az cpa june 2012

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AZ June 2012

CPAThe Arizona Society ofCertified Public Accountants

Financial Planning

Issue

2 AZ CPA y JUNE 2012

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June 2012

FeaturesOvercoming Your Fear of Selling 9Learn how to develop sales confidence through the use of your own “powerful purpose.”

by Bart Dunne

Defined Benefit Plans Worth Considering for Small Business Owners 11Even though defined benefit plans have had their ups and downs over the past few years, they are still alive and well in the small business environment.

by Sylvia DeSantiago, CPA

AZVolume 28 Number 5

CPA

Columns & Departments 6 Chair’s Message by Armando Roman, CPA

7 Focus on Members

19 In the Black ... Adventures in Accounting

22 Classifieds

Arizona Society of Certified Public Accountants4801 E. Washington St., Suite 225-BPhoenix, Arizona 85034-2021www.ascpa.com

www.ascpa.com

Improve Your Communication, Improve Your Business 14Use four skills to build stronger and more lucrative relationships in the office and in your personal life.

by Deborah Johnson

Avoiding Investment Mistakes Through Behavioral Finance 17The new field of Behavioral Finance looks at how and why we make the right and wrong financial decisions.

by Alexander J. Cudzewicz, CPA

CGMAs Cautiously OptimisticAbout Global Business Prospects 20Confidence among business leaders is growing worldwide in the global and national economies.


The Arizona Society ofCertified Public Accountants

President & CEO Cindie Hubiak

Editor Patricia Gannon

Copy & Advertising DeadlineThe first of the month one month prior to publication date.

Board of DirectorsChair Armando Roman Chair-Elect Karen AbrahamSecretary/Treasurer Anita BakerDirectors Rob Dubberly Debra Johnson Jimmy Lovelace CW Payne George Raysik Craig Robb Andy Spillum Leslie Stackpole Elva Vivas Corrine Wilson Kevin Yeanoplos

Immediate Past Chair Mark AndersonAICPA Council Members Jim Buhr Rick Goldenson

Chapter PresidentsSouthern Chapter Flo ZenbluNorthern Chapter Jennifer NordstromSouthwest Chapter Jayne WrightNorth-Central Chapter Richard Joliet

AZ CPA is published by the Arizona Society of Certified Public Accountants (ASCPA) to provide information, news and trends in the profession of accounting. It is distributed 10 times a year as a regular service to members of the Society. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in advertisements within this publication. Opinions expressed by correspondents and contributors are not necessarily those of the ASCPA.

Arizona Society of CPAs4801 E. Washington St., Suite 225-BPhoenix, AZ 85034-2021

Telephone (602) 252-4144 AZ Toll-Free (888) 237-0700Fax (602) 252-1511

www.ascpa.com

AZCPA

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Chair’s Message by Armando Roman, CPA

AZ CPA

Developing Public Trust with the PFSFinancial planning is my area of expertise, and there are many areas I

would like to write about in this issue such as reducing high income taxes

via investments and investment vehicles, safety and security of investments,

philanthropy in financial planning, etc. The areas that should be addressed

in financial planning are varied and very personal. And quite honestly, in

my humble and highly biased opinion, those best suited to serve the client

in a financial planning role are CPAs with experience in public accounting.

Why? CPAs, especially those in public accounting, get involved in all fac-

ets of a person’s life. CPAs are taught to look at the big picture, to consider

tax impact, asset protection, trusts, marriage, divorce, birth, death and the

myriad of circumstances that present opportunities and challenges to the

business owner.

There is a lot of good financial plan-ning information available for those who seek it. There is also much misin-formation and many examples of people who have been harmed by trusted financial advisors. It’s no wonder the public and media are often skeptical. They have good right to be. At a west-ern regional AICPA council meeting in Los Angeles this spring, I had the opportunity to comment on proposed regulations on holders of the AICPA’s Personal Financial Specialist (PFS) designation. Of the 60 or so CPAs present, I was the only CPA there who held the PFS designation. My com-ments centered on the value of the CPA designation, and the high regard to which we are held in the public trust. When we as a profession are able to demonstrate and solidify in the public eye that our CPA/PFS designation car-ries forth the trust we are known for, our CPA/PFS designation will become the designation of choice in the financial planning profession.

The certified financial planner (CFP) designation is an excellent designation

that I considered getting. I chose not to for two reasons: 1) in 11 years of being a licensed financial advisor, none of my clients or prospective clients has ever asked if I’m a CFP, and 2) the CPA designation carries plenty of weight. If I weren’t a CPA, I would definitely be a CFP. Having said that, I believe our profession has an opportunity to make CPA/PFS the leading financial planning designation. We have an opportunity to increase trust in an environment that needs more of it.

I recently participated in a telephone bank for the Arizona Republic on finan-cial and retirement planning. Of the six financial people there, Jason Washo and I were the two CPA financial advisors. Callers’ questions ranged widely, but one caller stands out. She had met with a financial advisor, developed a rap-port with her, but needed to validate, needed to know more about the advi-sor. The caller mentioned “fiduciary” and stated that the advisor kept tossing this word about, repeatedly. The caller wanted to know “What is a fiduciary?” The caller seemed well-informed and

self-educated in financial matters yet she personified the public sentiment of fear and distrust so common in today’s financial markets. Many of the call-ers had the same sentiment. I would venture to say that to a CPA, fiduciary means looking out for the best interest of the client. Period. This is not special, not uncommon. Not for us. It’s how we do business. We are groomed as young CPAs to understand the client’s situation and recommend a course of action to help the client achieve the best outcome given the client’s circum-stances, goals and desires. This is how we’ve gained the public trust, and how we continue to keep it. Fiduciary or not, every professional should do what is in the best interest of the client. The public deserves it.

