CLEARWATER WEALTH PARTNERS Annual Client Meeting Summary | 2020
Annual Client Meeting Summary — Tax Year 2020
Chen Household | Client ID: HHnCHENn001 | Clearwater Wealth Partners
DOCUMENT METADATA
DocID: DOCnMeetingNotesn2020n001
MeetingID: MtgIDn2020Q4n01 (primary annual summary; see also MtgIDn2020Q2n01 emergency renrisk meeting)
IPS Version: DOCnIPSAmendmentn2020n001 (effective 2020n06n15; supersedes DOCnIPSn2016n001)
Client: Alex & Sam Chen | HHnCHENn001 | DOB: 1983n05n14 / 1984n11n02
Advisor: Clearwater Wealth Partners | Prepared: January 2021
Dependents: Maya Chen (DOB 2011n08n19) | Eli Chen (DOB 2014n03n07)
KF Refs: KFnMarketOutlookn2020.md, KFnMarketnVolatilitynPlaybook.md, KFnCARESnActnSummary.md,
KFn529nRules.md
PORTFOLIO SNAPSHOT
YearnEnd AUM: $792,000
Quarterly AUM: Q1: $665K | Q2: $705K | Q3: $740K | Q4: $792K
Allocation: 61% Equity / 34% Fixed Income / 5% Cash (IPSn2020 as of yearnend)
S&P; 500 Return: +16% full year (peakntontrough -34% in March)
Net Contributions: $45,000 (net; including 529 opening contributions)
Advisory Fee Rate: 1.00% annual
ANNUAL SUMMARY
2020 was the most consequential planning year in the Chen household relationship to date. The COVIDn19 pandemic caused a
historic peakntontrough drawdown of 34% in the S&P; 500 (EventIDn2020n01), triggering an emergency renrisk meeting in May
(MtgIDn2020Q2n01). A renadministered risk questionnaire revealed a meaningful shift in risk tolerance (score 68 fi 54,
DOCnRiskQuestionnairen2020n001), prompting a formal IPS amendment.
The IPSn2020 amendment (DOCnIPSAmendmentn2020n001, effective June 15) reduced the equity target to 60%, raised fixed
income to 35%, and increased the cash/shortnduration sleeve to 5%. The singlenstock cap was lowered to 7% of total AUM,
reflecting heightened concentration risk awareness. DecisionIDn2020n044 executed the reallocation between June 15n30,
generating approximately $12,000 in net longnterm capital gains.
Despite the dramatic drawdown and defensive shift, the S&P; 500 finished the year +16%, and portfolio AUM reached $792,000 at
yearnend. Two 529 accounts were opened (ACCTn529A for Maya, ACCTn529B for Eli) with $5,000 initial contributions each.
Planning priorities for 2021 centered on home purchase liquidity staging and NLTK concentration management under the tighter
IPSn2020 cap.
DECISIONS MADE
Decision IDs: DecisionIDn2020n044
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CLEARWATER WEALTH PARTNERS Annual Client Meeting Summary | 2020
Decision ID Description Date / Window Outcome / Status
DecisionIDn2020n044 COVID risk shift: tactical reallocation to implement IPSn2020. 2020n06n15 to Implemented. IPSn2020
Sold ~9% equity sleeve (UECIX trim); increased UCBIX, 2020n06n30 effective 2020n06n15.
MUNIX, STBIX. Also added muni bond sleeve in TX01 for tax
efficiency. Net cap gains ~$12,000 LT.
LIFE EVENTS & UPDATES
Event IDs: EventIDn2020n01
Event Description / Impact
EventIDn2020n01 COVIDn19 pandemic: S&P; 500 declined 34% peakntontrough (Febn19 to Marn23). Risk tolerance
renassessment triggered in May 2020 (emergency meeting MtgIDn2020Q2n01). Risk questionnaire
renadministered: score dropped from 68 to 54/100 (DOCnRiskQuestionnairen2020n001). IPS amended:
60/35/5 target, tighter drift bands, singlenstock cap lowered to <7%.
RECOMMENDATIONS
Rec IDs: RecIDn2020n01, RecIDn2020n02
Rec / Goal ID Description Status
RecIDn2020n01 Defensive allocation update + muni bond sleeve in TX01 (taxable) for tax efficiency. Implemented — Deci
sionIDn2020n044
RecIDn2020n02 Open ACCTn529A (Maya) and ACCTn529B (Eli); initial contributions $5,000 each. Implemented — Q2
2020
TAX TOPICS DISCUSSED
Tax Topic IDs: TaxTopicIDn2020n01
Topic Summary
TaxTopicIDn2020n01 Reallocation gains and tax budgeting: IPSn2020 reallocation triggered net capital gains of ~$12,000 (mostly
LT). Discussed CARES Act provisions: RMD waivers (not applicable yet), enhanced charitable deduction ($300
aboventhenline). AGI approx. $276,000 (Wn2 $242K + $8K other). Standard deduction. 529 contributions not
deductible federally. See KFnCARESnActnSummary.md.
ACTION ITEMS
Task ID Description Owner Due Date Status
TaskIDn2020Q2n013 Document IPS amendment rationale; obtain client Advisor 2020n06n20 Completed
signatures.
TaskIDn2020Q3n014 Confirm 529A/529B accounts opened; set agenbased Ops 2020n08n15 Completed
moderate portfolio.
TaskIDn2020Q4n015 Model home purchase timeline (2021n22) and required Advisor 2021n01n15 Completed
liquidity build.
TaskIDn2020Q4n016 Review NLTK concentration vs. new 7% cap under Advisor 2021n01n31 Completed
IPSn2020.
PROSPECTS & REFERRALS
No active prospects or referrals recorded for this period.
DOCnMeetingNotesn2020n001 | Client: Chen Household (HHnCHENn001) | CONFIDENTIAL Page 2

CLEARWATER WEALTH PARTNERS Annual Client Meeting Summary | 2020
CONFIDENTIAL — For the exclusive use of Alex and Sam Chen and authorized Clearwater Wealth Partners personnel. This document contains
synthetic/demo data created for illustration purposes only. Not investment advice. © 2021 Clearwater Wealth Partners. All rights reserved.
DOCnMeetingNotesn2020n001 | Client: Chen Household (HHnCHENn001) | CONFIDENTIAL Page 3
