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Creating A Law Firm Marketing Budget

Creating a marketing budget is an important piece of your marketing plan. The goal is to create a realistic plan of action to help improve revenue, and determining your spending is an important part of that process. 

Without a budget, you can overspend – or fail to spend enough – on your marketing.  There are three steps to creating a marketing budget:

  1. Organize your financial information
  2. Determine where to spend your marketing dollars
  3. Set up reports and make adjustments 

Bigstock-Budget-Word-on-strings-65283823Let's dig into each step to spell out what is involved.

STEP #1 – ORGANIZE YOUR FINANCIAL INFORMATION

You have to understand your finances first.  You need to know how much money your company makes on a monthly basis and the variations that might exist.  This step will take time, but it’s important, because you cannot create a realistic budget based on estimated numbers. 

This is why in CCI we push so hard for a monthly goal with the Revenue Focuser tool.  Although income can vary significantly throughout the year, you must organize the information based on reliable revenue.

Reliable revenue is the minimum amount of money your company makes each month.  For example, if you range from 5k to 7k per month, any amount over 5k cannot and should not be added to the budget because it is not reliable.

Now you need to take that reliable revenue number and subtract your monthly expenses.  This is your rent, office supplies, keeping the lights on, payroll, and any other overhead. A realistic budget will focus on income that exceeds the expenses, not the total revenue that comes in.  This is your disposable income.  When you have determined the amount of disposable income, you will need to decide where that money will go.  Marketing is only one area you need to consider, of course.  You also need to put some of this money aside for unexpected costs and future growth.

Divide up that disposable income based on the goals of your firm.  So, for example, if your immediate goal is to get more prospects in the door, you would put your money into the marketing budget. You will want to put off hiring until your client base is bigger.

If your goal is to hire someone to increase your bandwidth, then put more of your disposable income into growth and set aside less for your marketing budget.

If you don’t have disposable income, your marketing budget is 0.  You need to hit the RMS to fill your pipeline, which is a different conversation.  Eighty percent of your time needs to be out eyeball to eyeball, developing relationships. 

These are the main considerations when you’re deciding what you will consistently be putting toward your marketing, so this is what you’ll need to nail down. 

STEP #2 – DETERMINE WHERE YOU WANT TO SPEND MARKETING FUNDS

After you know the amount available to spend on marketing, the next part of creating a solid budget is to organize how you’ll be spending that money.  Three main factors contribute to how to spend marketing funds: (1) the size of your budget; (2) your past experience; and (3) where you can reach your target market.

Let’s start with (1), the size of the budget.  If you have a small budget, you’ll want to start with small print ads, online ads, social media and email advertising to bring in new clients.  A larger budget would include radio or television ads to hit a wider range.  So be responsible with the size of your budget.

Then (2), past experience – what has or hasn’t worked for you in the past?  If you noticed that promoting your workshop with newsletter and small print ads brings in leads, then do it again and again.  Keep that in your budget.  Even if you have the means for more expensive alternatives, continue to commit to the things that work.

Finally (3), decide where you can reach your target market.  Start this process by writing down a description of who your target market is.  For most of us, it’s the baby boomers and sandwich generation.  And think about which media they use.  For baby boomers, it’s more than likely a locally circulated paper.  But for the sandwich generation, what websites do they frequent, and how can you be relevant on the social media they use?  Write down where they are and this is where you should be advertising. 

If you are testing something new – a good rule of thumb is to start with a smaller budget and test the waters before making a larger financial commitment.  After you determine if it will work, you can add more funds into that new marketing channel or opportunity. 

STEP #3 – REVIEW YOUR TRACKING AND REPORTING!  WEEKLY! AND ADJUST!

The final step is to analyze the data.  Look at what’s working and what’s not working.  From there you should make adjustments to improve revenue.  Anything with marketing needs to be tied to generating revenue.  If it doesn’t generate revenue, remove it altogether and try something new.

Knowing this information, and looking at your reporting weekly during your marketing meeting, is the most important part of maintaining your marketing budget and plan. 

You must looking at past performance and know with certainty whether revenue has increased, decreased or stayed the same.  You should be able to tie each of your marketing dollars and efforts to what you’re tracking and reporting.  Make adjustments for things along the way.  Increase your budget on the things that are working.  Pull the plug on the things that are not working.

Having a marketing budget is not enough.  You have to be able to take action based on your reporting.

