Artifex Financial Group - Sample Client GuideBook

GuideBook Sam and Mary Sample | January 2022

Doug Kinsey, CFP®, CIMA® | Partner

This is a summary of the work we've done together, and is based on the information you provided. This is designed to provide practical and useful information on the subject matter covered and is provided in conjunction with the financial plan provided by your financial advisor. You can work with your financial advisor to identify and take action on appropriate next steps. ©2022 | United Capital Financial Advisers, LLC, a Goldman Sachs Company (“United Capital”) d/b/a Goldman Sachs Personal Financial Management (“GS PFM”). All Rights Reserved. | FinLife Partners is a d/b/a of United Capital Financial Advisers, LLC Investment advisory services offered through United Capital Financial Advisers, LLC d/b/a Goldman Sachs Personal Financial Management (“GS PFM”), a registered investment adviser. United Capital Financial Advisers, LLC, United Capital Risk Management, PFE Advisors, Inc., and United Capital Financial Partners (together the “United Capital Affiliates”) are affiliates of Goldman Sachs & Co. LLC and subsidiaries of The Goldman Sachs Group, Inc., a worldwide, full-service investment banking, broker-dealer, asset management, and financial services organization. The Goldman Sachs Group, Inc. and its subsidiaries and employees (collectively, “Goldman Sachs”) are engaged in businesses and have interests other than the services provided by the United Capital Affiliates.

All names, logos, and slogans identifying GS PFM or GS PFM’s products and services (including, without limitation, HonestConversations®, MoneyMind®, FinLife®, Financial Control Scorecard®, Live Richly℠, We Help You Live Richly℠, Helping People Live Richly®, One Best Financial Life®, Ideal Life Index®, GuideCenter®, InvestmentViewfinder℠, United Capital Financial Life Management®, and Financial Years of Freedom℠) are trademarks and service marks or registered trademarks and service marks of GS PFM or its affiliates in the United States and/or other countries. The information contained on this site is intended for informational purposes only and is not a recommendation to buy or sell any securities, and should not be considered investment advice. This web site does not represent an offer of or a solicitation for advisory services in any state/jurisdiction of the United States or any country where the firm is not registered, notice filed, or exempt. GS PFM does not provide legal, tax, or accounting advice. Clients should obtain their own independent legal, tax, or accounting advice based on their particular circumstances

Table of Contents 1. How do I think/feel about money?

4

1.1

Your MoneyMind®

5

1.2

Sam's MoneyMind®

6

1.3

Mary's MoneyMind®

8

2. What matters to me?

2.1

HonestConversations®

3. Where am I today?

10 11 20

3.1

Net Worth

21

3.1

Investments

27

3.1

Financial Plan

33

3.1

Insurance

39

4. How do I get where I need to go?

4.1

Goals

5. Am I on course?

5.1

Tasks

Sam and Mary Sample, January 2022

42 43 46 47

1

2

Sam and Mary Sample, January 2022

How We Plan Your Success

Sam and Mary Sample, January 2022

3

1

6

How do we think/feel about money?

Brandon & Kate Sample, July 2019

Your MoneyMind

®

Your

MoneyMind We get to know and understand your way of thinking about money, discover what is important to you, exchange ideas and make course corrections. We partner with you to make intentional financial decisions as we put your unique plan into action.

Sam and Mary Sample, January 2022

5

Your MoneyMind

®

Sam Sam, your money mind is

COMMITMENT

42%

Commitment

36%

Protection

22%

Happiness

PRIMARY INFLUENCE: COMMITMENT The Commitment MoneyMind tends to derive joy from giving, and may fear letting others down. The Commitment MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Tend to prioritize supporting the people and causes they care about

SAVING:

Can run short on funds for their own needs as they support others

PLANNING:

Usually consider the other's opinions and how their actions can impact them

SAFETY NET:

May focus on helping others regardless of their resources

RISK-TAKING:

Often leave important decisions to others rather than taking control

TIMING:

Frequently put off their own financial needs to help others

6

Sam and Mary Sample, January 2022

Your MoneyMind

®

SECONDARY INFLUENCE: PROTECTION In situations where your secondary MoneyMind drives your decisions, you tend to value security and peace of mind. The Protection MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Often focus on cost, delay gratification, and live well within their means

