Practice-Building Products

  The Ultimate Level^SM
February 22-24, 2013
Redondo Beach, California

We just held our first Ultimate Level^SM event last weekend and, we must say, it was quite the success! Please enjoy a few pictures below of the weekend. 

Interested in taking YOUR practice to the Ultimate Level?
Reserve your spot for our May event! Spaces are limited.
Contact Kristina Schneider right away at 424-247-9495 or at kristina@ultimateestateplanner.com
 

All pictures © 2013 Megan DeLaGarza

Leading tax and estate planning experts, Martin Shenkman, J.D., CPA, MBA, Jonathan Blattmachr, J.D. and Robert S. Keebler, CPA, MST, AEP (Distinguished) have come together for the very first time to co-author the single most authoritative practical guide to crucial, last-minute planning for 2012.

This unique book is written technical enough to assist professionals like you to understand the key planning choices and how to avoid the traps involved with each - - and written in plain-English enough for the sophisticated client who wants to better understand complex planning or needs some motivation to move ahead and do something!

This one book covers all of the following:

• Irrevocable Life Insurance Trusts
• Grantor Retained Annuity Trusts
• Valuation Discounts
• Defined value Clauses
• Sales to Intentionally Defective Grantor Trusts
• Qualified Personal Residence Trusts
• Beneficiary Defective Inheritor's Trusts
• Split Dollar Loans
• Domestic Asset Protection Trusts
• Last Minute Income Tax Planning
• How to Overcome the Biggest Client Objections
  • Complexity
  • Cost
  • Law Uncertainty
  • Clawback
  • Fear of Giving Up Assets
  • Fear of Giving Up Income
• And much, much more!

Click here to review the complete Table of Contents.

You can receive this this one-of-a-kind, extremely timely book immediately when you purchase it in downloadable PDF format, so you can use it now before the window of opportunity closes.  Plus, since it’s in a PDF format, you can readily print out and give certain sections of the book to clients, as needed.  The best part is that you can get all of this for just $39.95.

In addition, you will get 4 special bonuses for purchasing the book by this Friday, September 21st!

BONUS #1: Access to a special website where you can immediately customize, address and mail out the provided marketing postcard, so you can get clients and prospects to start calling you for appointments!*

BONUS #2: Access to one archived On-Demand Ultimate Estate Planner program of your choice on an advanced estate tax planning topic, so you can get your technical knowledge up to speed even more quickly!

BONUS #3: A 50% discount toward estate tax and asset protection expert, Steve Oshins’ “Advanced Estate Tax Planning Sales Tools” - - extremely helpful sales tools to help you get clients and prospects to engage you!

BONUS #4: A sample client marketing letter used by Phil Kavesh for his law firm clients to get them to move before it’s too late!

*Does not include discounted printing fee and postage.

For more information and to get your 4 special bonuses, order your book today!

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  If you are interested in a personal consultation for your office regarding how to make your office more efficient and how to improve the productivity of your attorneys, staff and advisors, contact us today at 1-866-754-6477 to find out how you can receive a free 30 minutes consultation.  Connect with us on Facebook, Twitter or LinkedIn.

Reposted from WealthManagement.com & Trust & Estates | By Gregory Monday & John T. Brooks

According to the Florida Supreme Court, an attorney’s activities fall under ethical disclosure rules whenever he participates in a business transaction with a client, even if he’s not a principal (for example, buyer or seller) in the transaction.  In The Florida Bar v. Doherty,¹ the Florida Supreme Court disbarred an attorney for attempting to sell annuities to an elderly client without notifying the client in writing that the attorney would receive a commission in the transaction.  Although many of us would never broker the sale of annuities to our clients—especially after the Glenn Neasham affair!² — The Doherty decision reminds us that there’s a broad range of activities that may require written disclosure and written consent under the ethical rules governing business transactions with clients. 

What Happened?

Brian Doherty was a Florida attorney who also provided financial planning and investment services to clients and was licensed to sell certain investment products, including annuities.  In July and August of 2006, Doherty applied to purchase annuities on behalf of his client, an elderly widow.  If the transactions had proceeded, Doherty would have received a 7 percent commission, which would have been applied against a debt that Doherty owed to the annuity provider.  Further, it appears that Doherty deliberately chose to apply for annuities whose commissions he wouldn’t forfeit if the client died during a “chargeback” period.  As it happened, the client died on Aug. 19, 2006, before she could purchase the annuities.

The referee who reviewed the matter recommended that Doherty be found guilty of violating two of the Rules Regulating the Florida Bar.  The first was Rule 4.17(a)(2), under which an attorney may not represent a client if there’s a substantial risk that the representation will be materially limited by the attorney’s personal interests.  Doherty didn’t challenge the referee’s recommendation under that rule.  However, the referee also recommended that Doherty be found guilty of violating Rule 4-1.8(a), relating to business transactions with clients.  Doherty challenged the second recommendation, arguing that the rule was inapplicable in his case.

Rule 4-1.8 states that an attorney shall not “enter into a business transaction with a client” unless the transaction is fair and reasonable to the client, the attorney discloses to the client in writing of the terms of the attorney’s interest in the transaction and the desirability of the client seeking separate counsel in the matter and the client gives informed, written consent.  The Florida Rule closely parallels rule 4-1.8(a) of The American Bar Association’s Model Rules of Professional Conduct.

In his defense, Doherty didn’t assert that he gave the written disclosure or received the written consent required under Florida Rule 4-1.8.  Rather, he argued that his role as a broker in the proposed annuity transaction didn’t constitute engaging in a business transaction with the client, because Doherty wasn’t a principal in the transaction—he wasn’t selling anything to her or buying anything from her.  The court, however, rejected Doherty’s narrow interpretation of the rule.

Court Ruling 

The court held that Rule 4-1.8 “encompasses a scope of dealing broader than simply those between a lawyer and his or her clients as the principals to the transaction.”  The court cited a number of examples in prior Florida cases, such as an attorney investing in a company that was in direct competition with his client’s company, an attorney taking over his client’s role as chairman and CEO and an attorney making a secured loan to a client.  The court also cited a case in which the Ohio Supreme Court held that providing financial planning services to a client constituted engaging in a business transaction with the client and, thus, required written disclosure under Ohio’s Code of Professional Conduct.

The referee and Florida’s Supreme Court threw the book at Doherty because of some egregious aggravating factors.  Doherty wrote himself into the client’s estate plan as personal representative and trustee, and the estate planning instruments were written to grant the trustee authority to purchase annuities only from the annuity providers to whom Doherty owed money.  Further, Doherty had previously been suspended by the New Hampshire bar for two years. 

Lesson Learned

Despite these special circumstances, however, it’s important not to lose sight of the decision’s central point: An attorney who participates in any capacity, other than as legal counsel, in a business transaction involving a client should play it safe and follow the same disclosure and consent rules that would apply if the attorney and the client were principals in that transaction.  This includes those attorneys daring enough to provide financial planning services to their clients—especially if they will receive a commission or other advantage from a client’s decision to pursue a particular investment.

Endnotes

1. The Florida Bar v. Doherty,No. SC10-332 (March 29, 2012).
2. Leslie Scism “Annuity Case Chills Insurance Agents,” The Wall Street Journal, (March 18, 2012).

This is one of the reasons why we, at The Ultimate Estate Planner, Inc., have put together various programs and products, as well as provide individual business coaching, in the area of developing successful referral relationships.  Ultimate Estate Planner President, Philip Kavesh, has successfully built a multi-disciplinary practice utilizing affiliated financial advisors for over 20 years.  He is licensed as both an estate planning attorney and financial professional and he legally and ethically does this referral process with his law firm clients on a day to day basis. He shows you how and even provides you the tested and proven forms for this referral process in his program entitled, Successful Referral Relationships that Actually Work!. 

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  If you are interested in a personal consultation for your office regarding how to make your office more efficient and how to improve the productivity of your attorneys, staff and advisors, contact us today at 1-866-754-6477 to find out how you can receive a free 30 minutes consultation.  Connect with us on Facebook, Twitter or LinkedIn.

