Financial Advisor in St. Paul, MN. Your hard-earned money deserves attention, and you need to be assured about how it's expanding and how it's being used. Many St. Paul residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or inclination to stay informed on market trends along with new laws, rules, and global events. That's when you need a trustworthy, seasoned, and knowledgeable financial advisor. A Correct Capital financial advisor in St. Paul, MN will help your finances grow. We use in-depth analytics along with our decades of experience to create personalized financial solutions for individuals, families, and businesses in St. Paul, MN and beyond. Speak to a team member today at 877-930-4015 or contact us online to see if Correct Capital is a good fit for you.
Wondering if you're ready to hire a financial advisor in St. Paul, MN? Check out our process page to discover how simple we make it to determine if we would make a good team.
A 2018 study by FINRA reported that 53 percent of American adults are worried about their finances. The root of that apprehensiveness is often just not being sure they're putting their money in the right places. After our St. Paul, MN financial advisor team gets to know you, your finances and your financial objectives, we'll implement a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is obligated to act in your best interest and we are not limited in the options we can suggest. Our financial advisors in St. Paul, MN have certifications that can only be acquired through rigorous testing and by meeting strict education requirements.
What Is a Financial Advisor?
A financial advisor is a professional who assists individuals manage their money, plan their finances, put enough money away, and prepare for their financial future. This role encompasses a wide range 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 advise on strategies that suit 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 denote their experience and education.
Types of Financial Advisors in St. Paul, MN
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These professionals offer advice on securities and manage investment portfolios. They often work in RIAs and are required to serve as fiduciaries, prioritizing their clients' interests above their own. 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 buy and sell securities like stocks, bonds, and mutual funds for 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 are determined by their specific licenses, such as Series 6 or Series 7. For instance, someone 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 designation have completed rigorous education and uphold high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial planning services, ranging from debt management to planning for retirement, and investment strategies. This approach is holistic, designed to address every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone training similar to CERTIFIED FINANCIAL PLANNER™ Professionals and are also bound by a fiduciary duty. They focus on providing comprehensive financial advice, covering everything from investment management to retirement strategies, ensuring that clients' financial goals are met with the highest ethical standards.
- Financial Coaches: Focus on enhancing clients' financial literacy, guiding with fundamentals such as saving money and budgeting. They are suited for clients who are not yet wealthy enough to work with most financial advisors. This type of guidance provides a good starting point for handling personal finances wisely, especially for those looking to take the first step towards financial wellbeing.
- Wealth Managers: Specialize in serving high-net-worth individuals, offering comprehensive services that include estate planning, tax assistance, and investment management. They partner closely with their clients to handle complex financial situations and implement wealth preservation strategies. This expertise is tailored for maximizing the financial health and future of affluent clients, ensuring that every financial decision is aligned with customized advice and approaches.
Each type of financial advisor serves different needs, and the best choice depends on an individual's or organization's specific financial situation and goals. At Correct Capital, our team of advisors boasts CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, guaranteeing that we act exclusively 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, identify means to enhance it, and help you achieve your future financial goals. A lot of St. Paul, MN residents typically immediately think of investing when they hear wealth management services and financial advisors. While that is a essential aspect of any financial plan, a certified financial advisor will be able to give you holistic financial advice that takes into consideration the whole of your finances. Below are some of the services your Correct Capital financial advisor in St. Paul, MN will utilize in order to help you achieve your objectives.
- Financial Planning
Our money is a part of almost anything we do, from making sure we're set up in retirement, to education, buying and/or selling a house, picking insurance policies, and putting food on the table each night. The best financial advisors in St. Paul, MN offer comprehensive services and personalized advice by evaluating your entire financial situation.
- Tax Planning
Taxes are involved in almost every financial transaction and transfer. According to the IRS's own data, more than 70 percent of Americans pay more than necessary in taxes each year. The United States tax code is incredibly complicated, yet it offers perfectly legal means to minimize taxes owed. A reliable and expert St. Paul, MN financial advisor will assist you in navigating your tax implications in the interest of keeping more money in your hands than in the government's.
- Portfolio Management and Asset Management
Your financial portfolio is the collection of your financial assets. They can include equities, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or alternative assets such as real estate. A financial advisor in St. Paul, MN will assist to allocate and diversify your assets to mitigate risk and best 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 retire, your St. Paul, MN financial advisor will help with tax planning, considering the best age to retire, when to make withdrawals and how much to take out. A financial advisor will aid in creating a budget and strategy 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. Paul, MN businesses and business owners. Implementing a 401(k) plan is a fantastic way to keep your best employees and keep them motivated and happy. Our retirement consultants represent over $218 million in plan assets and hundreds of plan participants nationwide. Our St. Paul, MN financial advisor team offers comprehensive 401(k) planning for companies as well as individualized benefits for their employees.
