Conducting Discovery
Sessions and Client Retreats
Best Practices Session D
Updated 2/7/2005
© Tim Voorhees, JD, MBA 1996-2005
1
1.
2.
3.
4.
5.
6.
Engaging clients
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
2
© Tim Voorhees, JD, MBA 1996-2005
Access Seven Levels of Service
3
© Tim Voorhees, JD, MBA 1996-2005
Begin with the Free Discovery Session
Provide
Clear
Value
Before
Upgrading
the Level
of Service
Offer an optional Family
Retreat and Family Wealth
Statement (for $3,500+)
before agreeing to do the
VPL.
4
© Tim Voorhees, JD, MBA 1996-2005
During the Discovery Session decide
which deliverables are most needed and
who will prepare the deliverable
•Family Wealth Statement (Counselor)
•Financial Checkup (Analyst)
•Value Proposition Letter (Planners)
•Tactical Plan (Planners, Adviser Coordinator, and Binder Publisher)
•Comprehensive Plan (Planners, Adviser Coordinator, and Binder
Publisher)
•Legal, Insurance, & Investment Implementation (Licensed
Implementers)
•Annual Updates (Evaluator/Educator)
Tim Voorhees, JD, MBA, 1996-2005
Typically offer needed deliverables
during four phases
Family Wealth Statement
Financial Checkup
Value Proposition Letter
Tactical Plan
Comprehensive Plan
Legal, Insurance, & Investment
Implementation
Annual Updates
Phase 1
Phase 2
Tim Voorhees, JD, MBA, 1996-2005
Phase 3
Phase 4
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
7
© Tim Voorhees, JD, MBA 1996-2005
Questions
Who has the retail engagement to….
1. Conduct the Phase 1 Discovery Session and
Prepare the Value Proposition Letter?
2. Conduct the Phase 1 Retreat and prepare the
Family Wealth Statement?
3. Present the Phase 2 plan?
Tim Voorhees, JD, MBA, 1996-2005
The Biggest Producers Leave Phase 1
and Phase 2 to Channel Members
• It is most profitable when you focus entirely on
Phase 3 implementation of investment and
insurance tools.
• If a VFOS Channel Member works with your
client to complete Phase 1 and 2 deliverables,
we maximize the likelihood that Phase 3
investment and insurance tools will be
implemented through you.
9
© Tim Voorhees, JD, MBA 1996-2005
Requirements before you can deliver
our deliverables with VFOS only acting
as a back office for you:
• You must believe that it is a good use of
your time to go through the training.
• You must complete Best Practices and
Best Tools training and sign our Allied
Adviser Agreement to access Phase 1
deliverables at wholesale costs.
10
© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
11
© Tim Voorhees, JD, MBA 1996-2005
Goals of the Discovery Sessions
•
•
•
•
•
•
Attract prospects -- create referrals
Convert prospects to clients
Deliver indispensable value
Turn clients into lifelong partners
Establish a foundation for Wealth Blueprinting
Help clients review 300 tools x 200 services to
achieve 100 goals: 6 Million options!
12
© Tim Voorhees, JD, MBA 1996-2005
Tools/Benefits Grid
l Le
pita
Mo
re S
oc i
al C
a
Ma
xim
iz
N
Y
Y
Y
Y
Y
N
Y
N
Y
Y
Y
10 million +
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Contingent Swap
Income Tax Planning
10 million +
Y
Y
N
Y
Y
Y
N
N
N
N
N
N
N
Costless Collar
Income Tax Planning
5 million +
N
N
N
Y
N
Y
N
N
N
N
N
N
N
Employee Stock Ownership Plan
Wealth Transfer
10 million +
Y
Y
Y
Y
Y
Y
N
Y
Y
Y
Y
N
N
Exchange Fund
Wealth Transfer
5 million +
Y
Y
N
Y
N
N
N
N
N
N
N
N
N
Family Split Dollar
Wealth Transfer
5 million +
N
N
N
N
N
Y
N
Y
Y
Y
N
N
N
Flip CRT
Income Tax Planning
3 million +
Y
Y
Y
Y
Y
Y
Y
N
Y
N
Y
Y
Y
Hedge Fund
Investment Planning
5 million +
Y
Y
N
Y
N
N
N
N
N
N
N
N
N
Investor Play Basket
Investment Planning
5 million +