Source: WealthManagement.com

Reposted from WealthManagement.com | By Matt Oechsli

Los Angeles—“We’ve got so much going on in our practice, everybody is working, but I don’t really know if we’re prioritizing properly,” Michael explained. “Do you know of a simple way in which we can get a handle on this?”

In the busy world of a successful financial practice, it’s easy for everyone to get caught up in the reactive whirling dervish of day-to-day affairs. The telephones are ringing all day, support personnel have been trained to answer the telephone by the third ring at the latest, they attend to whatever the client calling is requesting, and the beat goes on—all day long.

When it comes to time management, we focus on three critical factors: total households, client segmentation, and service models. At this stage, most financial advisors have segmented their client base. Although everyone labels them differently, some version of “A, B, C, and D” client sorting has usually taken place. That said, we always recommend that advisors include two qualitative components: upgrade potential and spheres of influence. Top advisors typically have two service models, one for their top revenue generating clients, and a second for their other clients who generate less revenue but are still good, profitable clients.

I’m not going to get into service models in this issue, nor am I getting into our complete client segmentation process. For the purposes of establishing priorities within your practice, I’m going to assume you’ve got a handle on the aforementioned. But to Michael’s question, where the time is going on a daily basis is a different story. Client segmentation and service models are meaningless without a good handle on where everyone’s time is going. Effective time management is really about establishing and managing priorities.

To that end I recommended Michael engage in a two-week Time Motion Study that we’ve been using to help advisors begin to get control of this issue. As I share this exercise with you, I do so with a warning—it’s work, and it is usually not embraced by support personnel (because they “don’t have the time”). For this reason, the value of the exercise needs to be explained and it must be driven by the senior advisor of the practice.

Time Motion Study

Objective: Determine the clients who are requiring the most time and attention on a frequent basis and compare the time required to the revenue generated. The goal is to prioritize activities, eliminate wasted time, and provide more personalized service to top-tier clients.

Time Line: A two full-week time line provides a fairly accurate assessment of the day-in-the-life of a financial practice. Make certain to conduct this study during two complete 5-day weeks, a total of 10 working days.

Participants: Anyone on the team who takes incoming calls; senior advisors, junior advisors, practice managers, assistants, receptionists, etc. (Michael, like many senior advisors, never takes incoming calls as they are screened by his assistant, so he didn’t have to participate.)

Materials: Legal pad and pen (low tech).

Dispatching the Time-Motion Study: Determine the personnel who are going to be involved, and communicate clearly that this exercise is not “big-brother” looking over their shoulder. Whoever is participating must understand that this project will eventually save them time, lessen the reactive, hectic day-to-day routine, and enable them to devote more personalized time and attention to top-tier clients.

Step 1—Write the date at the top of a blank page on their Time-Motion Study legal pad.

Step 2—Log every call that day on the designated page in the following manner: name of caller, nature of the call, length of the call, and time required to fulfill the client’s request.

Step 3—Repeat steps one and two for 10 consecutive working days (two weeks).

Step 4—Upon completion of the study, meet as a team and compare the time required by the client with the revenue generated by that client.

Step 5—Adjust priorities accordingly following the basic time-revenue formula; if 20 percent of your clients are generating 80 percent of your revenue they should get 80 percent of the time available within your practice. If 25 clients of those 20 percent are generating a significant portion of the revenue, they get a significant portion of your practice’s available time.

Every time we’ve coached advisors through this drill, ah-ha moments surface. How so? Because advisors and support personnel start realizing that far too much of their time, which is a finite commodity, is being sucked into a black hole controlled by smaller clients.

Michael’s experience was no different. Initially his staff resisted, but he persisted by offering a reward (dinner-for-two certificates), and they discovered that approximately 70 percent of their time was being usurped by smaller clients who had no influence or potential. Since recognition is 50 percent of recovery, they were on their way to getting a handle on their priorities. Within a month, Michael had jettisoned the majority of these smaller clients to another advisor, and the last I heard, his team was revising their service models. Time management is priority management.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  If you are interested in a personal consultation for your office regarding how to make your office more efficient and how to improve the productivity of your attorneys, staff and advisors, contact us today at 1-866-754-6477 to find out how you can receive a free 30 minutes consultation.  Connect with us on Facebook, Twitter or LinkedIn.

Source & Photo Credit: WealthManagement.com

While your co-workers start every day enjoying a cup of coffee together in the break room, you're barely able to find time to call your doctor. While they're taking lunches, you're rushing through another meal at your desk. Sound familiar? Here's the good news: This apparent discrepancy may not mean you've got a bigger workload or that you're a harder worker. Instead, it may mean that they've mastered certain time-saving skills and habits that you haven't-until now. From prioritizing your workload to learning which projects don't need to be perfect, read on to discover eight workplace habits that'll boost your productivity and lower your stress levels.

1. They make it a point to take breaks.
   Americans seem to think that constantly working is synonymous with being productive, but unless your brain is functioning at its maximum level, you may not be getting as much work done as you think. "[Taking breaks] is like hitting the reset button. It helps you empty out your 'brain cache' so you have room to refill it," says Christine Hohlbaum, author of The Power of Slow: 101 Ways to Save Time in Our 24/7 World. First and foremost, she recommends taking lunch every day-and leaving your desk to do it. "When you have a 'working lunch,' it's just not very efficient. At some point you're going to lose attention," she says. Ultimately, eating while you work will cause you to suffer on two fronts: you won't be able to pay attention to your food-a surefire way to overeat-and you won't be giving your work the proper attention it deserves. In addition to a "real" lunch break, Hohlbaum suggests allotting time for other breaks as well. She recommends taking five minutes in the morning, before starting work, and at least a 10- to 15-minute break in the afternoon. Whether you take a short walk, read a book or stare out of the window with a cup of tea, it'll help you recharge and improve your overall productivity. "It's really important to take time off because otherwise your brain will reach a saturation point," Hohlbaum says, explaining that when this happens, it becomes hard to focus on even the simplest task. "At that point, you need to push away from your computer and take a break."
    
2. They start their day off on the right foot.
   According to a recent study at the Fisher College of Business at Ohio State University, if an employee is in a bad mood when they arrive at work-whether because of familial problems or a stressful commute-it can decrease their productivity by as much as 10% that day. So unless you come in to the office every day in a great mood (and who does?), start your day with 5 to 10 minutes of time dedicated to decompressing. "Create a ritual. Maybe it's meeting in the coffee break room or going around the office to greet everyone. It doesn't matter what you do, as long as you foster a sense of connection [with your coworkers]," Says Holhbaum. "Swinging by to say 'hi' to your colleagues when you walk in gives you a sense of focus. When you feel you're part of a bigger effort, you feel more connected to why you're there and that can make all the difference in the world." Re-focusing your mind at the beginning of the day will also create a sense of calm, helping you to disregard outside stressors and zero in on your daily tasks. "If we're actually able to start the day centered, then we'll have a longer tolerance period before we get off track," Holhbaum says.
    
3. They make mindful food choices.
   You are what you eat, and eating a heavy mid-day meal will often make you feel lethargic for the rest of the afternoon. "Consider what you're eating at lunch. If you're having that post-pasta slump at 2 p.m., and need java or cookies to pep back up, maybe you should try a salad or something a bit lighter so you won't lag," suggests Hohlbaum. The key is keeping your blood sugar levels steady throughout the day, according to Kari Kooi, RD, corporate wellness dietician at The Methodist Hospital in Houston, who recommends three light meals and two snacks at regular intervals. "Heavy meals can make you feel sluggish because they require more energy to digest," Kooi says. "[A quality lunch] will consist of a fiber-rich carbohydrate, like water-rich veggies, and a lean protein, like chicken or fish," she says. And what does Kooi suggest you avoid? "A highly processed meal, like some of the frozen meals in the grocery store, will not give you the sustainable energy you need. The less processed the better when it comes to keeping your energy levels up." When you hit that midday slump, Kooi suggests going for proteins like mixed nuts and fruit instead of the usual energy-zapping pretzels, cookies or candy, which cause your blood sugar levels to spike and then drop and may even make you hungrier, according to Kooi.
    
