Financial Advisor in Minneapolis, MN. Your hard-earned money deserves attention, and you want to be secure about how it's expanding and how it's being used. A lot of Minneapolis residents lack the financial literacy to feel sure they're making the optimal decisions with their money, while others are too busy or interest to stay informed on market trends along with new laws, rules, and different events happening around the world. That's when you should consider hiring a reliable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in Minneapolis, MN 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 Minneapolis, MN and beyond. Reach out to us today at 877-930-4015 or contact us through our website to see if Correct Capital is a good fit for you.
Not sure if you're ready to work with a financial advisor in Minneapolis, MN? Check out our process page to find out how easy we make it to ascertain if you're a good fit.
A 2018 study by FINRA found that 53 percent of American adults are nervous about their finances. The cause of that concern is frequently just not being sure they're managing their money correctly. Once our Minneapolis, MN financial advisor team gets to know you, your current financial situation and your financial goals, we'll create a road map to help you accomplish them. As a fiduciary and an independent firm, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in Minneapolis, MN have certifications that can only be acquired through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who provides advice on managing personal finances and investments. This comprehensive definition includes a wide range of services, from investment management and retirement planning to tax planning and estate planning. Financial advisors take a holistic view of your financial situation to recommend strategies that suit your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, credible and professional advisors will have accreditations from regulatory bodies such as FINRA and the CFP Board that signify their experience and education.
Types of Financial Advisors in Minneapolis, MN
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and manage 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. 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 buy and sell securities like stocks, bonds, and mutual funds for their clients or for themselves. 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, an individual who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals with the CFP certification have undergone extensive training and uphold the highest ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, such as managing debt to planning for retirement, and tax optimization strategies. Their approach is holistic, intended to satisfy all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, 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 focus on providing comprehensive financial advice, encompassing everything from investment management to tax advice, guaranteeing that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on improving clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are perfect for clients who might not have the financial resources to hire a financial advisor just yet. Financial coaching delivers a solid foundation for handling personal finances wisely, particularly for those in the early stages of financial planning.
- Wealth Managers: Serve high-net-worth individuals, offering comprehensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards enhancing the financial health and future of affluent clients, making sure that their clients' goals and aspirations are met through tailored 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 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 evaluate your current financial situation, determine means to enhance it, and help you accomplish your future financial goals. A lot of Minneapolis, MN residents often immediately think of investing when they think of wealth management services and financial advisors. While that is a principal facet of any financial plan, an accomplished financial advisor will be able to offer you overarching financial advice that takes into account the whole of your finances. Below are some of the services your Correct Capital financial advisor in Minneapolis, MN will implement in order to help you reach your goals.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're set up in retirement, to paying for college, buying and/or selling a house, deciding on insurance policies, and putting food on the table each night. The best financial advisors in Minneapolis, MN offer comprehensive services and personalized consulting by evaluating your entire financial situation.
- Tax Planning
Taxes are involved almost any time money is exchanged or used. According to the IRS's own data, more than 7 out of 10 of Americans overpay in taxes each year. The United States tax code is incredibly complicated, yet it allows for perfectly legal ways to minimize taxes owed. A professional and trustworthy Minneapolis, MN financial advisor will help you navigate your tax implications to ensure keeping more money in your hands than in Uncle Sam's.
- 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 alternative assets such as real estate. A financial advisor in Minneapolis, MN will help in allocating and diversify your assets to mitigate risk and best position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your aspired lifestyle when you hang up your cape, your Minneapolis, MN financial advisor will help with tax implications, evaluating the optimal time to retire, when to make withdrawals and how much to take out. A financial advisor will aid in creating a budget and plan for where your income will come from 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 Minneapolis, MN businesses and business owners. Setting up a 401(k) plan is a great way to maintain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and hundreds of plan participants nationwide. Our Minneapolis, MN financial advisor team offers thorough 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to manage the money you've already saved in a previous Minneapolis, MN employer's 401(k) plan. You have several options, such as leaving the money in the account it is in now, transferring 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 handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's common to wish to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are separate from just leaving gifts behind in estate planning. A financial advisor in Minneapolis, MN can best position your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can give themselves the title of "financial advisor," so it's important to choose one who has accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Minneapolis, MN financial advisor at Correct Capital must follow 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 tailored debt management plans that focus on consolidating debt, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a practical path forward that suits your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to achieving financial health and goals. Financial advisors in Minneapolis, MN can assist clients comprehend their cash flow, find areas for savings, and set realistic spending limits that facilitate growing your wealth. By providing tools and strategies for efficient budgeting, advisors guarantee that clients can fulfill their current financial obligations while also preparing for future goals.