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
N
N
Leveraged Retirement Distribution Technique
Wealth Transfer
5 million +
Y
N
Y
N
Y
Y
N
Y
Y
Y
Y
N
N
Non-Qualified Stock Option Strategies
Income Tax Planning
5 million +
Y
Y
Y
Y
Y
N
Y
N
N
N
Y
N
N
Offshore Insurance
Investment Planning
5 million +
Y
Y
Y
Y
Y
Y
N
Y
Y
Y
Y
N
N
Private Equity
Investment Planning
5 million +
N
Y
N
Y
Y
Y
Y
N
N
N
Y
Y
Y
Receivable Asset Monetization
Investment Planning
5 million +
Y
Y
N
Y
Y
Y
Y
N
N
N
Y
N
N
Re-Engineered Corporate Balance Sheet
Corporate Finance
100 million +
Y
N
N
N
N
N
N
N
N
N
N
N
N
SERP SWAP
Wealth Transfer
3 million +
Y
N
Y
N
Y
Y
N
Y
Y
Y
Y
N
N
Pension Distribution Strategy
Wealth Transfer
3 million +
Y
N
Y
N
Y
Y
N
Y
Y
Y
Y
N
N
Stretch IRA
Wealth Transfer
3 million +
Y
Y
Y
N
N
N
N
Y
N
N
Y
N
N
Super CLAT
Income Tax Planning
3 million +
Y
N
Y
N
Y
N
Y
Y
Y
N
Y
Y
Y
Synthetic Equity
Income Tax Planning
10 million +
Y
Y
Y
Y
Y
Y
N
Y
Y
Y
Y
N
N
Tax-Free CRT Distributions
Charitable Planning
5 million +
Y
N
Y
Y
N
Y
Y
Y
N
N
N
Y
Y
Tax-Free S Corporation Sale Strategy
Income Tax Planning
5 million +
Y
Y
Y
Y
N
Y
N
Y
Y
N
Y
N
N
Unitrust Limited Partnership
Income Tax Planning
5 million +
Y
Y
Y
N
Y
Y
Y
Y
N
N
Y
Y
Y
13
ver
a
S oc
ers
o
Ma
inta
in
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ont
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Ov
er
er P
l Ov
ntro
Co
Ma
na
Y
Wealth Transfer
ge
F
Pro
tec
tA
10 million +
Charitable LLC
© Tim Voorhees, JD, MBA 1996-2005
ge
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Acc
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WORKSHOP TOOLS LISTED BELOW
ize
Min
im
Ta x
es
./De
lay
s
A partial list of tools and goals
Key
3 indicates a primary benefit. A major reason that someone would implement this
strategy.
2 indicates a secondary benefit--not the only reason but a plus in the decisionmaking process
1 indicates an ancillary benefit--not a significant positive or negative factor.
0 indicates the benefit is irrelevant to the strategy or the strategy may actually be
a detriment.
1031 Exchange
1035 Exchange
402(e) Rollover
412(i) with sale to Family Entity
412(i) with rollout to Participant
Aircraft Acquisition Strategy
Accounts Receivable Financing
Asset Allocation
Charitable Gift Annuity, Deferred
Charitable Gift Annuity, Immediate
Charitable Gift Subject to Life Estate
Charitable Limited Liability Company
Charitable Remainder Unitrust, Standard (SCRUT)
Charitable Remainder Unitrust, Standard with Wealth Replacement
Charitable Remainder Unitrust, Net Income with Makeup (NIMCRUT)
Charitable Remainder Unitrust, with Flip Provision (Flip CRT)
Charitable Remainder Unitrust, with private stock redemption
Charitable Remainder Annuity Trust (CRAT)
Charitable Lead Annuity Trust, Grantor (GCLAT)
Charitable Lead Annuity Trust, Nongrantor (CLAT)
Charitable Lead Annuity Trust, Super CLAT
Charitable Lead Unitrust, Grantor (GCLUT)
Charitable Lead Unitrust, Nongrantor (CLUT)
Common Trust Fund
Costless Collar
Defined Benefit Pension Plan
Disability Income Trust
Dynasty Trust
Education Trust
Leveraged Employee Stock Ownership Plan with Synthetic Equity
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Tools/Benefits Grid (partial)
0
0
0
0
0
3
0
0
3
3
2
3
2
2
2
2
2
2
3
0
3
3
0
3
0
0
0
0
0
0
0
0
0
3
3
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
0
3
0
3
0
3
3
0
0
3
3
3
0
3
3
0
3
0
2
1
0
0
1
1
1
1
1
0
0
0
0
0
0
1
0
3
3
0
0
1
0
0
3
0
2
0
3
0
3
3
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
0
3
0
0
0
2
0
1
3
3
0
3
3
3
3
3
3
3
0
0
2
0
0
3
0
0
0
0
0
3
0
0
0
3
0
1
1
0
3
3
3
3
3
3
3
3
3
3
2
3
3
2
3
0
0
0
0
