CLEARWATER WEALTH PARTNERS
Client Meeting Transcript
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: September 13, 2023
TIME: 2:00 PM
MEETING: 2023 Q3 Quarterly Review
LOCATION: Conference Room A, Clearwater Wealth Partners
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TRANSCRIPT
[0:00] Sarah Chen: Good afternoon. Portfolio is at $1,096,000 — continuing to build
on the milestone we crossed in Q2. The S&P has had a volatile Q3 — up 19% through
July, then pulled back about 5% in August and September as rate concerns resurfaced.
We're sitting at a good level overall. NLTK concentration is well under control. And
I want to use today to start talking about the DAF grant schedule and begin planting
the seeds of a retirement planning conversation.
[0:04] Sam Chen: The retirement conversation — we haven't had that in any formal
way.
[0:05] Sarah Chen: And that's by design — you've had real near-term goals that took
priority: the trust, the home, the NLTK concentration, the tax events. Now that those
are largely behind you, we have the mental bandwidth and the financial foundation to
start thinking longer term. Alex, what's your current sense of when you'd like to
retire?
[0:07] Alex Chen: I think somewhere around 60 to 65. Sam and I have talked
about it — we're 43 now, so that's 17 to 22 years out.
[0:08] Sarah Chen: That's a good planning horizon. Long enough that equities should
continue to do the heavy lifting, but close enough that we need to start thinking
about income replacement. The first thing I want to do is build a formal retirement
projection — what income you'll need, what Social Security looks like, how the
portfolio needs to grow. I'd target having that analysis ready for the December
annual meeting.
[0:11] Sam Chen: I'd love to see that. We've never had the full picture laid out.
[0:12] Sarah Chen: It's one of the most useful exercises we do. Now — the DAF.
Clearwater Giving Fund has $25,020 available. I'd like to start planning the grant
schedule so the money goes to work this year and next. What are the organizations you
want to support?
[0:14] Alex Chen: We talked about it — school foundation for $10,000, the food
bank for $8,000, and a local arts organization for the rest. About $7,020.

[0:15] Sarah Chen: Perfect. That's three grants totaling $25,020 — exhausts the 2023
contribution completely. Would you like to do all three before year-end, or split
some into January?
[0:17] Sam Chen: All before year-end. It feels good to have it distributed this
year rather than let it sit.
[0:18] Sarah Chen: I'll set up the grant recommendations in the Clearwater Giving Fund
portal. Organizations will receive checks from the DAF typically within 10 to 15
business days. I'll send you confirmations when each grant processes.
[0:20] Alex Chen: On the portfolio — the Q3 NLTK holdover. The 311 shares we kept
from the April vest. What do we do with those?
[0:21] Sarah Chen: NLTK is at $48 now — slightly above the $45 vest price. The gain
is modest — about $930. I'd suggest selling half — 155 shares — and holding the other
156 into next year when we have one final vest. This keeps the NLTK concentration at
about 0.7% of portfolio, which is negligible. The partial sale generates a small
short-term gain but doesn't create any real tax issue given your carryforward is
fully utilized this year.
[0:24] Alex Chen: Let's sell the 155. Keep it tidy.
[0:25] Sarah Chen: I'll execute that this week. Portfolio allocation check: after the
NLTK proceeds are reinvested, you're at 62/33/5. Slightly equity-heavy but within
the 5% drift band from the 60/35/5 target. No rebalancing needed.
[0:27] Sam Chen: 529s — we haven't talked about them in a while.
[0:28] Sarah Chen: Maya is at $21,400 and Eli is at $20,900. Maya is now 6 years
from college. The age-based portfolio is gradually shifting toward bonds —
appropriate for the timeline. I'd like to increase annual contributions to $4,000 per
account starting this year. With 6 years and market growth, I'd project Maya at
roughly $75,000 at matriculation. That covers about two years of a mid-range private
university.
[0:30] Sarah Chen: Action items: DAF grants processed this fall — school $10K, food
bank $8K, arts $7,020; sell 155 NLTK shares this week; increase 529 contributions to
$4,000/year per account; retirement projection model for December annual.
[0:30] Meeting adjourned
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ACTION ITEMS
1. Process DAF grants: school foundation $10,000, food bank $8,000, arts
organization $7,020 — before December 31
2. Sell 155 NLTK shares (from April vest holdover) — this week
3. Increase 529 annual contributions to $4,000 per account (Maya and Eli) —
effective Q4
4. Build retirement projection model for December annual review
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