Your budget helps you avoid overspending on your marketing and holds you accountable for taking advantage of opportunities and cutting off the things that aren’t working so you can put the money someplace else.  That helps you find the best solutions to meet your business goals. 

If you want to learn more about Lawyers With Purpose join us February 3rd – 5th in Charlotte, NC, for our Practice With Purpose Program.  You don't want to miss this event about Asset Protection, Medicaid & so much more to build your estate and elder law practice.  

Roslyn Drotar – Coaching, Consulting & Implementation – Lawyers With Purpose

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Listening Twice

Reruns, Anyone?

I’m not much for watching a movie or TV show twice.  After all, you already know the end, right? And I don’t think I’ve ever paid to watch a movie twice. 

Bigstock-replay-icon-75519802But this week I found myself in the position of listening to Jeff Bellomo and Lou Leyes pretty much having the same conversation that they had in Phoenix way back in October, and I’ve got to tell you … I enjoyed it even more the second time, picking up more gems after hearing it twice.

Jeff and Lou give the inside scoop on the financial advisor’s world. As a financial advisor, Lou shared how to get into that world, and gives tips on how to find financial advisors who would be good fits for working with LWP member firms.

The title is “Busting Financial Advisor Myths,” and if you're a member and missed it in Phoenix, then you’re in luck.  It’s posted on the LWP member website and available to members.

One-by-one, Lou and Jeff give responses to the typical financial advisor roadblocks that our members commonly encounter:

  1. It’s always a bad idea to cash out an IRA.
  2. Clients should never use trusts because trust rates are too high.
  3. Clients should never make a separate share trust the beneficiary of an IRA or 401(k)
  4. Annuities are the greatest thing since sliced bread.
  5. The best way to avoid probate is to use beneficiary designations.
  6. Asset protection planning isn’t necessary when clients have the right insurance policies in place.
  7. Medicaid planning is bad and unnecessary for my clients.

Just to let you know, I’m not alone in my appreciation of this presentation. I think it received some of the highest member ratings ever when it was presented.

Folks, this is a “must see” for anyone who is using the Relationship Management Process (“RMS”) or planning to implement the process. I’d like to personally express a huge “Thank You” to both Jeff and Lou for sharing their insights.

If you want to learn more about what Lawyers With Purpose has to offer your Estate Planning or Elder Law Practice, join us in Charlotte, NC, February 3rd – 5th for our Practice With Purpose Program.  Hotel cut off is January 12th so register today.  For registration information contact Kyle Russ at kruss@lawyerswithpurpose.com.

Nedra Catale – Coaching, Consulting & Implementation, Lawyers With Purpose.

 

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What Infrastructure Do You Really Need To Run Your Practice In The Cloud?

Cloud Computing Has Changed The Game 

Every now and then technology forces businesses to change the way they operate. The typewriter led to typing pools and carbon paper before being replaced by word-processors on mainframes and then on personal computers. The fax machine replaced the need for some postal services and is in turn being replaced by email.

Bigstock-Cloud-computing-concept-21983423Similarly, for small to medium sized businesses, cloud computing is replacing the need for in-house networks and servers.

The Advent of the IT Consultant

In the beginning stand-alone PC’s were simple to deal with, however the benefits of linking them together quickly became apparent, and this gave rise to the “local area network” (LAN). Things quickly became complicated and business owners no longer had the skills, or the time, to deal with this. Information Technology (IT) consultants stepped in to fill the void and a new industry sprang up.

Then Things Changed

Cloud computing has arrived, and allows the complexity of networks and shared services to move out of the office and onto the Internet (a.k.a. “the Cloud”).  Business owners no longer have to concern themselves with technology and can focus their full attention on their businesses.

The New Breed of IT Consultant

The smart IT consultants have embraced the change and have found greater opportunities to engage with their clients at the application layer. Rather than crawling around under desks hooking up wires and servers the new breed of IT consultants work with their clients on things such as selecting the best cloud technologies and adapting them to match their client’s business processes. Business owners immediately see the value of this type of engagement because the consultant is talking to them in terms they understand; sales conversion, production workflow, document automation, efficiency, profitability, etc.

The Old School

Unfortunately not all IT consultants have made the transition and many are still encouraging business owners to install complicated and expensive in-house technology over superior and more affordable cloud options.

To register for our Webinar TOMORROW at 4:30 EST to learn more about the LWP/Action Step Cloud Based Workflow System, and get your questions answered register now!