We have an opportunity to increase

trust in an environment that needs

more of it.


Focus on Members

Dr. Bill Huizingh (center) with ASCPA president & CEO Cindie Hubiak, CPA, her husband Steve Frohman and Joe Warren, CPA and his wife Rose Marie at the Desert Botanical Garden’s Dinner on the Desert annual event.

Chuck Ribbe, CPA, Chief Financial Officer at Cancer Treatment Centers of America in Goodyear, was recently honored as finalist for the Top Hospital Executive Award by the AZ Business Magazine at the Healthcare Leadership Awards Recognition Reception.

Pam Michaud, CPA, was hired as a partner at Ernst & Young.

Paul Evans, CPA, was named trea-surer of the Environmental Fund for Arizona.

Sean Hales, CPA, has become a partner of Eide Bailly LLP.

José Herrera, senior manager of member services for the ASCPA, was selected as a “40 under 40” recipient by the Phoenix Business Journal.

Newsworthy CPAs...

ASCPA member Chuck McLane, CPA, managing director for CBIZ MHM LLC, was interviewed in an article on legislation to make credit card collections easier in the Phoenix Business Journal.

Debra Johnson, CPA, CEO of Eco-Edge (and new ASCPA board member), was honored as a Most Admired CEO by the Phoenix Business Journal.

Brad Preber, CPA, national manag-ing partner at Grant Thornton, was interviewed in AZ Business magazine.

Thank you to members who have donated to the ASCPA PAC in April 2012:

George Cohen, CPAJulie Klewer, CPAMegan Faust, CPA

As a reward for receiving their award for providing financial literacy training in the workplace, WorldatWork was invited to ring the open-ing bell on the NYSE on April 9 along with the other winners. The award was sponsored by the AICPA and SHRM and ASCPA member Greg Nelson, CPA (fourth from left), had the honor to represent his company at the ceremony. “It was truly an exciting event and a thrill to be there!” said Nelson, who is vice president and CFO of WorldatWork.


The Arizona Society of CPAs

2012 Annual Meeting

Thanks to Gold Sponsor:

Silver Sponsors:Camico

SCF ArizonaRobert Half Int.

ASCPA Annual Meeting 2012

Current ASCPA Chair Armando Roman (right) thanks Mark Anderson for his service as chair last year.Rick Goldenson (aka the PAC-man) was

recognized for his commitment to raising funds for the ASCPA PAC.

Trevor Goss talks about how he acheived his extraordinary CPA exam scores and being recognized for receiving the AICPA Elijah Watt Sells Award.

Life Member honoree Randy Roberts and his wife, Roberta.

Guest speaker Sharon Lechter (left) and Cindie Hubiak pose with Benjamin Bankes, star of the Feed the Pig Financial Literacy campaign.

Harriet Maccracken, Excellence in Teaching Award recipient, with husband, Ed Stump.


Overcoming Your Fear of Selling

Developing Sales Confidence Through Using Your “Powerful Purpose”

by Bart Dunne

Why is it that CPAs and financial planners are so fearful of the word

“sales”? It is a simple word that has so many different connotations to it.

Have you ever heard someone say, “I hate the idea of selling. I prefer to let

my exceptional work do the talking and let new business come from refer-

rals”? I would politely suggest that this way of thinking falls short of the

true power of sales.How many times have you seen someone ruined by inadequate planning? You

are in the finance business. You are responsible for the financial livelihood and the financial security of hardworking Americans. In so many cases, you are the last line of defense in the struggle for a meaningful retirement. So, if you are proud of what you do and if you are a highly effective professional, shouldn’t it be your moral obligation to provide your service to more people? If you are truly elite at what you do, and you have the capacity to handle more customers, I’d like you to consider embarking on your own personal crusade—the crusade to bring your wonderful services to as many people as possible.

Before we go further into the concept of sales success through a powerful purpose, let’s talk about the psychology of a sale. There is an initial environment of fear that comes with the initiation of most transactions. The buyer thinks that they will be cheated and the seller fears rejection. Referral-based selling works


so well, because it reduces the fears for both the buyer and the seller. However, do we want to limit our opportunities to just people in our network?

The Fears of a SalespersonI keep up with the news. I watch the

local version, CNN, and I check the news on the Internet, and I have never noted any reports of violence against a salesperson doing his or her job. If you agree that it is, at the very least, highly unlikely that the sales process will generate physical pain, then let’s focus on the mental anguish that people can suffer from selling.

Fear of rejection is the king of all sales fears, and fear of embarrassment / look-ing bad is also part of the royal court of fear. If reading this article is worth your time, then read this next part to reflect and come back and read it again:

The fear of rejection, the fear of look-ing bad and all other related fears are solely created internally.

These fears are worse than just keep-ing us from success; they are the root of why we lie. Sales expert Jack Canfield puts it best, “Lying is the product of low self esteem—the belief that you and your abilities are not good enough to get what you want... the false belief that you can-not handle the consequences of people knowing the truth about you—which is simply another way of saying, I am not good enough.”

The Fears of a BuyerIt’s a wonder that anything gets sold

given all of the opportunities for fear in the sales process. A typical buyer comes to a transaction with their defenses up. Think about something as innocent as shopping at the mall. When you are approached by a salesperson while shopping, how often have you said something like “I’m just browsing” and then, maybe five minutes later, when you are ready to buy, you track them down?

As previously mentioned, the big central fear for buyers is the idea of be-ing cheated by a salesperson, and the associated fear of looking bad. A big part of the fears come from our subcon-

scious. The subconscious is our internal defense system; it aggregates all of our experiences and perceptions into areas we fear. Unfortunately, between mov-ies, television, and sleazy stereotypes, it is too easy for our subconscious to be filled with negative sales perceptions.

