28 Mar

Second Edition of Lifestyle Analysis in Divorce

Exchanging books with family lawyer Randy Kessler in 2016.

The American Bar Association has asked me to write the second edition of Lifestyle Analysis in Divorce Cases: Investigating Spending and Finding Hidden Income and Assets. It was (and still is) the only book on the market that details how to do a lifestyle analysis and how to use the results.

I do lifestyle analysis in very high net worth divorce cases, and the results are used to determine standard of living (which then helps calculate support), find sources of hidden income, and find hidden assets. Read More

02 Jul

Questions for New Clients

What questions do you ask a new potential client?

Nearly all of my work comes from attorneys, on behalf of their clients. I have two clients: the attorney and his/her client.

My questions are pretty much the same no matter which of them I’m talking to on that first phone call. The most important questions I ask are things like:

  • What kind of case is this – I am looking for some specifics of who is involved and what is going on.
  • What do you need me to do – Are they really in need of a forensic accountant, or do they need someone else, like a private investigator? Are they looking for services that I provide? For example, I trace funds in a divorce, but I do not provide business valuation services.
  • When does the work need to be done – I do most of my case work in 60 to 90 days. That’s great for clients, but it also means that there are cases I can’t take because I’m already at capacity.
  • Can you pay my fees – This might sound impolite, but I have to earn a living. This is where I explain my fixed fees and the deposit I require. I may ask about their budget to ensure that we are on the same page. (Even though I can’t quote a fee this early, I often get a feeling for a range of fees.)

Figure out the questions that are most important in your practice, and be ready to ask them of any potential new client.

27 Apr

Blogging to Get Business

Attorneys and accountants are told that they need to blog if they want to get clients. Blogs are a magic marketing tool. If you blog it they will come.

It’s way more complicated than that.

About 40% of my revenue comes from attorneys who find me using Google. It’s because of my blog, but in a roundabout way. The people who read my blog (random consumers) aren’t my clients (attorneys). But in searching for things related to fraud and finding my blog, the readers have increased my Google rankings for important search terms. Attorneys use those search terms, and they get to my website.

But I’ve been blogging since 2005. This site is therefore very rich in content that helps people learn about fraud and what I do. I have invested hundreds of hours into the blog for this payoff. Read More

27 Dec

Fraud Investigation for Small Firms

Minnesota Society of CPAs Footnote Magazine
February/March 2017

The growth in forensic accounting and fraud investigation specialties has led accounting firms of all sizes to expand their practices to these areas. Experts agree that this practice area will continue to grow for the foreseeable future.

Is it as easy as it sounds to add forensic accounting to your firm’s competencies? Traditional audit staff may have excellent foundational knowledge that could be applied to fraud investigations, but offering consistent and reliable services to clients in the area of forensic accounting will take some work.

Here are areas your firm — especially if it’s small — should focus.

Service focus

It is a simple decision to start providing accounting services. The next step is deciding which specific services to provide. Many types of engagements can fall under the forensic accounting umbrella, so it is important to develop a focus. Read More

12 May

Book: Lifestyle Analysis in Divorce Cases

Tracy Coenen talks about her book, “Lifestyle Analysis in Divorce Cases: Investigating Spending and Finding Hidden Income and Assets.” The book was published by the American Bar Association

shares her insight on uncovering financial details to ensure that divorce settlements are fair and equitable. A forensic accountant and fraud investigator, Coenen wrote the book to arm lawyers with a powerful tool when valuing and dividing property in complex divorce cases.

22 Mar

Using Bank Statements in Child Support and Divorce Cases

Bank statements can be a very valuable tool in child support and divorce cases, particularly when one party has not been forthcoming about income and expenses. We can look at deposits to draw conclusions about income, and the level of expenditures may also give us clues about the level of income. Tracy talks about some of the ways she analyzes the bank statement data.

16 Sep

Book Review: Wall Street Smarts: A Guide to Finding Your Inner Investor

wall-street-smarts-miles-goodwinWall Street Smarts: A Guide to Finding Your Inner Investor, by Miles Goodwin, is masterful compilation of the best investment advice for the average person. The book does the seemingly impossible by pulling together the best investment advice from the best books out there. Mr. Goodwin has done the hard work so you don’t have to. He has taken decades of investment research and experience (as an average person just trying to manage his own money) and extracted the most relevant advice from some of the most knowledgeable authors. Added to this material is a wealth of information he has accumulated over the years.

Where does the average person begin when trying to learn about investments? There are lots of great articles and books out there, but how do you figure out which ones are relevant and accurate? And how do you find the time to read all of them? Simply put, most people can’t. And that’s why Wall Street Smarts is an invaluable tool for anyone who wants more control over their savings and investments. Read More

08 Sep

Book Review: Financial Advice for Blue Collar America

financial-advice-for-blue-collar-americaI recently had an opportunity to read Financial Advice for Blue Collar America by Kathryn B. Hauer. The book is positioned as a practical guide for the average American who needs to get straight to the important topics, and the it definitely delivers on that promise.

The book starts out with the premise that being a blue collar worker actually CAN offer you an opportunity to gather wealth. Blue collar as used in this book means a job which doesn’t require a college degree, but requires a certain level of skill and training. This includes trades like carpenters, truck drivers, auto technicians, police, and skilled manufacturing workers. A sampling of current annual earnings for these jobs ranges from $40,000 to $82,000, which might be surprising to some.

Early on we learn about basic financial concepts such as net worth and cash flow, which are explained well. Also included are information on debt, budgets, saving, investing, the many types of insurance, taxes, and wills. These topics are covered briefly, but there is enough information for it to be valuable. Read More

01 Sep

Fraud Investigation For Small Firms: Selling the Services, Managing the Staff

Firms of all sizes are interested in expanding their practices to include forensic accounting and fraud investigation. Experts agree: This practice area is growing and will continue to grow for the foreseeable future.

Yet adding forensic accounting to a firm’s portfolio of services might not be as easy as it sounds. While traditional audit staff might have a good foundational knowledge to branch out into fraud investigation, offering reliable service to clients in this area takes a little more work.

Focusing Services
While the decision to provide forensic accounting services may seem simple, the next step is deciding specifically which services to provide. There are many types of matters that may fall under the forensic accounting umbrella, and it is important to develop an appropriate focus.

A firm’s services could be geared toward a variety of fraud-related matters, including corporate embezzlement, financial statement fraud, and insurance claims fraud. The business could alternately be focused on litigation matters like contract disputes, shareholder lawsuits, business valuation, and bankruptcy consulting. There are many more types of cases that could fall under one or both of these headings, so it’s clear that there are a great deal of choices to be made. Read More