Purpose and Timline

Our Guiding Beacon: Triplett-Westendorf’s Purpose and Timeline Philosophy

Every Dollar Has a Purpose and Timeline

For centuries, lighthouses were used as navigational beacons. Ancient mariners were guided by fires built on hill tops. These primitive visual guides eventually became elevated on platforms for better visibility at sea. Eventually the modern lighthouse as we know it today was developed by placing the light source high in a tower to increase the distance at which it could be seen. 

Lighthouses served two main purposes:

  1. Serve as a navigational guide for passing ships.
  2. Warn of dangerous coastlines hiding devastating hazards like shallow reefs, shoals and rocks that could penetrate a hull and sink the vessel.  

Eventually, the need for lighthouses was replaced as technology became more advanced. GPS, for example, is used today to map underwater hazards, and guide ships into and out of harbors safely. However, without a guide or beacon to orient oneself, it would be much easier to get lost at sea, or end up wrecked on the rocks.

Our Purpose and Timeline Philosophy

At TWFG our guiding beacon is our Purpose and Timeline philosophy (P&T for short). It’s our lighthouse. P&T orients us when then storm rages, and the dark of night settles in. Anytime the world begins to seem fuzzy or out of control we look to this viewpoint for guidance and clarity. When we focus on the P&T things seem to become clear, and action may be taken with great confidence even when the rest of the world seems to be in panic mode. 

P&T is applied during our PT5 Step Retirement Planning process. This is the initial process where we draft written plans designed to guide folks to and though retirement. The plans are structured in such a way so that folks can maintain their desired lifestyle while adjusting the rising cost of goods and services as well as the corrosive impact of taxes. 

P&T also keeps us on track throughout each year. Anytime a potential adjustment to a plan needs to be made, P&T is guiding our decision-making process. It gives us a center point to focus on during the maintenance and review step of our PT5 Step planning process. Before annual review visits with folks we refer to the P&T philosophy before recommending any changes be made. 

Our P&T method also guides our asset allocation decisions. It helps us to determine where assets should be allocated based on the intended purpose of the dollar, and the timeline for which it is intended to be used. 

What is Purpose and Timeline?

We believe every dollar has a future purpose and every dollar has a timeline in which it will be called upon to serve its purpose. In our opinion, determining the purpose and the timeline of each dollar is the first step that should be taken before making any asset allocation decisions. Once we have a clear understanding of what a dollar will be used for, and how soon it will be needed, that’s when we can tell it where to go to work.

Determining the Purpose and Timeline

NEEDS:

Folks have specific “NEEDS” to cover in order to live throughout their retirement. Their NEEDS include basic living expense like clothing, shelter, food, water, energy, transportation, communication technology, healthcare, and other necessities for minimum modern standard of life in America. 

We consider these expenses to be the basic needs for someone planning for their post working years, and while everyone’s circumstances are different these basic necessities seem to be universal across demographics. NEEDS don’t necessarily make life exciting or fulfilling, but they are requirements to maintain a minimum standard of an American way of life. 

WANTS:

In addition to NEEDS, most folks have a list of “WANTS.” Wants are things they find enjoyable. Stuff they want to do, and experiences they want to have. Wants may add excitement or fulfillment to life. However, if economic or market conditions eroded their investment portfolio they could be forgone in the short term in order to ensure that necessary resources to cover basic living expenditures will be there. WANTS are not required to exist, but without them retired life may not be nearly as fun!

Non-Negotiable WANTS (NNWs):

Some wants on the other hand are non-negotiable. “Non-negotiable WANTS” (NNWs) are things that we want to be able to do no matter what, and you’d be very disappointed in your lifestyle if it did not include the non-negotiable wants. They transcend WANTS to a status of NEED beyond basic living expenses. 

Non-negotiable wants are different for everyone. For example, for me, an NNW would be skiing. If you told me I couldn’t ski because of a market downturn and I’d have to wait until the market recovers, I’d be pretty upset. Therefore, in our P&T Philosophy those non-negotiable wants must be treated as a NEEDS at all costs. 

For some folks it might be travel to see grandkids in another state, or a golf course or club membership. If the market had a downturn, and their investments lost value and we told them they couldn’t do these things or they’ll run out of money, they wouldn’t be happy. So, we have to treat any non-negotiable wants like a need.

 

LEGACY:

Lastly, we may have leftover money that could be left as a legacy, providing for future of the family descendants, or for charitable giving. There’s no immediate or long-term purpose for these dollars. They are designated as leave behind resources, and everyone’s situation looks very different. For some folks there’s a strong desire to leave a legacy, but for others not so much. Either way, market or economic conditions that may affect these dollars have little to no impact on the owner’s ability to maintain a desired lifestyle throughout retirement.   

We Can Help

Questions about how you can retire with purpose on time? We are glad to help. Send us and email or call. We will get back to you right away.

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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.

Education

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

Proactivity

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.

Accountability

We give you the clarity and transparency you deserve. We build your plan with your goals in mind and keep you involved and informed at every step.

The Triplett-Westendorf Financial Group Difference

Commitment & Discipline

When you work with us...

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.

We introduce you to financial strategies...

that you need but may not have heard of from other firms. Then we show you how to use those strategies to effectively maximize your retirement savings because you deserve the clarity, transparency, and comfort of owning a guaranteed retirement income that lasts as long as you do.

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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.

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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.