SAVING:

Tend to focus on saving and can be critical of those who spend money freely

PLANNING:

Careful, meticulous, and motivated to protect themselves and loved ones

SAFETY NET:

Seldom feel that their safety net is large enough

RISK-TAKING:

Usually prepared for bad outcomes, can be apprehensive about risk and dislike losing

TIMING:

May require a high degree of certainty, potentially missing opportunities

SECONDARY INFLUENCE: HAPPINESS In situations where your secondary MoneyMind drives your decisions, you tend to prioritize enjoyment, and may fear missing out. The Happiness MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Usually thrive on living life to the fullest, sometimes beyond their means

SAVING:

Can feel frustrated and impatient at the thought of having to save

PLANNING:

May value near-term rewards over planning for the future

SAFETY NET:

Can have blind spots that result in an underfunded safety net

RISK-TAKING:

Tend to be overly optimistic and underprepared for negative outcome

TIMING:

Often quick to make important decisions and seize opportunities presented

Sam and Mary Sample, January 2022

7

Your MoneyMind

®

Mary Mary, your money mind is

HAPPINESS

35%

Commitment

20%

Protection

45%

Happiness

PRIMARY INFLUENCE: HAPPINESS The Happiness MoneyMind tends to prioritize enjoyment, and may fear missing out. The Happiness MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Usually thrive on living life to the fullest, sometimes beyond their means

SAVING:

Can feel frustrated and impatient at the thought of having to save

PLANNING:

May value near-term rewards over planning for the future

SAFETY NET:

Can have blind spots that result in an underfunded safety net

RISK-TAKING:

Tend to be overly optimistic and underprepared for negative outcome

TIMING:

Often quick to make important decisions and seize opportunities presented

8

Sam and Mary Sample, January 2022

Your MoneyMind

®

SECONDARY INFLUENCE: COMMITMENT In situations where your secondary MoneyMind drives your decisions, you tend to derive joy from giving, and may fear letting others down. The Commitment MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Tend to prioritize supporting the people and causes they care about

SAVING:

Can run short on funds for their own needs as they support others

PLANNING:

Usually consider the other's opinions and how their actions can impact them

SAFETY NET:

May focus on helping others regardless of their resources

RISK-TAKING:

Often leave important decisions to others rather than taking control

TIMING:

Frequently put off their own financial needs to help others

SECONDARY INFLUENCE: PROTECTION In situations where your secondary MoneyMind drives your decisions, you tend to value security and peace of mind. The Protection MoneyMind type's instinctive responses to making financial decisions are: SPENDING:

Often focus on cost, delay gratification, and live well within their means

SAVING:

Tend to focus on saving and can be critical of those who spend money freely

PLANNING:

Careful, meticulous, and motivated to protect themselves and loved ones

SAFETY NET:

Seldom feel that their safety net is large enough

RISK-TAKING:

Usually prepared for bad outcomes, can be apprehensive about risk and dislike losing

TIMING:

May require a high degree of certainty, potentially missing opportunities

Sam and Mary Sample, January 2022

9

2

What matters to us most?

HonestConversations

®

HonestConversations The majority of financial issues for both individuals and couples stem from the inability to recognize the ROLE THEIR EMOTIONS play in their decision making. We will walk you through a series of cards based on fears, commitments and happiness. Once you prioritize them, we will discuss why you chose them and how you feel about them.

IT’S OFTEN STIMULATING, ALWAYS THOUGHT-PROVOKING AND NEVER BORING. It will get you thinking about money in a different light and help teach you to avoid emotions that lead you to bad financial decision making.

Sam and Mary Sample, January 2022

11

HonestConversations

®

Sam's Personal Priorities

Make work optional / retirement

I've worked hard to build my business and I want to develop a succession strategy that encourages the younger generation to assume control, while investigating opportunities for an outside sale. I'd like to be able to step away from the business to some degree (or totally) within 5 years.

Protect my lifestyle

Considering retirement, I want to feel confident that our lifestyle is protected so that we can continue living as we have.

