to establish your preferred risk tolerance and how we can best help you grow your money. As an independent advisory firm, our only job is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can propose, and we will never try to sell you on something we do not believe in ourselves.
When Should I Speak to a Financial Advisor in Miami, FL?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial security you want. While the ideal moment can vary widely from person to person, certain life events and circumstances often suggest the need for professional financial advice.
- Major Life Changes: Life is a series of changes, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect how your money should be used and invested. A financial advisor can help you through these changes, ensuring that your financial plan grows to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you lack the experience to effectively handle your investments, or simply prefer to spend your energy on other pursuits, a financial advisor can be invaluable. They bring insight and perspective to your financial decisions, assisting to improve your portfolio, avoid costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, calculate your retirement needs, and formulate a plan to ensure you can experience 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 plethora 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 essential. They can guide you comprehend the risks and benefits, ensuring that any investment matches 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 involves your finances. In addition to finding a dependable advisor, you need one who perfectly matches your needs. It's important to ask the right questions during your initial meetings. Here are key questions to consider:
- What is your experience in the financial advisory field?
Understanding an advisor's experience, including their time spent in the industry, the varieties of clients they've assisted, and their specializations, can provide you a sense of their proficiency and whether they're well-suited to tackle your financial situation.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These credentials often require adhering to strict educational, experience, and ethical standards, signifying a high level of expertise and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match your risk tolerance and financial goals. Whether they favor a cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your aspirations and expectations.
- How do you prefer to communicate with clients?
Communication style and frequency are essential to a successful client-advisor relationship. Discuss how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor expects 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Grasping how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their recommendations are made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor serves as a fiduciary is vital. This means they are bound by law to put your interests ahead of their own, giving advice that is in the best interest of 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. Knowing the full scope of services offered can enable you to assess 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 address them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and must manage them in their client's best interest.
Asking these questions will not only offer 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 Miami, 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 insurance policies. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to suggest options that generate higher commissions instead of 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 help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take several forms, including fixed fees assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it reduces conflicts of interest related to product sales.
- Fee-Based: Fee-based advisors use a combination of fees paid by the client and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that even if they get commission from certain products, they must reveal this 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 Miami, FL
Correct Capital is distinguished in the Miami, FL financial advisory landscape for its customized 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 Miami, FL:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is great for individuals who are generally confident in managing their finances but desire professional validation to ensure they're doing things the right way. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that addresses your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service is designed for individuals who appreciate ongoing guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, regular check-ins every quarter, 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 choose to delegate the management of their investments and financial planning to professionals. This includes active investment management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax planning and preparing for retirement to estate considerations and beyond. Our wealth management clients enjoy a sense of security, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals committed to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your Miami, FL Financial Advisor?
Correct Capital is a leading choice for individuals and families in Miami, FL seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, we 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 means we are not tied to any specific financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Professional Credentials: We are a Registered Investment Advisor (RIA), which gives us the ability access to a wide variety of investment solutions and research. Our advisor team includes two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Utilizing the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Ongoing Education and Resources: We offer at Correct Capital quarterly webinars and workshops to keep you informed and engaged with your financial health. Our dedication to client education guarantees that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Miami, FL means joining forces with a team dedicated to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Miami, FL include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Call Correct Capital's Miami, FL Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we firmly believe that the relationship between an individual, household, or business owner in Miami, FL and their financial advisor is founded on mutual trust. Committed to guiding our clients achieve their financial and personal goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our Miami, FL financial advisor team today at 877-930-4015 or get in touch with us online to begin growing your wealth how you've always wanted.
