CLEARWATER WEALTH PARTNERS
Meeting Notes
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: June 12, 2019
MEETING: 2019 Q2 Quarterly Review
ADVISOR: Sarah Chen, CFP® | Clearwater Wealth Partners
LOCATION: Conference Room A, Clearwater Wealth Partners
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DISCUSSION SUMMARY
Portfolio stood at $412,000 at the June meeting, reflecting strong YTD equity
performance. The primary agenda item was the upcoming Q3 2019 NLTK cliff vest,
estimated at 1,250 shares. The Chens reviewed and confirmed the vest strategy
proposed in Q1: sell 900 shares immediately at vest (proceeds estimated at
$37,000–$45,000 depending on NLTK's price at vest), evaluate a donor-advised fund
donation of up to 200 shares if price exceeds $40, and retain 150 shares. The advisor
confirmed that the taxable income from the vest — the FMV at vest date — will be
reported as W-2 income by the employer and will be the largest single-year NLTK tax
event to date.
The concentration question was reviewed in detail. If NLTK's stock price at the cliff
vest is $40 per share, the retained cumulative position (including prior holds plus
150 new shares) would be approximately 1,025 shares valued at $41,000. That
represents approximately 10% of portfolio at current AUM. The advisor recommended
holding the line at 15% as a hard ceiling. If NLTK appreciates significantly before
the vest, the sell quantity should be increased. The Chens agreed and authorized
the advisor to adjust the sell quantity up to 1,000 shares if needed to keep
concentration below 15%.
Tax-loss harvesting was introduced as a planning tool for 2019. Given the strong YTD
gains in equity positions, the advisor identified several positions with embedded
losses that could be harvested before year-end, using replacement funds to maintain
market exposure. The methodology — including wash-sale rule compliance using ETF
pairs — was explained. No harvest trades were executed today; the advisor will
monitor through Q3 and act opportunistically.
529 accounts are performing on plan. Maya's account has grown to $9,800 and Eli's
to $8,100. Annual contributions of $3,000 and $2,500 respectively remain on
schedule.

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ACTION ITEMS
1. Execute Q3 cliff vest: sell 900 shares minimum; adjust upward if NLTK >$40 to
keep concentration <15% AUM
2. DAF donation analysis — prepare by August 1 if NLTK price exceeds $40
3. Monitor TLH opportunities in Q3/Q4 — act if equity losses exceed $5,000 before
year-end
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CONFIDENTIAL — For client use only. Not for distribution.
