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Mind of a Millionaire: What Does a Financial Advisor Actually Do?

Mind of a Millionaire: What Does a Financial Advisor Actually Do?

| November 22, 2019
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Thank you for tuning into another episode of the Mind of a Millionaire podcast. The purpose of this podcast is to help you tap into just that: the minds of millionaires. It is our goal to share the habits, routines, and choices that may lead to financial independence.

With that said, one thing that is true of all the millionaires (who we know of personally). They utilize the services of a financial advisor. Therefore, we have dedicated this episode to letting you know what a financial advisor does, and more specifically, what we do at Denver Wealth Management.

 

Cost vs. Benefits [1:25]

Three things that may contribute to financial independence [2:09]

  • The savings aspect/optimizing cash-flow [3:31]
  • Efficiency [3:27]
    • QDIA: Qualified Default Investment Alternative

How do we decide the different vehicles for different goals [6:40]

529 Plans in Colorado [8:46]

Savings accounts [9:27]

Forcing you not to procrastinate [11:00]

What differentiates a good financial advisor from a bad financial advisor? [11:42]

What differentiates a full-service firm from a larger, more well-known firm? [12:57]

A community presence [15:30]

The least important aspect [16:28]

Suze Orman rule of thumb [19:06]

Our Standard of Care [20:06]

 

Thank you for listening. As always, we hope you enjoyed! If you are curious to learn more about what we do, please don’t hesitate to give us a call or send us an email; we would be happy to discuss.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

Bonds are subject to marker and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.

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