CLEARWATER WEALTH PARTNERS
Meeting Notes
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: June 10, 2020
MEETING: 2020 Q2 Quarterly Review
ADVISOR: Sarah Chen, CFP® | Clearwater Wealth Partners
LOCATION: Video Conference
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DISCUSSION SUMMARY
The June meeting was held virtually. Portfolio had recovered to $741,000 from the
March lows, reflecting the sharp equity rebound in April and May. The advisor
reviewed the risk tolerance reassessment results: both Chens completed the
questionnaire in April and the results showed a meaningful shift toward lower risk
tolerance compared to the IPS-2016 baseline. Sam scored notably more conservative.
After discussion, the Chens agreed to amend the IPS allocation from 70/28/2 to
60/35/5.
The IPS amendment was formalized at this meeting. The revised allocation of 60%
equity, 35% fixed income, and 5% cash reflects the Chens' updated risk preferences
after experiencing a real market crisis. The advisor emphasized that this was the
right reason to change an IPS — sustained change in risk tolerance — and not a
reaction to prices. Implementation will occur gradually over the next two quarters
through natural cash flows and rebalancing, not immediate large trades.
The Q2 NLTK vest occurred in late May: 625 shares at $31 per share. Per protocol, 450
shares were sold ($13,950 proceeds) and 175 retained. Cumulative retained position
is now approximately 1,400 shares at a blended basis near $31. The 529 accounts
continue on auto-pilot with annual contributions; no changes.
Home purchase: the search that was planned for Q1 2020 has been deferred to 2021 due
to market uncertainty and the pandemic. ACCT-CASH remains at $91,000 and will be
preserved for the down payment. The advisor confirmed that the home purchase goal is
unchanged, only delayed by approximately 12 months.
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ACTION ITEMS
1. Execute IPS amendment to 60/35/5 — document and file IPS-Amendment-2020

2. Implement new allocation gradually over Q3/Q4 via cash flows — no forced
rebalancing
3. Home purchase deferred to 2021 — revisit timeline at Q4 meeting
4. Confirm Q3 NLTK vest execution per protocol
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CONFIDENTIAL — For client use only. Not for distribution.