3
1
3
2
2
0
0
3
0
3
3
2
0
0
0
2
1
2
2
1
0
0
0
0
0
0
2
0
3
3
0
1
1
© Tim Voorhees, JD, MBA 1996-2005
0
0
0
1
1
1
3
0
3
2
1
3
1
2
2
2
2
2
2
2
2
2
2
1
0
3
2
3
2
2
2
2
2
0
0
1
0
0
3
3
3
3
2
2
2
3
3
3
0
0
0
0
0
2
0
0
0
0
0
2
0
0
0
0
0
0
0
0
3
2
1
2
0
1
1
1
1
1
3
3
3
3
3
1
0
0
0
0
0
1
1
1
0
0
0
2
1
0
3
1
3
2
3
3
3
3
3
3
2
2
2
2
2
1
0
1
1
0
0
1
1
1
0
2
1
0
1
0
1
1
1
1
2
2
2
2
2
2
1
1
1
1
1
0
0
1
0
2
2
2
1
1
0
2
1
1
2
0
2
2
2
2
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
1
1
1
2
1
0
2
1
0
2
0
1
1
1
2
0
0
0
0
3
0
0
1
0
0
1
0
0
1
1
2
0
3
2
2
0
1
1
3
2
1
1
1
1
2
1
1
1
1
1
1
1
0
0
1
0
1
0
3
3
0
0
0
1
1
0
0
0
2
0
0
2
2
2
3
3
3
3
3
3
3
3
3
3
3
3
0
0
0
0
0
0
0
2
3
0
0
0
1
2
3
2
2
2
2
2
3
3
3
3
3
1
1
1
1
1
2
0
2
2
0
0
3
0
1
0
1
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
0
1
3
3
3
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2
2
2
1
1
3
1
1
0
0
2
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
2
0
2
0
3
0
0
0
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
Summarize the Value Proposition
sample diagram
Example:
Current
Proposed
Estate Taxes
$14,300,000
$100,000
Benefit to
Heirs
$15,200,000
$18,900,000
Income Tax
Savings
$0
$200,000
Benefit to
Charity
$0
$21,300,000
15
© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
7.
8.
9.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a
Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
Addressing challenging situations
Drafting a Family Wealth Statement
Accessing the best resources
16
© Tim Voorhees, JD, MBA 1996-2005
Upgrading a Discovery Session
into a Retreat
Provide Clear Value Before Upgrading the Level of
Service
Offer an optional Family
Retreat and Family Wealth
Statement (for $3,500+)
before agreeing to do the
VPL.
17
© Tim Voorhees, JD, MBA 1996-2005
Integrating Retreats into Your Practice
• Offer a service not available elsewhere in your
community.
• Cover Discovery Session materials in much
greater details.
• Deliver indispensable value
• Turn clients into lifelong partners
• Establish a foundation for Wealth Blueprinting
• Address issues that can only be addressed in a
4-6 hour session.
18
© Tim Voorhees, JD, MBA 1996-2005
Learning from the Models
•
•
•
•
•
Scott Fithian – The Family Financial
Philosophy
Jay Link – Family Wealth Letter of Intent
Scott Farnsworth – Family Wealth Declaration
Esperti Peterson – Discovery Document
Tim Voorhees – Family Wealth Statement
19
© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
20
© Tim Voorhees, JD, MBA 1996-2005
Developing Wealth Counseling Skills?
•
•
•
•
•
Understanding both the emotional and technical
issues
Drawing out the client’s purpose
Briefly explaining relevant planning tools
Mediating conflicts efficiently
Facilitating interaction of retreat attendees
21
© Tim Voorhees, JD, MBA 1996-2005
Identifying the Right Clients
•
•
•
•
•
Choosing the right clients
Considering influence of existing advisers
Understanding dysfunctional environments
Involving children in the retreat process
Screening for emotional issues or potential
litigation
22
© Tim Voorhees, JD, MBA 1996-2005
Explaining the Process
•
•
•
•
•
•
Deciding which advisers will provide wise
counsel
Sharing case histories of successful families
Giving references if necessary
Discussing roles of existing advisers
Obtaining a commitment of time and money
Scheduling a retreat
23
© Tim Voorhees, JD, MBA 1996-2005
Motivating Clients to Schedule a Retreat
•
•
•
•
Executive Officer and Emotional Officer
need agreement
One day in a lifetime
The Power of Purpose: Genesis 11:6
The need to overcome problems
– Affluenza
– Lawsuit risks
– Etc.