4. They keep a flexible to-do list.
   Making a daily list of to-dos is a great way to stay on top of your work. However, there is one pitfall-it can make you inflexible. "A lot of people feel their day's been wrecked if they have to change their plan, but the most effective people understand that's part of the job," says Vicki Milazzo, author of Wicked Success Is Inside Every Woman. "I always start my day with a plan, but by 9 a.m. I've busted that plan." However, according to Paula Rizzo, a master list-maker and founder of ListProducer.com, it's important to keep some form of a to-do list, no matter how much your day changes. For example, Rizzo begins her days with a master list, which she continually updates throughout the course of the day to note the items that haven't been done or to add tasks as they crop up. Before leaving work, Rizzo will make a fresh list for the next day. The key, she says, is referencing the changing list throughout the day to keep herself on course. "Just putting a little extra work into it will keep you on track."
    
5. They use technology with intent.
   In today's 24/7 all-access world, it's hard to get a handle on technology use. While it's impossible to avoid it altogether, you can be disciplined about how much time you spend perusing the Web. Set aside a specific time, say 15 minutes after lunch, to scroll through your social networking sites or other favorite websites-and stick to it. Or try something like Google Chrome's website blocker, which allows you to set restrictions to your online time by either totally blocking your favorite websites or just restricting the timeframes within which you are allowed to check them. In addition to surfing the Internet, it's important to watch your email habits. Whether you give yourself 15 to 30 minutes at a set time each day to check your personal email, or you allow yourself brief intervals between tasks, Holhbaum says the key is to be very mindful of the time you're spending checking your non-work inbox. "Have a very clear distinction between what's personal and what's work. If that's a part of your 'OK I need to zone out for a little bit' time, that's fine. But you need to be clear and be mindful of what you're doing." Even work-related emails can become a distraction if not properly managed. Ask yourself if email is the best method of communication, or if you're better off calling the person. "Sending 100 emails isn't [always] going to be the most productive thing. And as we know, emails beget emails. They're like little rabbits," Hohlbaum jokes. "If it's a one-way communication, for example forwarding an airplane itinerary, you don't need to have any answer [so email works]. But if you want detail or you know the person won't respond right away by email, pick up the phone," she says.
    
6. They balance their workload.
   Different tasks require different levels of concentration, which you can use to your advantage. Start by identifying-and placing-the tasks you have into two categories: weeds and intensive work. Weeds are small, manageable things such as handling email, phone calls and minor organizational tasks. Intensive work is anything that requires an extended period of concentration, such as management tasks, preparing presentations, writing or editing. "Miscellaneous routine tasks are like weeds in your garden; we all have them, and no matter how often we try to get rid of them, they never go away," says Milazzo. "Yet they do have to be handled, and pulling a few weeds can provide a restorative break from more intensive work." Milazzo recommends splitting up long sessions of intensive work with regular 15- to 30-minute intervals of weed pulling. This way, you'll accomplish a variety of tasks while not burning out on one type of work.
    
7. They put perfectionism in its place.
   While turning in perfect work has been encouraged since kindergarten, that attitude can be counterproductive if it's not managed. It's important to pick your battles. "Women, by nature, are somewhat perfectionist," says Milazzo. "So we need to distinguish what requires perfectionism," she says. Of course you want to put your best foot forward in all situations, but if you're strapped for time, prioritize. If, for example, you're writing an informal memo or email to a co-worker, give it a quick look and spell-check it, but resist the urge to re-read it three times over. If, on the other hand, you're creating a brochure for your company or preparing an important presentation, then that's the time to put all of your perfectionist tendencies to good use.
    
8. They know how to say "no."
   It's easy to get distracted or overwhelmed at work. But one of the secrets of highly productive people is that they learn when and how to say "no." For starters, say "no" to whiners, complainers and distracting people. One way to do that, according to Rizzo, is by wearing headphones. "That sends the message that you're busy and it drowns out the noise as well," she says. When it comes time to say "no" to the boss, tread lightly but firmly. You don't have to spell out n-o per se; rather, ask her to prioritize what's most important given what's on your plate. "When an employee does that, the boss usually comes to their senses and they get it," Milazzo says. "You don't want to make your boss the enemy; you want your boss to know you're there for the company, and that you're there for them. If they know that, they're more likely to listen to what you say."

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Source: WomansDay.com by Alexandra Gekas
Photo Credit: Thinkstock

By President, Philip J. Kavesh, J.D., LL.M. (Tax), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law

You may already know that one of my favorite things in life is presenting educational seminars on estate planning, whether it be seminars to market my law practice to the consumer public or presentations before my fellow estate planning colleagues.  What you may not know - - and I’ve been asked to share with you here - - are some of the unusual occurrences I’ve experienced in doing over 2,000 seminars for my law practice over the past 25 plus years.  I’ve had so many funny, odd and not-so-funny events happen on the way to, during and after seminars that I really have to probe my memory to pick out the most unusual ones.

Of course, I’ve encountered all the “usual” goofs that any seminar speaker has experienced over time.  I’ve traveled to the wrong hotel, or gotten there on the wrong day and time.  Or, I’ve arrived to the right venue and found the seminar room locked and no one could find the key, or found the room open but all the chairs locked up in the storage closet with no one having the key.  I’ve forgotten the slides or handouts or brought the wrong ones.  I’ve suffered equipment failures, power outages and even overhead sprinklers going off!  However, I’ll bypass all these mundane misfortunes and go right to the weirdest, most memorable occurrences.

Let me start with some of the “lighter” ones.

The Jokester & His “Match”

I recall that once, during a seminar, I was talking about how all your assets comprise your estate, even your antiques and junk - - and quipped “you know there’s a fine line between the antiques and junk!” Immediately, a gentleman turned to his wife and blurted out, “Yeah, I know - - she’s the antique and she says I’m the junk!” (to which his wife instantly reacted by hitting him in the face with her handbag!)

“Please Hold Your Questions Until the End…”
Another time, during a seminar, a lady began raising her hand above her head.  I stopped and reminded her - - per the rules I set out when I began - - to please hold her question until the end and I would be happy to answer it then.  But that didn’t stop her.  Moments later, she raised her hand again.  I again had to nicely remind her to wait! Then, after 20 minutes, just when things appeared to be okay, she once again raised her hand, began waiving it wildly back and forth and practically jumped out of her seat to get my attention.  I finally caved in and said, “All right, I’ll answer your question now” to which she shrieked out, “Can I go to the bathroom?” and then proceeded to run out of the room! (Wow, I guess as a youngster she must have attended a really strict school!)

The Sleepy Attendee
I can recall receiving many strange questions during the question and answer session at the end of my seminar presentations.  One of my favorites came from an elderly man, seated in the front row, who had seemed to doze off at times during my two hour, detailed discussion of Living Trusts.  When this discussion was over, he raised his hand and I politely asked him for his question.  He stopped, seemingly locked in deep thought and then slowly asked, “What’s this here Living Trust thing you’ve been talkin’ about?” 

Please Have Some Seconds
Another time, at a dinner seminar, I got to the questions part, but no one raised their hand so I stood there and waited for a moment.  Finally, I saw a hand go up and I said, out of relief, “Good, a question!” to which the person responded, “Can I get another dinner and dessert to take home?”

That reminds me of a near riot I once caused at the end of a seminar...

“The Riot”
I was expecting a large audience and we had put out a big spread of gourmet cheeses, fruit, rolls, desserts and candies.  When I finished the seminar, I noticed the great amount of food left so I said, “Help yourselves to any of the food.” You should have seen the people bolt out of their seats and stampede to the back of the room - - then fight over the spoils, with ladies elbowing each other out of the way and shoving food in their handbags!

I’ve also had some “heavier”, more serious events occur. 