Income security / safety net

Spend guilt free

Educate those I care about

12

Similar to protect my lifestyle, I need to feel secure and have adequate liquidity so that if there is a significant change in the markets or economy, we'll be ok.

We don't necessarily live on a budget, and just purchase what we need when we need it. I like living this way, and don't want to have to "penny-pinch."

I had a lot of student loans to get through my MBA program at Stanford. It was a challenge getting this paid off. That said, we firmly believe that education is of utmost value, and want to make sure our kids get the best education we can afford.

They should pay part of it, but we don't want to saddle them with too much student debt.

Sam and Mary Sample, January 2022

HonestConversations

®

Mary's Personal Priorities

Protect my lifestyle

We've worked hard to get where we are, and I want to make sure that we can continue doing the things that make us and our family happy. I grew up in a household where things were very cyclical. Dad had a business and the inevitable peaks and valleys he encountered had an effect on our family.

Income security / safety net

Somewhat similar to my last response, I want to make sure that we always have enough liquid funds to weather the peaks and valleys of the economy without having to make big changes in our spending - especially in retirement.

Spend time with the people I care about

Family is very important. We've always worked to make sure that we can go on trips together and go to the lake frequently to unwind. Covid has disrupted this to a great extent and demonstrated to me how important this is.

Grow as a person and expand my passions

I really consider myself a lifelong learner and feel that exploring different hobbies and becoming good at them is a big part of life. Cooking, golf, hiking, and travel are a big part of my life.

Support my charitable causes

We are blessed with having enough to consider giving to our community and those organizations that we have a strong connection with. Our religious community and education are two big focuses for us.

Sam and Mary Sample, January 2022

13

HonestConversations

®

Make work optional / retirement

Score History

Mary

Sam

MS Mary Sample

7

SS Sam Sample

6

1/14/22

1/14/22

Goals

14

Consider retirement in 10 years.

Improvement Needed

Due 8/05/22

MS

Develop a succession plan for Sam's business 5 year target.

Improvement Needed

Due 8/05/22

SS

Sam and Mary Sample, January 2022

HonestConversations

®

Protect my lifestyle

Score History

Mary

Sam

MS Mary Sample 1/14/22

SS

Sam Sample 1/14/22

6

8

Goals Make sure our financial plan meets our goals with some stress-testing.

Sam and Mary Sample, January 2022

Optimal Position

MS SS

15

HonestConversations

®

Income security / safety net

Score History

Mary

Sam

MS Mary Sample

8

SS Sam Sample

7

1/14/22

1/14/22

Goals

16

Evaluate existing life insurance.

Immediate Action Needed Due 2/04/22

SS

Adequate emergency and liquidity funds.

Optimal Position

Due 8/05/22

MS SS

Sam and Mary Sample, January 2022

HonestConversations

®

Spend time with the people I care about

Score History

Mary

Sam

MS Mary Sample

8

SS Sam Sample

7

1/14/22

1/14/22

Goals Get back on track with family trips postpandemic.

Improvement Needed

Due 5/06/22

MS SS

Educate those I care about

Score History

Mary

Sam

MS Mary Sample

5

SS Sam Sample

5

1/14/22

1/14/22

Goals More aggressively fund 529 accounts for our children

Sam and Mary Sample, January 2022

Optimal Position

MS SS

17

HonestConversations

18

®

Sam and Mary Sample, January 2022

Sam and Mary Sample, January 2022

19

3

Where are we today?

Net Worth

Net Worth Making good decisions requires complete information. Our next step involves us working together to match your financial aspirations with your current resources. We’ll help you make objective and smart trade-offs to help maximize the financial life you can lead.

Sam and Mary Sample, January 2022

21

Net Worth

$7,709,538 Total

Assets Liabilities

ASSETS Cash & Equivalents

$7,944,538 $235,000

$7,944,538 $375,000

Taxable Investments

$4,006,248

Tax-Deferred Investments

$1,550,000

Tax-Exempt Investments

$1,003,290

Real Estate

$1,010,000

LIABILITIES

($235,000)

Long-Term Liabilities

22

($235,000)

Sam and Mary Sample, January 2022

Net Worth

CASH AND EQUIVALENTS NAME

Bank Savings & Checking (0001)