What is Your Purpose?What gets you out of bed in the

morning? What is your biggest source of pride in your professional life? I recommend that every person should have a powerful, compelling purpose that is oriented towards the client/prospect. When you are formulating your purpose, think about the huge advantage people enjoy from profes-sional guidance in financial planning; think about your role in shepherding sacred money to preserve quality of life in the post-earning years.

Using a Powerful Purpose to Overcome Fears of Rejection

Fear arises from a lack of confidence, a lack of adequacy, a concern that we aren’t good enough. When I think back at all of the things that I am ashamed of, I think about instances where I put myself first, and where I didn’t think enough about others.

Reflect back to the last time that you really helped someone. How did it make you feel? What guided you? Typically, the need to help others is so powerful that it overrides any negative visions in our subconscious. We feel comfortable doing things we wouldn’t ordinarily do in the service of others.

It gets better! The more you live your powerful purpose, the kind of purpose geared towards helping others, the more your subconscious gets filled with positive thoughts. You can literally good deed your way to a fear-free sales outlook.

Using a Powerful Purpose to Overcome Buyer Fears of Get-ting Cheated

If you are living a powerful purpose oriented towards helping others, your prospects will notice. They’ll notice your integrity, they’ll notice your posi-

tive body language, and they’ll espe-cially notice your resolve. People that have a strong purpose inevitably deal in the brutal truth, which is not just refreshing, but an extremely positive surprise to many prospects.

In a non-referral selling environment, a prospect’s wall of defense can be high and strong. It is rare when a single act can bring that wall down; but, the ac-tions of someone with a strong purpose, geared towards helping others, work to bring defenses down one wall at a time.

Using Your Powerful Purpose to Guide Your Sales Efforts

The best salespeople are the Knights of the business world. They are driven by a commitment to honor and duty. They use their purpose as the guide throughout the entire sales process. If a prospect or client presents obstacles —yellow lights (caution) or red lights (danger)—don’t panic or back pedal, simply reference your purpose and ask tough questions.

Change is hard. If you aren’t already living a powerful purpose in your busi-ness, it could take a good deal of time to adopt this practice; however, the best way to change is to get started. If you want to be cautious, pick low-risk environments to try it out, but please get started. It will change your life!

The next time you worry that you might be imposing on someone, please envision what his or her life could be like 20, 30, or more years from now (when it will be time for them to enjoy his or her golden years) and think about the amazing contribution your services can make towards a secure future that eludes so many people today.

Bart Dunne was a practicing CPA in California until he moved to Arizona in 1996. Today he is the Head Revolutionary of The Rubicon Revolution (www.Rubi-conRevolution.com), an organization that is resolved to changing business as usual in the sales world by providing cutting edge sales training and exceptional career placement services. You can contact Bart at [email protected].

AZ CPA


Defined Benefit Plans Worth Considering for Small Business Owners

by Sylvia DeSantiago, CPA

When you first start off trying to solve a problem, the first solutions you come up

with are very complex, and most people stop there. But if you keep going, and live

with the problem and peel more layers of the onion off, you can often times arrive at

some very elegant and simple solutions.”

—Steve Jobs, 2006

Retirement planning is often like an onion and our job is to try to get to the simple

solution. Defined benefit plans have had their ups and downs throughout the years.

Although many large corporations have phased out these types of plans, don’t make

the mistake of counting defined benefit plans out just yet. Defined benefit plans are

alive and well in the small business environment. Furthermore, as advisors, we

should be able to offer the defined benefit plan to our clients as an option in years

where tax rates will very likely be increasing. A good retirement plan design will save taxes, accumulate retirement assets, and provide a

valuable employee benefit. Retirement plan accounts grow tax deferred and, under ERISA, provide asset protection in the event of a lawsuit or bankruptcy.

Many of you are familiar with the benefits of defined contribution plans, such as profit sharing and 401(k) plans, but the defined benefit plan in the small business setting is often overlooked. In fact, the defined benefit plan is a valuable tool for many small businesses and closely held companies. Owners and highly compensated employees may be able to contribute up to three times the amount they could contribute under a defined contribu-tion plan.

As a recap, in a defined contribution plan contributions are determined every year, funded and invested. The funding level is based upon the income level of the participant up to the maximum allowed by the IRS. For 2012, the maximum contribution on behalf of an individual is $50,000 (an additional $5,500 is allowed for anyone who is 50 or older under a 401(k) plan).


The actual retirement benefit in a defined contribution plan is determined by the value the account has reached once the participant is set to retire. People are most familiar with this type of plan and find their participant state-ments easier to understand. In general, contributions to defined contribution plans are discretionary and the decision to fund them is made annually.

A defined benefit plan effectively works backwards. The retirement goal is determined first, then the annual funding is calculated based upon the earnings history of the participant, years to retirement, and rate of return for the plan investments. If the plan assets experience losses, the annual funding requirement will increase. If the plan investments do significantly better than expected, you may see a reduction in the number of years of funding or even an overfunded plan. A defined benefit plan is designed to be funded over a number of years and, once a funding level has been set, in general, there is little flexibility in the amount from year to year.

In a defined benefit plan, participant statements present information regard-ing the benefit that will be provided at retirement and this can be confusing, especially if a participant is expecting to see a current account balance.

There is also a hybrid type of plan design called a cash balance plan. Al-though a cash balance plan is a defined benefit plan, it has characteristics of a defined contribution plan as well. Also, because a cash balance plan provides contributions as a percentage of pay along with a theoretical account bal-ance, participants find them easier to understand. One of the key advantages of a cash balance plan is the ability to make contributions at similar levels to highly paid employees, even if they are different ages. This type of design has helped solve the dilemma presented by a typical defined benefit plan where the majority of the benefit might go to an older owner by virtue of his age and to the disadvantage of a younger owner who is just as valuable to the company.

