Meet CayDen's Newest Financial Services Intern, Boden Munger

Boden Munger

We are pleased to announce our newest CayDen Financial Associate intern, Boden Munger.

Boden comes to us a Junior from the University of Colorado Boulder where he studies Finance and Personal Financial Planning. We are excited to have him join the team.

Get to know Boden:

Q: What is the biggest investment you have made in yourself?

A: Once I found out that I got into my desired school, the University of Colorado, like many students facing the high costs of college, I had a choice to make... Either take on student loans to afford CU, or go to community college for two years to save money and then transfer. I knew either way I would study and work hard to get the education and skill I need to be successful, but I decided to bet on myself and invest in my education at the University of Colorado Boulder, because I was confident the return on investment was worth the risk. I think it's the best investment I have ever made!

Q: What does Financial Freedom mean to you?

A: Financial freedom to me is having enough income/investments in order to live the life I desire without the burden of debt or being dependent on a regular paycheck. The overall goal is to have financial security with the ability to have flexibility within my life choices

Q: Why Financial Planning as a career?

A: I was immediately drawn to Financial Planning as a career because it allows me to use my skills with numbers, build meaningful relationship with people, and provide others assistance in reaching their financial goals, while also working towards achieving my own financial freedom.

------------------------ Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services. Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

At CayDen Your Goals Become Our Mission; The CayDen Financial Planning Process

You and your household's financial goals are unique. At CayDen, we provide professional financial planning, advice, tax services, and investment management to partner with you and your family to help you achieve your unique financial goals, along with your own version of financial freedom, while building wealth along the way.

How?... The CayDen Financial Planning Process is how...

The CayDen Financial Planning process prioritizes proactive planning, thorough financial analysis, and consistent action. In effect, your goals become our mission.

The CayDen Wealth Management team takes the time to understand your unique financial situation, thoroughly assessing your household financial big-picture, and then formalizing and prioritizing your goals; creating custom systems, processes, and automations to systematize achieving your goals, building wealth, and realizing your own version of financial freedom.

We don't just advise our clients what to do, we help them implement it too. Because advice is not helpful if it is not actionable, and faithfully executed. Through proactive, goals and resource driven planning, periodic meetings and consistent financial action planning; it is hard not to make consistent progress towards your goals.

CayDen President, Shane Dennehy, CFP® and Sr. Financial Planner lays out the CayDen Financial Planning process clearly, below. Shane says, "A clear plan with prioritization of goals, an understanding of available resources, a sound process identified, and an action plan outlined, is the recipe for long term financial success."

1. We start by assessing your current financial situation, we bring further organization and clarity to the financial big-picture by aggregating your financial data, and benchmarking your net worth for future comparison (Assets - Liabilities).

2. Second, we gain an understanding of your financial goals and priorities through discussion. Formalizing your financial goals based upon your household values and financial priorities.

3. Third, we review your resources. What cash flow is available? We help you analyze your cash flow to understand where it is coming from and where it is going to. Then we can identify your nominal living expenses, lifestyle expenses, and surplus or deficit. Understanding living expenses also helps us dial in the appropriate nominal level for your emergency fund.

4. Then, we assess your risk tolerance, timeframe for each respective goal, savings needs, and appropriate investment strategy; providing recommendations for how to efficiently and effectively reach each goal.

5. Once the goals and priorities are agreed upon, we establish a baseline Financial Action Plan to set recurring savings, investments, processes, and automations to begin making consistent progress towards achieving your goals.

6. Ongoing Periodic Action Planning, Review, Assessment, & Reiteration Of The Action Plan, as well at Net Worth updates.
   

CFO to You Being CEO of Your Household: Year-Round Financial Support

We're also here for when financial events inevitably come up. Because the reality of life is that it is not a matter of if you will experience a financial ermegency, but when. So planning ahead, and always having a smart place to access money from when you need it most is a necessary step to achieving financial stability and realizing financial freedom. And when that times comes, we want to be your first call. We're happy to help.

We are the CFO to you being CEO of your household. We not only provide advice and white-glove implementation assistance, but we also are here to provide counseling and consulting, answering any financial questions you or your family may have.

We help you make consistent, confident, financial decisions that align with your long term goals.

Annual Review, Net Worth Update, Assessment Of What Worked, & Refocusing Goals

The CayDen financial planning process is an iterative and reiterative process. We help you make consistent progress, year in and year out, through proactive planning and impactful changes that compound over time. Your Net Worth is updated annually in our New Year review meeting where we discuss what went well, discuss any changes to your goals, and plan implementation of the changes that should be made moving forward.

