CLEARWATER WEALTH PARTNERS
Client Meeting Transcript
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CLIENT: Chen Household (Sam & Alex Chen)
DATE: December 10, 2025
TIME: 2:00 PM
MEETING: 2025 Q4 Year-End Review
LOCATION: Conference Room A, Clearwater Wealth Partners
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TRANSCRIPT
[0:00] Sarah Chen: Good afternoon. Portfolio is at $1,450,000 — a strong year. Bucket
strategy is fully operational. Social Security analysis delivered. Billing
reconciliation complete. And I know Alex has a question about the fee schedule that
came up from looking at an old document. Let's make sure we address that directly.
Big year — let's start there.
[0:04] Alex Chen: The fee question first. I found an old strategy deck in the
vault while looking for something else. The footer said 1.00% annual advisory fee.
But I thought we amended the fee in 2021. Am I misreading it?
[0:05] Sarah Chen: You're reading it correctly and it's a good flag. That document is
almost certainly the draft version of the 2022 strategy deck —
DOC-StrategyDeck-2022-002. It was distributed before the final version was ready and
still had the pre-amendment fee reference in the footer. The final version,
DOC-StrategyDeck-2022-003, correctly shows the tiered schedule.
[0:08] Alex Chen: Why was the draft still in the vault?
[0:09] Sarah Chen: Both versions are preserved for document integrity — we keep the
full historical trail. The draft is clearly labeled as a draft, but I understand how
finding it while searching for something else creates confusion. I should have added
a clearer note to the draft flagging it as superseded. I'll add that label now.
[0:11] Sam Chen: And the billing reconciliation — we already know from the Q2
report that there were two quarters in 2022 at the wrong rate, and that was
corrected.
[0:12] Sarah Chen: Correct — the $340 credit was applied in Q3. The reconciliation
covered July 2021 through Q4 2024 exhaustively. Apart from those two quarters, every
quarter was billed correctly at the tiered rate. I can share the full reconciliation
report again if you want to review.
[0:14] Alex Chen: No — we went through it in June. We're satisfied. I just wanted
to understand the old document.
[0:15] Sarah Chen: Completely reasonable. Moving to the portfolio: $1,450,000 at
year-end. The 2025 bucket allocation — Bucket 1 at $72,500, Bucket 2 at $478,500,

Bucket 3 at $899,000. We're within 1% of targets on all three buckets. Very clean.
[0:18] Sam Chen: We're $50,000 from the 0.70% fee tier.
[0:19] Sarah Chen: You are. I'll flag it as soon as you cross $1.5 million — likely
in the first half of 2026 at current growth rates. Every dollar above $1.5 million is
billed at 0.70% rather than 0.85%, so the blended effective rate on the full
portfolio drops. I'll send you an updated fee calculation when it happens so it's
transparent.
[0:22] Alex Chen: The Taylor Chen referral — what's the status?
[0:23] Sarah Chen: Taylor signed an engagement agreement in November.
ProspectID-2025-01 converted to an active client. First planning meeting is
scheduled for January. I'll keep your engagement completely separate —
confidentiality is paramount. Just know that the referral was appreciated and the
relationship is off to a good start.
[0:25] Sam Chen: That's great to hear.
[0:26] Sarah Chen: On 2026 planning: the main things I want to focus on are Maya's
college timeline — she's 4 years from matriculation — and the ongoing bucket strategy
maintenance. Also, Alex, you're 10 years from 62 — it's worth starting to model
what your final decade of earning looks like and whether any strategies make sense in
that window. Action items for Q1: schedule 529 college planning session for Maya
specifically; review bucket refill protocol as we approach the 7-year Bucket 3
horizon; fee tier notification when $1.5M is crossed.
[0:29] Alex Chen: Good year, Sarah. Thank you.
[0:30] Sarah Chen: Thank you both. Enjoy the holidays. Summary in the portal by
Friday.
[0:30] Meeting adjourned
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ACTION ITEMS
1. Add 'superseded — see final version' label to DOC-StrategyDeck-2022-002 in
vault
2. Notify clients when AUM crosses $1.5M fee tier — estimated H1 2026
3. Schedule Maya 529 college planning deep-dive — Q1 2026
4. Model final-decade income and Roth conversion opportunities for Alex — 2026
planning
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CONFIDENTIAL — For client use only. Not for distribution.
