Goal Setting

We believe that clients must set their own goals. It is our responsibility to educate them in the process and to assist them in defining, quantifying, and prioritizing their goals.

Cash Flow

We believe that clients need total return, not dividends or interest. The traditional concept of an 'income' portfolio is archaic and places unnecessary and inappropriate restrictions on portfolio design.

Expectations

We believe that 'conservative' assumptions are a dangerous myth. Return requirements should be based on real rates of return. An investment policy should not be prepared based on a client's unrealistic expectations. If necessary, we will refuse the engagement.

Risk Tolerance

We believe that a client's risk tolerance is a significant constraint in the wealth management process. Success can be measured by our client's ability to sleep well during turbulent markets.

Tax Constraints

We believe that tax considerations must be considered. However, the goal of tax planning should be to maximize after-tax returns, not to minimize taxes. Neither reported turnover nor holding period calculated from reported turnover is a useful measure of tax efficiency.

Back to Investment Planning Solution