Achieving Financial Goals, Building Wealth, & Refining Your Version of Financial Freedom along the way.

The CayDen Financial planning process makes building wealth and achieving your financial goals simple; systematizing and automating the savings, investing, and wealth building process. Partner with your CayDen Wealth Management team of advisors to confidently plan, save, and invest for your financial goals, and create your own unique version of financial freedom.

Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services. Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

CFP®, EA.... What Do All The Letters After Your Names Mean??

You may be wondering, “what’s with all the letters listed after your name? And what do they mean?”

Example of Professional Designations:

• Shane Dennehy, CFP®, ChFC®

• Daniel Caycedo, MS, EA, ChFC®

Simply put, At CayDen, these are our professional designations and a representation of our commitment to you and our core value of education. The letters stand for industry-specific educational accomplishments that we have achieved with the goal of furthering our ability to provide the highest possible level of fiduciary financial services to the clients we serve. The letters also represent our commitment to ourselves; and our manifestation of the core value to pursue life-long education and learning. 

The CFP®, EA, and ChFC® are the pinnacle designations within the Financial and Tax Planning industry. They signify a commitment to a specialized higher-education and professional experience in the topics of Financial Planning, Tax Planning, Investment Management, Retirement Planning, Insurance Planning, Estate Planning, and more…

CFP® - Certified Financial Planner professional

A Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. (CFP Board) to individuals who meet rigorous education, examination, experience, and ethical requirements. Here are the key aspects of what a CFP is and what they do:

Qualifications and Certification

1. Education: To become a CFP, candidates must complete a comprehensive course of study in financial planning approved by the CFP Board. This coursework typically covers a wide range of topics, including insurance planning, investment planning, retirement planning, tax planning, and estate planning.

2. Examination: Candidates must pass the CFP Certification Examination, a rigorous test that assesses their ability to apply financial planning knowledge in real-world scenarios. The exam covers various areas.

3. Experience: Candidates must also have substantial experience in the financial planning field. This typically involves three years of full-time financial planning experience or two years of apprenticeship under a qualified CFP professional.

4. Ethics: CFPs must adhere to a strict code of ethics and professional responsibility. This includes acting in the best interest of their clients (fiduciary duty), maintaining confidentiality, and providing objective advice.

Responsibilities

1. Financial Planning: CFPs provide comprehensive financial planning services, which include creating detailed financial plans that address clients’ long-term and short-term financial goals. This includes budgeting, saving, investing, and managing debt.

2. Investment Advice: CFPs help clients develop investment strategies that align with their risk tolerance, time horizon, and financial objectives. They provide guidance on asset allocation, portfolio management, and retirement savings.

3. Retirement Planning: They assist clients in planning for retirement by evaluating retirement income needs, determining appropriate retirement savings strategies, and advising on the use of retirement accounts such as 401(k)s and IRAs.

4. Tax Planning: CFPs offer tax planning advice to help clients minimize their tax liabilities and optimize their tax situation. This includes strategies for tax-efficient investing, retirement withdrawals, and estate planning.

5. Estate Planning: CFPs help clients plan for the transfer of their wealth and assets after death. This involves creating wills, trusts, and other estate planning documents to ensure that clients' wishes are carried out and that estate taxes are minimized​.

Continuing Education and Standards

1. Continuing Education: CFPs are required to complete continuing education courses to stay current with the latest financial planning practices and regulations. They must complete 30 hours of continuing education every two years, including two hours of ethics training​.

2. Professional Standards: CFPs must adhere to the CFP Board’s Standards of Professional Conduct, which include rules on competency, ethical behavior, and the fiduciary duty to put clients' interests first. Violations can result in disciplinary action, including suspension or revocation of the CFP certification.

Benefits of Hiring a CFP

1. Expertise: CFPs have extensive training and knowledge in all aspects of financial planning, ensuring that clients receive well-rounded and informed advice.

2. Fiduciary Duty: CFPs are required to act in the best interest of their clients, providing unbiased and objective financial advice.

3. Comprehensive Planning: CFPs take a holistic approach to financial planning, addressing all aspects of a client's financial life to help them achieve their goals.

In summary, a Certified Financial Planner is a highly qualified professional who provides comprehensive financial planning services, guided by strict ethical standards and a fiduciary duty to their clients. Their expertise covers a wide range of financial areas, making them valuable advisors for achieving financial security and success.

EA - Enrolled Agent:

An Enrolled Agent (EA) is a tax advisor who is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury. Here are the key aspects of what an Enrolled Agent is and what they do:

Qualifications and Licensing

1. Authorization by the IRS: Enrolled Agents are the only tax professionals licensed by the IRS. They have unlimited practice rights, which means they can represent any taxpayer, handle any tax matter, and practice before any IRS office.

