Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Thomson Reuters Institute #TRIC223 (2023)
9 slides from Thomson Reuters's conference presentation, Nov 3, 2023
Slide 1: Partner Talk #1 - Shared Assets: Enhancing Financial Efficiency in Law Firms
Partner Talk #1 - Shared Assets: Enhancing Financial Efficiency in Law Firms through Maximizing Partner Satisfaction Mike Cohn, CLU, ChFC Ann Marie Liotta, CPA Area President U.S. Wealth Strategist Thomson Reuters Institute #TRIC223
Slide 2: Partner Talk: Enhancing Financial Efficiency in Law Firms
Partner Talk: Enhancing Financial Efficiency in Law Firms Mike Cohn, CLU, ChFC through Maximizing Partner Satisfaction Cohn Financial Group Mike_Cohn@cfgllc.com 602.743.9866 Ann Marie Liotta, CPA, AEP Cohn Financial Group AnnMarie_Liotta@cfgllc.com 732.232.5869 November 3, 2023
Slide 3: Partner satisfaction is often intertwined with generational issues
Partner satisfaction is often intertwined with generational issues, such as … • Partners who are considering retirement • Younger attorneys who see their time at a law firm as a short-term stay • Recruiting high-caliber candidates and associates who want to grow and develop their careers • Competing
Slide 4: Opportunities to enhance partner well-being
❖ FINANCIAL SECURITY • Retirement Planning: − ERISA plans (cash balance, 401(k), etc.) only fund 50% or less Opportunities of what is needed at retirement to enhance • Long-Term Care (LTC): − LTC is needed by 63% of those over 65; 37% are younger partner well- − The probability of needing LTC is 68%
Slide 5: No costs to the firm
1. Retirement and Investment Planning: Partnership Owned Life Insurance (POLI) in a Special Purpose Entity No costs to • Tax-free retirement benefits – like a “Super Roth” the firm • Not subject to ERISA • Investment options include collared S&P 500 returns • No downside risk, guaranteed 0% floor 2.
Slide 6: POLI: Supplements Cash Balance Plans For Partners Who Want to Do More
POLI: Supplements Cash Balance Plans For Partners Who Want to Do More POLI can generate 30%- 40% greater benefits on an after-tax basis 4,000 3,500 POLI CBP Dollars in $833k $833k 3,000 Tax cost (40%) ($333k) N/A POLI Net to invest $500k $833k 2,500 How funded $100k/yr for 5 $167k/yr for 5 Total Ben
Slide 7: Firm funded
1. Reimbursement plans can address unfunded benefits Firm funded • Provide financial relief to active partners • Increases distributable income to active partners without reducing benefits to retirees 2. Retention plans – recruit and retain key partners: • Forgivable loans − Can vest over time and g
Slide 8: Important Information About Cohn Financial Group and PPVA
Important Information About Cohn Financial Group and PPVA Private Placement Variable Annuities (PPVAs) are unregistered securities not subject to the same regulatory requirements as registered variable annuities. As such, PPVAs should only be presented to accredited investors or qualified purchasers
Slide 9: Partner Talk #1 - Shared Assets: Enhancing Financial Efficiency in Law Firms
Partner Talk #1 - Shared Assets: Enhancing Financial Efficiency in Law Firms through Maximizing Partner Satisfaction Mike Cohn, CLU, ChFC Ann Marie Liotta, CPA Area President U.S. Wealth Strategist Thomson Reuters Institute #TRIC223
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