Financial Advisor in Sioux Falls, SD. Your hard-earned money deserves attention, and you want to be confident about how it's growing and how it's being used. Many Sioux Falls residents lack the financial literacy to feel sure they're making the right decisions with their money, while others are too busy or inclination to stay up to date on market trends along with new laws, rules, and different events happening around the world. That's when you should consider hiring a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Sioux Falls, SD 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 Sioux Falls, SD and beyond. Speak to a team member 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 hire a financial advisor in Sioux Falls, SD? Explore our process page to discover how easy we make it to find out if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. A source of that anxiety is frequently just not being sure they're putting their money in the right places. Once our Sioux Falls, SD financial advisor team gets to know you, your finances and your financial ambitions, we'll implement a road map to help you achieve them. As a fiduciary and an independent firm, every Correct Capital financial advisor is legally and ethically required to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in Sioux Falls, SD 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 assists individuals oversee their money, budget, put enough money away, and plan for their financial future. This role encompasses a wide range of services, from portfolio management and retirement planning to tax planning and estate planning. Financial advisors take a comprehensive view of your financial situation to suggest strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can be called a financial advisor or financial planner, trustworthy and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that indicate their experience and education.
Types of Financial Advisors in Sioux Falls, SD
Financial advisors can operate under different titles:
- Investment Advisors or Portfolio Managers: These advisors provide advice on securities and oversee investment portfolios. They often work in RIAs and are required to act in a fiduciary capacity, meaning they must act within a client's best interest. Investment advisors are registered 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 their own accounts. They must be registered by the SEC and are usually members of FINRA. The financial products they can sell depend on their specific licenses, such as Series 6 or Series 7. For instance, a broker who has a Series 7 license represents general securities, such as mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have undergone extensive education and adhere to high ethical standards, including a fiduciary duty to the people whose assets they help manage. CFPs provide a broad range of financial advisory services, including managing debt to planning for retirement, and investment strategies. Their methodology is all-encompassing, intended to address all aspects of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have completed education comparable with CFPs and are also required to hold their clients' interests above their own. Like CFPs, ChFCs focus on providing comprehensive financial advice, covering areas such as investment management to retirement strategies, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on improving clients' financial literacy, helping with basics such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. Financial coaching delivers a strong basis for managing personal finances effectively, particularly for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Cater to high-net-worth individuals, offering a broad array of services that include estate planning, tax help, and investment management. They work closely with their clients to handle complex financial situations and formulate wealth preservation strategies. Their skill set is geared towards maximizing the financial health and legacy of those with substantial assets, ensuring that their clients' goals and aspirations are met through customized advice and approaches.
Each type of financial advisor offers unique expertise and services to the table. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, making sure that we act solely in the best interest of our clients in all of our advice and dealings.
What Does a Financial Advisor Do?
A financial advisor will evaluate your current financial situation, pinpoint methods to enhance it, and help you reach your future financial goals. Many Sioux Falls, SD residents commonly immediately think of investing when they think of wealth management services and financial advisors. While that is a fundamental part of any financial plan, an experienced financial advisor will be able to offer you extensive financial advice that takes into account the entirety of your finances. Below are some of the services your Correct Capital financial advisor in Sioux Falls, SD will implement to help you accomplish your goals.
- Financial Planning
Our finances are involved in almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, deciding on insurance policies, and making sure we have enough to eat every night. The best financial advisors in Sioux Falls, SD offer comprehensive services and tailored guidance by considering 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 7 out of 10 of Americans pay more than necessary in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to minimize taxes owed. A reliable and expert Sioux Falls, SD 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 collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as art. A financial advisor in Sioux Falls, SD will help to allocate and diversify your assets in order to mitigate risk and strategically 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 hang up your cape, your Sioux Falls, SD financial advisor will assist with tax planning, evaluating the best age to retire, when to withdraw money and how much to withdraw. A financial advisor will aid in creating a budget and plan for where your income will come from in retirement so you can live out your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Sioux Falls, SD businesses and business owners. Introducing a 401(k) plan is a superb way to keep your best employees and keep them motivated and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our Sioux Falls, SD financial advisor team offers thorough 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to manage the money you've already saved in a previous Sioux Falls, SD employer's 401(k) plan. You have a number of options, including 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 range of IRA accounts. A financial advisor will be skilled in how to best manage handling your 401(k) funds.
- Generational Wealth Transfers
You strive for your money, and it's normal to want to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in Sioux Falls, SD can optimize your money for both your children but for future generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's imperative to pick one who has obtained accreditations and certifications from regulatory boards such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your Sioux Falls, SD 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 tailored debt management plans that focus on consolidating debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a manageable path forward that suits your financial situation and goals, ultimately leading to financial freedom.