Roslyn Drotar – Coaching, Consulting & Implementation, Lawyers With Purpose

 

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So You Didn’t Make It To Phoenix? Check Out What’s Been Uploaded…

There is absolutely no substitute for sitting in a large conference room with people who do the same thing you do, day-after-day.  They “get” your challenges because they face similar ones.

Bigstock-Upload-sign-icon-Upload-butto-56363555And you missed out on brain storming and sharing ideas out on the patio or in the bar after meeting hours.  You didn’t get a chance to sit down with your CC&I coach or your attorney mentor coach face-to-face to discuss what’s holding your team back or to celebrate your victories.

Last, but certainly not least, you and your team missed out on the nine break-out sessions that covered subjects ranging from “Business Succession Planning” to “Busting Financial Advisory Myths.”  Even if you DID make it to Phoenix, you’re only one person, right?  Maybe you had to make hard choices about which break-out sessions you could attend and heard great things about the ones you missed.

Great news!

So far, three of the nine break-out sessions have been added to the member website, with another three scheduled to be uploaded later this week. 

Posted …

Community Presentations & Relations, Presented by Jennifer Rozelle

A how-to guide to securing and presenting Community presentations; how to get them; topic ideas; how to organize and plan them; and how to use them to feed your workshops.  Learn the distinctions among Public Workshops, Private Workshops, Professional Presentations and Community Presentations

 

Post-Death Trust Administration, Presented by Liz Evans

What to do when the 1st spouse dies; what to do after the surviving spouse dies.  A practical look at post-death administration issues.

 

How to Generate Facility Revenue:  Getting & Staying in the Door with Nursing Homes, Presented by Roslyn Drotar & Meredith Glendenning

Walk away with a comprehensive nursing home/facility process, which you can go back and implement into your practice, immediately.  Learn only what works (we’re saving you from the disastrous efforts) to not only get in the door to nursing homes, not only begin generating revenue, but quadrupling revenue & how to keep it going!

 

Coming later this week …

Busting Financial Advisor Myths, Presented by Jeff Bellomo & Lou Leyes

Respond with confidence to common myths surrounding asset protection, irrevocable trusts, qualified funds, etc.  Get the advisor off of their “default” setting and into strategic, client-centered planning.   

 

You’ve Defined Roles … Now What? Presented by Roslyn Drotar

It is important to provide clear definition and understanding of roles.  You’ve defined roles, now what?  Learn how to take the role definition to the next level.  Learn the skills needed to go beyond just making certain nothing falls through the cracks.  Learn different approaches, regardless of the circumstances to create accountability AND work together at your team best!

 

Business Succession Planning Presented by Dave Zumpano

An advanced level legal-technical session – what to do when the business planning client already has a corporation structure (LLCs, S-Corps, C-Corps) – creating a business succession plan.

   

10 Key Features of the Trust Drafting Software That You Need to Know, Presented by Aaron Miller

Learn the 10 key features of the LWP-CCS Trust Drafting software and how to make them a multiplier to distinguish you in your Estate Planning community.  

 

Coming in December

What’s Happening in the Conference Room? – The Signing and Funding Meetings, Presented by Susan Hunter

The third of the “Conference Room” series – designed to give the team a look at what, exactly, occurs for the client during the key meetings.  Team members will be better equipped to assist clients while they navigate the process, and can set expectations or answer questions directly.  Attorneys who attend will learn how to delegate these meetings to their team.

 

Communication Skills, Presented by Susan Hunter

Take the next step in developing your communication skills; sharpen your saw with practical applications of MIFy™ and Power-in-Partnership™ including client meetings and team conversations. 

While you’re at it, take a look around the member website.  We’ve been making changes to follow LWP processes more closely in the web layout.  This should make it much easier for members to find tools and materials to support their practices.

If you have comments or suggestions about the website layout, I’d love to hear them.  Write me at ncatale@lawyerswithpurpose.com.

Nedra Catale – Coaching, Consulting & Implementation, Lawyers With Purpose

 

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Sometimes It Takes A Clear Vision Of Your Future To Prompt Change

I’ve been living in a construction zone for weeks, but tomorrow it will start to get better.   Three weeks ago we ripped out our carpet and started moving furniture and painting.  Tomorrow the flooring guys arrive with beautiful new carpet and we can finally move our furniture back in from the garage, the bathroom, the kitchen, the patio … wherever we’ve found a few inches to stash stuff.  My office is the last to go.  

