EVALUATE CURRENT SITUATION AND OBJECTIVES

• Review the current portfolio strategy and investments
• Determine client goals
• Determine appropriate return/risk objectives
• Evaluate income needs
• If needed, provide education about investment alternatives and financial markets for the family

DEVELOP ASSET ALLOCATION STRATEGY

• Focus on creating diversified portfolio
• Evaluate various asset allocations for return/risk/income characteristics
• Model short- and long-term portfolio growth and risk
• Consider effect of current market conditions
• Determine best allocation of asset classes, investment strategies, and styles
• Develop tax-efficient approach, when appropriate
• Create investment policy statement

CONDUCT INTENSE DUE DILIGENCE AND SELECT MONEY MANAGERS

• Select best-in-class investment managers:
  • Review quantitative and qualitative data
  • Perform initial analysis to determine interest
  • Conduct in-person manager interviews
  • Perform reference checks
  • Monitor asset manager performance before investment
  • Submit final analysis and proposal to investment committee
• Employ equity managers with a bias toward “value” style and bottom-up fundamental analysis
• Employ dedicated investment team to identify, select and monitor managers
• Acquire approval by seasoned investment committee

IMPLEMENT INVESTMENT PLAN

• Evaluate and select custody and brokerage arrangements
• Negotiate all fees
• Handle all account setups, investment contracts, and other administrative work
• Perform ongoing reconciliation of all transactions
• Communicate goals and objectives with investment managers

MONITOR AND REPORT RESULTS

• Conduct continuous due diligence and monitoring of selected investments
• Recommend manager changes if necessitated by:
  • Red flag items
  • Departures from objectives or style
  • Poor performance
  • Asset class or strategy concerns
• Recommend changes in investment strategy, as appropriate
• Conduct comprehensive reporting:
  • Track all trading activity through internal system
  • Provide monthly and quarterly reports to clients
  • Monthly account reconciliation
  • Client meetings/updates as desired