Financial Advisor in St. Petersburg, FL. You work hard for your money, and you need to be assured about how it's being managed and how it's being used. A lot of St. Petersburg residents lack the financial literacy to feel like they can handle their investments and finances by themselves, while others are too busy or interest to stay up to date on market trends along with new laws, regulations, and different events happening around the world. That's when you need a dependable, experienced, and knowledgeable financial advisor. A Correct Capital financial advisor in St. Petersburg, FL 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 St. Petersburg, FL and beyond. Call us today at 877-930-4015 or contact us through our website to learn how Correct Capital can help you.
Not sure if you're ready to work with a financial advisor in St. Petersburg, FL? Take a look at our process page to discover how simple we make it to ascertain if you're a good fit.
A 2018 study by FINRA revealed that 53 percent of American adults are nervous about their finances. A source of that anxiety is commonly just not being sure they're making the right decisions with their money. Once our St. Petersburg, FL financial advisor team gets to know you, your finances and your financial goals, we'll build a road map to help you realize them. As a fiduciary and an independent firm, every Correct Capital financial advisor is required to act in your best interest and we are not limited in the solutions we can suggest. Our financial advisors in St. Petersburg, FL 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 provides advice on managing personal finances and investments. This broad definition includes 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 recommend strategies that align with your goals, risk tolerance, and time horizon. While technically anyone can call themselves a financial advisor or financial planner, trustworthy and professional advisors will have accreditations from organizations such as FINRA and the CFP Board that denote their experience and education.
Types of Financial Advisors in St. Petersburg, FL
Financial advisors can work and market themselves under different titles:
- Investment Advisors or Portfolio Managers: These professionals provide advice on securities and manage investment portfolios. They're commonly associated with RIAs and are required to serve as fiduciaries, 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, based on the size of the assets they manage.
- Broker-Dealers and Brokers: Broker-dealers trade securities like stocks, bonds, and mutual funds for their clients or for their own accounts. They must be registered by 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 example, an advisor who has a Series 7 license is qualified to sell 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 adhere to high ethical standards, particularly a fiduciary duty to the people whose assets they help manage. CFPs offer a broad range of financial advisory services, such as managing debt to retirement planning, and estate planning. Their methodology is all-encompassing, intended to meet every facet of a client's financial life.
- Financial Consultants: This term can apply broadly, but chartered financial consultants (ChFCs) have undergone education comparable with CERTIFIED FINANCIAL PLANNER™ Professionals and are also required to hold their clients' interests above their own. They specialize in providing comprehensive financial advice, covering areas such as estate planning to retirement strategies, guaranteeing that clients' financial goals are achieved through the highest ethical standards.
- Financial Coaches: Are dedicated to improving clients' financial literacy, guiding 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 provides a solid foundation for managing personal finances efficiently, particularly for those just starting out.
- Wealth Managers: Help high-net-worth individuals, offering extensive services that encompass estate planning, tax help, and investment management. They partner closely with their clients to navigate complex financial situations and formulate wealth preservation strategies. Their expertise is geared towards maximizing the financial health and legacy of wealthy individuals, making sure that all investments and planning strategies meet tailored 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 boasts CFPs and other qualified professionals who represent the highest standards of fiduciary responsibility and personalized service, ensuring 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 analyze your current financial situation, identify means to enhance it, and help you reach your future financial goals. A lot of St. Petersburg, FL residents frequently immediately think of investing when they consider wealth management services and financial advisors. While that is a fundamental component of any financial plan, a professional financial advisor will be able to give you comprehensive financial advice that considers the whole of your finances. The following are some of the services your Correct Capital financial advisor in St. Petersburg, FL will use in order to help you achieve your goals.
- Financial Planning
Our finances are integral to almost everything we do, from making sure we're prepared for retirement, to paying for college, buying and/or selling a home, choosing insurance policies, and putting food on the table each night. The best financial advisors in St. Petersburg, FL offer holistic services and bespoke advice by considering your entire financial situation.