- Budgeting
Creating and staying compliant with a budget is crucial to having the financial health and life you want. Financial advisors in Sioux Falls, SD can assist clients grasp your income level, spot areas for savings, and set realistic spending limits that facilitate wealth accumulation. By providing resources and strategies for successful budgeting, advisors guarantee that clients can satisfy their current financial obligations while also preparing for future goals.
When you hire a Sioux Falls, SD financial advisor at Correct Capital, we begin by getting to know you and your aims. We will evaluate your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work in concert with you to determine your preferred risk tolerance and how we can best help you accomplish your goals. As an independent advisory firm, our only responsibility is to act in your best interest. There is no restrictions to the services, products, and investment opportunities our financial advisor team can put forward, 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 Sioux Falls, SD?
Seeking the assistance of a financial advisor can be a critical step towards getting the life and financial health you want. While the ideal moment can differ greatly from person to person, certain life events and circumstances often signal the need for expert financial advice.
- Major Life Transitions: Life is a series of transitions, and many of them have substantial financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly affect your financial landscape. A financial advisor can assist you navigate these changes, ensuring that your financial plan evolves to meet your new situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complicated, demanding, and, frankly, daunting for many. If you don't have the knowledge to effectively handle your investments, or simply prefer to focus your time on other pursuits, a financial advisor can be invaluable. They bring expertise and objectivity to your financial decisions, helping to optimize your portfolio, avoid costly mistakes, and set up your investments for long-term growth.
- Getting Close to Retirement: Retirement planning is one of the most common reasons individuals seek out financial advice. An advisor can assist you review your current financial situation, estimate your retirement needs, and craft a plan to ensure you can live comfortably during your retirement years with peace of mind. 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 expertise can be essential. They can guide you comprehend 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 paramount when you're hiring someone for any service, but especially so when it comes to your finances. In addition to finding a trustworthy advisor, you need one whose specialties align with 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 track record, including their years in the industry, the types of clients they've assisted, and their expert areas, can provide you a sense of their proficiency and whether they're well-suited to manage 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, indicating a high level of competence and expertise.
- What is 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 be in harmony with your goals and expectations.
- How do you usually communicate with clients?
Communication style and regularity are vital to a fruitful client-advisor relationship. Ask about how often you'll have meetings, whether they'll be face-to-face or virtual, and how the advisor plans to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a combination thereof. Understanding 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.
- 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 ahead of their own, offering 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 educational resources and portfolio reviews. Grasping the full scope of services offered can help you gauge whether the advisor can meet all your financial needs.
- How do you handle conflicts of interest?
An honest advisor will transparently share potential conflicts of interest and how they address them to ensure they don't harm 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 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 Sioux Falls, SD?
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 products they sell, such as other financial products. This fee structure can create a potential conflict of interest, as the advisor could be motivated to suggest products that generate higher commissions rather than those that best meet your needs. 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 aid in achieving 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 several forms, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent 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 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 Sioux Falls, SD
Correct Capital stands out in the Sioux Falls, SD 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 Sioux Falls, SD:
One-Time Financial Plan (best for validators)
This service model is best for those who are looking for the guidance and recommendations a financial advisor can offer without the continuous oversight. This service is excellent for individuals who largely feel good about managing their finances but seek professional validation to ensure they're doing things the right way. Our team conducts a thorough review of your current financial situation, supplying 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 evolves, or when they have specific questions about something related to their finances. This model offers monthly updates from our financial advisors, quarterly meetings, and open availability if the need ever arises. While we will not be managing your portfolio, we'll work to look for opportunities to help you 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, comprehensive financial strategizing, and proactive advice 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 achieving their financial goals.
Why Choose Correct Capital as Your Sioux Falls, SD Financial Advisor?
Correct Capital is a premier choice for individuals and families in Sioux Falls, SD seeking 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, we are legally obligated to act in your best interests. This commitment guarantees 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: Every piece of guidance we offer is independent, objective, and unbiased. Being independent 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 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. 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 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: Correct Capital offers 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 together with your advisor.
Choosing Correct Capital as your financial advisor in Sioux Falls, SD means joining forces with a team dedicated to your financial success. Our experience, 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 Sioux Falls, SD include:
Call Correct Capital's Sioux Falls, SD Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are inherently personal. At Correct Capital, we firmly believe in the relationship between an individual, family, or entrepreneur in Sioux Falls, SD and their financial advisor is founded on mutual trust. Committed to helping our clients realize their financial and personal goals, be it funding higher education for your children or making the dream purchase of that dream car during your retirement years. Reach out to our Sioux Falls, SD 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.
