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

R

OR

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SET YOUR BUSINESS OBJECTIVES AND GOALS

Client payments Professional liability insurance

Broker dealer considerations

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http://www.apogeeinsgroup.com/about-us/our-available-markets

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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

of6 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




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




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




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




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




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: ________________________

laying the foundation 1 - institutedfa.com sparks... · laying the foundation . 4/19/16 2 ™ the...

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