Bigstock-VISION-word-cloud-in-a-US-traf-48040718Having my house upside down and walking on gritty concrete floors has made me just a little nuts.  I’m one of those “my home is my castle” people.

Why would anyone choose to go through this?

Through Strengthfinders I’ve discovered that while I’m not overly fond of change, it’s uncertainty and not having a clear vision or plan that keeps me awake at night.  Give me a clear vision of the desired outcome and I will make all kinds of sacrifices to get to that outcome.

Lately, I find myself working with an increasing number of teams interested in implementing an RMS process.   I know what the future holds for them – I have such a clear vision of it – and am so excited about the direction in which they’ve chosen to go.  What impresses me is that they trust the system enough to go through a transition period, a time of uncertainty, with faith that putting in hard work and carving out dedicated time will give them a breakthrough with their business.

A Relationship Management System is a systematized, dedicated, deliberate and painstaking approach to building professional relationships.  Doing it “right” means being fully committed and unwilling to give up or become distracted and neglectful.   It takes a clear vision of the desired outcome and an unfaltering commitment to reaching that goal.

Does your team have a clear vision of what the goal line looks like?  If you’re the team leader, how clear is your own vision?  How often do you, as a team, focus on your long-term goals?  Or are you totally consumed with putting out the day-to-day fires in your office?

If you are an LWP Member and you and your team are ready to take the next step – to set long-term goals and form an action plan focused on developing an RMS process and would like some help, let your CCI coach know!  

If you're not a member, reach out to Molly Hall at mhall@lawyerswithpurpose.com or 877-299-0326 x 102 and she can walk you through what we have to offer to get your phone ringing and filling your pipeline.

Nedra Catale, Coaching, Consulting & Implementation – Lawyers With Purpose

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When You Wake Up Monday Morning

Real quick, I’m not certain if you saw my two other previous blog posts and I wanted to make sure I kept you in the loop. I KNOW how Monday mornings feel with the email barrage…especially after being away from the computer all weekend (hopefully).

Member_brochure32I wanted to make sure you were aware LWP announced it has made a few changes to our membership levels specifically designed to serve solo and small sized firms based on their customized needs.

WHAT is changing you ask? Here are a few of the CHANGES in the membership levels. 

  1. LWP Silver Membership: This level of membership is currently $897/month which INCLUDES our 3 Day Technical/Legal training as well as the 3 hour VA accreditation program. Effective tomorrow this LIVE educational training program is no longer included in this level of membership. The tuition to attend this program will be an additional fee of $1,497 (A $1,497 SAVINGS if you enroll TODAY).
  2. LWP Gold Membership: This level of membership is currently $1,497/month which INCLUDES everything that the SILVER Level of membership offers PLUS the hands on customized, personalized Coaching, Consulting & Implementation program for your entire Law Firm. Effective tomorrow the Coaching, Consulting and Implementation is no longer included in this level of membership. (A $997/a month SAVINGS if you enroll TODAY).
  3. LWP PLATINUM Membership: NEW Additional LEVEL. This level of membership was never previously offered. It is $2,397/month which INCLUDES everything that the GOLD Level of membership offers PLUS a personal Attorney Mentor Coach. What this means is that you will have a successful LWP member that was sitting in the exact spot as you are now…nervous to commit to the monthly fee with an absolute need that this must work out. You will have a dedicated LWP attorney member, in addition to the CC & I program, to support you every step of the way on your journey to creating a salable, scalable business.

NOW really is the best time for you to take the leap of faith and join the LWP Community. Simply go to www.joinlwp.com to sign up TODAY.

Molly L. Hall, Co-Founder, Lawyers with Purpose, LLC, and author of Don’t Be a Yes Chick: How to Stop Babysitting Your Boss, Transform Your Job and Work with a Dream Team Without Losing Your Sanity or Your Spirit in the Process.

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Workshops – Why & How!

More times than not, while on call with members talking about marketing, I get asked:

  • “Why  do I NEED to do workshops?”
  • “How often do we need to do a workshop again?”
  • “How do I fill them up?”

First of all, I really want to make 100% clear that workshops are NOT part of your marketing.  They are part of your client enrollment!  They are simply how you communicate what you do.  They are educating.

Bigstock-Construction-tools-Home-and-h-49662539Marketing is all that we do to get the phone to ring.  As soon as the phone rings, the marketing department has done its job.  Once that phone rings and we pick it up, we switch to enrolling!  And not selling.  Never look at it as selling.  Don’t even use that language.  Use the word “serving” instead of selling or “enrolling.”