2. Requirements: To become an EA, one must either pass a comprehensive three-part exam (covering individual and business tax returns) called the Special Enrollment Examination (SEE) or have relevant experience as a former IRS employee. Additionally, EAs must undergo a rigorous background check conducted by the IRS.

Responsibilities

1. Tax Preparation: EAs are experts in tax preparation for individuals, businesses, and other entities. Their comprehensive understanding of tax laws allows them to provide accurate tax filing services.

2. Tax Planning: EAs offer strategic tax planning advice to help clients minimize their tax liabilities and maximize their tax benefits.

3. Representation: EAs can represent taxpayers before the IRS in matters including audits, collections, and appeals. Their license allows them to advocate on behalf of clients in all proceedings involving the IRS.

Continuing Education

1. Ongoing Training: Enrolled Agents must complete 72 hours of continuing education every three years to maintain their status. This ensures they stay up-to-date with the latest tax laws and regulations​.

2. Ethical Standards: EAs must adhere to ethical standards set by the IRS, ensuring they provide honest and professional services to their clients.

Comparison to Other Tax Professionals

1. CPAs and Tax Attorneys: While Certified Public Accountants (CPAs) and tax attorneys also prepare taxes and represent clients before the IRS, EAs are specifically focused on taxation. CPAs have broader accounting expertise, and tax attorneys can handle more complex legal tax issues.

2. Specialization in Taxation: EAs are often considered the most specialized tax professionals because their training and continuing education are concentrated solely on taxation.

Benefits of Hiring an Enrolled Agent

1. Expertise in Taxation: Given their focused expertise, EAs are highly knowledgeable about tax laws and can provide reliable tax advice and representation.

2. Comprehensive Services: EAs can handle a wide range of tax-related matters, making them versatile advisors for both individuals and businesses.

3. Representation Rights: The ability to represent clients before the IRS is a significant advantage, particularly in cases of audits or disputes with the IRS.

In summary, Enrolled Agents are highly qualified tax professionals authorized by the IRS to represent taxpayers, provide tax preparation and planning services, and navigate complex tax issues. Their expertise and continuing education requirements ensure they are well-equipped to handle a variety of tax-related matters.

ChFC - Chartered Financial Consultant:

A Chartered Financial Consultant (ChFC) is a professional designation for financial planners conferred by The American College of Financial Services. This designation signifies that the holder has undergone comprehensive training and has demonstrated expertise in various areas of financial planning. Here are the key aspects of what a ChFC is and what they do:

Qualifications and Certification

1. Education: To earn the ChFC designation, candidates must complete a series of courses covering a broad range of financial planning topics. The curriculum typically includes courses on insurance planning, income taxation, retirement planning, investments, estate planning, and financial planning for businesses and individuals.

2. Examination: Unlike the CFP designation, the ChFC does not require a single comprehensive exam. Instead, candidates must pass exams at the end of each course in the ChFC program. This approach allows for a more detailed understanding and assessment of each specific area of financial planning.

3. Experience: While there is no specific work experience requirement to enroll in the ChFC program, candidates are often financial professionals with experience in the field, such as financial advisors, insurance agents, and investment consultants.

4. Ethics: ChFCs must adhere to a code of ethics set by The American College of Financial Services. This includes acting in the best interests of their clients and providing competent and ethical financial advice.

Responsibilities

1. Comprehensive Financial Planning: ChFCs provide detailed financial planning services, which encompass a wide range of areas such as retirement planning, estate planning, tax planning, and risk management. Their training equips them to handle complex financial situations and provide tailored advice.

2. Investment Advice: They assist clients in developing investment strategies that align with their financial goals, risk tolerance, and time horizon. ChFCs are well-versed in various investment vehicles and can offer informed guidance on portfolio management​.

3. Insurance Planning: ChFCs have extensive knowledge of insurance products and can advise clients on selecting appropriate insurance coverage, including life, health, disability, and long-term care insurance.

4. Tax Planning: They offer strategies to minimize tax liabilities and maximize tax efficiency, helping clients understand the implications of their financial decisions on their tax situation.

Continuing Education and Standards

1. Continuing Education: ChFCs are required to complete 30 hours of continuing education every two years to maintain their designation. This ensures they stay current with changes in financial regulations and planning strategies.

2. Professional Standards: Adhering to ethical standards is crucial for ChFCs. They must follow the principles of integrity, objectivity, and competence, always prioritizing their clients' best interests.

