CLEARWATER WEALTH PARTNERS
Meeting Notes
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: September 11, 2024
MEETING: 2024 Q3 Quarterly Review
ADVISOR: Sarah Chen, CFP® | Clearwater Wealth Partners
LOCATION: Conference Room A, Clearwater Wealth Partners
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DISCUSSION SUMMARY
The final NLTK vest executed in August: 625 shares at $38.20 per share, generating
$23,875 of W-2 income. All 625 shares were sold at vest. The NLTK position is now
fully liquidated. After seven years of quarterly vests, one cliff vest, one major
liquidity event, and disciplined diversification, the NLTK concentration risk is
completely resolved. Portfolio stands at $1,285,000.
The advisor marked the NLTK milestone. Over the life of the program, the NLTK RSU
program generated significant wealth for the Chen household — vest income,
concentrated appreciation, and the April 2023 liquidity event combined to contribute
an estimated $280,000–$320,000 in total after-tax value to the portfolio, with the
DAF generating an additional $25,020 in charitable giving. The systematic sell/hold
protocol, tax-loss harvesting carryforwards, and DAF strategy all worked together as
designed.
The Social Security optimization analysis is nearly complete and will be delivered in
full at the Q4 meeting. Preliminary conclusion: Alex should delay claiming to age
67 (2031), not 70, given the household's specific income replacement needs and the
desire to synchronize with Sam's potential early claim at age 64 (2029). The
advisor will present the full comparison at Q4.
The 529 accounts were reviewed: Maya is at $36,200 and Eli is at $31,500. Maya's
account is now on a 65/35 bond-heavy age-based allocation as she enters the 5-year
window before college. Adequacy analysis: at current balances and contributions, the
accounts will cover approximately one-third to one-half of projected college costs —
a gap exists that will be addressed through income at the time of enrollment or a
targeted front-load strategy.
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ACTION ITEMS
1. Send NLTK closeout summary to CPA — final vest documentation for TY2024 filing
2. Deliver Social Security optimization analysis at Q4 2024 meeting
3. 529 adequacy analysis: model Maya's gap and options — include front-load
scenario
4. Begin retirement income projection update incorporating post-NLTK portfolio
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CONFIDENTIAL — For client use only. Not for distribution.