We Will Never Forget
One emblazoned in my mind happened just as I was about to leave my home to go to a seminar.  I had spent a great deal of time and energy preparing for this particular seminar and I was very pumped up to give it - - my first ever on the new invention I had just created, the “IRA Inheritance Trust®”.  As I was halfway out the door, my wife screamed, “Your Mom is on the phone and she sounds like she’s having a heart attack!”.  I ran to the phone and my Mom was shouting almost incoherently, “Turn on your TV - - right now!”.  I did and just as the picture came on I saw an airplane fly into the side of a skyscraper building.  The day was September 11th, 2001 and after I calmed down my Mom (who lived close to New York and was afraid for her life!) I called my office to cancel the seminar, a small misfortune compared to the horrible suffering of others on that day.

Another False Alarm?
I’ve also had to call off seminars midway through them due to other unexpected, near catastrophic events.  Once I was speaking at a hotel where an irritating, loud fire signal repeatedly went off, followed by an announcement over the loudspeaker, “Sorry for the false alarm!”  So when it happened for about the fifth time, I just calmly said to the audience, “Don’t worry.  Stay seated.  It’s probably just another one of their false alarms.”  Everything did seem fine, until a few minutes later a man in the audience jumped out of his seat and motioned to the window where we could all see smoke and then flames lapping up the side of the building!  Fortunately, we all got to safety.  But you can imagine all the chaos as fire engines were pulling into the parking lot, attendees were scurrying in all directions and I was frantically chasing them to grab their response forms before they got into their cars!  (I quickly learned the value of having an assistant accompany me at my seminars!)

Thanks to the Men in Blue
Another mid-seminar disaster was far more strange.  As I was speaking, I faced the back of the room where the entry and exit doors were located across from each other.  All of a sudden, one door swung wide open and a man with a hoodie pulled over much of his face ran across the back, heading for the other door - - followed by a policeman with his gun drawn!  They continued their chase out of the exit door, and shortly thereafter police backup cleared the audience and me from the room.  As we were standing in the parking lot watching the police place a tape barrier around the building, I realized, to my dismay, that all my seminar equipment, handouts and keys to my car were still in the room - - and I had to travel to another location in about 45 minutes to give another seminar!  This time not only didn’t I get the attendees’ response forms, I had to call off the other seminar too because I wound up spending hours swapping jokes with the policemen in the parking lot before they finally let me back in the room.  (You know, I never did find out whether the hooded man was apprehended!)

An Important Lesson Learned by Everybody That Day
But the one mid-seminar disaster I most often recall was scarier than either a roaring fire or armed police chase.  While I was speaking, I noticed that a man in the audience suddenly slumped over and looked like he was about to fall out of his chair.  The person seated next him shouted out, “Dial 911!”  My assistant did so immediately and laid the apparently unconscious man flat on the floor.  Seemingly within a minute, paramedics rushed in, placed him on a gurney and wheeled him out. No one knew if he was dead or not, or whether he could be revived.  After all this disruption, I tried my best to return to my seminar presentation and seemed to have recaptured the audience’s attention, when all of a sudden the paramedics wheeled the man, now in a conscious and seated position, back into the room!  As the rest of us looked at him in shock, he explained, “I’m okay.  Just had a minor heart attack because I forgot my medicine - - but I wasn’t going to let them take me to the hospital because I really need to listen to what you have to say!”  His entrance seemed right on cue because I was just about to flip to the slide where I explain that the reason people don’t have any estate plan, or one that has become old and out-of-date, is procrastination - - and that no one has a guarantee they’ll have a chance to take care of it tomorrow!  Needless to say, everyone at that seminar wound up making a consultation appointment!  (And, by the way, there may be a lesson in this story for you, too!)

Despite all the wild, crazy, funny (and at times not-so-funny) things that have happened on the way to and during my seminars, there does occur a wonderful event after almost every seminar nowadays that keeps me plugging along after all these years.  Invariably, someone - - either a client of our firm, or a trustee who has served on behalf of an incapacitated or deceased client, or a client’s beneficiary - - walks up, extends his or her hand, and personally thanks me for how we have helped.  That alone makes all the seminar “madness” I’ve endured worthwhile.  It serves as a reminder why I got into this area of law and have devoted to it over half my lifetime.

Hopefully, if you’re an estate planning professional, I haven't completely scared you away from doing seminars with all of my stories.  If anything, I hope you take away that despite the crazy events in life that are out of your control, you can still find a great deal of success in marketing your practice and your services via seminar marketing.  For those that took the time to read through this blog entry, I personally extend to you a very special 50% discount on any one of our seminar marketing packages (for this month only).  Simply enter in the coupon code "SEMINARBLOG" when checking out to apply your 50% discount.  If that doesn't make doing seminars a little easier, I don't know what will!  Click here to view our Seminar Marketing Packages.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Source: kaveshlaw.com

Kristina Schneider here.  I am currently the Executive Director for The Ultimate Estate Planner, Inc.  However, I used to be President and Estate Planning Attorney, Philip Kavesh’s, full-time Executive Assistant with respect to his law firm, Kavesh, Minor & Otis, Inc.  So, I’m very aware of and experienced in the types of duties involved in being an assistant to a busy professional.  I take pride in being able to say that I’ve been with Phil for almost 8 years now, which is longer than just about any other assistant that he’s had over the past 30+ years of practice.  That being said, I am providing to you 4 simple tips to having a better working relationship between assistants and advisors.  These principles and tips can be applied to any assistant for any type of professional, whether you’re an assistant to an attorney, financial advisor, life insurance agent or any other professional outside of the estate planning community.

Assistant Tip #1: Block Off Regular Times with Your Assistant (and Other Key Staff!)

One of the ways that we have tackled all of the multiple deadlines and tasks that we have on our plate every day is by making sure that Phil has a regularly scheduled time to meet with his assistants (literally scheduled appointments on his calendar).  In addition to his assistants, he also does this for other key staff members in his firm, such as his associate attorneys, Director of Marketing, bookkeeper, office manager, etc. - - basically, anyone that may require his time for advice, answers, direction or otherwise.

In fact, Phil has blocked off an entire day each week to do this.

The reason this is so effective is that it provides him 4 other virtually interruption-free days to work.  Daily staff meetings can take up a lot of time, especially those “impromptu” meetings that are not on the calendar.  On Mondays, all of the staff members that have meetings with Phil are expected to come to the meeting well-prepared with a list or agenda of the matters for which they require Phil’s time and attention.  This has allowed us, as staff, to learn how to prioritize our work and to put off any non-urgent, non-important items for our scheduled weekly meeting time with him.

Not only does having a scheduled meeting time allow for Phil to be more efficient, but it allows us, the staff, to be more efficient as well. 

Trust me, coming from the perspective of an assistant to a busy professional, we need to meet with you.  There are issues and matters that come up that simply require your attention.  Having a set meeting time each week (and for some busier professionals, it may require an interim meeting with certain staff) allows your assistant and staff members to be reassured that they will have an opportunity to meet with you and get the time that their job requires of you in order for them to effectively perform their job duties.  This structure also results in your staff learning to handle more minor matters by themselves, thereby empowering them to become better decision-makers and more productive.  Additionally, Phil defers any non-urgent and non-important items to the weekly meeting as well, which has decreased the number of times he interrupts his own staff.  It’s a win-win for everybody!

I know that some of you may be thinking that this tip seems like an obvious one, but I have spoken to several assistants and even some attorneys and advisors and know that many do not have regularly scheduled meetings together.   By “regularly scheduled” I mean you never violate this blocked time by taking other appointments or doing other work!  So, if you don’t do so already, sit down with your assistant and key staff members and schedule a specific time to meet with them on a regular basis (either once a week or even twice, if necessary).  Once you do so, I guarantee you that you will begin to find you and your staff members working much more efficiently and effectively together - - allowing you to do more of the things you love to do!

Assistant Tip #2: Remember to Use CPR—It Just Might Save Your Life!

