Financial Advisor in St. Louis, MO. Your hard-earned money deserves attention, and you need to feel confident about how it's expanding and how it's being used. A lot of St. Louis residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others simply don't have the time or interest to stay up to date on market trends along with new laws, regulations, and global events. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in St. Louis, MO 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 St. Louis, MO and beyond. Call us today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Not sure if you're ready to hire a financial advisor in St. Louis, MO? Take a look at our process page to discover how easy we make it to ascertain if you're a good fit.
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A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. The cause of that apprehensiveness is commonly simply not being sure they're putting their money in the right places. After our St. Louis, MO financial advisor team gets to know you, your present financial situation and your financial ambitions, we'll design a road map to help you reach 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 plans we can endorse. Our financial advisors in St. Louis, MO have certifications that can only be gained 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 broad definition encompasses a variety of services, from portfolio management and retirement planning to tax planning and generational wealth transfers. Financial advisors take a thorough view of your financial situation to suggest strategies that match 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 regulatory bodies such as FINRA and the CFP Board that can only be obtained through rigorous education and exams.
Types of Financial Advisors in St. Louis, MO
Financial advisors come in various forms, each with different areas of expertise, compensation models, and types of services offered:
- Investment Advisors or Portfolio Managers: These advisors offer advice on securities and oversee 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. Investment advisors are certified with either the Securities and Exchange Commission (SEC) or state regulators, depending on the size of the assets 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 register with the SEC and are typically 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, including mutual funds and exchange-traded funds (ETFs).
- CERTIFIED FINANCIAL PLANNER™ Professionals (CFPs): Professionals holding the CFP certification have completed rigorous education and adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs provide a vast spectrum of financial advisory services, including debt management to planning for retirement, and tax optimization strategies. This approach is comprehensive, intended to meet every aspect of a client's financial life.
- Financial Consultants: This term can be widely applied, but chartered financial consultants (ChFCs) have completed training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. Like CFPs, ChFCs specialize in providing holistic financial advice, covering areas such as investment management to tax advice, ensuring that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Concentrate on enhancing clients' financial literacy, helping with fundamentals such as saving money and creating budgets. They are suited for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance offers a good starting point for managing personal finances effectively, particularly for those just starting out.
- Wealth Managers: Serve high-net-worth individuals, offering extensive services that include estate planning, tax help, and investment management. They work closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is tailored for enhancing the financial health and legacy of those with substantial assets, guaranteeing that all investments and planning strategies meet personalized advice and strategies.
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 group of advisors includes CFPs and other qualified professionals who embody the highest standards of fiduciary responsibility and personalized service, ensuring that we act only in the best interest of our clients across all our engagements.
What Does a Financial Advisor Do?
A financial advisor will look over your extant finances, pinpoint means to enhance it, and help you reach your long-term financial goals. Many St. Louis, MO residents often immediately think of investing when they hear wealth management services and financial advisors. While that is a key part of any financial plan, a professional financial advisor will be able to provide you with holistic financial advice that takes into consideration the whole of your finances. The following are some of the services your Correct Capital financial advisor in St. Louis, MO will implement to help you reach your objectives.
- Financial Planning
Our finances are a part of almost anything we do, from making sure we're prepared for retirement, to paying for college, real estate transactions, picking insurance policies, and making sure we have enough to eat every night. The best financial advisors in St. Louis, MO offer comprehensive services and tailored advice by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in virtually every financial transaction and transfer. According to the IRS's own data, more than 7 out of 10 of Americans overpay in taxes every year. The United States tax code is notoriously complex, yet it provides perfectly legal ways to lower your taxes. A reliable and expert St. Louis, MO financial advisor will help you navigate your tax implications to ensure keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in St. Louis, MO will help in allocating and diversify your assets to mitigate risk and optimally position your money for long-term growth.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you retire, your St. Louis, MO financial advisor will assist with tax implications, evaluating the optimal time to retire, when to withdraw money and how much to take out. A financial advisor will assist in formulating a budget and plan for source of income 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 St. Louis, MO 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 manage over $218 million in plan assets and thousands of plan participants nationwide. Our St. Louis, MO financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When transitioning to a new job, it can be tough to know the best way to deal with the money you've already saved in a previous St. Louis, MO employer's 401(k) plan. You have multiple options, including leaving the money in the account it is currently in, moving it to a new 401(k), or putting the money in one of a selection of IRA accounts. A financial advisor will be skilled in how to best approach managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to desire to leave a legacy and bequeath some wealth to the people you care about the dearly. Wealth transfers are separate from simply leaving gifts behind in estate planning. A financial advisor in St. Louis, MO 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 vital to choose one who has obtained accreditations and certifications from regulatory authorities such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your St. Louis, MO 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 managing debt, securing lower interest rates if feasible, and structuring repayments. The goal is to create a workable path forward that aligns with your financial capabilities and goals, ultimately leading to financial freedom.
- Budgeting
Creating and sticking to a budget is essential to having the financial health and life you want. Financial advisors in St. Louis, MO can assist clients comprehend how much money's coming in, find areas for savings, and set realistic spending limits that promote wealth accumulation. By providing tools and strategies for effective budgeting, advisors make sure that clients can fulfill their current financial obligations while also saving for future goals.
When you hire a St. Louis, MO financial advisor at Correct Capital, we begin by getting to know you personally and your objectives. We will evaluate your current income, assets, investments, debts, and expenses. Next we've completed that, we'll work in tandem with you to determine your preferred risk tolerance and how we can best help you realize your goals. 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 offer you, and we will never try to sell you on something we do not believe in ourselves.
