This blog post is the fourth, in a series of 4, on what we at Tarkenton Financial call the “Retirement Hierarchy of Needs.”  The Retirement Hierarchy of Needs is a philosophy of how to build a comprehensive financial plan for a client.  The idea is to make sure to cover all of the needs, wants, and risks that may arise in a client’s retirement.  Let’s look at the hierarchy.

With each tier of the hierarchy comes different types of expenses or goals for the money.  You work with the client to determine how much money you need to allocate to each tier.  In each post of the series, we will look at a different tier.  We will discuss what expenses or risks are included in that tier and look at different ways to solve for those expenses.

If you read the previous posts, linked here, here and here, you are familiar with the different tiers.  In today’s post we will cover the “Legacy” tier.  The “Legacy” tier is what will be left to your clients’ heirs.  This tier will vary greatly depending on the client’s wishes, family size, and even health.  A lot of times clients will not know exactly what they want to leave to their heirs.  The following video will give you a sales idea on how to show them how much they may be able to leave as their legacy; using the case study we have been using in the last three blogs..  It is important to note that legacy is ALL about leverage and control.  The sooner your client takes control by leveraging their money, the greater the legacy they can leave.  Let’s take a look at the video.

 

Retirement Hierarchy of Needs – Legacy from Tarkenton Companies on Vimeo.

 

Thank you for reading,

Dustin Casebolt

Director of Advisor Development