LAYING THE FOUNDATION 1 - institutedfa.com Sparks... · LAYING THE FOUNDATION . 4/19/16 2 ™ THE...
Transcript of LAYING THE FOUNDATION 1 - institutedfa.com Sparks... · LAYING THE FOUNDATION . 4/19/16 2 ™ THE...
4/19/16
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PRACTICE ESSENTIALS: THE NUTS AND BOLTS OF SETTING UP AND
MAINTAINING YOUR CDFA™ PRACTICE
PRESENTED BY KAREN D. SPARKS CDFA™, J.D.
Presentation designed by D’lan Design™ Copyright ©2016 All rights reserved
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ORDER OF TOPICS TO BE PRESENTED
• Laying the foundation
• Practice primers
• Building the framework
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LAYING THE FOUNDATION
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THE 1ST INTERACTIVE ACTIVITY
A HANDS-ON PERSPECT IVE
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CDFA™ DEFINED
A CDFA is an ally
who…
_______ to others
_____ set priorities
_______ expert
financial _______
_______ the negotiation
process
_________ one to
reach a settlement confidently
Listens
Helps
Performs
analysis
Improves
Empowers
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CHOOSE YOUR SERVICE
Litigation
Mediation
Collaborative Consulting
Financial neutral
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DETERMINE YOUR BUSINESS STRUCTURE
Corporation
Sole proprietorship
LLC
OR O
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OR
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SET YOUR BUSINESS OBJECTIVES AND GOALS
Client payments Professional liability insurance
Broker dealer considerations
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KEEPING TRACK OF BUSINESS FINANCES
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INVESTING IN YOUR PRACTICE
__________ the _______________ and resources of where you practice
______ in the __________
_________ and ___________ your website
Spread the word - ____________
___________ and _________ professional _____________
Know demographics
Fill blanks
Create maintain
network
Research consider organizations
Consider Mentor4YouTM
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PRACTICE PRIMERS
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THE 2ND INTERACTIVE ACTIVITY
A HANDS-ON PERSPECT IVE
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BACKGROUND
Family Assets
Married 30 years
Jim Lindsey
Eleanor -Piano player -Attends creative private HS
William - Has a LD - Homeschooled - Receives therapy
Upscale suburb
Vacation home In New England
Savings Vehicles Stock
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LINDSEY
Pre-Marriage Ø A consultant Ø Project manager for a large corporation
Post-Marriage Ø An independent researcher with a major university Ø Left the researching position shortly after Eleanor was born
BS, MA, PH.D in electrical engineering
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JIM
Pre-Marriage Ø A founding partner in a business investment firm
Post-Marriage Ø Firm profits from holdings in marketing and emerging technologies in
transportation, education and digital information. Ø Has a patent pending software application Ø Frequent speaker at industry events
B.S. in Computer Science, A MBA in Finance
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THE INITIAL INTERVIEW
______ standards
______ and __________ their story
_____ with budgeting
Set Hear Understand
Help
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DOLLARS AND CENTS- KEY AREAS OF ANALYSIS
Temporary Support provided during
litigation
Permanent Post litigation support
Step down Monthly Buyout
Payment Options
Divorce financial analysis software
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BUILDING THE FRAMEWORK
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ESSENTIAL BUSINESS DOCUMENTS
________ ___________ Necessary to set out responsibilities for you and the client
______ ___________ The core documents needed for analysis
______ ___________ ___________ As an expert witness be sure to have an engagement letter, CV, fee schedule
Retainer agreement
Client documents
Other contractual documents
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PRICING AND MARKET SHARE
Competitors
You
Consultation fees • To charge or not
charge
Client fees • Do your research • Be mindful of
your professional value
• Consider special circumstances
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POST DIVORCE
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QUESTIONS?
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CONTACT INFORMATION
Address: 4701 Patrick Henry Drive Bldg. 16 Santa Clara, CA 95054 Email: [email protected] Phone: 650-201-6311 Website http://www.divorcefinancialstrategists.com/
Karen D. Sparks CDFA™, J.D. Founder of DFS
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THANK YOU
Presentation designed by D’lan Design™ Copyright ©2016 All rights reserved
Page1of6 WR-WKST-EXP(05/13)
ClientAName: Date:ClientBName:
Income ANNUALTOTALSalary(ClientA) -$Salary(ClientB) -$InterestandNon-QualifiedDividends -$QualifiedDividends -$DefinedBenefit(ClientA) -$DefinedBenefit(ClientB) -$SocialSecurity(ClientA) -$SocialSecurity(ClientB) -$Alimony(ClientA) -$Alimony(ClientB)RentalPropery(Net) -$Other -$Other -$Other -$Other -$Other -$Other -$Other -$Other -$Other -$Other -$
TotalIncome -$
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
MonthlyORAnnually
Page2of6 WR-WKST-EXP(05/13)
ClientAName: Date:ClientBName:
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
HOUSING ANNUALTOTALMortgage#1(Principal&InterestOnly) -$Mortgage#2(Principal&InterestOnly) -$AssociationDues -$Cable/Satellite -$ElectricUtilities -$GasUtilities -$HomeRepair/Maintenance -$Housekeeping -$Internet -$Landscaping -$PestControl -$Phone-Home -$Phone-Mobile -$PoolService -$RealEstateTaxes -$Rent -$SnowRemoval -$WasteRemoval -$Water&Sewer -$Other -$Other -$
TOTALHOUSING -$
CHILDCARE ANNUALTOTALChild/DependentSupport -$Clothing -$Daycare -$Diapers/Food/Etc. -$SchoolLunches -$SchoolSupplies -$Sports/Hobbies -$Tuition -$Other -$Other -$
TOTALCHILDCARE -$
MonthlyORAnnually
MonthlyORAnnually
Page3of6 WR-WKST-EXP(05/13)
ClientAName: Date:ClientBName:
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
TRANSPORTATION ANNUALTOTALAutoLoan/Lease#1 -$AutoLoan/Lease#2 -$CarWashes/Detailing -$Fuel -$Inspection/Tags -$Parking/Tolls -$PersonalPropertyTax -$Service/Maintenance -$Train/Subway/Taxis -$Other -$Other -$
TOTALTRANSPORTATION -$
FOOD&BEVERAGE ANNUALTOTALGroceries -$Lunches/DiningOut -$Other -$Other -$
TOTALFOOD&BEVERAGE -$
CLOTHING ANNUALTOTALDryCleaning -$Purchases -$Tailoring/Alterations -$Other -$Other -$
TOTALCLOTHING -$
MonthlyORAnnually
MonthlyORAnnually
MonthlyORAnnually
Page4of6 WR-WKST-EXP(05/13)
ClientAName: Date:ClientBName:
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
FURNISHINGS ANNUALTOTALAppliances -$Furniture -$Interior/ExteriorDecorating -$Linens -$Other -$Other -$
TOTALFURNISHINGS -$
PERSONALCARE&CASH ANNUALTOTALAllowances -$Cosmetics -$HairCare -$Manicures/Pedicures -$Pocket/SpendingCash -$Other -$Other -$
TOTALPERSONALCARE&CASH -$
MEDICAL,DENTAL&Rx ANNUALTOTALChiropractic -$Co-Payments -$Deductible -$Dental/Orthodontic -$Drugs&Prescriptions -$Glasses/Contacts -$Other -$Other -$
TOTALMEDICAL,DENTAL&Rx -$
EDUCATION&SELF-IMPROVEMENT ANNUALTOTALEducation -$HealthClub/Spa -$MusicLessons -$Self-ImprovementClasses -$Other -$Other -$
TOTALEDUCATION&SELF-IMPROVEMENT -$
MonthlyORAnnually
MonthlyORAnnually
MonthlyORAnnually
MonthlyORAnnually
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ClientAName: Date:ClientBName:
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
DEBT&INSTALLMENTPAYMENTS ANNUALTOTALCreditCard#1 -$CreditCard#2 -$CreditCard#3 -$FamilyLoans -$HomeEquityLineofCredit -$StudentLoans -$StudentLoans -$Other -$Other -$
TOTALDEBT&INSTALLMENTPAYMENTS -$
ENTERTAINMENT ANNUALTOTALAlcohol/Liquor/Wine -$Clubs -$Computer -$CountryClubMembership -$Gambling/Lottery -$Golf -$Hunting/Fishing/Boating -$Movies/Videos -$Music -$TheArts -$Tickets(Sports/Concerts/Etc.) -$Other -$Other -$
TOTALENTERTAINMENT -$
VACATIONS&HOLIDAYS ANNUALTOTALHolidays -$Vacations -$Other -$Other -$
TOTALVACATIONS&HOLIDAYS -$
CHARITABLECONTRIBUTIONS ANNUALTOTALReligiousOrganizations -$Charity -$Other -$Other -$
TOTALCHARITABLECONTRIBUTIONS -$
MonthlyORAnnually
MonthlyORAnnually
MonthlyORAnnually
MonthlyORAnnually
Page6of6 WR-WKST-EXP(05/13)
ClientAName: Date:ClientBName:
COMPREHENSIVE CASH FLOW EXPANDED EXPENSE WORKSHEET
OTHEREXPENSES ANNUALTOTALAlimony -$Anniversary -$Birthdays -$Christmas -$Hobbies/Collectibles -$Memberships/Dues/Fees -$Paper/Magazines/Books -$PetCare -$SpontaneousGifts -$Weddings -$Other -$Other -$Other -$Other -$
TOTALOTHEREXPENSES -$
INSURANCE ANNUALTOTALAuto -$Dental -$Disability -$Homeowners/Renters -$Liability/Umbrella -$Life -$LongTermCare -$Medical -$Other -$Other -$
TOTALINSURANCE -$
TOTALINCOME -$TOTALANNUALEXPENSES -$
NETSURPLUS/DEFICIT $0.00
MonthlyORAnnually
MonthlyORAnnually
Sample Retainer Agreement
[Firm Letterhead] [Date] Re: Retainer Agreement for Divorce Financial Planning Services 1. Identification of the Parties. This agreement is made between
___________________ ______________________(“Attorney”) and ____________________________ ______________________(“Client”).
2. General Nature of Assistance. will assist Client with 3. Respective Responsibilities of Analyst and Client.
4. Client Fees.
5. Dispute Resolution. 6. Miscellaneous.
(a) This agreement contains the entire agreement between Analyst and Attorney. This agreement may be modified only by subsequent written agreement between the director of Client and Attorney.
(b) If any provision of this agreement is held in whole or in part to be unenforceable for any reason, the remainder of that provision and of the entire agreement will remain in effect.
(c) This agreement shall apply to any additional or subsequent matters that Analyst agrees to undertake on behalf of the Client, unless the parties agree in writing to some different arrangement.
The foregoing is agreed to by:
Analyst Name: ________________________ Client Name: ________________________