The workshop is the enrollment to convert a prospect to a client.  The CSC has to understand two things when that phone rings: (1) pre-qualify them and see if they need a workshop or an initial meeting – crisis planning; (2) if they need a workshop – non-crisis – ENROLL THEM IN A WORKSHOP!

The workshops convey what the prospective client needs to learn – they teach them the 15 core things that we know are the pains in the industry.  If you follow the 7 Threats workshop and the stories in it, you’ll hit their pains.  We’ve done the research and built the stories in there, and they are the reasons prospects are calling your office.  The workshop is created to resonate to them from their perspective and touch on the things that keep them up at night.   It’s actually designed to educate them and is based on the top 15 things clients have told us are important to them over the last 20 years.  You’re going to learn things you had never even thought of.

And I’d like to point out that once members that start telling the stories in the workshop and start using them during the estate planning audit, their closing rate doubles or triples.  So that right there is why you need to be doing them – for your client education and enrollment.  It’s step #1 in the process!

HOW OFTEN TO HAVE THEM?

Two per month should be the minimum!  I know you can’t fill them, yada, yada.  But here is the key – they have to be on the calendar to fill them up.  I’m not kidding when I say here, “If you build it they will come,” but it has to be in your calendar to fill it.

And at two times a month consistently, you’ll make sure you are engaging with prospects every two weeks if you follow the system from workshop to vision to design to sign. 

Every time your phone rings, you have got to feed prospects into the workshop.  You can’t have an effective vision meeting if they don’t go to the workshop.  As time goes on, you’ll find they’ll start filling up!

And if you are out doing synergy meetings, you are asking your power partners to come to the workshop.  Once you get them there, they love it and help fill it up.

Once they come and see it, they fill it for you!  They get it!   But you’ve got to have the workshops on the calendar so you can send your partners a monthly or bi-weekly newsletter that gives them the dates available.

And don’t just ask your referral sources to come – ask them to bring a client with them and to ask afterward if it was a good use of their time. That way you’re getting prospects in the room as well.  Or if they aren’t comfortable with that, tell them to come solo the first time, but then bring a client the second time and just have them ask for that client's perspective. No obligation.  Soft sell!  Or soft “serve.”

FILLING THEM UP

Simple!  You funnel people into the workshops at each and every opportunity, not because it’s a sell – because they are going to come to this event and learn things they didn’t even know they didn’t know!

When you are out and about town – at your child’s soccer game, or at school for a back-to-school event, church, etc. – you inevitably get those people who say, “Can I just ask you a real quick question?” That's when you urge them to come to your workshop, because when they see what you teach they won’t believe it.  Don’t advise people to come meet with you, and don’t just answer questions – steer them toward a workshop to get the information they need. 

When you are doing a Synergy Meeting, you send them to your workshop to get to know you and observe what you have to offer – your retail advertising, your commercial reference workshops.  Always push everything to a workshop.

And finally, retail advertising consistently.  And as always use your Initial Contact Focuser and have an evaluation to grab that contact information. 

If you have any questions and want to talk about your workshops and a strategy to set them in place, up and running, contact Nedra at ncatale@lawyerswithpurpose.com

Roslyn Drotar – Coaching, Consulting & Implementation, Lawyers With Purpose

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Uncovering “Hidden” Pre-Planning Opportunities with the Asset-to-Income Ratio

Uncovering “Hidden” Pre-Planning Opportunities is one of the biggest shocks from attendees at our Medicaid training is when they learn about the asset-to-income rule to qualify clients for Medicaid sooner. The Medicaid law states that, when the income of the community spouse of a Medicaid applicant is less than the minimum monthly maintenance needs allowance, then the community spouse may exempt additional assets needed to attain the minimum monthly maintenance needs allowance.

Bigstock-Five-years-old-little-cute-boy-41670169Said simpler, if the community spouse doesn't have enough income, they can exempt additional assets to ensure the necessary income is produced. This situation happens all the time, but the exemption is rarely used.

That's why Monday October 20-22nd we are hosting a 3 Day Asset Protection, Medicaid and VA CLE Program.

In this event we will be sharing crucial information such as:

 

●       Why clients don't care how much you know, and what they want from you.

●       There's no such thing as crisis Medicaid planning, and the preplanning you are missing out on is right in front of you.