One of the most overlooked (or possibly unknown) techniques that most busy, successful executives and their administrative staff use is what I like to call “CPR”.  No, I’m not talking about the medical emergency procedure that can save someone’s life in a life-threatening situation.  What I’m talking about is a simple, yet effective, technique that can and should be used each and every single day—Clean, Plan and Relax.

Sounds pretty simple and obvious, right?  Let’s go into more detail about what this technique entails.

Clean – Some people may say, “Oh, my work area may look messy and disorganized, but I know where everything is and it hasn’t impacted me or my business at all!”  This may be true and I understand that we all have different habits when it comes to the organization of our desks and offices (and our lives!), but it is important to realize what kind of impact having a cluttered office or desk can indirectly have on you. 

First and foremost, if you’re a busy executive, it may make your clients (as well as your employees) a bit uneasy.  You can be on the ball with everything you do, but your office and desk will say a lot about you (even if you don’t think it does or you don’t want it to).  It can take away from your credibility as a professional who is capable of handling important matters such as one’s legal and financial matters.  For assistants, it may make your boss and coworkers a bit uneasy about entrusting you to handle certain tasks.

And, for both assistants and executives, it also affects you indirectly by how it can impact you subconsciously while you’re at the office. 

Picture it…you’re an assistant to a busy professional.  You wake up a few minutes late and are rushed to get ready for work, caught in traffic while on your way to the office (maybe we feel this more—we’re in LA!), and you rush up to your office, open the door and what do you see?  Papers strewn all over the desk, folders, files and mail all over the place.  Pens, paperclips, and an empty water bottle (lord knows how long that’s been there!).  A notepad with your quick scribbles all over it with things you need to do, some done, some not, some crossed off, some not.  Now, you turn on your computer, you’ve got clutter on your desktop, in your e-mail inbox, all your electronic files scattered everywhere.  What kind of impact do you think that will have on you?  Are you calm, cool and collected?  Or, do you feel more frazzled?

And now, picture this.  Same scenario—with the rushing to get ready and the traffic to get to the office—but now, picture walking into an office with a clean desk.  A desk with a small stack of folders and paperwork, with a notepad on top marked “To Do List” with today’s date.  Pens, paperclips and supplies in cups and organizers where they belong and a computer with folders, files and an e-mail inbox that is arranged so that it is easy to find what you need, when you need it.  How does that change how you feel about your day?  How does that impact what you do when you first get in?  Are you spending time sorting through the piles or getting right to the first thing on your “To Do” list?  And, thus, how does this scenario change how productive you will be?

We’ve said it before, we’ll say it again.  An organized, efficient, “A+” assistant best supports an efficient and successful professional.

Plan – Remember that “To Do List” we referenced in the above scenario?  That to do list and its creation and implementation is what is what I call “Plan”. 

After you’ve had an opportunity to clear your desk and organize yourself, the next step is to Plan.  This involves reviewing your notes, sifting through the paperwork and going over your calendar to determine a game plan for the next day.  In the process of putting together the items that you need to do for the next day, it would make sense to prioritize each task.  Essentially, you are creating a road map for when you walk in the door, you know what things come first, second and third.  And, if you’re an assistant to any busy executive, I know there’s always that unpredictable “Other Tasks as Assigned” item (handed to you in haste!) that comes up each and every day.  At least with a game plan in your pocket, you can take on those unplanned tasks and still make sure that you do not let any of the important tasks you had to complete slip through the cracks - - or at least let your boss know what may fall through if you switch gears, and let him or her “make the call”!

Along with creating a to do list at the end of each day, it is highly recommended that at the end of the workweek you even look further ahead and plan a general list of things that have to get done the following week.  This is a great reference point for when you’re creating your daily to do lists.

Relax – Last, but certainly not least, we are at the final component of this wonderful technique and probably the most enjoyable (that’s for sure!).  And, that is…Relax! 

Once you have been able to train yourself and develop this technique as habit, you will find that you are able to leave the office feeling relaxed, renewed and ready for the next day.  What a wonderful feeling that is - - to leave looking at a tidy and organized work area!

This CPR does not take very long to pick up or implement each day, although for some of you, the initial “clean up” and office and desk organization may take a little more time.  But, it’s like what mothers always tell their children about cleaning up their room, “After you’ve done it once, it’s just about maintaining!”  Same concept here.  Once you have taken the initial step to organize and de-clutter your desk and your office, then it’s just about maintaining from there.  Maintaining is so much easier, too!

Trust me, as someone who by late afternoon often doesn’t know where her to do list begins or where it ends, taking the final 10 minutes or so of the day to clear off the paperwork on my desk, organize anything I may need into folders and neat piles, and putting together my to do list for the next day—it’s the best 10 minutes you will ever spend throughout your day and you will begin to see its effects immediately.  You will feel better about your day when you leave the office.  You will feel better about coming in to work.  You will be a better assistant and all of those around you will begin to benefit from your organization, efficiency and, probably most importantly, your confidence!

So, that’s it!  Seems simple, but it is often underestimated and overlooked.  Next time you are struggling to keep your “head above water”, just remember to use CPR!

Assistant Tip #3: 5 Ways to Get Yourself Electronically Organized and Be More Efficient Throughout Your Day

Staying organized with your paperwork, your desk or office space and your To Do List is still probably only half of what’s involved to completely stay organized throughout your day.

How should your boss - - like most busy professionals - - spend much of his or her day?  Hopefully, as an advisor, in front of a client.  Phil has always said that if the advisor is not in front of a client, they’re not making any money.  But, what about you, as an assistant?  Where do you spend most of your day?  I would venture to say that most assistants spend probably a good 75-80% (or more) of their day in front of a computer.

So, that brings us to an important question.  How “electronically organized” are you?

While the running joke amongst my friends, family and co-workers is that I have some OCD tendencies about my level of organization, I must give credit to this attention to detail and organization (both in “real life” and electronically) as the reason I am able to juggle as much as I do.  I took a course on how to manage priorities and deadlines, "Managing Multiple Priorities, Projects & Deadlines" by Fred Pryor Seminars.  It was very informative and, in this course, I learned that one of the biggest time-wasters for people in the workplace is losing and looking for things.  How much time have you spent this week looking for something?  How about today?  Hopefully, not too much.  But, if you have ever spent more than a couple of minutes looking for something, the disruption to your work and efficiency is huge by the end of the day.  That’s why it may be high time for you to spend some time organizing yourself.

I’d like to present to you some helpful ways to organize yourself electronically.  This could be helpful to busy executives, too!  (That means you, boss!)

Clear Your Inbox.  When I come in the office each day, I open up Microsoft Outlook to find nothing there until I hit that “SEND/RECEIVE” button.  It’s my way of making sure that anything that comes into my inbox is new and unread.  I am aware that unread messages are bolded, but in Tip #1, I talked about what a cluttered desk can do to one’s psyche.  Imagine what hundreds, if not thousands, of e-mails in your inbox (your e-desk, if you will) does to one’s psyche.  (I’m sure your IT guy would love you too, because you won’t get that message that says you’ve reached your mailbox capacity, either!). 

So, what do you do with all those e-mails?  Delete them?  It depends.  I’m a believer that you may never know when you may need a particular e-mail at any given point.  This is why Outlook has created such a wonderful thing called “Folders”!  I create larger categories, as you will see below.

I assist Phil on issues that relate to his law firm, Kavesh, Minor & Otis (“KMO”), as well as with The Ultimate Estate Planner, Inc. (“UEP”).  Additionally, I assist Phil in monitoring his e-mail (which includes his list serve subscriptions).  I keep these folders all separated, as it helps me find things immediately when I need it.  As you can tell from the image above, those folders then have sub-folders.  Those sub-folders will be even more specific to allow me the easiest way to find an old e-mail.  What’s great is that those e-mails are always there and won’t need to be pulled up from the Archives, if you have to go searching for them.

