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Is Your Financial Advisor A Supplier Or An Architect?

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Is your a financial advisor a financial product supplier or an architect? When it comes to building homes (or financial plans) the raw material supplier and the architect both play a significant role in the construction of a home. Neither is necessarily bad or good, better or worse. They have very different roles to play, and they have very different perspectiv.

For Clients Who Know What They Want

The supplier desires to fulfill your order. Your financial house will need lumber, nails, windows, concrete, sheet rock, wiring, plumbing, lighting, and so on.  There are seemingly endless financial products to use when building your financial house. The supplier may carry a wide range of products in each category and each may be suitably used in your plan. The cost and quality may vary from product to product, as well as the price markup to be earned by the supplier. The supplier fills the order and is compensated to do so. The more building materials you buy at the greatest markup, the more the supplier earns. What do you think might happen if you visit a supplier without a written plan? How much, and of what, will the supplier try to sell you? As much as you are willing to buy I suppose.

Building a Plan

The architect desires to draft a plan to build a your financial house. He is focused on understanding your goals. He pays close attention to the concerns you and your household may have about the project, like cost and features. The architect’s mission is to draw a blueprint that satisfies your needs, and gets you most of what you want within the resources you have. He provides specifics instructions to be used in the purchase materials from the financial suppliers. When fashioned together correctly, you end up with a financial house on time and on budget. The architect is not concerned with the feelings or a relationship with the suppliers, nor the revenue that the suppliers stand to earn. His focus is on drafting a plan that realizes your ideal situation within the confines of available financial options and your budgeted resources.

Different Approaches

If you visit the supplier without specific instructions on which materials to purchase, and in what quantity, it could be a disaster. The supplier may sell too much of one thing, and not enough of another. Whether done for self-gain, or out of ignorance, it is an expensive and wasteful way to go about building your financial house. However, if you visit the same supplier with a detailed blueprint and list of building materials, it will be a prudent, efficient, and practical approach to building you financial hous

Which Is Right For You?

Ask yourself, would I rather work with a financial architect or a supplier? Your answer to this question will be an important one.  When choosing the right financial professional to work with you need to know if you are working with a financial product supplier, or a fiduciary drafting a plan like an architect drafting a blueprint for a house.

If you already posses a blueprint and know exactly what you need and in what quantity to build your financial house for retirement then you may be satisfied working with a supplier. They are likely to sell you financial products that are suitable based on the information you share with them. They will sell you what you are willing to buy.

If you’re in need of a blueprint on how to retire comfortably and maintain your lifestyle throughout retirement you may be best served seeking guidance from a comprehensive planner operating as a fiduciary. You will know one when you see one. He’ll utilize computer aided design programs to calculate and project likely outcomes. As a fiduciary, he is required to act in your best interest. He’ll take careful inventory of all of your personal and financial goals, and listen intently to your concerns. He’ll strive to build a comprehensive plan using the retirement resources that you have to work with. He can’t make a silk purse out of a sow’s ear, but may recommend strategies to make the most of what you have. He’ll account for the impact of various rates of return and prevailing interest rates on your financial house. He’ll also consider the impact of inflation, and of taxes. With the aide of computer design programs he’ll stress test your plan under various conditions before providing a list of financial product raw materials to buy in which to construct your financial house.

What Do You Want?

If you already have a written retirement plan and are ready to purchase specific products you may want work with a financial professional selling products like a supplier. They receive a commission for selling financial products and are not legally permitted to charge a fee for advice.

If you prefer a professionally designed, stress tested, comprehensive plan then you may want to seek advice from a fiduciary. They often charge a fee for advice, but it may be well worth it. If it makes sense to you to have written blueprint before you start buying financial products for your retirement financial home than you may want to find a fiduciary advisor working like an architect to draft your plan.

“Investment Adviser Representative of and advisory services offered through Royal Fund Management, LLC, a SEC registered investment adviser.”

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we help you structure a retirement income plan that reduces stress and anxiety so you can enjoy life in retirement. Through your commitment and discipline and the Triplett-Westendorf Financial process, we’ll help you identify any weak areas, define priorities, and build a stronger, clearer, more precise plan to achieve financial success.

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once and for all when you work with us. After we take an inventory of your resources and goals, you’ll have clearer picture of where you are, which is essential to achieving the retirement you’ve worked so hard for. Along the way, we’ll answer your questions, educate and empower you to take charge of your financial affairs. Together, we’ll take the worry out of your money.

We Always Place You, the Client, First.

Organization

With us, you’ll get your arms around your financial life. We’ll do this together by taking a detailed inventory of your resources and goals.

Partnership

Our team gets to know you, and you get to know us. We work together every step of the way to make sure that your future is financially sound.

Objectivity

Hope is not a strategy. We work to clearly understand your goals and craft a plan that focuses on realistically meeting those goals.

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We find that informed clients are successful clients. You get answers to your questions and an education that will empower you to take control.

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We are always looking forward to find and implement new strategies for you. We feel the best results are when we are ahead of changes, not reacting to them.

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You Should Know How
Triplett-Westendorf Financial Group Is Compensated

Folks seeking financial planning and investment advice from a fee-based client-first fiduciary advisor may choose to engage with Triplett Wealth Management*, a division of the Triplett-Westendorf Financial Group. These folks would pay an annual fee deducted quarterly from their accounts, and in return receive conflict-free investment advice about their securities investments like equities (stocks for example), and fixed income (bonds for example), and any other securities-related investments.

Folks who are a good fit for this engagement are those who might feel good knowing that their advisor receives no commission or financial incentive to recommend one investment over another and that our firm does well financially when they do well.

Folks seeking this type of relationship pay a fee based on the assets managed within their plan. The fee covers the fiduciary management of market-based investments within their portfolio, as well as the ongoing maintenance of their personalized PT5 Written Retirement Income Plan designed to guide them to and through their very own vision of a successful retirement.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

  • Initial Comprehensive Plan Design – Steeped in our 6 cores values
  • Listen to, and take a record of, the vision you have for your future Establish written goals & organize your retirement resources
  • Evaluate social security & pension claiming options
  • Produce a comprehensive analysis of your current path projected forward
  • Included: Customized Social Security Analysis, Comprehensive Investment Analysis, Personalized Retirement Income Plan Examination.

PT 5 Retirement Income Plan Screening – $2,400 – One Time Initial Planning Fee

Includes Investment Supervisory Services & Ongoing Financial Planning & Advice – We Become Your Financial First Responder

  • $100,000 – $499,999 = 1.5%
  • $500,000 – $999,999 = 1.25%
  • $1,000,000+ = 1.0%

*Royal Fund Management doing business as Triplett Wealth Management

We believe every financial product is a tool. Each tool was designed to perform a specific job. Some tools are better quality or perform their intended job better than others. Freedom to choose the appropriate tool based on quality and effectiveness at getting the job done is important to our team. Sometimes insurance products like life insurance, fixed annuities, or long-term care insurance may be the right tool for the job. However, they are not all created equal, and specific manufacturers of these contracts are better at certain things than others.

When we have determined that it is in our clients’ interest to use an insurance contract issued by an insurance company to transfer specific risks away from them and their family, to an insurance company specifically specializing in handling such risk, those companies who we do business with pay our representatives a commission. Our insurance licensed representatives are completely independent, and therefore capable of representing a broad spectrum of companies. That means that they are free to choose the tool that they believe will provide the most economic value to our clients, from a quality manufacture, based on a specific job that needs to be accomplished.