- 401(k) Rollover
When starting a new job, it can be difficult to know the best way to deal with the money you've accumulated in a previous St. Paul, MN employer's 401(k) plan. You have several options, such as keeping the money in the account it is in now, transferring it to a new 401(k), or investing the money in one of a variety of IRA accounts. A financial advisor will know how to best navigate managing your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's normal to wish to leave a legacy and leave some wealth behind the people you care about the dearly. Wealth transfers are different from merely leaving gifts behind in estate planning. A financial advisor in St. Paul, 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 vital to pick one who has earned accreditations and certifications from regulatory bodies such as the CFP Board, Fi360, InFRE, and FINRA. As fiduciary advisors and CERTIFIED FINANCIAL PLANNER™™ professionals, your St. Paul, MN 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 customized debt management plans that focus on managing debt, securing lower interest rates where possible, and prioritizing repayments. The goal is to create a manageable path forward that matches your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is fundamental to achieving financial health and goals. Financial advisors in St. Paul, MN can assist clients comprehend your income level, find areas for savings, and set realistic spending limits that promote wealth accumulation. By providing resources and strategies for efficient budgeting, advisors guarantee that clients can fulfill their current financial obligations while also planning for future goals.
When you hire a St. Paul, MN financial advisor at Correct Capital, we begin by getting to know you and your aims. We will assess your current income, assets, investments, debts, and expenses. After we've accomplished that, we'll work with you to ascertain your preferred risk tolerance and how we can best help you meet your goals. As an independent advisory firm, our only job is to act in your best interest. There is no limitation 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 St. Paul, MN?
Seeking the guidance 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 suggest the need for expert financial advice.
- Major Life Changes: Life is a series of changes, and many of them have major financial implications. Whether you're buying a home or facing retirement, these milestones can dramatically affect how your money should be used and invested. A financial advisor can assist you navigate these changes, ensuring that your financial plan adapts to meet your new 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 choose to spend your energy elsewhere, a financial advisor can be invaluable. They bring insight and wisdom to your financial decisions, aiding to improve your portfolio, prevent costly mistakes, and set up your investments for future success.
- Nearing Retirement: Retirement planning is one of the most common 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 experience 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 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 grasp 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 particularly so when it involves your finances. Beyond just finding a dependable advisor, you need one who best meets 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 time spent in the industry, the types of clients they've worked with, and their expert areas, can give you a sense of their skills and whether they're prepared to tackle your financial needs.
- 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 fulfilling strict educational, experience, and ethical standards, signifying a high level of professionalism and expertise.
- Can you describe 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 dynamic strategy, their philosophy should be in harmony with your expectations 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 online, and how the advisor expects to keep you informed about your investments and financial plan.
- How are you compensated for your services?
Advisors can be either get money from fees/a percentage of your assets, commission from selling financial products, or a mixture thereof. Grasping how an advisor is compensated will assist you in identifying potential conflicts of interest and make certain 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 essential. This means they are legally required to put your interests ahead of their own, providing advice that optimally benefits 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. Grasping 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 clearly explain 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 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. Paul, MN?
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 lead to a possible conflict, as the advisor could be motivated to suggest products that generate higher commissions instead of those that are most suited to your financial goals. 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 most appropriate to your needs.
- Fee-Only: Advisors on a fee-only basis are compensated directly by their clients for the guidance and assistance they provide and do not receive any commissions from product sales. This compensation can take various shapes, including fixed fees assets under management (AUM). This model is frequently regarded as more transparent and aligned 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 client-paid fees and commissions from selling financial products. While this model offers a blend of the fee-only and commission-based structures, such advisors generally also have a fiduciary duty, which means that even if they get commission from certain products, they must disclose that information 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 St. Paul, MN
Correct Capital is distinguished in the St. Paul, MN financial advisory landscape for its customized approach to wealth management and financial planning. Understanding that not all clients have the same starting point or identical goals, we offer a variety of service models to our clients in St. Paul, MN:
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 are largely confident in managing their finances but seek professional insight to ensure they're doing things the right way. Our team performs a thorough review of your current financial situation, supplying you with a detailed plan that addresses your specific goals, concerns, and growth opportunities.
Subscription (best for collaborators)
Our subscription service is designed for individuals who appreciate ongoing 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 insights from our financial advisors, regular check-ins every quarter, and open availability if the need ever arises. While we will not be managing your portfolio, we'll strive 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 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 retirement planning to estate planning 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 realizing their long-term goals.
Why Choose Correct Capital as Your St. Paul, MN Financial Advisor?
Correct Capital is a leading choice for individuals and families in St. Paul, MN looking for 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 guarantees that every piece of advice, every investment recommendation, and every strategic decision we make on your behalf is done with your best interests in mind.
- Our I.O.U. Promise: Every piece of guidance we offer is independent, objective, and unbiased. Our independence signifies we aren't tied to any financial institution or product, allowing us the freedom to select the best investments and strategies for you.
- Professional Credentials: 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.
- Proactivity is Our Approach: 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 the latest data and software to analyze trends, we prepare the most appropriate strategy for your needs.
- Continuous Learning Opportunities: Correct Capital offers quarterly webinars and workshops aimed at keeping you up-to-date and engaged with your financial health. Our commitment to client education ensures that you are fully prepared to make informed decisions alongside your advisor.
Choosing Correct Capital as your financial advisor in St. Paul, MN means partnering with a team committed 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. Paul, MN include:
Call Correct Capital's St. Paul, MN 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 an individual, household, or business owner in St. Paul, MN and their financial advisor is founded on mutual trust. Committed to helping our clients achieve their personal and financial goals, whether it's funding higher education for your children or finally achieving the dream of owning that dream car in retirement. Reach out to our St. Paul, MN financial advisor team today at 877-930-4015 or start a conversation with us online to take the first step towards building your wealth in the manner you desire.