●       The key features and provisions of grantor, non-grantor, and pure grantor trusts and when to use each for asset protection, Medicaid and VA planning.

●       The newest forms and procedures to file VA apps and appeals and receive timely decisions.

●       Why annuities are often the "lazy-attorney" approach to Medicaid planning and what that method fails to consider.

●       How to calculate whether an IRA should be liquidated and when not to use personal service contracts when Medicaid planning.

At a recent two-day summit we hosted with national veterans expert Victoria Collier, these were the biggest issues raised by your colleagues who attended. Are you prepared? Is your level of understanding in these areas sufficient to serve this growing marketplace? Here is what a few attendees said was the most useful to them:

"The most valuable thing about Day 1 was learning about asset to income rule."

— Carl, Baton Rouge, LA

"The worksheets and having a way to explain Medicaid planning to clients on their level was the most valuable part."

— Susan, Cypress, TX

"Was thrilled to learn there is no such thing as crisis planning and now I have so many more pre-planning opportunities I didn't see before."

— Lisa, West Palm Beach, FL

The asset-to-income rule is just one of several overlooked rules that are overlooked or not fully utilizes to help clients qualify for Medicaid. Feel confident using them in your practice! Click here to to join this must attend event to get the essential strategies you need to protect your clients.

See you there!

David J. Zumpano, Esq, CPA, Co-founder Lawyers With Purpose, Founder and Senior Partner of Estate Planning Law Center

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The Price Of The Relationship Management System

Have you ever gone to a restaurant where there were no prices on the menu?  I’m told that if you have to ask the price, you probably can’t afford to eat there.  Really?  In my world, I always want to know the price before I commit to anything.

Perhaps this is why I see so many member firms hesitating with implementing a Relationship Management System (“RMS”).  It’s possible that we haven’t been clear about the cost of implementing such a system.

Bigstock-Price-Tag-With-Fake-Bar-Code-3273434It’s 12 hours a week.

That’s right.  Six hours from an attorney, and six hours on the administrative side.  That covers two RMS meetings a week for the attorney (including travel time), plus the time needed for a couple of phone calls, plus the hourly marketing meeting.  A minimum of six hours a week from a Professional Services Coordinator (“PSC”)  in which to identify and qualify potential partners, make introductory phone calls, schedule meetings, follow-up after meetings, track results and attend a weekly marketing meeting.

Sounds fairly simple, doesn’t it?  And it is!  So why do so many members either procrastinate the implementation of an RMS process, or sabotage what they accomplished in the past by not following up? 

Let’s look at the minimum requirements for a successful RMS.

  1. Absolute dedication on part of the attorney to 6 hours a week and building this into his/her time template;
  2. Absolute dedication on part of the Professional Services Coordinator to 6 hours a week and building this into his/her time template;
  3. A weekly marketing/RMS meeting that is never hijacked;
  4. A start date 3-4 weeks in the future;
  5. Determine which type of professional your firm should focus on at first – either financial advisors or other law firms that do not practice elder law/estate planning are an excellent starting place;
  6. Identify those professionals within a certain mile radius of your office(s);
  7. Dig a little deeper to determine their credentials and experience;
  8. Create a list (Excel, anyone?) listing their name, company name, credentials, address, phone number, email, assistant’s name and distance from your office.  Depending upon the number of professionals you identify, either increase or decrease your radius around your office until you have 20-30 names.
  9. Review the list together and identify any professionals whom you’ve already met or worked with.  You will approach them a bit differently.  Rank each name according to distance from the office and level of experience or credentials.  Someone at the limit of your geographic radius with little experience would receive the lowest ranking.
  10. Starting with your lowest ranking prospects, begin making introductory calls.  Suggested scripts can be found on the LWP website if your PSC is inexperienced in making such calls.
  11. Schedule 2 meetings per week on the attorney’s calendar, starting 3-4 weeks into the future and continue until you have scheduled a full month.  Thereafter, continue to schedule at least one month out.
  12. Watch the LWP webinar on using the RMS focusers.
  13. Watch the LWP webinar on getting the financial advisors to do their homework.
  14. The attorney should study the Synergy meeting outline and watch the Synergy meeting videos.
  15. The CSC should prepare the introductory materials that the attorney will take to the Synergy meeting.
  16. Follow up … follow up … follow up!