- Tax Planning
Tax considerations play a role in almost every financial transaction and transfer. 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 incredibly complicated, yet it allows for perfectly legal means to lower your taxes. A skilled and ethical St. Petersburg, FL financial advisor will guide you through your tax implications with the aim of keeping more money in your pocket.
- Portfolio Management and Asset Management
Your financial portfolio is the aggregation of your financial assets. They can include stocks, bonds, mutual funds, exchange-traded funds (ETFs), cash equivalents, or other investments such as real estate. A financial advisor in St. Petersburg, FL will assist in allocating and diversify your assets in order to mitigate risk and best position your money for long-term success.
- Retirement Planning
Depending on where you stand in life and your desired lifestyle when you retire, your St. Petersburg, FL financial advisor will assist with tax implications, 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 strategy for where your income will come from in retirement so you can enjoy your golden years exactly the way you want to.
- 401(k) Services
We offer 401(k) services to individuals and families as well as St. Petersburg, FL businesses and business owners. Setting up a 401(k) plan is a great way to retain your best employees and keep them satisfied and happy. Our retirement consultants manage over $218 million in plan assets and numerous of plan participants nationwide. Our St. Petersburg, FL financial advisor team offers extensive 401(k) planning for companies as well as personalized benefits for their employees.
- 401(k) Rollover
When moving to a new job, it can be difficult to know the best way to manage the money you've already saved in a previous St. Petersburg, FL employer's 401(k) plan. You have a number of options, including keeping the money in the account it is currently in, transferring it to a new 401(k), or putting the money in one of a variety of IRA accounts. A financial advisor will have the knowledge how to best approach handling your 401(k) funds.
- Generational Wealth Transfers
You earn your money, and it's common to want to leave a legacy and leave some wealth to the people you care about the dearly. Wealth transfers are different from just leaving gifts behind in estate planning. A financial advisor in St. Petersburg, FL can strategically plan your money for not only your children but for generations to come, even ones you haven't met yet.
- Fiduciary Advising
Anyone can call themselves a "financial advisor," so it's imperative to choose one who has 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. Petersburg, FL financial advisor at Correct Capital must follow 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, achieving lower interest rates where possible, and structuring repayments. The goal is to create a workable path forward that suits your financial situation and goals, ultimately leading to stability.
- Budgeting
Creating and staying compliant with a budget is essential to achieving financial health and goals. Financial advisors in St. Petersburg, FL can assist clients comprehend how much money's coming in, identify areas to spend less, and set realistic spending limits that promote growing your wealth. By providing tools and strategies for efficient budgeting, advisors ensure that clients can fulfill their current financial obligations while also saving for future goals.
When you hire a St. Petersburg, FL financial advisor at Correct Capital, we start by getting to know you and your objectives. We will analyze your current income, assets, investments, debts, and expenses. Next we've accomplished that, we'll work in concert 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 responsibility 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 Speak to a Financial Advisor in St. Petersburg, FL?
Seeking the assistance of a financial advisor can be a critical step towards getting the life and financial security you want. 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 Transitions: Life is a long line of changes, and many of them have substantial financial implications. Whether you're starting a family or changing careers, these milestones can profoundly affect how your money should be used and invested. A financial advisor can guide you through these changes, ensuring that your financial plan adapts to meet your evolving situation and goals.
- Lack of Experience, Time, Knowledge, or Interest to Manage Your Finances Alone: Managing personal finances can be complex, time-consuming, and, frankly, overwhelming for many. If you don't have the knowledge to successfully handle your investments, or simply choose to spend your energy on other pursuits, a financial advisor can be crucial. They bring expertise and perspective to your financial decisions, assisting to improve your portfolio, prevent costly mistakes, and set up your investments for sustainable growth.
- Getting Close to Retirement: Retirement planning is one of the primary reasons individuals seek out financial advice. An advisor can aid you review your current financial situation, estimate 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 withdrawal plans from retirement accounts.
- Complex Financial Products: The financial market offers a myriad 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 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 essential when you're hiring someone for any service, but especially so when it involves your hard-earned money. Beyond just finding a dependable advisor, you need one who ideally suits 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 track record, including their time spent in the industry, the varieties of clients they've collaborated with, and their specializations, can offer you a sense of their expertise and whether they're equipped to manage your financial situation.
