IdeasMoney (SM) Financial Planning is a unique approach to personal financial advisory services which brings together the following concepts:

1. The financial advisor gathers information necessary to the process using special techniques involved in "sensitive personal financial services" in order to create ideas (financial strategies) which are best suited for the particular client. As part of this process, the advisor gathers information in an effort to obtain (a) a thorough understanding of the clients' relationships (e.g. family, friends, associates, business contacts, etc.) and the clients' expectations and responsibilities and (b) a thorough understanding of other key information including financial data of cash flow and financial situation, risk tolerance, goals and objectives which are financial and nonfinancial, historical information, and the context of markets and the economy. During this process, the advisor and client build their own relationship and trust and understanding.

2. Ideas (i.e. financial strategies) are created by financial advisors in an effort to create "extra money" for clients. The focus of the work is create extra money, and that extra money can be used by the client to attain financial goals and objectives and nonfinancial goals and objectives. The "extra money" is the aggregate amount expected to be (a) realized in the first 2 years from reduced expenses and reduced income taxes and increases in cash flow, (b) realized in the first 10 years from increased income, including investment income, and (c) ultimately realized as reduced estate taxes, as measured by the present value of the aggregate amount expected to be saved using factors of reasonable life expectancy and interest rates.

3. The value of the ideas is quantified for the client, and the financial advisor and the client share in the rewards. The advisor bills the client on a value basis for a percentage of the present value of the dollars created by the strategy. For example, if an idea is accepted by the client as generating $400,000 of estate tax savings in the future upon death, with a present value of, say, $100,000, and if the client and advisor already agreed to a 15% sharing for the advisor, then the advisor would bill and collect $15,000 from the client for that idea (15% X $100,000). Retainer fees are usually billed and collected at the outset of work by the financial advisor, usually in the range of $2,500 to $5,000. Often, client satisfaction is guaranteed or the fee is refunded.

4. The advisor helps the client to implement the ideas and also to monitor the related results.

Note: Financial Management Corporation (FMC) and MyLifeAndMoney.com LLC provide assistance to financial advisors in using IdeasMoney (SM) Financial Planning, which was originated and developed by Frank Sisco and FMC. FMC is a Registered Investment Advisor, and these services are described in detail in the SEC Form ADV that was filed with the Securities and Exchange Commission and with the Department of Law of the State of New York.

Why are CPAs ideally-suited financial advisors

to use IdeasMoney (SM) Financial Planning?

CPAs, in general, are ideally-suited financial advisors to use IdeasMoney (SM) Financial Planning for the following reasons:

1. CPAs have good relationships with clients who are looking to the CPA for help with decisions involving personal finance, especially decisions which require a holistic understanding of the client's financial situation.

 

2. CPAs have solid skills in gathering important information, in evaluating the information after careful and thorough analysis and review, and in critical thinking and decision-making such as in developing ideas.

 

3. Clients trust the skills, objectivity and decision-making abilities of their CPA.

 

4. Clients appreciate the CPA's involvement in the personal financial advisor services, and often prefer that the CPA take a more leadership central role among the other team members including financial planner, estate planning attorney, investment registered representative, insurance agent, etc.

 

5. Clients want extra money and CPAs want higher fees.

 

6. The IdeasMoney approach is also well-suited for CPAs because it is creative, value-based, simpler than many other methods, does not require securities licensing and other complications, and is more in tune with how CPAs conduct their other services for clients.

What are the main steps a CPA takes in

performing IdeasMoney (SM) Financial Planning?

1. Become knowledgeable about Ideas Money (SM) Financial Planning. Here are some suggestions:

a. Contact Frank Sisco, CPA, PFS at 914.381.3737 or by email at: ideasmoney@aol.com. Discuss specific cases which helps the process of understanding.

b. Review available information at the website www.thirdthousand.com which covers the services involved in IdeasMoney financial planning.

c. Discuss matters with clients who have benefited from the process or other colleagues who have used the IdeasMoney (SM) process.

d. Review related articles written about IdeasMoney and about "sensitive personal financial services. Click here for the article called "Sensitive Personal Financial Services". Also, review other Frank Sisco articles which pertain to financial planning services, and aspects of the IdeasMoney approach, including the following (click on the ones you want to review):

1. Choosing the Right CPA"

3. "IRA Check-Up"

4. "Credit Cards - Be Careful!"

5. "Simplifying Your Financial Life Using Account-Aggregation"

6. "Use Conservatism and Simplicity if You Are A CPA Helping Clients With Investment Decisions"

Also, review CPA Stories, as published on www.CPAdirectory.com, and as per the below reference.

 

e. Review various ideas (financial strategies) which may pertain to some clients. Refer to www.CPAdirectory.com and on the home page of that website, review the information called "Xtra Money Financial Strategies" on that page and on the linked pages. Take notes on which strategies might pertain to your clients, as a sampler.

 

f. Attend special CPA conferences on "IdeasMoney (SM) for Financial Planning for CPAs." Click here for a flyer/invitation for more details about a conference at The Crowne Plaza in White Plains, NY on 12/6/2000 which was designed to provide 9 specific ideas and was sponsored by leading firms and individuals in the financial services industry.

 

 

2. Engage one or a few clients to apply the knowledge, and engage Financial Management Corporation and/or MyLifeAndMoney.com LLC.

Discuss the IdeasMoney (SM) approach with selected key clients for initial impressions. Provide examples of ideas (financial strategies) which might benefit the clients and the potential "extra money" which might be created. Start with one or two clients and enter into a special engagement, specifying the value-based fee arrangements. Call Frank Sisco, CPA, PFS (or specially-designated representatives of Financial Management Corporation and/or MyLifeAndMoney.com LLC) to coordinate the performance of work.

 

3. Perform the work in coordination with Frank Sisco, CPA, PFS, and Financial Management Corporation and/or MyLifeAndMoney.com LLC (or specially designated representatives.)

The processes and procedures are described in separate proprietary information. However part of the process includes gathering information using the following forms (in some cases in person, in some cases using the internet and in some cases using mail or fax.):

#1 - Checklist for Tax Reduction and Financial Planning

#2 - Family profile

#3 - Financial Snapshot of Assets, Liabilities, and Net Worth

#4 - Financial Snapshot of Cash Flow

#5 - Risk Tolerance Questionnaire

Another part of the work involves creating ideas which fit the client. There are a detailed set of procedures to follow (see separate information) including a selection of ideas using the interactive database of "Xtra-Money Financial Strategies" as presented on the home page of www.CPAdirectory.com. Prepare a summary report of your findings and present to the client in coordination with Frank Sisco, CPA, PFS, and Financial Management Corporation and/or MyLifeAndMoney.com LLC (or specially designated representatives.)

 

4. Coordinate the implementation of the ideas, and bill and collect value-based fees.

In an effort to maximize results for the client and for the CPA, this step should also be done in coordination with Frank Sisco, CPA, PFS, and Financial Management Corporation and/or MyLifeAndMoney.com LLC (or specially designated representatives.) Set up a process for monitoring and for additional services.