Take the example of a 50-year-old

attorney who has been in practice for five years. She has a W-2 income of $175,000 and plans to work until age 60. With a 401(k) profit sharing plan, she could make a 401(k) contribution of $22,500 and a profit sharing con-tribution of $33,000 for a combined contribution of $55,500.

If she adopted a defined benefit plan, she could fund $150,000 per year for the next 9 years. Piggy back a 401(k) profit sharing plan and she could add a $22,500 401(k) contribution and a $10,500 profit sharing contribution for a combined contribution of $183,000.

The beauty of this design is that, although the defined benefit contribu-tion of $150,000 would be considered mandatory, the $33,000 profit sharing/ 401(k) contributions would be dis-cretionary from year to year. In years where her income is less, she could lower this aspect of the funding or eliminate it in its entirety.

In another example, consider a small consulting firm where the owner has been in business for 10 years and has been funding a SEP contribution of 15% of pay for himself and his 4 younger employees. He is 54 years old and, with 11 years to retirement, would like to step up his retirement funding. His average annual income has been $90,000. Under a defined benefit plan, he can fund $150,000 of which approximately $123,000 would be at-tributable to him and $22,000 would be attributable to his employees. Again, adding in a 401(k) Safe Harbor profit sharing plan would allow him to con-tribute an additional $22,500 401(k) contribution. The Safe Harbor profit sharing contribution would provide him and his employees an additional 6% of pay contribution.

Finally, consider a medical practice with three partners ages 41, 50 and 55. They have 20 employees whose total payroll is approximately $800,000. The owners are at different stages of their life and have different retirement savings goals. Utilizing a cash balance plan which is based upon a theoretical account balance, each physician is able to determine his own funding level.

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Under the cash balance plan, Doctor A (41) chooses to fund $50,000, Doc-tor B (50) chooses to fund $116,000, and Doctor C (55) chooses to fund $140,000. With the adoption of a Safe Harbor 401(k) plan, Doctor A makes a 401(k) contribution of $17,000 and Doctors B and C make a 401(k) contribution of $22,500. Their total contributions are as follows: Doctor A, $67,000, Doctor B, $138,500 and Doctor C, $162,500.

The employee cost is approximately nine percent of pay totaling $72,000.

As you can see, a defined benefit plan can make a big impact on tax savings, asset accumulation, and retire-ment security. A defined benefit plan is worth considering for many small busi-ness owners who have more predicable cash flow, are looking to ramp up their retirement savings, and who may be getting closer to retirement age.

Suffice it to say, these types of plans can be complicated and complex. Therefore, it is necessary to get an ex-perienced third-party plan administra-

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tion firm in the mix to assist business owners with the ongoing design and administration of these plans. So, as you work with your small business owner clients, please consider talking to them about the benefits of a defined benefit plan and help them “peel away the onion.”

Sylvia DeSantiago, CPA, is the own-er of DeSantiago Pension Consulting, LLC, a third-party plan administra-tion firm. Having more than 25 years of experience in plan administration, Sylvia works with other CPAs, financial planners, and attorneys to design and administer plans for small- to medium-sized businesses. She can be reached at [email protected] or 602-264-3710.

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Improve Your Communication, Improve Your BusinessFour Skills to Help Build Stronger and More Lucrative Relationshipsby Deborah Johnson

Most professionals spend a significant portion of every day communicating with

others— in person, on the phone, in emails, or even texts. Whether you’re aware

of it or not, every communication is an opportunity to gain momentum or stall,

engage your listener or turn them off, and in some cases, to win or lose. That

means there’s a lot at stake.


If you have even a sliver of doubt about how important communication is to your personal success or to the overall success of your practice or business, here’s a startling statistic from another professional group. Of all the malpractice suits filed against attorneys by their own clients, 90% of the suits were not about the law at all. Clients report that it’s because the attorney didn’t communicate well. This is not surprising! Communication is extremely fragile. Regardless of how educated, intelligent or skilled we are, our face-to-face communications skills can be an Achilles heel.

For more than three decades, I’ve had the privilege to work with a broad range of professionals, each of whom knew that saying the right thing in the right way could make the difference between success and failure—often on a grand scale. I’ve prepared business people for interviews with Barbara Walters, the BBC, The New York Times, and a wide variety of local media. I’ve coached executives on how to give powerful and persuasive speeches; and helped nonprofit leaders raise hundreds of thousands of dollars. I’ve also worked with top attorneys to prepare witnesses for high-stakes trials.

In this article, I share some of what I’ve learned and taught over the years, including four skills, which can instantly improve your communication— help-ing you build stronger, richer and more lucrative relationships with existing or new clients, colleagues, staff and the people in your personal life.

The Rule of 93

Fundamentally, human communication is made up of two things: What you say and how you say it. Albert Mehrabian, Professor Emeritus of Psychol-ogy, at UCLA says that 93 percent of communication is non-verbal. Yes, 93 percent. He breaks it down like this: 55 percent of the meaning of a message is body language and 38 percent is tone of voice. Do the math. That leaves only seven percent for the actual words that are spoken.

What this clearly points out is that as powerful as language is, there is something even more powerful. You. You are constantly sending out non-verbal signals. And everyone around you is constantly picking up on them. Have you ever walked into an office and known immediately that something is wrong? Can you tell by someone’s sarcastic tone of voice they don’t mean what they are saying?

The point I want you to take away is that you are 100 percent in control of both what you say and how you say it. Here are four tips to help accomplish this control.

Tip Number One: Identify High-Stakes Situations

Every day you run into situations where the stakes are high. The secret is in recognizing them ahead of time so you can engage in a win-win conversation. For example, a client who is upset about a bill presents a perfect opportunity to build rapport and increase your perceived value to them.