Set Up Rules for Your E-mail.  As mentioned above, I have separate folders for the various e-mail that I monitor, which includes Phil’s subscriptions to multiple list serves.  I am able to do this by setting up Rules inside Microsoft Outlook.  I only do this for the purpose of separating out the type of e-mail (KMO e-mails versus UEP e-mails, my e-mails from Phil’s e-mails and Phil’s list serve e-mails).  I do not recommend that you use the Rules feature for any and all kinds of e-mails.  That will just result in more work later on and tens to hundreds of different folders you will have to monitor to check for new e-mail.  This is just to segregate large stuff. 

To setup Rules for your e-mail in Microsoft Outlook, go to Tools and select “Rules and Alerts”.  A menu will pop up that will allow you to create, edit, delete and manage your Outlook e-mail Rules.

You will be able to then set the parameters of the rule, which can be based on where the e-mail was sent, who sent the e-mail, what the subject includes, and then what you want Outlook to do with the e-mail.  For the purpose I am recommending, you will set the rule to “Move it to a specified folder” and then you will want to specify which folder you want the e-mail to be moved to.  Voila!  No more list serve e-mails cluttering your inbox and, if you’re like me and you monitor multiple e-mail addresses, there’s no confusion about whom the e-mail was intended for.

Clear Your Computer Desktop.  One of my hugest pet peeves is having a ton of icons on the computer desktop.  Again, going back to what clutter does to the psyche - - the cleaner and simpler you can keep things, the better.  Have you ever saved something to your computer or your desktop and spent far too much time trying to find it?  It’s very simple.  Just like my advice in the past about keeping your office and desk organized, keep your computer desktop clean too.  Some of you may be thinking, “But, it makes it so easy to have everything available at my fingertips.  I don’t want to have to go looking all throughout my computer to find a program or folder.”  Not a problem.  It’s very simple, actually.  Just start utilizing the “Quick Launch” toolbar at the bottom of your screen.

Simply right click on your toolbar at the bottom, go to “Toolbars” and select “Quick Launch”.  You may already have it checked, which means you already have it.  But, now is the time to put the applications and folders on the toolbar that you want to be able to access quickly. 

Here's what I have.

(click to enlarge)

I keep the “Show Desktop” button on, which minimizes all windows when you need to easily access your desktop.  I keep my Internet Explorer button handy for accessing internet, along with the various folders and drives that I may access frequently.  Then, I have all of the other programs and applications available on the drop down (when you click the >> arrows).

Other than my Recycle Bin, the only other thing that I have on my desktop is a folder I call my “Current Works in Process” folder, which has shortcuts and documents that I want to quickly access and includes items I’m working on currently.

Folders, folders, folders.  Aside from e-mail, there’s another place on your computer that you may also need an e-filing system of some kind and that’s either on your computer directory (My Documents) or, for some, may even be on a centralized server setup for your office.  Just like keeping a tidy desk, a tidy computer desktop and a tidy Outlook inbox, keeping your electronic files tidy and organized is also equally as important.

I assist Phil with tasks related to his law firm, to The Ultimate Estate Planner, Inc., as well as some personal items.  Therefore, I have three separate main folders: KMO (for his law firm), UEP (for Ultimate Estate Planner) and PJK (for Phil).  This keeps these items separate.  Depending on whether I have a letter, document, contract or some other electronic file I may have to file away, I determine whether it’s related to these.  This makes locating files much easier.  And, of course, like with the Outlook folders, each of these main folders has sub-folders that categorize them in even further detail (including by year for some). 

Honestly, whatever works for you is best, but just keep in mind that the more you can categorize and be detailed in how you name files and file away electronic files, the easier it will be to find things.  Think about it - - would you rather sort through 100 folders, which then each contain 10 sub-folders with 5 appropriately filed documents, or sort through one large folder with 5,000 files?

Naming Files.  And, of course, the previous brings me to this final tip, which is the “science” of naming electronic files.  I am teased at times for having extensively long file names, but my system has yet to fail me.  I will use brief (2-3 word) descriptions, event names, revision dates and whatever else that may be useful to help identify what a document contains.  This helps in organizing and determining if certain versions you have are older, as well as preventing you from having to open up each document to identify what they are.  Combining very carefully thought out file naming with file folder organization is really a match made in heaven for any assistant, as well as any busy executive!

I know that these tips may seem like common sense, but after years of assistant experience and working with different people, I can honestly say that while it may seem “common”, it’s not commonly practiced.

Even implementing just one or two of these tips will make any assistant (and executive) more efficient and is a huge step towards becoming more “electronically organized”.  Keep in mind, when an assistant becomes more efficient, it frees up her or his time to do the types of truly important tasks that can really benefit a busy executive.  And, the same goes for executives and their level of productivity!  So, what are you waiting for?  Clean up that computer desktop, clear out that inbox, start utilizing folders and create easily identifiable e-file names.  You will be glad you did!

Assistant Tip #4: The 4 "D's" of Being a Better Assistant (and More Efficient Executive, too!)

Whether you’re a busy executive or the assistant to a busy executive, you know the feeling of having far too many things to do in a day than hours available, right?  There are a lot of different tips and ways that you can handle such a workload.  One such technique of determining how to handle a heavy workload is something that Phil actually taught to me.  It’s the 3 “D’s”: Do It, Delegate It, or Destroy It!

Start by looking at your To Do List - - which I hope all of you have, because if you’re not, that’s a whole other story for developing habits for efficiency and organization (see Assistant Tip #1).  It’s important to list your tasks in a To Do List, so you can then determine where each task falls under the 3 “D’s” below. 

DO it.  The first of the 3 “D’s” is DO it.  There are some tasks that you, and only you, can do.  These tasks are the ones you determine need to stay on the To Do List and, from there, you can prioritize which ones need to be done in what order.

DELEGATE it.  The second “D” is DELEGATE it.  This is one that most people struggle with, especially those Type A personalities and perfectionists.  It really involves a lot of trust in others and was definitely an area that I personally struggled with.  I felt like I couldn’t delegate a certain task somewhere else because it might not get done right or I know how Phil would like to have that done and the time and extra work involved to train and supervise someone else to do it would not be worth it, so I should just do it.  That mentality really started to affect my level of efficiency, because now I was unable to complete certain things because of a lack of time or other priority projects repeatedly bumping them. 

Ultimately, I had to determine that nobody would ever be able to learn how to do certain tasks and allow me an opportunity to delegate unless I started to give up some of the control and started trusting others to take on those tasks that could be delegated away.  As a result, we were able to free up my time to do the things that I do need to do and, frankly, that I enjoy doing (like blog writing and interacting with attorneys and advisors on a daily basis!). 

Start by delegating some relatively simple tasks that you ordinarily take on, if there are others in your office that could be doing them instead.  For example, there can be some downtime for your receptionist between answering phone calls and assisting clients, which is great for doing certain tasks like sending out letters or putting together manuals. 

Delegating some more complex tasks may take a leap of faith, but you may be pleasantly surprised to find what others can take on when empowered to do so.  In fact, don’t tell Phil I told you this, but it took him some time to realize that I was capable of writing.  He started to build up a level of trust in me in the area of writing and has since allowed me the opportunity to assist him in doing initial drafts of correspondence, proposals and contracts and has now entrusted me to post blog entries (for UEP and his law firm), modify both company’s websites, create monthly newsletters for the law firm, and even draft some of the marketing pieces!  (Thank you, Phil!)

Whether the task is simple or requires some training and supervision, once you learn to build up that trust and feel comfortable to delegate tasks to others, you will find that a lot more can get done.  What’s that lovely saying?  You can do more in teams than as an individual?  Something like that.

You probably won’t be able to jump in the pool right away, but you will need to dip that first foot (and, if you’re like me, maybe it’ll just be that first toe!) into the water! 

DESTROY it.  Last, but certainly not least, my favorite of the 3 “D’s” is DESTROY it.  This is one of those where if you can use it and simply “destroy” a task, it’s great.  However, unfortunately, not all tasks that are on our plate are capable of being “destroyed”.  But, destroying tasks is necessary when you have far too much on your plate and you must weigh the benefits versus the cost to take on such a task (and, remember, your time is money too!).  It’s okay to decide not to do things!  If you can’t “destroy” a task, then at the very least, you may determine it necessary to DELAY it until other tasks that are more important are completed.  And, that may also allow you an opportunity to delegate as well! 