24
© Tim Voorhees, JD, MBA 1996-2005
Establishing the Price
•
•
•
Explain how the cost is much less than the
benefits
Discuss business topics to qualify for deduction
Choose the appropriate engagement letter
25
© Tim Voorhees, JD, MBA 1996-2005
Preparing the Client
•
•
•
Husband and wife complete the
questionnaires separately
Husband and wife should not compare notes
Urge the client to schedule at least a half day
without interruptions.
― Schedule 4 to 6 hours for the retreat
― Schedule ample time after the retreat
26
© Tim Voorhees, JD, MBA 1996-2005
Preceding the First Retreat
•
•
•
•
•
•
•
Prepare the client(s)
Choose a location
Decide which family members to include
Schedule one or two days
Bring an assistant
Prepare an agenda
Prepare a list of questions
27
© Tim Voorhees, JD, MBA 1996-2005
During the Retreat
•
•
•
•
−
−
−
−
−
−
Discuss the power of purpose and mission
Review questions
Use Soft Data Questionnaire
Prepare custom list of questions
Examine common problems for families with wealth
Clarify who owns what. Address emotional ownership versus
legal ownership
Look for common communication and trust breakdowns
Spot indications that family members lack a common
mission
Spot differing, but undisclosed, standards
Look for unprepared heirs
28
© Tim Voorhees, JD, MBA 1996-2005
Story-telling
•
•
•
•
•
Harness emotional energy
Encourage a free-flowing discussion
Cover all the questions without sticking to a
rigid agenda.
Reflect on who inspired husband and wife they
were 10 years old.
Clarify a story that has a beginning in youth,
positive influence today, and great hope for the
future.
29
© Tim Voorhees, JD, MBA 1996-2005
Bonding with the Client
•
•
•
•
•
Listening to the client's personal history
Connecting to the client’s current opportunities
and threats
Inspiring the client to build on strengths and
overcome weaknesses
Uniting family members around a common
vision
Clarifying “WOTS MOST IMPORTANT?”
30
© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
31
© Tim Voorhees, JD, MBA 1996-2005
Family Wealth Planning Blends Personal
and Corporate Planning
PERSONAL PLANNING
FAMILY WEALTH
PLANNING
Passions/ Purpose/
Priorities
Vision for Shared
Purposes
Vision/ Mission/
Objectives
Personal Prayer
Process
Management
Principles
Principles
Creed
Planning Resources
Legacy
Benefits for
Beneficiaries
Legacy Directives
CORPORATE
PLANNING
Profits/Losses
Succession Plan
32
© Tim Voorhees, JD, MBA 1996-2005
Personal Planning Paradigm:
Passions, Purpose, Priorities, Planning
Resources, and Planning Tools
Your Planning Resources
33
© Tim Voorhees, JD, MBA 1996-2005
Clarifying Planning Resources
•
•
•
•
•
Review financial capital
− Before and after bar charts
− Control over financial and social capital
Uncover emotional resources
− Empowering through a family mission
− Addressing conflicts
Discuss spiritual resources
− The power of purpose
− The harmony of principles
− The impact of a legacy
Identify wasted social capital
Identify valuable intellectual capital
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© Tim Voorhees, JD, MBA 1996-2005
Explaining Benefits of the Planning Tools
•
•
•
Clarifying root issues and suggesting financial,
legal, or tax tools
Integrating tools to create a zero-tax plan
Drafting documents in light of spiritual,
intellectual, emotional, and other issues
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© Tim Voorhees, JD, MBA 1996-2005
Matching Planning Tools with Benefits
•
•
•
See the tools/benefits grid
See the sample plans
Discuss scenarios
• Income tax deductions this year?
• Exercising stock options?
• Making lifetime wealth transfers?
• Etcetera
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© Tim Voorhees, JD, MBA 1996-2005
Personal
Corporate
• Passions
• Vision
• Purpose
• Mission
• Priorities
• Objectives
• Principles
(Cardinal
Virtues)
• Creed
(Core Values)
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© Tim Voorhees, JD, MBA 1996-2005
Corporate Planning Paradigm:
WOTS MOST IMPORTANT?