To heighten your recognition of high-stakes situations, I recommend that every morning you spend two minutes evaluating your day and looking for

... you are

100 percent in

control of both

what you say and

how you say it.

... be conscious of

how you approach

conversations,

watching for subtle

situations where

you don’t want to

risk things going

south.


situations where you want to ensure you have successful conversations. Through-out the day be conscious of how you approach conversations, watching for subtle situations where you don’t want to risk things going south.

Tip Number Two: W.I.I.F.M.?

We are all hard-wired to listen to what others say through the filter of “What’s In It For Me?” WIIFM might sound selfish, but it’s not. It’s a fine-tuned survival mechanism. Looking out for ourselves is how the human race sur-vived. And that’s a good thing.

Once you’re aware of how people are listening to you, you can easily create more win-win conversations. If you need a client to be more timely getting documents to you, apply the WIIFM principle. An old conversation might have sounded like this, “You need to get your documents to us by the 10th. We are running into problems when they come in late; I have to pay overtime to get them filed.” But that’s about you, not about them. Now, focus on what it’s in for them, like money: “If you can get me your documents by the 10th of each month I can save you $150.”

Tip Number Three: Deep Listening

Have you noticed that people are losing the ability to truly listen? I see it around me all the time. It is also one of the most common problems I face when preparing professionals for media inter-views or preparing witnesses for trial. If a witness isn’t listening to the question during cross examination, he can look like an idiot to 12 people on the jury. When a person is not listening to a question from Barbara Walters, he can look like an idiot to 12 million people.

But, how did it get so bad? Here are a few scary stats: 294 billion emails are sent each day. That’s 2.8 million every second. We are hit with more than 3,000 advertising messages per day, bombarding us from every direction.

There’s more to do and less time to do it in. We all feel the crush. Is it any

wonder that with this barrage of useless information, spam, intrusions, and ir-ritations that we have given up paying attention? Unfortunately, it is seeping into our professional and personal re-lationships as well.

Ever try to have a conversation with someone who is also texting? Ever need to get some important information to a client on the phone and you can hear them typing away on their computer? Ever fade off in a conversation, only to snap to and wonder what was just said?

The solution? It’s simple. Practice listening. It might sound odd, but you have to train your mind to pay attention. If you become masterful at listening, it will pay off in innumerable ways. When your clients recognize that you are actively listening to their real concerns, they can relax. It builds trust. It cuts down on misunderstandings or misalignment of goals. It saves money. And research shows that it increases job satisfaction and cuts down on stress.

The “art” of listening is about doing just that—listening—not listening to yourself think about what you are go-ing to say. It is not jumping in to solve a problem before you’ve heard what it actually is, but listening to everything the person across from you is saying. Over the years, I’ve discovered that you never know what someone will say when they know you are really listening to them. Why? It goes back to the 93 percent non-verbal communication. You send out lots of non-verbal signals to tell people you’re listening to them.

Here’s a fun little trick to help you train your brain. Listen for the last three words the person says. Then try to start your sentence with them. That way you have to listen until the end, pause to make sure it is the end, and then think about what you will say in response.

Tip Number Four: Clarify Your Intent

The final tip incorporates the 55/38/7 research. It’s about making sure you are clear in your own mind what your in-tent is before you begin a conversation.

There are three parts. First, be clear about what you want the other person

to know. Most professionals are very good at this.

Second, be clear about what you want the other person to do. Sometimes we get sloppy and aren’t clear. All the best corporate management experts tell you that the more specific you are, the bet-ter your outcome. Rather than saying, “Get me the file as soon as possible,” say, “Get me the file by 5 p.m. today.” If you put dates/times into a request, it is more likely to be completed exactly as requested.

The third part is a little more elusive, but tremendously important. Be clear about how you want the other person to feel at the end of the conversation. Actually put words to it. Because if you are not clear about how you want them to feel, it will default to their mood at that particular moment and there is no way for you to know what that is or how your message will be received.

An easy example is having a tough conversation with an employee who made a mistake. Do you want her to feel demoralized, worthless, like she always makes mistakes, and is about to get fired? Or, do you want her to feel that she is valuable, that you trust her, and that you are confident that the same mistake will not happen again? By simply setting your intent, you dramatically affect your body posture, your tone of voice, as well as the words you use.

By practicing these simple tips every day, you can increase your success rate, improve your relationships and ultimate-ly make your personal and professional life much more rewarding.

Deborah Johnson is a six-time Emmy-Award winning writer and producer. She has more than 30 years of experience into what highly diverse “audiences” perceive and how to communicate with them effec-tively. She applies that expertise to prepar-ing professionals for high-stakes situations in front of the media, in the boardroom, or the courtroom, where every word and every gesture is critical to success. Reach her at (602) 216-0049 or [email protected] or www.High-StakesCommunication.com.

AZ CPA


Avoiding Investment Mistakes Through Behavioral Finance

by Alexander J. Cudzewicz

Knowledge is Power – Sir Francis Bacon wrote in 1597. Although Sir Francis could

not have envisioned today’s world of investing, what he said back then is very true

today. If we know why we make wrong investment decisions, we have the power

to avoid them.Western Economic Theory rests on the assumption that human beings make rational

choices. That assumption makes it easier to construct mathematical models of human behavior and of the behavior of the markets. However, that assumption is false. People can only be rational if they have perfect information, and most of the time they don’t. Due to the constraints of time, money, or other resources, we are forced to make decisions with partial information. So what do we do when faced with partial information? Our first reaction to a complex situation is often to reduce it to a manageable size. That is instinc-tive. We adopt short cuts, or rules of thumb. These mental short cuts work well—some of the time. They often lead to misperceptions and decision errors. And worse—we are usually unaware that our biases exist.