Comparison to Other Financial Designations

1. CFP vs. ChFC: While both CFPs and ChFCs are highly respected financial planning designations, the CFP is more widely recognized due to its single comprehensive exam and broader public awareness. However, the ChFC curriculum often covers more topics in greater depth, making it particularly beneficial for those specializing in certain areas of financial planning.

2. CFA vs. ChFC: The Chartered Financial Analyst (CFA) designation is more focused on investment management and financial analysis, whereas the ChFC provides a broader education in comprehensive financial planning.

Benefits of Hiring a ChFC

1. Expertise: ChFCs possess in-depth knowledge across a wide spectrum of financial planning areas, enabling them to provide comprehensive and specialized advice.

2. Ethical Commitment: Clients can trust that ChFCs will adhere to high ethical standards and act in their best interest.

3. Tailored Advice: With their extensive training, ChFCs can offer personalized financial plans that address the unique needs and goals of their clients.

In summary, a Chartered Financial Consultant is a highly qualified financial professional with comprehensive training in financial planning. They provide expert advice in areas such as retirement, insurance, investment, and tax planning, and are committed to ethical practices and continuous education.

MSA - Masters of Science in Accounting:

A Master of Science in Accounting (MSA) is a graduate degree that provides advanced education in accounting principles and practices. It is designed to prepare students for careers in accounting, auditing, and financial management. Here are the key aspects of an MSA degree:

Academic Focus

1. Advanced Accounting Principles: The curriculum covers in-depth accounting topics such as financial accounting, managerial accounting, auditing, taxation, and financial statement analysis.

2. Regulatory and Ethical Standards: Courses often emphasize understanding and applying accounting standards (e.g., GAAP, IFRS) and ethical practices in the accounting profession​.

3. Analytical and Technical Skills: Students develop skills in data analysis, financial modeling, and the use of accounting software and tools. This prepares them for the technical demands of accounting roles.

Benefits of an MSA Degree

1. Specialized Knowledge: An MSA provides in-depth knowledge of accounting principles and practices, equipping graduates with specialized skills that are highly valued in the job market.

2. Career Flexibility: The degree opens up various career paths in public accounting, corporate finance, government, and nonprofit sectors.

3. Professional Growth: With an MSA, graduates are well-positioned for leadership roles in accounting and finance, benefiting from advanced education and professional certification opportunities.

Summary

A Master of Science in Accounting is a valuable graduate degree that offers advanced education in accounting and prepares students for a variety of career opportunities. The program provides in-depth knowledge of accounting principles, regulatory standards, and analytical skills. Graduates are equipped to pursue professional certifications such as CPA, CMA, and CIA, and are well-positioned for leadership roles in public accounting, corporate finance, and other sectors​.

MSM - Masters of Science in Management

A Master of Science in Management is a versatile graduate degree that equips students with advanced management knowledge and skills. It prepares graduates for leadership roles across various industries by focusing on management principles, analytical skills, and strategic thinking. Whether aiming for career advancement, transitioning into management, or starting a business, an MSM provides the necessary tools for success.

A Master of Science in Management (MSM or MScM) is a graduate degree that provides advanced education in management principles and practices. It is designed for individuals seeking to enhance their managerial and leadership skills, whether they are early in their careers or looking to pivot to a management-focused role. Here are the key aspects of an MSM degree:

Academic Focus

1. Management Principles: The MSM curriculum typically covers fundamental management topics such as organizational behavior, strategic management, human resource management, and operations management.

2. Analytical and Technical Skills: Courses often emphasize analytical skills, including data analysis, decision-making, and problem-solving. Some programs also integrate technical skills relevant to management, such as project management and information systems​.

3. Leadership and Strategy: The program also focuses on developing leadership skills and strategic thinking. This includes courses on leadership theory, change management, and strategic planning​.

At CayDen Wealth Management your team of Financial Advisors is always led by a CFP® professional. Schedule your free intro meeting and financial review, today: https://calendly.com/caydenwealthmanagement/introductory-call?month=2024-07

About the CayDen advisors:

Shane Dennehy is a CERTIFIED FINANCIAL PLANNER™ professional, as well as the President and Sr. Wealth Management Advisor at CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Shane works out of CayDen Wealth Management's Broomfield office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.

Daniel Caycedo is the Investment & Tax Strategist, as well as a Wealth Management Advisor for CayDen Wealth Management, a Colorado registered investment advisory firm with offices located in Broomfield, Colorado and Charlotte, North Carolina. Daniel works out of CayDen Wealth Management's Charlotte office, providing virtual, fiduciary, comprehensive wealth management and tax services for high performing professionals and their families. Services include proactive Financial Planning, Investment Management, & Tax Services.