•
Review the Weaknesses, Opportunities, Threats, and Strengths (“WOTS”)
•
Clarify the Mission, Objectives, Strategies, and Tactics (“MOST”).
MISSION
OBJECTIVES
STRATEGIES
TACTICS
™
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© Tim Voorhees, JD, MBA 1996-2005
Family Wealth Planning Paradigm:
Vision, Mission, and Shared Purposes
•
•
•
•
•
Vision is bigger than mission
Mission is coalesced from individual purpose
statements
Mission is a summary of shared purposes
Mission Statement has 3 critical elements
− Who we are
− What we do
− Whom we serve
Purpose Statements are individual and often hard to
define but purpose statements should be defined
before preceding with Family Wealth Planning.
Proverbs 20:5 - The purposes of a man's heart are deep waters, but a man of understanding draws
them out.
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© Tim Voorhees, JD, MBA 1996-2005
Family Wealth Planning Blends Personal
and Corporate Planning
PERSONAL PLANNING
FAMILY WEALTH
PLANNING
CORPORATE
PLANNING
Passions/ Purpose/
Priorities
Vision for Shared
Purposes
(Summarized in a
Family Mission)
Vision/ Mission/
Objectives
Personal Prayer
Process
Management
Principles
Principles
Creed
Planning Resources
Legacy
Benefits for
Beneficiaries
Legacy Directives
© Tim Voorhees, JD, MBA 1996-2005
Profits/Losses
Succession Plan
40
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
41
© Tim Voorhees, JD, MBA 1996-2005
Picking Scabs?
•
•
•
Does somebody refuse to develop a mission and
vision?
Is somebody avoiding accountability?
Is somebody undermining the family? (See, e.g.,
Proverbs 6:16-19)
BEHAVIOR
EXAMPLE
Haughty eyes
Unwilling to listen to counsel
A lying tongue
Misrepresenting facts
Hands that shed innocent blood
Slandering associates or leaders
A heart that devises wicked schemes Cheating on taxes
Feet that are quick to rush into evil Compromising corporate vision and
objectives for personal gain
A false witness who pours out lies Bad-mouthing
A man who stirs up dissension
Engaging in peace-breaking and peacefaking rather than peacemaking
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© Tim Voorhees, JD, MBA 1996-2005
Addressing Challenging Situations
•
•
•
•
•
The disinherited child
The child from a past relationship
Sons fighting for control of the family business
Unmotivated kids
Intra-family lawsuits
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© Tim Voorhees, JD, MBA 1996-2005
Involving Professional Help
•
•
•
Wealth Counselor Network
Peacemaker Ministries – Certified Christian
Conciliators™
Others
− Roy Williams
− Rick Harig
− Etc.
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© Tim Voorhees, JD, MBA 1996-2005
Collecting Relevant Documents
•
•
•
Ideally have balance sheet before retreat begins
Get commitments during the retreat to collect
documents
Get permission to work with CPA to gather
documents
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© Tim Voorhees, JD, MBA 1996-2005
Preparing the Client for After the Retreat
•
•
•
•
Discuss phases of the CAPABLE model
Offer ideas about forming a team with unique
abilities relevant to the client
Discuss roles of insurance agent, attorney,
CPA, and other existing advisers.
Establish checks and balances for team
members
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© Tim Voorhees, JD, MBA 1996-2005
Following the First Retreat
•
•
•
•
Develop Family Wealth Statement and goal
statement
Prepare report card to show if current plan
achieves goals
Prepare Value Proposition Letter
Prepare the family for periodic Family Meetings
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© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
48
© Tim Voorhees, JD, MBA 1996-2005
Drafting the Family Wealth Statement
•
•
Develop a meaningful structure
Use Covenant model?