There is a relatively new field of study called Behavioral Finance. Daniel Kahneman won a Nobel Prize in Economics for his work in this area. Departing from traditional


questioned would buy another ticket in Case A, but 90 percent of them would still buy a ticket in Case B. Financially the two situations are identical. But in Case A, the ticket was in the mental “entertainment bucket,” and in Case B, the $10 that was lost was unassigned. Concentrate on total return, and not just income. Some investors jump at a nine percent high-yield bond, only to see the bond’s price fall leaving them with a negative total return.

AnchoringAnother interesting human bias is to

hold on to a reference point or number irrespective of its relevance to the de-cision facing us. In an often repeated study, people are asked to use the last three digits of their Social Security num-ber to pick a year between 0 and 1000. Next they are asked if they think Attila the Hun died before or after that date. Lastly they are asked to guess the date that Attila the Hun died. People with a higher last three digits of their Social Security number tend to guess a much higher date for Attila’s death. Investors who bought Cisco in 1997 at $8/share, saw it increase to $80/share in 2000, and then watched it drop back to $8/share by 2002. They were reluctant to sell as the price dropped from $80/share because in their minds Cisco was an $80/share stock. They anchored their opinion of it at $80/share, despite what the market has been telling them about Cisco’s value. Over the last 10 years, Cisco has meandered between $20/share and $30/share, never reclaiming the $80/share height.

FramingWhen we are faced with a decision,

how we frame a problem often affects the outcome. Retail customers are upset when they are charged a surcharge for using a credit card, but are happy if they are offered a discount for paying cash. More people will buy cold cuts that are labeled as 90 percent fat free, than those that are labeled 10 percent fat. Investors will often scrutinize ev-ery security in their portfolio rejecting those that don’t rise to the top. But I

Western Economic Theory, Behavioral Finance contends that people rely on instincts, biases and cognitive short-cuts when faced with imperfect or incomplete information. That leads to decisions that are not rational. They misinterpret information and therefore react inappropriately. However this “non-rational” behavior is not random. It falls into patterns that are somewhat predictable. There are many behavioral biases, but here are some of the more common ones.

Overconfidence Investors tend to think that they are

smarter than they really are. When they are in the market to buy the latest “hot” stock they forget that for every buyer there is a seller. How often do they stop to consider—why is the other party selling? Did you know that 90 percent of Swedish drivers rate themselves as above average? Studies have shown that when people are 90 percent sure of something, they are right only 70 percent of the time. Overconfidence leads to frequent trading, and fre-quent trading usually results in worse performance. One solution is to keep good records of your trades to avoid remembering only the winners. Stock analysts’ opinions tend to swing from too optimistic to too pessimistic. Take them with a grain (or more) of salt. Pay attention to probabilities. So your

favorite stock doubled. What are the odds that it will double again?

Loss Aversion This bias is an excessive focus on

losses. The fear of regret often leads investors to procrastination. They wait for new information that won’t change their final decision. Studies have shown that loss aversion leads investors to hold on to losing positions too long and sell-ing improving ones too soon. People experience more regret from actions they take than from inaction. To counter this tendency, investors should set price targets for buying or selling and adhere to them. They should focus on the long term, and not let the potential loss of a single year derail their long term goals.

Mental Accounting Another common mistake is to have

“mental buckets.” For example, a per-son turns $100 into $400 at a casino, and then proceeds to take riskier bets with the $300 winnings because it is “house money.” In a famous experiment conducted by Kahneman, subjects were given two situations. In Case A, they were asked if they lost their ticket on the way to a theatre, would they spend $10 for another one. In Case B, they were asked if they lost $10 on their way to the theatre, would they still buy a ticket when they got to the theatre. Less than 50 percent of the people

Studies have shown that loss aversion leads investors to hold on to losing positions too long and selling improving ones too soon.


AZ CPA

In the Black ... Adventures in Accounting

tell my clients that a portfolio is a lot like a Caesar Salad. You might not eat lettuce, or raw eggs, or garlic, or oil or anchovies alone—but together they can make a tasty salad. Every portfolio needs noncorrelated assets to reduce a portfolio’s overall risk and increase its return. In analyzing your portfolio, if your frame is too narrow you might discard a security that adds value to the overall mix.

RecencyHumans have a tendency to give too

much weight to recent events. One neuroscientist points out that our brains calculate sort of a moving average, giv-ing greatest weight to the most recent events. When current events turn out better than the long-term perceived pattern, our brains release a burst of dopamine. So there is a physical basis

for our reactions. Investors tend to chase performance believing in the “hot hand” fallacy, ignoring the principle of regression to the mean.

At the end of the day, isn’t it better to understand why we make decisions, rather than leaving it up to chance. When it comes to financial planning, ignorance is NOT bliss.

Alexander J. Cudzewicz, CPA, PFS, MBA, is a Registered Investment Advi-sor and President of Oak Brook Asset Management Corp. in Scottsdale. He can be reached at 480-513-1762 or [email protected]. If you are interested in learning more about this subject, Alex will be presenting at the Financial Plan-ning Conference sponsored by the ASCPA on June 7, 2012 at the Black Canyon Conference Center.

Concept: Heidi Frei Illustration: Jack Gannon

Weathering the Storm

Financial Planning Conference

June 7

Register at www..ascpa.com


CGMAs Cautiously Optimistic About Global Business ProspectsConfidence among business leaders worldwide in the global and national

economies, and in their own organizations, is growing; however, overall

they remain cautious in their optimism about the economic outlook, ac-

cording to the inaugural CGMA Global Economic Forecast, covering the

first quarter of 2012, performed by the American Institute of CPAs (AICPA)

and Chartered Institute of Management Accountants (CIMA).

