Litigation Is Expensive
Problems that couples go through when they decide not to participate in Taylor's process illustrate its advantages over the current litigation-intensive process. Take the example of the Spellmans (not their real name).
Arthur Spellman was a successful developer who had married his second wife, Elizabeth, nearly ten years ago. Their prenuptial agreement excluded their respective businesses and existing retirement plans, as well as any future increases in value of those businesses and contributions to the retirement plans.
The Spellmans came to Taylor and his partner to mediate the end of the marriage. During the mediation, Arthur made an offer that was, in Taylor's estimation, at least 50% more generous than a court might require him to be. After a few days of "thinking about it," Elizabeth declared that she was entitled to some of Arthur's business value and his retirement account, notwithstanding the prenuptial agreement.
Sensing that Elizabeth's attorney was advising her behind the scenes in direct violation of the mediation agreement, Taylor confronted her with his suspicions. When she admitted she was getting advice from her attorney, Taylor terminated the mediation and advised the parties to settle their differences through litigation.
Four months later and an additional $25,000 in attorneys fees, the Spellmans settled in a court-ordered mediation with Elizabeth receiving nearly 30% less than Arthur had offered in the previous mediation.
This kind of dollar difference dramatically illustrates the added value of Taylor's program-and why it is both a "better mouse trap" and a viable business solution for financial advisors.
How Did He Get Here?
Taylor attributes his interest in finding non-traditional solutions to clients' financial problems partly to his participation in the Canadian-based Strategic Coach program, a three-year "focusing" program for entrepreneurs. "It focused my attention and expanded my freedom in the important areas of my life," Taylor recalls. "It also encouraged me to create a business that reflected my intellectual interests and knowledge base."
Sullivan's program prompted Taylor to identify his unique abilities. "In my case it led directly, over time, to divorce mediation," Taylor says.
Even before he developed the DMP, Taylor had found his stride, thanks to a combination of hard work, discipline and increased ability to build a business centered on his talents and professional skills. The result: Taylor began to develop customized legal and financial services for highly affluent clients.
These services eventually lifted the firm's revenues to $1 million per year. But money wasn't the only attraction of the business. "I never looked on this business as a numbers game," Taylor says. "I never thought the goal was to be the most efficient processor of information and purveyor of national and local financial rules and regs. Even when I was starting out, I knew I had other strengths. It just took me some time to realize them."