Financial Advisor in Minneapolis, MN. You work hard for your money, and you need to feel assured about how it's expanding and how it's being used. A lot of Minneapolis residents do not have the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or inclination to stay informed on market trends along with new laws, rules, and global events. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Minneapolis, MN will make your money work for you. We utilize in-depth research along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in Minneapolis, MN and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Uncertain if you're ready to hire a financial advisor in Minneapolis, MN? Explore our process page to find out how simple we make it to ascertain if you're a good fit.
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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.
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A 2018 study by FINRA revealed that 53 percent of American adults are worried about their finances. The root of that concern is commonly simply not being sure they're making the right decisions with their money. After our Minneapolis, MN financial advisor team gets to know you, your current financial situation and your financial aims, we'll create 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 suggest. Our financial advisors in Minneapolis, MN have certifications that can only be awarded through rigorous 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 role includes a variety of services, from portfolio 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 be called a financial advisor or financial planner, reliable and professional advisors will have accreditations 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 Minneapolis, MN
There are multiple types of advisors that differ based on the services they offer, how they're paid, their areas of expertise, and their legal obligations to customers:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, 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 for their clients or for their own accounts. They must register with 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, a broker who holds 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 completed rigorous education and uphold the highest ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial planning services, such as debt management to retirement planning, and tax optimization strategies. This approach is comprehensive, intended to meet every facet of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have undergone training similar to CFPs and also adhere to a fiduciary duty. They focus on offering holistic financial advice, encompassing everything from investment management to retirement strategies, ensuring that customers' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, helping 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 just yet. Their services offers a solid foundation for handling personal finances efficiently, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Help 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 develop wealth preservation strategies. Their expertise is tailored for optimizing the financial health and future of wealthy individuals, making sure that all investments and planning strategies meet personalized advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our group of advisors features CFPs and other qualified professionals who uphold the highest standards of fiduciary responsibility and personalized service, guaranteeing 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 look over your extant finances, determine methods to enhance it, and help you meet your long-term financial goals. Many Minneapolis, MN residents commonly immediately think of investing when they hear wealth management services and financial advisors. While that is a essential facet of any financial plan, a professional financial advisor will be able to give you holistic financial advice that takes into consideration the entirety of your finances. The following are some of the services your Correct Capital financial advisor in Minneapolis, MN will implement to help you realize your objectives.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're set up in retirement, to education, real estate deals, choosing insurance policies, and putting food on the table each night. The best financial advisors in Minneapolis, MN offer all-encompassing services and personalized guidance by evaluating your entire financial situation.
- Tax Planning
Tax considerations play a role almost any time money is exchanged or used. According to the IRS's own data, more than 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it offers perfectly legal means to minimize taxes owed. A skilled and ethical Minneapolis, MN financial advisor will guide you through your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the assembly 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 Minneapolis, MN will assist to allocate and diversify your assets in order to mitigate risk and optimally position your money for long-term growth.
- Retirement Planning
Depending on where you currently are in life and the kind of life you want to live when you hang up your cape, your Minneapolis, MN financial advisor will help with tax planning, evaluating the optimal time to retire, when to withdraw money and how much to withdraw. A financial advisor will assist in formulating a budget and plan for source of income in retirement so you can live out 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 superb way to retain your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and numerous of plan participants nationwide. Our Minneapolis, MN financial advisor team offers comprehensive 401(k) planning for companies as well as customized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be challenging to know the best way to deal with the money you've already saved in a previous Minneapolis, MN employer's 401(k) plan. You have a number of options, such as keeping the money in the account it is in now, moving it to a new 401(k), or investing the money in one of a range of IRA accounts. A financial advisor will know how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to wish to leave a legacy and pass on 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 Minneapolis, MN 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 paramount 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 Minneapolis, MN financial advisor at Correct Capital must act in accordance with 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 personalized debt management plans that focus on managing debt, achieving lower interest rates if feasible, and structuring repayments. The goal is to create a manageable 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 Minneapolis, MN can assist clients comprehend your income level, spot areas for savings, and set realistic spending limits that encourage wealth accumulation. By providing resources 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 Minneapolis, MN financial advisor at Correct Capital, we start by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. Then we've accomplished 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 limit 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 Minneapolis, MN?
Seeking the advice of a financial advisor can be a critical 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 Transitions: Life is a series of transitions, and many of them have major financial implications. Whether you're starting a family or changing careers, these milestones can dramatically affect your financial landscape. A financial advisor can guide you manage 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 By Yourself: Managing personal finances can be complex, time-consuming, and, frankly, daunting for many. If you don't have the knowledge to effectively manage your investments, or simply choose to focus your time elsewhere, a financial advisor can be crucial. They bring insight and perspective to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can aid you assess your current financial situation, calculate your retirement needs, and formulate 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 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 knowledge can be vital. They can help you understand the risks and benefits, ensuring that any investment aligns with your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial when you're hiring someone for any service, but particularly so when it involves your hard-earned money. 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 years in the industry, the types of clients they've assisted, and their expert areas, can provide you a sense of their expertise and whether they're prepared to tackle your financial situation.
- 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 meeting strict educational, experience, and ethical standards, signifying a high level of expertise 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 cautious approach with a focus on long-term growth or a more aggressive strategy, their philosophy should be in harmony with your expectations and expectations.
- How do you usually communicate with clients?
Communication method and regularity 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 your investments and financial plan.
- What's your fee structure?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern potential conflicts of interest and make certain that their advice is offered with your best interests in mind.
- Are you a fiduciary financial advisor?
Confirming that an advisor is a fiduciary is crucial. This means they are legally obligated to put your interests before their own, offering 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 educational resources and portfolio reviews. Understanding 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 clearly explain potential conflicts of interest and how they address 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 give essential information about the financial advisor's qualifications and approach but also help you gauge 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 insurance policies. This fee structure can create a possible conflict, as the advisor could be motivated to suggest products 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 recommend 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 straightforwardly by clients for the advice and services 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 often seen as more clear and in line with the client's best interests, as it reduces 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 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 Minneapolis, MN
Correct Capital stands out in the Minneapolis, MN financial advisory landscape for its customized approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same 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 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 seek professional validation to confirm they're on the right track. Our team conducts a thorough review of your financial landscape, supplying you with a detailed plan that tackles your specific goals, concerns, and opportunities for growth.
Subscription (best for collaborators)
Our subscription service caters to individuals 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, regular check-ins every quarter, and open availability if the need ever arises. 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 prefer to hand over 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 retirement planning to estate considerations 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 achieving their long-term goals.
Why Choose Correct Capital as Your Minneapolis, MN Financial Advisor?
Correct Capital is a leading choice for individuals and families in Minneapolis, MN looking for reliable, expert 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 is legally obligated to put your interests first. This commitment ensures that each piece of advice, each investment recommendation, and each strategic move 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. 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.
- Our Qualifications: 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 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.
- 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, 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 aimed at keeping you up-to-date and engaged with your financial health. Our dedication to client education ensures that you are fully prepared 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 expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the ideal partner for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in Minneapolis, MN include:
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
Call Correct Capital's Minneapolis, MN Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between an individual, family, or entrepreneur in Minneapolis, MN and their financial advisor is based on mutual trust. Dedicating our lives to guiding our clients realize their financial and personal goals, whether it's sending your children to college or finally achieving the dream of owning that dream car during your retirement years. Contact our Minneapolis, MN financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth in the manner you desire.