When you hire a Minneapolis, MN financial advisor at Correct Capital, we start by getting to know you and your aims. We will analyze your current income, assets, investments, debts, and expenses. Then we've completed that, we'll work in concert 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 responsibility is to act in your best interest. There is no limitation 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 Minneapolis, MN?
Seeking the guidance of a financial advisor can be a key step towards achieving financial health, peace of mind, and wealth. While the optimal timing can differ greatly from person to person, certain life events and circumstances often indicate the need for professional financial advice.
- Major Life Transitions: 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 dramatically affect how your money should be used and invested. A financial advisor can help you navigate these changes, ensuring that your financial plan adapts to meet your changing circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances Alone: Managing personal finances can be complicated, time-consuming, and, frankly, overwhelming for many. If you lack the experience to successfully handle your investments, or simply prefer to spend your time elsewhere, a financial advisor can be essential. They bring experience and objectivity to your financial decisions, helping to optimize your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Nearing Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, estimate your retirement needs, and devise a plan to ensure you can experience your retirement years comfortably. 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 set of 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 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 hard-earned money. Beyond just finding a dependable advisor, you need one whose specialties align with 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 background, including their years in the industry, the varieties of clients they've assisted, and their expert areas, can give you a sense of their expertise and whether they're prepared to handle your specific financial circumstances.
- What are your qualifications and certifications?
Ask about any qualifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These accreditations often require meeting strict educational, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should match 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 be in harmony with your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and regularity are vital to a productive client-advisor relationship. Discuss how often you'll have meetings, whether they'll be face-to-face or online, 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. Knowing how an advisor is compensated will help you identify 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 is a fiduciary is essential. This means they are bound by law to put your interests before 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. Knowing 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 deal with them to ensure they don't adversely affect 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 enable you to assess 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 Minneapolis, MN?
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 financial products they offer, such as mutual funds. This fee structure can lead to a potential conflict of interest, as the advisor might be incentivized to suggest products that generate higher commissions rather than those that are most suited to your financial goals. Commission-based 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 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 a percentage of the assets under management (AUM). This model is often seen as more clear and aligned with the client's best interests, as it minimizes conflicts of interest related to product sales.
- Fee-Based: Advisors with a fee-based approach use a combination of fees paid by the client and commissions from selling financial products. While this model offers a mix of the fee-only and commission-based structures, such advisors generally 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 Minneapolis, MN
Correct Capital is distinguished in the Minneapolis, MN financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer three different service models to our clients in Minneapolis, MN:
One-Time Financial Plan (best for validators)
This service model is ideal for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is great for individuals who largely feel good about managing their finances but desire professional validation to ensure they're on the right track. Our team performs a thorough review of your current financial situation, providing you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
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 taxes, investments, or other aspects of their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we will not be managing your portfolio, we'll strive 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 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 overseen by a dedicated team of professionals committed to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your Minneapolis, MN Financial Advisor?
Correct Capital is a leading choice for individuals and families in Minneapolis, MN 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 are legally obligated to put your interests first. 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 at heart.
- 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 specific 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 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: Our advisors believe 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, our aim is to craft 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 ensures that you are well-equipped to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in Minneapolis, MN 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 seeking to achieve their financial goals and secure their future.
Other services we offer in Minneapolis, MN include:
Call Correct Capital's Minneapolis, MN 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, family, or business owner in Minneapolis, MN and their financial advisor is based on mutual trust. Dedicating our lives to helping our clients realize their financial and personal goals, whether it's funding higher education for your children or making the dream purchase of that dream car during your retirement years. Contact our Minneapolis, MN financial advisor team today at 877-930-4015 or get in touch with us online to take the first step towards building your wealth how you've always wanted.
