[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