So, the next time you feel overloaded with things to do, go through your To Do List and determine what tasks you can DESTROY (or, at the very least, delay), DELEGATE to someone else, and the ones that you will have to DO.  Better yet, make this determination immediately when items come to you and get placed on your To Do List!  I’m sure once you master this, you will free yourself up so that you’re starting to do the tasks that you need to do, and hopefully the ones that you enjoy, too!

Well, that’s it for the tips to being a more efficient assistant.  I hope that you found these tips helpful and since it’s usually the busy professionals reading our blogs and e-mails, you might want to be sure to pass along this blog entry to your assistant!  If you’re interested in having me personally come in and consult with your assistant and even train him or her on some of the concepts mentioned in this blog entry, please feel free to contact me directly and I can give you more information about what services we have available. 

ABOUT THE AUTHOR.  Kristina Schneider has been with The Ultimate Estate Planner, Inc. since July 2004, providing administrative support to Mr. Kavesh, along with sales and customer service support for clients and prospective clients. Kristina was originally brought on to coordinate and facilitate all of the "Missing Link" Boot Camps and served as Phil's Executive Assistant at the Law Firm of Kavesh, Minor & Otis for over 7 years.  Kristina currently assists both companies with marketing, including e-mail newsletters, blogs, and the company websites.  Through Kristina’s direct hands-on experience in Phil's law firm, Kristina has been able to assist numerous professionals - - and equally as important, their staff - - in the successful implementation of Phil's products and systems.  Kristina graduated with a Bachelor's of Science Degree in Business Administration from Pepperdine University in 2004.   She currently resides in Los Angeles and, in her spare time, enjoys playing club basketball, reading and writing, including assisting various companies with their blogs.  She is a big hockey fan (thanks to Phil) and enjoys cheering on the Los Angeles Kings.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Closing more client meetings is a big deal for all types of estate planning professionals, whether you're an attorney, financial advisor or life insurance agent.  There's an old saying that a financial advisor used to say which went, "If you're not meeting with clients, you're not making any money."  But, if you've ever been in the business of meeting with clients, you would know that meeting with clients doesn't guarantee you their business.  There's a lot of competition out there and you need to find something to set yourself apart.  Next Wednesday, March 21st, Philip Kavesh will be holding a special teleconference entitled, "Successful Initial Client Interview & Appointment Closing Tips".  This teleconference is perfect for attorneys, as Phil goes over his process for closing over 85% of his client meetings. 

Last week, we found this article posted on Registered Rep, which goes over a 3-Step Process for closing new client prospects.  In particular, this is from the financial advisor angle, but the approach is the same for most estate planning professionals.  While it varies slightly from Phil's approach, as he utilizes educational seminars and a 2-step meeting process, so the rapport-building happens prior to the prospect setting foot in the office, the concepts are still valuable.  Enjoy!

Reposted from SnapSnapCommunity.com | By Ed Poll

As electronic tools and databases transform the practice of law, pundits contend that the documents and records common to all law firms face extinction, as scanned files or cloud databases replace hard copy law texts, briefs and client documents.  British technology consultant Richard Susskind even claimed in his book, The End of Lawyers?, that the ongoing development of new paperless technologies will so commoditize legal services as to make traditional lawyers irrelevant. But rather than “the end of lawyers,” paperless technology is really the start of a new law firm business dynamic.  Consider these three examples of what is to come.

Discovery

Doing more work by less expensive labor has been the law firm’s past profitability strategy.  In the future clients will demand leverage through a staffing/technology mix, so that databases – not paralegals or associates – provide the cost efficiency. Firms must learn to staff accordingly, or have far more lawyers than they can support.  Some work will be forever commoditized.  This is already happening to litigation, as e-discovery software can analyze documents at a fraction of the time and cost for lawyers to do the task.  File search programs find documents with relevant terms at high speed, and even extract relevant concepts and deduce patterns that lawyers examining paper copies may have missed. Inescapably, many lawyers who used to conduct document review will no longer be billable.  Profitability for the firm will come from the ability to swiftly analyze the millions of equivalent paper pages that electronic documents represent.

Knowledge

Knowledge management (KM) databases combine the work product of all lawyers into a single unified database that can be accessed by each lawyer to the benefit of all clients.  Clients no longer want their lawyer to reinvent the wheel:  once the research is done or the form is created, clients do not want to pay for others in the firm or for their own lawyer to re-create it (and charge for doing so) in another matter.  But the focus on shared knowledge indicates where the secret weapon lies: the efficiencies from computer technology. Online database management has the potential to turn a lawyer’s or law firm’s knowledge into a high volume commodity. With a lower price through fixed fees, client demand could increase volume and profits likewise could rise.

Analysis

The popularity of ebooks and tablet readers adds a philosophical dimension to the paper issue. I have long felt that, because we learn by touching things as children, we retain positive adult feelings toward the tangible touch of papers and books.  Moreover, paper documents offer free association made possible by glancing through printed pages.  Facts and concepts leap off the page quickly and can be processed in ways different from a search engine.  Now, an ebook or tablet reader offers these same advantages. You can hold it, leaf through it and use it anywhere at any time. Accepting the positive implications that this change brings to the analytical process is now a necessity for any lawyer, including one as devoted to paper as I am.

Ed Poll (@LawBiz) is a ScanSnap Squad contributor and an award-winning legal management consultant with over four decades of professional experience. Ed has also had previous experience publishing on the ScanSnap Community.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Photo Credit: blog.ironmountain.com

Reposted from ClientWise.com | By Ray Sclafani

For top-performing financial advisors, introductions from centers of influence and other professionals are a key to client acquisition success.  And client acquisition and net new assets are key identifiers to a wealth advisor’s growing business.  In fact, our research suggests that the most effective financial advisors find more than 70% of their new assets come from two sources: referrals from clients, and introductions from other professionals.  In the ClientWise customized coaching for financial advisors, we find this to be true as well.

However, in our view these prime sources for financial advisor referrals, especially from other professionals, are misunderstood, misused, and…untapped.

Having trained and coached top performing financial advisors in this area for more than nine years, here is what I’ve observed.

Most financial advisors have experienced mixed results when it comes to working with other centers of influence and other professionals.  Many have become discouraged and given up entirely.We have observed that most financial advisors have made ineffective attempts to partner with these other professionals, have focused on working only with CPAs and attorneys and typically start and stop the approach, rather than maintain consistency in building a true partnership for the benefit of others.  Since many of these referral outreaches have been weak and poorly-conceived, other professionals have become somewhat hardened towards working with financial advisors and see the approach as just another “solicitation.”

Before jumping into this topic much further, here are a few observations that help set the stage:

• In order for today’s financial advisor to be truly successful in building a network of other professionals with whom to partner, she or he must…and I mean must understand that the primary reason to partner with another professionals is not to simply build a referral pipeline.  Instead, the primary reason is to build a network so that today’s financial advisor can deliver the promises of wealth management.  There is no way today’s financial advisor is going to be all things related to wealth management for every client.  (i.e. banker, financial planner, primary insurance provider, asset manager, business valuation specialist, business broker, corporate real estate developer, etc.) 
• In today’s competitive landscape, financial advisors need to have a group of other professionals who recognize the value that they create for the benefit of clients. 
• The financial advisor should recognize the value that the other professionals create for the benefit of their clients and be able to articulate that value.
• The very best wealth advisory businesses make a habit of partnering with both clients and other professionals in order to serve the client in the most complete wealth management way possible.
• Most clients enjoy and value the idea of their network of trusted advisors partnering and communicating with each other for their own benefit.
• First and foremost, this type of network is grounded in client service. To receive introductions from other professions and to be a provider of introductions to another, the financial advisor must care deeply about their own clients, as well as the professional advisor network that they create.

