As a successful business owner, you understand the importance of making informed decisions that secure your company’s future and contribute to financial prosperity. One way to pursue this prosperity is to partner with a fiduciary financial advisor in St. Louis. 

Think about it. You’ve poured your heart and soul into building your business. It’s not just a source of income; it’s an extension of your values, dreams, and the legacy you want to leave behind to your loved ones. But it is getting increasingly complex when your personal and business finances intertwine.  

As a business owner, you are more than likely wearing multiple hats. You’re the visionary leader, the strategic planner, and the day-to-day problem solver. But are you also an investment, tax strategist, and retirement planning expert? Chances are the answer is no. And that’s perfectly okay. That’s why partnering with a St. Louis fiduciary financial advisor can be a transformative experience.

Understanding the Role of a Fiduciary Financial Advisor in St. Louis

A fiduciary financial advisor must always act in your best interests, placing your financial needs ahead of their own. This means they should be providing you with unbiased advice when they help plan your financial future and invest your assets. The hallmark of the fiduciary is a high level of integrity and transparency.

For example, a fiduciary advisor must alert you about potential conflicts of interest. This helps to ensure that their advice and decisions always support your financial well-being. 

The fiduciary standard is a legal and ethical requirement that distinguishes these advisors from others in the financial services industry, who may not be required to always put your interests first.

Key Responsibilities of a Fiduciary Advisor 

Here are some of the primary services that a fiduciary financial advisor in St. Louis can provide to you:

• Financial Planning: This includes assessing your financial circumstances, concerns, goals, and risk tolerance to create a personalized plan for pursuing financial independence.

• Investment Management: The fiduciary advisor should create, develop, and manage your investment portfolio based on your risk profile, timelines, goals, and values, focusing on producing long-term rates of return.

• Tax Planning: The fiduciary financial advisor develops strategies for minimizing tax burden and maximizing your accumulation of wealth.

• Retirement Planning: This financial advisor should be skilled at assisting you in navigating the complexities of retirement planning.

• Estate Planning: Collaborating with other professionals, the advisor can develop an estate plan that protects your assets and ensures your wishes are fulfilled after passing.

• Continuous Monitoring: The fiduciary financial advisor should regularly review your financial situation and adjust your plan to adapt to changing circumstances and outlooks.

Key Benefits When You Work with a Fiduciary Advisor

Choosing a fiduciary advisor isn’t just about picking someone with impressive credentials. It’s about finding someone you connect with who understands your unique situation, goals, and values.

• They should listen and ask insightful questions about your values, concerns, and long-term goals for financial independence.

• You should always feel comfortable asking questions and understanding the reasoning behind their recommendations.

• They shouldn’t pressure you into investment decisions that don’t align with your comfort level, values, or beliefs.

• While past performance doesn’t guarantee future results, experience and expertise matter.

Red Flags When Selecting a Financial Advisor

It’s natural to hope that a nice, personable financial advisor will always have your best interests in mind, but it pays to remember they need to earn a living, too. You have many choices regarding who you hire to help you pursue your short and long-term financial goals. 

This makes your interview and selection process that much more critical. You might say this is the most important decision you will make for your financial future. 

An objective evaluation will help you make an informed decision vs. a more subjective one influenced by the advisor’s personality and sales skills. While there is nothing wrong with liking your financial advisor, that is not why you are hiring the advisor. You need an ethical financial professional you can trust to provide the right advice and always act in your best interest.

Here are three warning signs to be aware of when choosing a financial advisor:

• Not Being Open About Fees: A fiduciary financial advisor should fully disclose how they are paid, who pays them, what they charge, and what you get in return. Do not be deceived by “free” advice when third parties pay them. The third parties increase their costs to cover this expense. You should require all of this information in writing to document what was communicated to you. 

• Promising Too Much: Watch out if an advisor promises you specific returns on your investments or suggests volatile investments that exceed your risk tolerance. A trustworthy advisor will take the time to thoroughly get to know your financial situation, values, and goals and communicate with you in a way that is consistent with your best interests.

• Concerning Background Details: Be sure to conduct a background check if you are concerned about an advisor’s compliance history with regulatory bodies like the Financial Industry Regulatory Authority (FINRA) or the Securities and Exchange Commission (SEC). Past issues include professional misconduct or legal troubles, which raise questions about their honesty, ethical standards, or doing what is best for their clients. It’s critical to discuss any disclosures you find to get the whole story and understand the outcomes of any ethical complaints. 

Choosing the right financial advisor is a big decision, so taking these steps to do your homework can pay off.

Why Select a St. Louis CERTIFIED FINANCIAL PLANNER™ Professional

Working with a fiduciary CERTIFIED FINANCIAL PLANNER™ Professional (CFP®) in St. Louis can boost your confidence, knowing that your wealth is in good hands, managed with care, skill, and a personal touch based on your goals.

CFP® professionals undergo rigorous education, must pass a series of exams, and commit to high ethical standards set by the Certified Financial Planner Board. 

The advisor’s expertise covers all aspects of financial planning, including investment, retirement, tax, estate, and risk management.

Unlike traditional financial advisors who might operate with a “salesperson” mentality, an independent CFP® is legally obligated to prioritize your financial well-being above everything else. They should take a holistic approach, understanding that your business success is deeply intertwined with your personal financial goals. 

Whether securing your family’s future, planning for a comfortable retirement, or ensuring a smooth business succession, the advisor should collaborate with other professionals to create a values-based plan that aligns with your aspirations.

Get to Know Trinity Wealth Advisors

Wealth management can mean different things depending on who you talk to. Some advisors may have a limited definition, while their clients have many different expectations.  

We’ve identified five top financial concerns that successful business owners and their families have. Our approach, which we call Life-Wealth Planning, helps our clients pursue clear, focused, achievable goals that create exciting futures.

So, what does wealth management look like at Trinity?

Think of it as a blend of three primary ingredients: 

• Advanced Planning
• Investment Consulting
• Relationship Management

When you partner with Trinity Wealth Advisors, we serve as your personal guide through various stages of your financial journey that may last for decades, before and after your retirement date. We focus on providing objective advice and keeping your investments on track with your current circumstances, goals, values, and risk tolerance while building a strong, trusting foundation for you.

Ready to learn more about our wealth management services for business owners?  Let’s connect for an introductory call.