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2017 Trusted Advisers Wealth Manager: Andrew Denney

Prosperity Financial Group of the Midwest LLC

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Andrew Denney warns that most wealth advisers don’t take their fiduciary roles seriously enough.

“Most advisers should be selling used cars or vacuums,” he says. “But the allure of high commissions have driven many of the wrong people to my industry.”

The 13-year financial adviser writes it clearly in his article “Why 95% of Financial Advisors Deserve to Lose Their Jobs,” published by Newsmax Finance: “For too long, advisers have been getting wealthy off the exploitation of the exact clients they are supposed to be helping.”

Denney’s columns also have been published by Forbes, New York Post and US News. He writes about the biggest reasons to invest in India now and what investors need to know about China’s stock market as well as pension plans influencing morale at small businesses and political jitters impacting the financial markets.

Denney, who two years ago founded Prosperity Financial Group of the Midwest LLC, protects his clients from misaligned advisers’ intentions with a fee-based service.

“When an adviser charges a fee as opposed to a commission,” he says, “the possibility of a conflict of interest is nonexistent.”

Through broker-dealer LPL Financial, Denney has grown his assets under management to $150 million. His 290 clients represent a combined net worth of $500 million.

“I have clients that have three generations of family [members] that work with me,” he says of his 99 percent retention rate.

Denney describes his role as saving clients time and money by handling the complexities of wealth management and retirement planning.

“If the average client fee is 1 percent, all I have to do is beat their personal performance by 1 percent and I’m free,” he says. “If our performance is the same, I’ve saved them countless hours managing their personal finances.”

Denney has advised thousands of people into retirement. He also assists business owners on exit plans and in developing retirement plans for their employees, which helps with staff recruitment and retention, and in lowering tax expenses.

“Most business owners do not think about how to approach retirement,” he says. “So I can put key people in their circle to help them plan for a succession.”

Denney got an early start in the business. In high school, his sister worked for Springfield Trust Co. and taught him about the stock market. He ended up completing a college internship there.

Before founding Prosperity Financial Group, he worked for Ameriprise Financial, Onesco and Cambridge Investment Research.

Now, he’s a member of The Financial Planning Association, The 401(k) Planning Association and the National Association of Personal Financial Advisors. In those roles, Denney performs regulatory and legislative advocacy for the financial industry.

He understands the weight of the profession.

“The decisions we make can make or break a person’s retirement,” he says.

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