- 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 demanding educational, experience, and ethical standards, indicating a high level of professionalism and expertise.
- Can you describe your investment philosophy?
An advisor's investment philosophy should align with your risk tolerance and financial goals. Whether they favor a conservative approach with a focus on long-term growth or a more dynamic strategy, their philosophy should resonate with your expectations and expectations.
- How do you usually communicate with clients?
Communication style and frequency are vital to a fruitful client-advisor relationship. Inquire about how often you'll have meetings, whether they'll be in person or online, and how the advisor intends to keep you informed 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 either get money from fees/a percentage of your assets, commission from selling financial products, or a combination thereof. Understanding how an advisor is compensated will assist you in identifying potential conflicts of interest and guarantee that their advice is made with your best interests in mind.
- Do you have a fiduciary duty to your clients?
Confirming that an advisor is a fiduciary is vital. This means they are legally obligated 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 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 help you gauge 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 manage them to ensure they don't adversely affect their clients' financial plans. Fiduciary advisors must disclose conflicts of interest, and are required to manage them in their client's best interest.
Asking these questions will not only give essential information about the financial advisor's qualifications and approach but also help you gauge whether there is a good personal fit. Remember, a strong relationship with your financial advisor is built on transparency, trust, and mutual understanding.
You can find many of these questions answered on our FAQ page.
How Much Does a Financial Advisor Cost in St. Petersburg, FL?
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 products they sell, such as insurance policies. This fee structure can lead to a possible conflict, as the advisor could be motivated to suggest options 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 advise on 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 transparent and in line with the client's best interests, as it minimizes 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 blend of the fee-only and commission-based structures, fee-based 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 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. Petersburg, FL
Correct Capital stands out in the St. Petersburg, FL financial advisory landscape for its bespoke approach to wealth management and financial planning. Recognizing that not all clients have the same starting point or the same goals, we offer three different service models to our clients in St. Petersburg, FL:
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 desire professional validation to ensure they're on the right track. 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 value 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 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 grow and save your wealth.
Wealth Management (best for delegators)
Our wealth management service model is for clients who choose 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 peace of mind, knowing that every aspect of their financial well-being is being overseen by a dedicated team of professionals dedicated to maximizing their wealth and realizing their financial goals.
Why Choose Correct Capital as Your St. Petersburg, FL Financial Advisor?
Correct Capital is a leading choice for individuals and families in St. Petersburg, FL seeking trusted, professional financial guidance. Here's why choosing Correct Capital can make a significant difference in your financial journey:
- We are Fiduciary Advisors: As fiduciaries, Correct Capital is legally obligated to put your interests first. 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 means we aren't tied to any specific financial institution or product, enabling 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 two CERTIFIED FINANCIAL PLANNER™ professionals, an Accredited Investment Fiduciary (AIF®), an Enrolled Agent, and a CPA. Additionally, our retirement consultants and financial portfolio managers boast over 100 years of combined experience.
- We Are Proactive: Our advisors believe that the most valuable way to create long-term financial security is to stay ahead of trends and lead, rather than follow. Leveraging in-depth research and analytics, 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 fully prepared to make informed decisions together with your advisor.
Choosing Correct Capital as your financial advisor in St. Petersburg, FL means partnering with a team dedicated to your financial success. Our expertise, fiduciary commitment, and personalized approach to financial planning and investment management make us the perfect choice for individuals and families looking to achieve their financial goals and secure their future.
Other services we offer in St. Petersburg, FL include:
Call Correct Capital's St. Petersburg, FL Financial Advisor Team Today
The decisions you make about your finances and the decisions you make with it are deeply personal. At Correct Capital, we strongly believe that the relationship between a person, household, or entrepreneur in St. Petersburg, FL and their financial advisor is founded on trust. Committed to guiding our clients realize their personal and financial goals, be it sending your children to college or making the dream purchase of that dream car during your retirement years. Reach out to our St. Petersburg, FL 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.