For those financial advisors who partner with other professionals to create a wide-ranging wealth management network for the mutual benefit of their clients, introductions between professionals become a powerful byproduct of the network… rather than the main objective.

That’s all for now. This entire topic, of building professional advisor networks, cannot be addressed in one blog post. We plan on coming back to this subject again in the near future.

As they say…watch this space!

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The Ultimate Estate Planner, Inc. and President, Philip J. Kavesh, push the model of referral relationships, particularly between financial advisors and estate planning attorneys.  With over 20 years of experience in successfully developing multi-million dollar producer referral relationships, Mr. Kavesh has put together a number of tools and training on successfully developing the referral relationship, so that it's ethical, legal and a win-win-win for the advisor, attorney and, more importantly, the client!  For more information about the Client Meeting Forms and Practice-Building Products to help you successfully develop attorney/financial advisor referral relationships, click here.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

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By Philip J. Kavesh, J.D., LL.M. (Tax), CFP^®, ChFC, California State Bar Certified Specialist in Estate Planning, Tax and Probate Law

I and many practitioners have over the years built successful practices on what I call the “middle market”, that is, estates valued anywhere from $500,000 to $5 million.

This level of estate planning practice faces a number of challenges today unlike any we have had in the past.  Our services have become commoditized into mass produced documents, with increasing low-priced competition from the internet, do-it-yourself packages, non-attorney paralegals and bargain-priced attorneys.  Plus, with the new $5.12 million Federal Estate Tax exemption amount for 2012, there is now reduced need for advanced--level estate tax planning and post-death administration. 

Should You Even Stay in the Under $5 Million Market?

Given all these challenges, I have heard many practitioners say that it is time to quit the under $5 million market.  I couldn’t disagree more. 

First, the greatest potential market share is comprised of less than $5 million estates.  I have read various statistics which estimate that estates over $5 million represent less than 2% of the overall estate planning market.

Second, the middle market consists mainly of those described as the “Millionaire Next Door” (profiled in the famous New York Times’ bestseller of the same name by Thomas J. Stanley).  These are the “Moms and Pops of America”, the great unserviced, silent majority, who don’t typically have a long-term, fixed attorney relationship.  Maybe they have worked with an attorney here or there for a specific matter or maybe for a “one-shot” estate plan, but they have basically been “orphaned” by the legal profession.  These are the easiest people to reach, close and get to refer their other friends to you.

Third, if you have a high net worth practice, by also offering planning to the middle market you can generate the cash flow you need to live on while you are “hunting white elephants”.

Fourth, you can develop a volume practice in this middle market that will allow you to retire someday!  If you have only a few, high net worth, “high touch” clients that require you to always be meeting with them, it will be much harder to transition them and it will be a far greater risk if you try; if you lose a few large clients, that’s a big hit on your total revenue.  If you have more of a volume practice, you can gradually turn over your clients to your junior associates and phase down (that’s what I’ve done).

Assuming that I have now convinced you to stay in this middle market, how do you overcome each of the challenges that I’ve pointed out and not only survive, but thrive?

Fight Back Against Commoditization and Low-Priced Competition

Some practitioners have just ignored these issues and have decided to do something completely different (or the opposite), focusing only on the “high touch” approach, over-servicing a few clients at higher fees.  The problem is, in this middle market, will there be enough of these types of clients willing to continue to pay significantly higher fees?  Will you be able to generate enough consistent cash flow?  And, if so, how much constant work will you have to put in for each client, that will effectively reduce your net profit? 

Consider the possibility of having two practice models side-by-side, like low and high end models in a Mercedes Benz showroom.  Maybe you can retain your high touch model for larger estates and a different model for estates under $5 million.

My approach to the under $5 million market is different than the high touch model.  I accept that we have become a “commodity” and show prospective clients why mine is better.  Where in any industry there is a Coca-Cola, there’s always room for a Pepsi.  You can actually leverage off the marketing done by the other competitors in your market.  Check out what they offer versus what you offer and show people how to comparison shop as part of your “consumer education” marketing approach.

For example, you can emphasize the importance of counseling as a part of what they get when they work with you, an estate planning attorney.  Emphasize that attorneys have, in the past, been called “counselors at law” and how important it is to see a skilled professional to assist with important choices, such as the following. Who should be the Trustee? Should there be Co-Trustees?  Independent Trustees? Distribution Trustees?  Who should be guardians?  Who should be the health decision makers?  How and when should each beneficiary receive his or her inheritance in the best manner?  And, of course, there is the counseling necessary to resolve special issues with blended families (children of prior marriages), LBGT couples, business succession planning, specific bequests and equalization formulas.  Emphasize how there are many decisions to be made, even before “filling in the form” or preparing their document - - and that “one-size-fits-all” planning may be the worst thing that people may do!

You also want to emphasize why your “hard package” (yes, your commodity!) is better and more complete.  This is also, of course, how you will justify the value of your higher fees.  This is not a technical article, but there are many unique features to your Basic Living Trust plan that probably do set you apart from plans of your competitors - - everything from “flexible” A-B trust provisions, HIPAA and Medicaid features, and custom-fit beneficiary trusts (lifetime, spendthrift, special needs and beneficiary defective asset protection trusts - - with special flexibility features like powers of appointment and trust protector powers). You can also emphasize the additional features of your overall trust plan, what I call the “support mechanisms” that make sure that the plan will actually work properly when the time comes - - things like title transfers, or adjunct materials like an Owner’s Manual and Health Document Emergency Card (such as Docubank).  You can also add on, for people with larger IRAs, a Stand-Alone IRA Inheritance Trust.  Finish by simply posing the question, “Do those other low-priced plans do all this?”

You also can emphasize service after the sale, which they don’t get from the low-priced competition.  Some practitioners utilize a maintenance program at an additional fee, but I favor a free service package approach with the under $5 million market.  I’m not going to get into here the reasons why.  In either case, you can provide such things as periodic updates or seminars as laws and planning techniques change, a newsletter, periodic review meetings and a free Trustee meeting when the time comes that the Trustor is disabled or passes.  Be sure to “show and tell” prospective clients all the things that set you apart.

Combating the Reduced Need for Advanced Level Estate Tax Planning and Post-Death Administration

Even in the middle market, there are still a few simple, advanced level building blocks that can be placed onto the Living Trust foundation.  The key is to emphasize not so much the estate tax benefits of these planning devices, but more so their asset protection benefits, income tax benefits and succession management benefits (keeping assets in the family).  When describing these simple advanced techniques to middle market clients, just like with your basic product, you want to emphasize how your advanced product is also superior.  Examples of these products are: Dynastic Flexible Irrevocable Gifting Trusts (“dynastic” may mean even utilizing another state situs and by “flexible” I mean power of appointment and trust protector features that permit change of Trustee, beneficiaries and how and when they get their inheritance); LLCs and Self-Settled Trusts, particularly if clients own a business or rental real estate (again, possibly in another state utilizing better asset protection laws); Life Insurance / ILIT, emphasizing estate building and its use later as a “family bank” to acquire more property and wealth or, for use in equalization of bequests, and designing them too as “flexible”); CRTs for sales of appreciated assets without capital gains tax; and, QPRTs as a way to hedge peoples’ bets about estate tax in times of uncertainty, particularly in the middle market where they may not want to make substantial gifts of investment assets they may need later to live on.

Your post-death administration may go down for estate tax purposes, but if you have done better lifetime planning, which includes continuing trusts for beneficiaries (even if they are beneficiary-controlled trusts), you clearly have more opportunity for next-generation planning, such as when testamentary limited powers of appointment need to be exercised.  And, even if clients come in for administration meetings where there is little more to do than a distribution deed, there is always an opportunity to make referrals to other professionals (who hopefully will refer back to you), such as a CPA or financial advisor, or to work with the client’s existing advisors and establish new business relationships.

Obviously, I could go on further in much more detail; however, given the limited space of this article, I trust that this will give you a good starting approach to being successful in the middle market.  Perhaps, in a future article, we can address another issue or “challenge” so many practitioners in this market face - - how do you attract and bring in these clients?

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

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