Financial Advisor in Miami, FL. You work hard for your money, and you want to feel secure about how it's being managed and how it's being used. Many Miami residents lack the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or inclination to stay up to date on financial markets along with new laws, regulations, and global events. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Miami, FL will make your money work for you. We utilize in-depth analytics along with our extensive expertise to create personalized financial solutions for individuals, families, and businesses in Miami, FL and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in Miami, FL? Take a look at our process page to find out how simple we make it to determine if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are anxious about their finances. The root of that concern is commonly just not being sure they're putting their money in the right places. After our Miami, FL financial advisor team gets to know you, your current financial situation and your financial ambitions, we'll design a road map to help you achieve them. As a fiduciary and an independent firm, your Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Miami, FL have certifications that can only be awarded through exhaustive testing and by meeting stringent education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This role includes a spectrum of services, from investment management and retirement planning to tax planning and estate planning. 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 call themselves a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from organizations 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 can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and oversee investment portfolios. They're often associated with RIAs and are required to serve as fiduciaries, putting their clients' interests above their own. Portfolio managers are certified with either the Securities and Exchange Commission (SEC) or state regulators, based on the amount of investments they manage.
- Broker-Dealers and Brokers: Broker-dealers buy and sell securities like stocks, bonds, and mutual funds on behalf of their clients or for their own accounts. They must be registered by the SEC and are generally members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, someone who holds a Series 7 license is qualified to sell general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP designation have undergone extensive training and adhere to the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial planning services, including managing debt to retirement planning, and investment strategies. This approach is holistic, designed to address all aspects of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed education similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in offering comprehensive financial advice, encompassing everything from investment management to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Their services provides a good starting point for managing personal finances efficiently, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering a broad array of services that encompass estate planning, tax assistance, and investment management. They work closely with their clients to manage complex financial situations and implement wealth preservation strategies. Their expertise is tailored for optimizing the financial health and legacy of affluent clients, ensuring that their clients' goals and aspirations are met through tailored advice and solutions.
Each type of financial advisor brings unique expertise and services to the table. At Correct Capital, our team of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act only in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will asses your extant financial situation, pinpoint ways to improve it, and help you meet your long-term financial goals. Many Miami, FL residents frequently immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental facet of any financial plan, a knowledgeable financial advisor will be able to offer you overarching financial advice that takes into account the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Miami, FL will use in order to help you meet your objectives.
- Financial Planning
Our finances are integral to almost anything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a house, picking insurance policies, and putting food on the table each night. The best financial advisors in Miami, FL offer comprehensive services and tailored advice 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 70 percent of Americans overpay in taxes each year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to reduce your tax liability. A professional and trustworthy Miami, FL financial advisor will guide you through your tax implications in the interest of keeping more money in your hands than in Uncle Sam's.
- 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 alternative assets such as art. A financial advisor in Miami, FL will assist in allocating and diversify your assets to mitigate risk and best position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you retire, your Miami, FL financial advisor will help with tax planning, considering the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and strategy for where your income will come from in retirement so you can enjoy 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. Introducing a 401(k) plan is a great way to maintain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and hundreds of plan participants nationwide. Our Miami, 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 tough to know the best way to handle the money you've accumulated in a previous Miami, FL employer's 401(k) plan. You have a number of options, including keeping the money in the account it is currently in, transferring it to a new 401(k), or putting the money in one of a range of IRA accounts. A financial advisor will have the knowledge how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You work hard for your money, and it's natural to desire to leave a legacy and bequeath some wealth behind the people you care about the dearly. Wealth transfers are distinct from just 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 boards 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 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 consolidating debt, achieving lower interest rates if feasible, and prioritizing repayments. The goal is to create a practical path forward that matches your financial situation and goals, eventually leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in Miami, FL can assist clients understand their cash flow, find areas to spend less, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can satisfy their current financial obligations while also saving for future goals.
When you hire a Miami, FL financial advisor at Correct Capital, we start by getting to know you and your objectives. We will assess your current income, assets, investments, debts, and expenses. Once we've completed that, we'll work 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 recommend, 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 Miami, FL?
