In today’s episode, Rusty and Robyn talk with Mike Dunlop, CEO of Intuition College Savings Solutions, LLC. 

Before his 25-year stint in the financial services industry, Mike served in the Royal Navy for 12 years. Out of the Navy, he took several roles in the financial services industry including financial advising and portfolio managing. Mike’s current organization is at the leading edge of the prepaid and college savings industry and he continues to push education and training initiatives as CEO. 

Mike talks with Rusty and Robyn about the specifics of 529 plans, the student debt crisis, and the impact of investing in college.

"I think we’re starting to see a period that the industry has grown. It’s gotten quite a decent size now that people are paying attention. Some of the big heavyweight companies in the industry are involved. Innovation is good. How do we pay for college as opposed to taking debt to pay for college? I think savings and creating the right savings vehicles are becoming more apparent.” ~ Mike Dunlop

Main Takeaways 

With $1.6 trillion in student debt and its subsequent economic impact, the college savings plan approach is a way to help alleviate some of the current downsides of funding education. 

Although contributions are not deductible, earnings in a 529 plan grow federal tax-free and will not be taxed when the money is taken out for college. Some states offer tax deductions if you plan to invest. You can also take advantage of other benefits such as estate planning purposes and transferable beneficiaries.

You can choose between direct-sold and advisor-sold 529 plans. The direct-sold 529 offers a cheaper, DIY approach. The advisor-sold 529 plans have access to professional advice on positioning portfolios and holistically developing the client’s financial wellbeing.

Links

Mike Dunlop on LinkedIn

Britannia Royal Navy College

Adele - Skyfall

Merrill Lynch

Bank of America

Fidelity Investments

Drexel University

Morningstar

Saving For College

Harvard University

Secure Act

Bitcoin

Wall Street Journal

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Rusty Vanneman

Robyn Murray

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2649-OPS-10/13/2021