The quarterly worldwide forecast reflects the opinions of more than 600 CFOs, CEOs and other management accountants on economic conditions and other top-priority issues. It also underscores the management accountant’s broad business perspective and contributions to overall performance.

The first quarter 2012 forecast was performed between February 22 and March 13, 2012 along the following regional breakdown that represents more than 60 countries and territories – U.S., Asia, Europe (excl. UK) and the UK as well as Rest of World Developed (RoWD) and Rest of World Emerging (RoWE) groups.

Quarter-to-Quarter Improvement Across Economic Indicators

All factors included in the Chartered Global Management Accountant (CGMA) Global Economic Index measurably improved since the AICPA and CIMA per-formed a baseline survey in the fourth quarter of 2011. The Index, which is a comprehensive gauge of executive sentiment within the survey, includes 10 equally weighted forecast factors. These factors range from global, domestic and organization economic optimism to expectations for expansion, revenue, profits, headcount and spending.

The Index climbed seven points to a score of 65 in the first quarter of 2012. On a scale from 0 to100, a score of 50 is considered neutral, above 50 indicates a positive sentiment and below 50 signifies a negative sentiment.

Although global economic opti-mism achieved the strongest quarterly increase, its score of 37 is the lowest-scoring factor by a significant margin, and well below the Index’s “neutral” 50 reading, indicating continuing concern over a global economy still in flux. Respondents are more confident about their own local economies and the prospects for their own companies—domestic economic and organization optimism earned scores of 55 and 71, respectively.

Cautious Optimism Among CGMAs

CGMAs’ positive outlook for the global economy doubled since the previous quarter. Yet, at 18 percent it languishes. In comparison, nearly twice as many survey participants (35 percent) have favorable expectations for their domestic economy—a 12 percentage point improvement over the last quarter—though a substantial 29 percent are pessimistic.

A quarter-to-quarter jump from 46 to 56 percent creates a solid majority of global executives who have an optimis-tic outlook for their own organization.

“Management accountants are in a unique position to assess the future of the global economy as they drive the strategic and financial decisions of their companies,” said Arleen Thomas, CPA, CGMA and AICPA senior vice president for management account-ing. “The aggregate seven-point rise in the CGMA Global Economic Index since the last quarter indicates an im-portant and positive economic trend. In the U.S., the story is even stronger, with organizations feeling increasingly confident about the overall domestic economy, as well as prospects for their own businesses.”

Although some industries are clearly faring better than others in terms of optimism, forecast findings improved quarter-over-quarter for all industries. Those with the most confidence are manufacturing (63 percent), finance and insurance (62 percent) and retail and wholesale trade (59 percent). In-dustry enthusiasm levels are lowest in


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banking (50 percent) and construction (37 percent). Notably, construction rebounded from the previous quar-ter’s expected decline in headcount to an expected increase. Technology foresees the most impressive head-count increase, while banking is the only industry projecting a decreased headcount.

Worldwide Differences on Performance Measures and Concerns

Overall, survey results for Key Performance Indicators (KPIs) are positive. However, Asia stands alone as the region where expected increases in revenue, profits and headcount are expected to be somewhat more modest than fourth quarter 2011 levels. It is also the only region where expected IT and training budgets, as well as other capital investments, are down from the last quarter.

Inflation easily surpasses deflation as a concern for respondents (46 per-cent vs.10 percent), with the concern being greatest among fast-growing economies such as Asia (72 percent) and RoWE group (61 percent). Raw material cost is the number-one infla-tion risk, except for Asia and RoWD groups where rising labor costs com-mandeered the top spot. Energy costs are the second leading risk for most survey participants, including those in the U.S. and Europe (excl.UK).

Greece’s exit from the Euro and a Euro break-up are two key issues for global executives, who believe there is a 52 percent chance of a “Grexit” and a 25 percent chance of a Euro break-up in the next 12-18 months. Nearly all Eu-ropean (excl. UK) respondents expect a Euro break-up to have a significant impact on their business (95 percent), followed distantly by Asia (67 percent) and the UK (64 percent). At 33 percent, management accountants in the U.S. least expect such an impact.

Visit cgma.org to view survey results.

AZ CPA

8:00 a.m. to 4 p.m.

www.ascpa.com


ClassifiedsBusiness Opportunities/

Practices for Sale

SCOTTSDALE CPA FIRM MERGER/ACQUISITION—Sole Practitioner with small client base is looking for a Scottsdale or Phoenix Firm to merge with. My services include Business Consulting, QuickBooks Consulting, Tax Planning and Compliance for small businesses and their owners. E-mail: [email protected].

TUCSON CPA SOLE PRACTITIO-NER EXPLORING MERGER AND/OR OFFICE SHARING POSSIBILI-TIES with suitable local CPA firm. Practice grossing $90,000 provides write-up, accounting, compiled fi-nancial statements and tax planning and preparation services to small businesses and individuals. E-mail to: [email protected] .

WE BUY CLIENTS—Our CPA firm is seeking to buy clients in increments of one to a small practice in the Scottsdale and Phoenix Metropolitan area. Our staff has been practicing in public ac-counting for over 30 years and special-izes in the small to medium size busi-ness needs. We emphasize business accounting and taxes. We are located near Thunderbird and Scottsdale Rd. If you are downsizing or retiring and want an easy transition, please call us today. Ask for Kara at (480)-990-2727.