Seeking the assistance of a financial advisor can be a vital step towards getting the life and financial prosperity you want. While the right time can differ greatly from person to person, certain life events and circumstances often signal the need for professional financial advice.
- Major Life Transitions: Life is a series of changes, and many of them have major financial implications. Whether you're starting a family or changing careers, these milestones can significantly affect your financial landscape. A financial advisor can guide 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 By Yourself: Managing personal finances can be complicated, demanding, and, frankly, overwhelming for many. If you lack the experience to effectively handle your investments, or simply prefer to focus your time elsewhere, a financial advisor can be crucial. They bring experience and wisdom to your financial decisions, assisting to optimize your portfolio, avoid costly mistakes, and set up your investments for future success.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can assist you review your current financial situation, determine your retirement needs, and devise a plan to ensure you can enjoy 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 wide array of investment options, many of which come with their own challenges. If you're considering investments in complex financial products—such as derivatives, alternative investments, or tax-optimized strategies—an advisor's insight can be vital. They can assist you grasp 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 paramount whenever you hire someone to do something, but particularly so when it comes to your finances. In addition to finding a trustworthy advisor, you need one who ideally suits your needs. It's important to make the right inquiries 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 types of clients they've collaborated with, and their areas of expertise, can give you a sense of their proficiency and whether they're equipped to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require adhering to strict educational, experience, and ethical standards, demonstrating a high level of competence and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your goals and expectations.
- How do you prefer to communicate with clients?
Communication method and frequency are crucial to a productive client-advisor relationship. Ask about how often you'll be able to meet with your advisor, whether they'll be face-to-face or virtual, and how the advisor intends to keep you informed 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 combination thereof. Grasping how an advisor is compensated will help you identify potential conflicts of interest and ensure that their recommendations are made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is essential. This means they are legally required to put your interests ahead of their own, giving advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide comprehensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of educational resources 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 clearly explain potential conflicts of interest and how they deal with them to ensure they don't negatively impact 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 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 Miami, FL?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Commission-based advisors earn their income through commissions on the financial products they offer, such as mutual funds. This fee structure can lead to a possible conflict, as the advisor might be incentivized to suggest options that generate higher commissions instead of those that are most suited to your financial goals. These advisors are typically held to the suitability standard as opposed to the fiduciary standard, which means they have to recommend products that can help you achieve your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the advice and services 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 frequently regarded as more clear and in line 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 client-paid fees and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, such advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must disclose that information to the client and are not allowed to 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. Recognizing that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Miami, FL:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who are generally confident in managing their finances but are looking for professional insight to ensure they're doing things the right way. Our team performs 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 individuals who value consistent 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, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, we'll work to look for opportunities to help you flourish financially.
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 portfolio management, strategic financial planning, and forward-looking guidance on a wide range of financial matters — from tax strategies 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 carefully managed by a dedicated team of professionals committed to maximizing their wealth and realizing their long-term goals.
Why Choose Correct Capital as Your Miami, FL Financial Advisor?
Correct Capital is a premier 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, Correct Capital is legally obligated to act in your best interests. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done in a way that aligns most closely with your goals.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Our independence signifies we are not tied to any financial institution or product, enabling us the freedom to select the best investments and strategies for you.
- Our Qualifications: We are a Registered Investment Advisor (RIA), which allows us 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 boast over 100 years of combined experience.
- We Are Proactive: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Utilizing in-depth research and analytics, 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 commitment to client education guarantees that you are fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in Miami, FL means joining forces with a team committed 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 seeking to achieve their financial goals and secure their future.
Other services we offer in Miami, FL include:
Call Correct Capital's Miami, FL Financial Advisor Team Today
Your money and the choices you make with it are deeply personal. At Correct Capital, we strongly believe in the relationship between a person, household, or entrepreneur in Miami, FL and their financial advisor is founded on trust. Dedicating our lives to guiding our clients realize their personal and financial goals, whether it's sending your children to college or finally achieving the dream of owning that dream car in retirement. 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.
