About the firm
Why Legacy Path
There are a lot of good advisors. There are not many who can talk about a 403(b)(9) and a board meeting in the same sentence and mean both of them.
Who you would be working with
Todd Hukill founded Legacy Path Advisors after a long time on both sides of this conversation.
He has pastored and planted churches. For nearly two decades he has served as Finance Director for the Tennessee Assemblies of God Ministry Network, where roughly two hundred churches and their ministers sit on the other side of the desk, and he serves the network as Church Planting Director. He holds a Bachelor of Science in Finance with a financial planning concentration, and he first worked in financial advisory in 2000.
The practical effect is simple. The conversation does not start with you explaining what a housing allowance is. It starts about four steps in, where it should.
What we are, in plain terms
Fee-only
We are paid by our clients and by nobody else. No commissions, no sales loads, no revenue sharing, no compensation from any product company. There is no version of this where someone else is paying us to talk to you.
A fiduciary
We are a Registered Investment Adviser registered in the State of Tennessee. That carries a legal duty to put your interests ahead of ours. Ask any advisor whether they are a fiduciary at all times and in writing. The answer is more interesting than people expect.
Clergy is the practice, not a page
Ministers, pastors, church staff, and ministry leaders are who we serve. Not a niche we added to a general practice. It is the whole thing.
Virtual, nationwide
We work with ministry households across the country by video. Being in Middle Tennessee does not limit who we can serve, and it means you are not choosing your advisor from whoever happens to be in town.
What we will not do
- We will not sell you insurance or annuities. We review coverage. We do not earn anything from it.
- We will not prepare your tax return. We plan around your tax situation and we will get your CPA whatever statements and documents they need.
- We will not draft legal documents. We work alongside your attorney.
- We will not promise you a result. Nobody can, and an advisor who does is telling you something about themselves.
- We will not tell you we have no conflicts. Fee-only does not mean conflict-free. Ours are disclosed in our Form ADV and described plainly on our fees page.
Questions worth asking any advisor
Including us. If you are interviewing more than one firm, these separate them quickly.
Are you a fiduciary at all times, and will you say so in writing?
Some advisors are fiduciaries for part of a relationship and something else for the rest of it, usually the part where a product gets sold. Ask for it in writing.
How are you paid, and does anyone else pay you anything?
Commissions, trailing commissions, revenue sharing, referral fees, and payments from fund companies all count. The answer should be a short list or an empty one.
How should a housing allowance be designated, and when?
An advisor who works with ministers will answer this without pausing. One who does not will get the timing wrong, and the timing is the part that matters.
What happens to my housing allowance when I retire?
This is where general advisors most often go wrong, in both directions. The honest answer involves what the plan can do, what the IRS has and has not ruled on, and what is specific to your situation.
What would you charge me on my church retirement plan?
Whatever the answer, ask what happens to their fee if you leave that money exactly where it is. That tells you where their interest sits in every future conversation about it.