Up Your Game: Adding Client Value Through True Collaboration - PowerPoint Presentation

Up Your Game: Adding Client Value Through True Collaboration Fred Goldinov , JD, LLM, CFP ® Vicki Harris, CPA David Rosenthal, MBA, CFP ® Julie Prue Cauich, CPA

Communication Coordination Cooperation Collaboration

Communication Frequency of Use Required Skill Sets Frequency of Use and Required Skill Sets Exchanging Information

Communication Coordination Frequency of Use Required Skill Sets Frequency of Use and Required Skill Sets Altering Activities Exchanging Information +

Communication Coordination Cooperation Frequency of Use Required Skill Sets Frequency of Use and Required Skill Sets Altering Activities Sharing Resources Exchanging Information + +

Communication Coordination Cooperation Collaboration Frequency of Use Required Skill Sets Frequency of Use and Required Skill Sets Altering Activities Sharing Resources Enhancing Capacity of Another Exchanging Information + + +

Scenario #1: Fred Goldinov, JD, LLM, CFP® Forty year old single client visits with you Never held a job Supported her whole life through multiple family trusts and businesses Trusts and businesses worth more than $30 million Family wealth initially created by her grandparents Client has had two unsuccessful marriages She has no children and two siblings (brother and sister) She has attitude and expects things to be done for her She recently found out that her parents, trustees of her trust, have been using her trust funds for their own purposes She has received no trust accountings from her parents and she believes that income taxes have not been paid. Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction?

Scenario #2: Vicki Harris, CPA Physician tax client owns a surgical center He wants to transfer a portion of the practice to his physician son Prior three years net income (after deductions) average $1,400,000 Client thinks the surgical center is worth $8,000,000 Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction? Client also wants to transfer a similar amount to his daughter (not a physician) Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction?

Scenario #3: David Rosenthal, MBA, CFP® Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction? N E T W O R T H S T A T E M E N T Charlie & Peggy Jean Brown, July 2016       ASSETS Asset Liability Net Worth Personal Assets:       Arizona Residence 1,000,000 600,000 400,000 Personal Property 50,000 0 50,000 Automobiles 50,000 0 50,000 Cash Accounts:       Arizona Bank 50,000 0 50,000 Schwab Trust Acct:       Trust Account 200,000 0 200,000 Investment Property / Business               Employee Benefits (1/1/2016):       401(k) - Charlie 500,000 0 500,000 401(k) - Peggy Jean 300,000 0 500,000 TOTAL ASSETS 2,150,000 600,000 1,750,000     Facts:       High school sweethearts No Children Both Charlie and Peggy Jean earn $150k per year

Scenario #3: David Rosenthal, MBA, CFP® N E T W O R T H S T A T E M E N T Charlie & Peggy Jean Brown, July 2016       ASSETS Asset Liability Net Worth Personal Assets:       Arizona Residence 1,000,000 600,000 400,000 Personal Property 50,000 0 50,000 Automobiles 50,000 0 50,000 Cash Accounts:       Arizona Bank 50,000 0 50,000 Schwab Trust Acct:       Trust Account 200,000 0 200,000 Investment Property / Business       Snoopy Enterprises 500,000 0 500,000 Red Barron Building 1,000,000 500,000 500,000 Employee Benefits (1/1/2016):       401(k) - Charlie 500,000 0 500,000 401(k) - Peggy Jean 500,000 0 500,000 Defined Contribution Plan - Charlie 15,000 0 15,000 Defined Contribution Plan - Peggy Jean 15,000 0 15,000 Defined Benefit Plan - Charlie 200,000 0 200,000 Defined Benefit Plan - Peggy Jean 30,000 0 30,000 IRAs (1/1/2016):       Roth IRA - Peggy Jean 100,000 0 100,000 TOTAL ASSETS 4,210,000 1,100,000 3,110,000

Scenario #3: David Rosenthal, MBA, CFP® Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction? Facts: High school sweethearts Married at 21 y/o Two children Both Charlie and Peggy Jean earn $150k per year Charlie owns a service company - Snoopy Enterprises - with $250k to $300k of net profits each of the past 3 years Peggy Jean works in a support capacity at Snoopy Enterprises to increase the amount of money that goes into their retirement plan Animosity between Charlie & Peggy Jean because of infidelity

Scenario #4: Fred Goldinov, JD, LLM, CFP® A 68 year old husband and 66 year old wife come to see you Husband makes $200k/year as a political consultant Wife started an IT company 20 years ago and it’s now worth in excess of $30 million and growing No children together but each has two children from prior marriages Wife’s oldest daughter is married to a rock musician playing a local band for the past ten years Wife’s youngest daughter is single and following in her mother’s footsteps. Has an MBA and now works in the IT company. Wife’s two daughters have a distant relationship Husband’s oldest child is married and was in a car accident leaving him out of work and addicted to oxycodone Husband’s youngest child, a single daughter, has one grade school child from a previous relationship but receives no child support. Works odd jobs and still trying to find herself. Kahoot ! Time...Does this scenario require Communication, Coordination, Cooperation or a Collaboration level of professional interaction?

Communicate Coordinate Cooperate Human Dimension Collaborate Designed by Fred Goldinov for FPA of Greater Phoenix Symposium, Sep 27, 2017

High Low Human Touch Low High Technical Skills