CLEARWATER WEALTH PARTNERS
Meeting Notes
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: June 8, 2022
MEETING: 2022 Q2 Quarterly Review
ADVISOR: Sarah Chen, CFP® | Clearwater Wealth Partners
LOCATION: Conference Room A, Clearwater Wealth Partners
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DISCUSSION SUMMARY
Markets entered bear market territory in Q2 2022 (S&P 500 down approximately 20%
YTD). Portfolio declined to $847,000. The advisor reviewed the selloff in the context
of the long-term plan and confirmed that no action should be taken. The IPS amendment
to 60/35/5 was specifically designed for moments like this, and the bond allocation
is providing meaningful relative cushion.
The Q2 NLTK vest occurred in May: 625 shares at $38 per share. Protocol: 450 sold
($17,100), 175 retained. Cumulative retained position approximately 2,450 shares.
The advisor noted the irony that lower vest prices are partially beneficial from a
tax and basis standpoint, echoing the COVID-vest discussion from 2020.
The 2022 bear market presented a tax-loss harvesting opportunity. Several positions
in the taxable account have declined below their cost basis, most significantly UECIX
(international equity ETF). The advisor proposed harvesting $15,500 in losses using
the UECIX-to-UECIY fund swap to maintain market exposure and avoid wash-sale
violations. This harvest would create a capital loss carryforward usable in 2022 or
future years. The Chens approved the harvest, which was executed following the
meeting.
The 2023 NLTK event plan was presented. Based on the current grant schedule, Alex
is expected to receive an accelerated vest of approximately 2,667 shares in April
2023 at a price currently projected around $40–$50. The plan recommends: sell
approximately 1,800 shares immediately to diversify; donate 500–600 shares to the
Clearwater Giving Fund (DAF) to eliminate capital gains and generate a charitable
deduction; retain 300 shares or fewer. The Chens approved the plan framework, with
final share quantities to be confirmed once the vest date is known.
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ACTION ITEMS
1. Execute TLH: harvest UECIX losses, replace with UECIY — done post-meeting;
confirm $15,500 loss
2. Open Clearwater Giving Fund (DAF) account — by January 2023, before the April
vest event
3. Finalize 2023 NLTK event share quantities by Q1 2023 meeting
4. Send TLH documentation to CPA — include fund swap confirmation
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CONFIDENTIAL — For client use only. Not for distribution.
