Financial Advisor in Sioux Falls, SD. Your hard-earned money deserves attention, and you need to feel confident about how it's being managed and how it's being used. A lot of Sioux Falls residents do not have the financial literacy to feel sure they're making the best decisions with their money, while others simply don't have the time or interest to stay informed on market trends along with new laws, regulations, and global events. That's when you need a dependable, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in Sioux Falls, SD will make your money work for you. We utilize in-depth research 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 online to learn how Correct Capital can help you.
Not sure if you're ready to hire a financial advisor in Sioux Falls, SD? Explore our process page to find out how simple we make it to find out 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 anxious about their finances. The cause of that anxiety is often simply not being sure they're managing their money correctly. Once our Sioux Falls, SD 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, your Correct Capital financial advisor is required to act in your best interest and we are not limited in the options we can recommend. Our financial advisors in Sioux Falls, SD have certifications that can only be awarded through exhaustive 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 role covers a wide range of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a holistic view of your financial situation to advise on strategies that match your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, reliable and professional advisors will have qualifications from organizations such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
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 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 themselves. They must register with 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, someone who holds a Series 7 license represents general securities, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Advisors holding the CFP certification have completed rigorous training and adhere to high ethical standards, particularly a fiduciary duty to their customers. CFPs provide a wide array of financial advisory services, ranging from managing debt to planning for retirement, and tax optimization strategies. Their approach is comprehensive, intended to meet 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 CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. Like CFPs, ChFCs focus on providing holistic financial advice, encompassing areas such as investment management to tax advice, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Focus on boosting clients' financial literacy, guiding with basics such as saving money and creating budgets. They are ideal for clients who don't have the financial resources to hire a financial advisor yet. Their services offers a solid foundation for managing personal finances wisely, particularly for those just starting out.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering extensive services that include 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 wealthy individuals, 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 includes CFPs and other qualified professionals who represent 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 examine your present financial situation, ascertain methods to enhance it, and help you achieve your future financial goals. Many Sioux Falls, SD residents frequently immediately think of investing when they think of wealth management services and financial advisors. While that is a essential element of any financial plan, a professional financial advisor will be able to give you comprehensive financial advice that takes into account the whole of your finances. The following are some of the services your Correct Capital financial advisor in Sioux Falls, SD will utilize in order to help you meet your goals.
- Financial Planning
Our money is integral to almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a home, choosing insurance policies, and making sure we have enough to eat every night. The best financial advisors in Sioux Falls, SD offer all-encompassing services and bespoke guidance 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, over 70 percent of Americans pay more than necessary in taxes every year. The United States tax code is incredibly complicated, yet it provides perfectly legal means to minimize taxes owed. A reliable and expert Sioux Falls, SD financial advisor will assist you in navigating your tax implications with the aim of keeping more money in your hands than in the government's.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation 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 Sioux Falls, SD will help to allocate and diversify your assets 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 make withdrawals and how much to withdraw. A financial advisor will assist in formulating a budget and plan for where your income will come from in retirement so you can spend your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as Sioux Falls, SD businesses and business owners. Implementing a 401(k) plan is a fantastic way to maintain your best employees and keep them satisfied and happy. Our retirement consultants oversee over $218 million in plan assets and thousands of plan participants nationwide. Our Sioux Falls, SD financial advisor team offers extensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be tough to know the best way to handle the money you've accumulated in a previous Sioux Falls, SD employer's 401(k) plan. You have a number of options, such as leaving the money in the account it is in now, transferring it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will know how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's natural to want to leave a legacy and bequeath some wealth to the people you care about the most. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in Sioux Falls, SD can best position your money for both 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 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 Sioux Falls, SD financial advisor at Correct Capital must abide 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 where possible, and prioritizing 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 sticking to a budget is crucial to achieving financial health and goals. Financial advisors in Sioux Falls, SD can help clients comprehend their cash flow, identify areas for savings, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for effective budgeting, advisors ensure that clients can meet their current financial obligations while also planning for future goals.