Remember that an RMS process should always be implemented with consistent attention.  Starting a process, making promises, and then failing to follow up on those promises will not only damage your firm's reputation but your firm's consistent referral stream as well.  We tell attorneys all the time, "You work so hard to get your phone to ring in the first place. You work so hard to get a referral in the door – nurturing and consistent touches to your referral sources are crucial. The key is giving your RMS system dedicated, consistent time."

If you have any questions or would like additional assistance in implementing your own RMS Process, please let me know.  You can reach me at ncatale@lawyerswithpurpose.com.

We still have a few spots left for our Practice With Purpose Program October 20nd – 22nd in Phoenix, Arizona.  You'll learn all you need to know about Asset Protection, Medicaid & VA in just 2 and 1/2 days! Click here for the full agenda.  It will be worth every minute of your time to experience first hand what it's like to be a Lawyers With Purpose member!  Hurry, seats are filling quickly!

Nedra Catale – Coaching, Consulting & Implementation, Lawyers With Purpose

 

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The Five Key Trusts You Must Know

Did you know that when it comes down to it there are only *five* trusts that serve 99.7% of all client needs? These include:

  1. The revocable living trust;
  2. The income only irrevocable trust;
  3. The control only irrevocable trust;
  4. The third party irrevocable trust; and
  5. The completed gift irrevocable trust.

Bigstock-Old-Keys-42114148This is all you need to serve 99.7% of all clients. The overindulgence in conversation about DAPT'S, GRATS, GRUTS, FLPs, and other advanced tax planning strategies are for mental exercise only and apply to less than 3 in 1,000 Americans.

The correct trust choice for clients when designing planning to protect their businesses, ensure they qualify for Medicaid, if the need for long-term care occurs, or the preservation and maximization of veteran's benefits, trust choice is critical. But more important than trust choice however, is the drafting utilized inside the trust chosen.

That's why the national Medicaid and VA experts are hosting a three day program to bring you together with your colleagues to show you the solution they have created to these often misused trusts. Click here for the course outline and to register. This three day program will not only address trust drafting and trust use, but also address all of the core elements in today's Asset Protection, Medicaid, and VA Benefits environment.

In just three days, we will show you…

ASSET PROTECTION:

  • Recent updates to asset protection and Medicaid compliant strategies.
  • The new asset protection strategies dominating the marketplace.
  • The death of DAPT'S, FLP'S, GRATS, GRUTS, and tax planning, and what's replaced them.
  • The five essential trusts and key drafting needs to serve 99.7% of clients.
  • Four "must have" drafting considerations and three "most forgotten" powers in trust.

MEDICAID:

  • Four steps to Medicaid eligibility for any client.
  • How to calculate the "breakeven" to ensure the proper filing date for the shortest penalty period.
  • Medicaid Qualifying Annuities: Hidden risks and how to properly disclose them to clients or protect from them.
  • The seven key factors to calculate any Medicaid case in seven minutes (or less!).
  • IRA's: Exemption versus taxes, how to calculate if IRA's should be liquidated or exempted in Medicaid and VA cases.

VETERANS' BENEFITS:

  • New claims process for veterans and widows.
  • Qualifying assisted living facilities as UME's.
  • Key choices to complete the physician affidavit for more timely approvals.
  • Update on three year look back for VA benefits.
  • The key reports no longer required for VA applications.
  • Dangers of annuities in VA benefits planning.
  • The effects of the Supreme Court decision on DOMA related to veterans benefits.

ALL PARTICIPANTS IN THIS SUMMIT WILL RECEIVE:

  • Asset Protection, Medicaid and VA Practice Kit which includes:
  • 50 state Medicaid Reference Resource Guide (summarized in 3 pages)
  • 50 state Estate Recovery Article and updated state by state summary.
  • Grantor Trust Summary and use tool.

HERE'S WHAT YOUR PEERS HAD TO SAY ABOUT THE PROGRAM:

“You don't know what you don't know. Come learn how to best serve your clients.” –Matthew Donald

“I would consider this mandatory training for any elder law/estate planning attorney. If not, they should plan for a mediocre practice at best.” –Tim Jarvis

“Just do it. The tools and training will absolutely be worth it!” –Rod Halstead

If you are ready for strategic solutions that you can see, touch, and feel, this is not an event you will want to miss. Click here now to begin your strategic approach to solving your clients' trust needs.

To Your Success,

Dave Zumpano
Co-Founder, Lawyers With Purpose
Practicing Attorney, Just Like You!