Executive Summary:

• Optimize Asset Allocation: To provide the appropriate balance for growth and stability, we work with our clients to develop an optimized allocation among stocks and other risk assets, bonds and other types of fixed income, and cash.

• Prefer Direct Holdings to Funds:  To reduce costs and provide greater control and transparency, we prefer direct holdings of securities as opposed to funds.

• Manage Tax Consequences of Any Restructuring: We consider carefully the tax consequences of any restructuring of a client’s taxable accounts.