Do I Need to Speak to a Financial Advisor in St. Louis, MO?
Seeking the assistance of a financial advisor can be a vital step towards achieving financial health, peace of mind, and wealth. 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 long line of changes, and many of them have significant financial implications. Whether you're starting a family or facing retirement, these milestones can profoundly 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 evolving circumstances and goals.
- Lack of Experience, Time, Knowledge, or Desire to Manage Your Finances By Yourself: Managing personal finances can be complex, demanding, and, frankly, overwhelming for many. If you lack the experience to effectively manage your investments, or simply prefer to spend your time elsewhere, a financial advisor can be essential. They bring expertise and perspective to your financial decisions, aiding to enhance 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 evaluate your current financial situation, estimate your retirement needs, and craft a plan to ensure you can experience your retirement years comfortably. 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 crucial. They can assist you grasp the risks and benefits, ensuring that any investment fits your overall financial strategy and goals.
Questions to Ask a Financial Advisor Before Hiring Them
Trust is crucial when you're hiring someone for any service, but particularly so when it involves your hard-earned money. In addition to finding a reliable advisor, you need one whose specialties align with 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 experience, including their years in the industry, the kinds of clients they've collaborated with, and their areas of expertise, can offer you a sense of their proficiency and whether they're prepared to manage your specific financial circumstances.
- What are your qualifications and certifications?
Ask them to mention any certifications (e.g., CFP®, CFA, ChFC) the advisor has earned. These credentials often require adhering to demanding educational, experience, and ethical standards, demonstrating a high level of professionalism and expertise.
- What is your investment philosophy?
An advisor's investment philosophy should complement 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 resonate with your goals and expectations.
- How do you usually communicate with clients?
Communication method and frequency are essential to a productive client-advisor relationship. Inquire about how often you'll be able to meet with your advisor, whether they'll be face-to-face or online, and how the advisor plans to keep you updated 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 fee-only, commission-based, or a combination thereof. Knowing how an advisor is compensated will assist you in identifying potential biases and make certain that their advice is offered with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor acts as a fiduciary is crucial. This means they are bound by law to put your interests before their own, offering advice that best serves your financial goals and needs.
- What services do you offer beyond investment management?
Many advisors provide extensive financial planning services, including retirement planning, tax strategies, estate planning, and more. Additionally, some financial advisory firms offer more in the way of client education and portfolio reviews. Knowing 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 reveal 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 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 St. Louis, MO?
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 mutual funds. This fee structure can create a potential conflict of interest, as the advisor might be incentivized to recommend options that generate higher commissions instead of 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 help you achieve your goals, but not necessarily the ones most appropriate 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 aligned 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 blend of the fee-only and commission-based structures, fee-based advisors typically also have a fiduciary duty, which means that although they get commission from certain products, they must reveal this to the client and are not allowed to recommend those products unless they sincerely believe they are in the client's best interests.
Correct Capital's Financial Advisory Services in St. Louis, MO
Correct Capital stands out in the St. Louis, MO financial advisory landscape for its bespoke approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in St. Louis, MO:
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 seek professional validation to confirm they're doing things the right way. Our team conducts 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 people who appreciate ongoing guidance and advice as their financial situation changes, or when they have specific questions about something related to their finances. This model offers monthly insights from our financial advisors, quarterly meetings, and availability on an as-needed basis. While we won't be managing your portfolio, we'll work to look for opportunities to help you grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who prefer to delegate the management of their investments and financial planning to professionals. This includes active portfolio management, comprehensive financial strategizing, and forward-looking guidance on a wide range of financial matters — from tax planning and retirement planning 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 overseen by a dedicated team of professionals dedicated to maximizing their wealth and achieving their long-term goals.
Why Choose Correct Capital as Your St. Louis, MO Financial Advisor?
Correct Capital is a premier choice for individuals and families in St. Louis, MO seeking reliable, expert financial guidance. Here's why choosing Correct Capital can make a profound difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital are legally obligated to put your interests first. This commitment ensures that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests at heart.
- Our I.O.U. Promise: All the advice we offer is independent, objective, and unbiased. Being independent means 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. Moreover, our retirement consultants and financial portfolio managers have over 100 years of combined experience.
- We Are Proactive: We hold the belief that the most valuable way to create long-term financial security is to anticipate trends and lead, rather than follow. Leveraging in-depth research and analytics, we prepare 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 together with your advisor.
Choosing Correct Capital as your financial advisor in St. Louis, MO means partnering with a team dedicated to your financial success. Our experience, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families seeking to achieve their financial goals and safeguard their future.
Other services we offer in St. Louis, MO include:
- Roth Conversion
- Investment Management
- 401(k) Audit
- High-Net-Worth Wealth Management
- Retirement Planner
- Financial Planning
- Retirement Plan Consultants
- Succession Planning
- Fiduciary Financial Advisor
Call Correct Capital's St. Louis, MO Financial Advisor Team Today
The decisions you make about your finances and the choices you make with it are inherently personal. At Correct Capital, we firmly believe in the relationship between an individual, family, or entrepreneur in St. Louis, MO and their financial advisor is founded on mutual trust. Dedicating our lives to guiding our clients realize their personal and financial goals, be it sending your children to college or finally achieving the dream of owning that dream car in retirement. Contact our St. Louis, MO financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards growing your wealth how you've always wanted.