When you hire a Sioux Falls, SD financial advisor at Correct Capital, we start by getting to know you and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. Then we've done that, we'll work in concert 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 responsibility is to act in your best interest. There is no limit to the services, products, and investment opportunities our financial advisor team can offer you, 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 Sioux Falls, SD?
Seeking the advice of a financial advisor can be a critical step towards getting the life and financial prosperity you want. 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 Changes: Life is a long line of transitions, and many of them have major financial implications. Whether you're starting a family or facing retirement, these milestones can dramatically affect your financial landscape. A financial advisor can guide you through these changes, ensuring that your financial plan adapts to meet your changing situation and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complicated, time-consuming, and, frankly, daunting for many. If you aren't confident to successfully manage your investments, or simply prefer to focus your time on other pursuits, a financial advisor can be essential. They bring experience and perspective to your financial decisions, aiding to enhance your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Nearing Retirement: Retirement planning is one of the foremost reasons individuals seek out financial advice. An advisor can assist you assess your current financial situation, estimate your retirement needs, and devise a plan to ensure you can experience your retirement years without worry. This includes strategies for Social Security benefits, pension management, and withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a wide array 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 insight can be vital. They can guide 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 paramount whenever you hire someone to do something, but especially so when it involves your finances. In addition to finding a trustworthy advisor, you need one who perfectly matches your needs. It's important to inquire properly 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 expert areas, can provide you a sense of their expertise and whether they're prepared to handle your financial situation.
- What are your qualifications and certifications?
Inquire about any qualifications (e.g., CFP®, CFA, ChFC) the advisor holds. These accreditations often require fulfilling strict education, 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 cautious approach with a focus on long-term growth or a more dynamic strategy, their philosophy should reflect your aspirations and expectations.
- How do you usually communicate with clients?
Communication method and frequency are essential to a fruitful client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be in person or virtual, and how the advisor intends to keep you updated about your investments and financial plan.
- What's your fee structure?
Advisors can be fee-only, commission-based, or a mixture thereof. Knowing how an advisor is compensated will enable you to discern potential biases and guarantee that their recommendations are made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is vital. This means they are legally required to put your interests ahead of their own, providing advice that best serves 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. 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 reveal 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 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 Sioux Falls, SD?
In general, there are three common ways for financial advisors to be compensated:
- Commission-Based: Advisors who earn through commissions earn their income through commissions on the financial products they offer, such as insurance policies. This fee structure can create a potential conflict of interest, as the advisor might be incentivized 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 aid in achieving your goals, but not necessarily the ones best suited to your needs.
- Fee-Only: Fee-only advisors are compensated straightforwardly by clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including hourly rates assets under management (AUM). This model is frequently regarded as more transparent and in line 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 although 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 bespoke 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 seeking the insights and advice a financial advisor can offer without the ongoing management. This service is excellent for individuals who largely feel good about 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 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 caters to individuals who appreciate consistent guidance and advice as their financial situation evolves, 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 won't manage your investments for you, we'll work to look for opportunities to help you save and grow 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, comprehensive financial strategizing, 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 dedicated to maximizing their wealth and realizing 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 significant difference in your financial journey:
- We're Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to act in your best interests. 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: Every piece of guidance we offer is independent, objective, and unbiased. Our independence means we are not tied to any financial institution or product, allowing us the freedom to choose 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. Moreover, our retirement consultants and financial portfolio managers have 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 stay ahead of trends and lead, rather than follow. Leveraging 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 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 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 custom-tailored approach to financial planning and investment management make us the ideal partner for individuals and families looking to achieve their financial goals and safeguard their future.
Other services we offer in Sioux Falls, SD include:
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Fiduciary Financial Advisor
- Self-Employed Retirement Plans
Call Correct Capital's Sioux Falls, SD Financial Advisor Team Today
Your money and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between a person, family, or business owner in Sioux Falls, SD and their financial advisor is founded on trust. Committed 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 in retirement. Contact our Sioux Falls, SD financial advisor team today at 877-930-4015 or start a conversation with us online to begin building your wealth how you've always wanted.