− Purpose
− Process
− Principles
− Beneficiaries
− Vision and Directives
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© Tim Voorhees, JD, MBA 1996-2005
Clarifying the Purpose
•
•
•
•
Start by reflecting back statements that impassion
the client
Crystallize statements about passion into a purpose
Meld purpose statements into a Family Mission
Be sure that family members have ownership in the
mission
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© Tim Voorhees, JD, MBA 1996-2005
The Purpose Statement is Important Because It…
•
•
•
•
•
•
•
•
•
•
•
Inspires unity
Articulates unique characteristics
Clarifies functions
Establishes direction
Guides decision-making
Shapes strategy
Enhances effectiveness
Facilitates evaluation
Focuses the future
Summarizes complex concepts concisely
Promotes long-term thinking
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© Tim Voorhees, JD, MBA 1996-2005
Affirming Principles in the FWS
•
•
•
•
•
•
•
•
•
•
•
Financial Security
Wealth Accumulation
Cash Flow and Income
Budgeting
Liquidity
Investment Time
Horizons
Taxes
Charitable gifts of money
Charitable gifts of time
Diversification
Education funding
•
•
•
•
•
•
•
•
•
•
Control
Complexity
Risk Management and
insurance
Asset Protection
Trustee and fiduciary
selection
Loans to family members
and close friends
Providing for medical
needs
Retirement planning
Grant-making
Stewardship training
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© Tim Voorhees, JD, MBA 1996-2005
•
•
•
•
•
•
•
•
Writing the FWS Efficiently
Use boilerplate templates
Use color-coding
Code the husband’s answers in blue, code wife’s
answers in pink, and code similar answers in
yellow
Develop pink-blue-yellow “PBY” document
Combine His and Her answers
Add in retreat notes using a colored font
Use the client’s actual words
Reference trustee, executor, guardian, and
beneficiary language in legal documents
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© Tim Voorhees, JD, MBA 1996-2005
Preparing the Family for Meetings
Following the First Retreat
•
•
•
•
•
•
•
Conducting investment seminars
Training board members
Providing stewardship education
Clarifying authority, power, and influence
Using observable and measurable standards
Tracking success in realizing goals
Updating the Financial Checkup and VPL
54
© Tim Voorhees, JD, MBA 1996-2005
Access Seven Levels of Service
55
© Tim Voorhees, JD, MBA 1996-2005
1.
2.
3.
4.
5.
6.
Engaging clients for retreats
Asking practice management questions
Discussing goals and tools
Upgrading a Discovery Session into a Retreat
Conducting a Retreat
Differentiating Personal, Corporate, and
Family Wealth Planning
7. Addressing challenging situations
8. Drafting a Family Wealth Statement
9. Accessing the best resources
56
© Tim Voorhees, JD, MBA 1996-2005
Best Practices CD - Session D Resources
4
5
6
7
8
9
10
34
35
36
40
Case Study: CRT
Case Study: Super CLAT
Case Study: ESOP
Case Study: GDOT
Case Study- Comprehensive Family Wealth Blueprint
Engagement Kit Soft Data Questionnaire
Engagement Kit Hard Data Questionnaire - Long
Short Soft Data Fact finder
Short Hard Data Fact finder
Qualified Plan Fact finder
200 Tools List
57
© Tim Voorhees, JD, MBA 1996-2005
Best Practices CD - Session D Resources
41
42
44
45
71
89
114
119
124
240
309
812
100 Goals List
70 Best Tools Descriptions
Tools Benefit Grid - Simple
Tools Benefit Grid - Comprehensive
How to charge fees (article)
Prospecting Letter - Discovery Session
Best Practices Session D
Consent to Share Info - Permission Grid
Steps to develop Family Wealth Statement
Follow-up Letter -- offer retreat
Conducting a Family Retreat
FAQs regarding free Discovery Sessions
58
© Tim Voorhees, JD, MBA 1996-2005
Best Practices Training
Session A
Adapting to Planning Trends and Presenting Valuable Deliverables to Clients
Session B
Charging Fees and Using Appropriate Engagement Letters
Session C
Delegating Technical Work to a Virtual Back Office and Advanced Sales Department
Session D
Developing the Value Proposition Letter after a Discovery Session, and Preparing the
Family Wealth Statement During/After a Client Retreat
Session E
Developing Relationships With CPAs, Bankers, Lawyers, Charitable Development
Officers, and Other Referral Sources
Session F
Presenting Your Materials During Client Seminars, Training Workshops, and One-OnOne Presentations
Session G
Complying with IRS, SEC, NASD, AICPA, ABA, FPA, and Other Relevant Guidelines
Session H
Focusing on Your Unique Talents by Delegating “Administrivia” to a Relationship
Manager
Session I
Conducting a Strategy Session to Integrate Tools Needed to Achieve All of Your
Clients' Wealth Optimization Goals
Session J
Tracking cases and portfolios with web-based project management and CRM systems
59
© Tim Voorhees, JD, MBA 1996-2005
Contacting Family Office Services
Phone:
Fax:
Voicemail:
Email:
800-447-7090 (949-453-2900 in CA)
866-447-7090
877-447-7090
Tim@VFOS.com
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© Tim Voorhees, JD, MBA 1996-2005