Employment Opportunities

OUTSTANDING AUDIT & CON-SULTING OPPORTUNITIES!— Heinfeld, Meech & Co., P.C., recog-nized leaders in governmental and non-profit auditing and consulting, seeks CPAs for Associate and Manage-ment positions for our growing Audit & Consulting Divisions in our Phoenix and Tucson offices. Nationally recog-nized on the “25 Best Small Companies to Work for in America” list by the Great Place to Work Institute for the past five years, H&M offers a dynamic culture with outstanding career growth opportunities. A BS in Accounting and

at least two years of accounting, audit-ing or consulting experience specializ-ing in governments/non-profits along with CPA designation is required. [email protected]. http://www.heinfeldmeech.com

TAX MANAGER THORNBURG INVESTMENT MANAGEMENT—Thornburg Investment Management has an immediate opening for a Tax Manager. The Tax Manager will be responsible for tax return preparation, tax planning and research, financial statement preparation and analysis, and general financial transaction/accounting duties for a variety of entities including: individuals, trusts, foundations, corpo-rate, partnerships, and non-profits. To find additional information about this position, please visit our website, www.thornburginvestments.com and click on the “About Us” page.

ENTRY-LEVEL ACCOUNTANT— Bachelor degree accounting and cor-porate finance. Prepare accounting records and tax returns for both business and individuals. Must speak fluent Samoan for growing Polynesian population in East Valley area. Submit resume to [email protected].

SENIOR STAFF ACCOUNTANT—Established Phoenix CPA firn look-ing for a CPA or CPA candidate with minimum 8-10 years experiance in public accounting, must be experianced in Quickbooks, financial statement preparation and Excel and other related software, income tax preparation both individual and business. This is a career opportunity for the right person. Con-tact [email protected].

TAX MANAGER— Established Scott-sdale CPA firm seeks a Tax Manager for its busy practice. Outstanding work environment and partnership potential through client growth are available.The firm is paperless, offers state-of-the-art software and computer equipment, has flexible hours, summer Fridays off, and work/life balance. Easily accessible from the 101 expressway. Position requires

CPA, Masters in Tax, and 8+ years of experience in a CPA firm. Word, Excel and QuickBooks proficiency required; UltraTax software knowledge preferred. Salary is dependent on experience.Send resume and salary requirements to [email protected]; use Tax Manager as subject on your email.

TAX SENIOR/MANAGER—We are seeking a talented CPA desiring to be an immediate long-term integral part of our firm. We are looking for an individual who works well in a team environment and possess excellent communication skills. Five plus years of experience, and an initiative to seek out innovative and practical solutions to issues are required. Attractive com-pensation and a flexible atmosphere that balances family and quality of life with a rewarding interaction among clients and coworkers is the norm not the exception. Please email resumes to [email protected].

Miscellaneous

ENTREPRENEURIAL CPA NET-WORK (ECPAN)—Wednesday, June 6th, Retirement Planning with Social Security, presented by Dana Anspach CFP, RMA, principle with Sensible Mon-ey, LLC. Regular luncheon meetings are 11:30 a.m. to 1:30 p.m.; all meetings located at DoubleTree Suites, 320 N. 44th Street, reservations required. For information email us at [email protected] or visit www.ecpan.org.

Office Space

SHARE OFFICES WITH FELLOW CPAs in central Phoenix-near 51 Fwy. Large executive offices plus staff cu-bicles. Shared conference room, recep-tion, breakroom, high speed data lines/telephones, tax research services, etc. Immediately available. Contact Jason Feldman (60) 850-5110 or [email protected].

OFFICE SHARING ARRANGEMENT SOUGHT—Sole practitioner CPA looking to share office and resources


(library, copier, possibly staff person, etc.) in North Central Phoenix. Target date September/October. Email contact info to: [email protected].

Services

BUSINESS PROPERTY TAXES TOO HIGH? I’ve been doing property tax appeals for over 13 years. Business (personal property) taxes are the least understood but have the potential for the largest tax refunds in the current year plus three prior years, which also include interest. Arizona CPA. Con-tingency fee only. I’m on Linked In, Facebook and Twitter. Website: www.asmrconsulting.com. Call John at ASMR Consulting LLC, (480) 204-1289.

RESUME SERVICES—IT MAKES A DIFFERENCE WHO WRITES YOUR RESUME. Certified Professional Re-sume Writer Bryan Newman, President-Universal Resumes, has been writing resumes for Business Professionals 17 years. Clients include hundreds of CPAs pursuing positions as CEO, CFO, COO, VP Finance, Controller, Trea-surer, Accounting Manager, Business Intelligence Manager, Financial Analyst, Audit Manager, and Senior Accountant. Credentials include roles as Chairman, CEO, President of US Operations for a NASDAQ-listed technology firm. Mem-ber, ASU College of Business Hall of Fame. Email resumes to [email protected] for complimentary critique or call (480) 802-0441.

YOUR CIENTS PROBABLY PAY TOO MUCH FOR THEIR 401(K) PLAN— Want to be a hero to your clients? Help them reduce their 401(k) plan costs by 20-30%, or more! Contact Mike at (623) 572-0447 or visit www.ABetter-401kAZ.com to learn more.

To place a classified ad, go to

www.ascpa.com and go to marketplace

or our career center for

employment opportunities.

Upcoming ASCPA Conferences

Financial Planning ConferenceJune 7

Not-for-Profit ConferenceSeptember 21

Construction ConferenceOctober 19

Arizona Federal Tax Institute Annual Tax Conference November 8 & 9

NEW - Emgering Leaders ConferenceNovember 9 - Valley Ho Resort

Find out more information at www.ascpa.com

It’s what CGMA stands for.Officially, of course, it’s Chartered Global Management Accountant. A new designation representing accomplished professionals that

drive and deliver business success, worldwide.

Find out more at cgma.org

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PAIDPhoenix, ArizonaPermit No. 952

Arizona Society of Certified Public Accountants4801 E. Washington St., Suite 225-BPhoenix, AZ 85034

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