[TDC] 2020-09-29 TDC Principals

Recording

20200929 TDC Information Systems and Client Practice Flowchart

Notes

20200929 TDC Principals

  • Quality Improvement Check-Ins
    • Dave, Judy, Jared, Joe, Haden, Nick, Travis, Brett, Carson
    • Accounting [Jared] (now highest priority)
      • Upcoming client review meetings
        • Friday October 2
          • Nunnery
          • Martenson and Macdonald
        • Friday October 9
          • Knight
        • Monday October 19
          • Stephenson
        • Tuesday October 20
          • Hoch
          • Ford
        • Wednesday October 21
          • Marcus
        • Thursday October 22
          • David Bo
        • Friday October 23
          • Wright
          • Gosavi
        • Friday October 30
          • Ching
      • Sending emails to clients
        • Need personal spending
        • Complement view of practice finances
        • Travis: most difficult part of getting ready for meeting is getting data from clients
        • Barry: clients don’t track spending
        • If they do respond: Travis in meeting?
    • Marketing [Haden]
      • Success with tax and insurance (SFDS, NSDS) workshops
      • Upcoming study groups (Tim Miller, Gibbs/Keith)
      • Haden: wealth management topic (Shannon – “When Can You Afford to Retire?”)
        • Shannon expressed an interest in growing and facing clients (in performance review conversations)
        • Keep the focus on wealth management – create the money they need and save for retirement
        • Delta Dental: choice points need to be studied (renegotiate PPOs, exit PPOs, work harder/longer/defer retirement, sell practice) – how do they affect Monte Carlo simulations
      • Jared – client practice is 50% Delta. Has an associate coming in. If she bills associate properly, she will lose Delta Premier.
        • Haden: associate subject to lower PPO fees
        • Providers can go online to Delta portal and see what PPO fees will be
        • Haden: should bill under associate’s NPI and owner’s tax ID number
        • JB: I think if you add associate, the owner has to take PPO patients and rates from Delta network
        • Haden client (pediatric dentist named Cindy Weideman, have large practices in Sacramento and Roseville) got audited, billing had to be by provider, a year later got letter firing them from Delta.
        • Joe: that was months ago – what has their experience been? Haden: they stayed out of network and it’s going OK.
        • Jared client – JB to email workshop link
    • Payroll [Carson]
      • In-Service training for firm to cross-sell Payroll
    • HR / Finance [Joe]
      • Tax Manager training curriculum
        • Topic areas for SMEs (see Brett document)
          • Partnerships
          • Trusts
          • Sub-S Corps
          • Simple returns
          • Practice Transitions
          • Public Traded Partnerships (PTPs)
            • K1s are a headache
          • Incentive Stock Options (e.g. spouses)
          • Employing spouse and children
            • Maximize retirement plan, 401k
            • Can get audited for child (Shawn has seen 1)
          • Sole Proprietor
            • Analyze versus being incorporated
          • Roth IRA conversions
          • Section 199A
          • Augusta Rule
    • Wealth Management [Barry]
      • Connect EVOKE to Needs/Wants/Wishes
      • BAM DBP acronym (design, build, protect) – available to TDC. EVOKE like and CEG/Bowen like. Rollout timing – now?
        • Travis attended Foundations 1 with AJ at Buckingham. Different from a few years ago. Here they taught Design Build Protect. Brought in MoneyGuide Pro for building the plan; meeting management.
        • Barry: working on refinements. Full on with training.
    • IT / Tax [Dave]
      • Ticket system. Microsoft Lists?
    • Pension