TAXABLE INVESTMENTS NAME

$375,000 AMOUNT

$375,000

$4,006,248 AMOUNT

Business Loan (0001)

$350,000

Charles Sample UTMA (0001)

$140,000

Grace Sample UTMA (0001)

$141,000

Sam & Mary Sample Joint Account (0001)

$575,248

Sample Family Trust (0001)

TAX-DEFERRED INVESTMENTS NAME

$2,800,000

$1,550,000 AMOUNT

Mary Sample IRA (0001)

$300,000

Sam Sample IRA (0001)

$1,250,000

TAX-EXEMPT INVESTMENTS NAME

Charles 529 (0001)

Sam and Mary Sample, January 2022

$1,003,290 AMOUNT

$120,000

23

Net Worth

Donor Advised Fund (0001)

$167,000

Grace 529 (0001)

$120,000

Mary Sample Roth IRA (0001)

$283,540

Sam Sample Roth IRA (0001)

$312,750

REAL ESTATE NAME

$1,010,000 AMOUNT

Lake House (0001)

$575,000

Residence (0001)

$435,000

LONG-TERM LIABILITIES NAME

Primary Residence Mortgage (0001)

($235,000) AMOUNT

($235,000)

The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind.

See the back of the book for more important information

24

Sam and Mary Sample, January 2022

Sam and Mary Sample, January 2022

25

26

Sam and Mary Sample, January 2022

Investments

Investments Making good decisions requires complete information. Our next step involves us working together to match your financial aspirations with your current resources. We’ll help you make objective and smart trade-offs to help maximize the financial life you can lead.

Sam and Mary Sample, January 2022

27

Investments

Your Investing Priorities Preference

Performance

Protection

Costs

Taxes

$6,934,538 Your Asset Allocation

ASSET TYPE

60/20/5/15

56/23/10/10/0

TARGET ALLOCATION

CURRENT PORTFOLIO

CURRENT ALLOCATION

Equity

AMOUNT

56%

Fixed income

23%

$3,895,927 $1,624,468

Cash & Equivalents

10%

$712,525

Alternatives

10%

$701,618

Unclassified

28

0%

$0

Sam and Mary Sample, January 2022

Investments

ACCOUNTS ACCOUNT NAME

CLASSIFICATION

Sam Sample IRA

Tax-Deferred Investments

$1,250,000

Taxable Investments

$2,800,000

Tax-Deferred Investments

$300,000

Tax-Exempt Investments

$312,750

Tax-Exempt Investments

$283,540

Taxable Investments

$575,248

Tax-Exempt Investments

$167,000

Taxable Investments

$140,000

Taxable Investments

$141,000

Tax-Exempt Investments

$120,000

IRA

Sample Family Trust RLT

Mary Sample IRA IRA

Sam Sample Roth IRA Roth IRA

Mary Sample Roth IRA Roth IRA

Sam & Mary Sample Joint Account

STRATEGY

ALLOCATION

AMOUNT

JTWROS

Donor Advised Fund DAF

Charles Sample UTMA UTMA

Grace Sample UTMA UTMA

Charles 529 529

Sam and Mary Sample, January 2022

29

Investments

Grace 529 529

Bank Savings & Checking

Tax-Exempt Investments

$120,000

Cash & Equivalents

$375,000

Taxable Investments

$350,000

JTWROS

Business Loan JTWROS

The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind.

See the back of the book for more important information

30

Sam and Mary Sample, January 2022

Sam and Mary Sample, January 2022

31

32

Sam and Mary Sample, January 2022

Financial Plan

Financial Plan Just as endowments and pensions can be “underfunded” and “overfunded”, so too can individuals. Our process is meant to help provide you with clarity about your ability to meet your goals based on the inflows and resources available, measured against your outflows and goals over time. We offer you insights into how you are funded to achieve your specific goals over time.

We work together with you to assess various trade-offs based on factors that you can control. Once we have determined the best strategy based on your input, we can then move to design the plan of action to meet your specific desires.

Sam and Mary Sample, January 2022

33

Financial Plan

FUNDED SCORE Last Updated on 1/14/22

80 Underfunded

Ideal

Overfunded

See Disclaimers section in the back of this Guidebook to see how your funding score was determined.

34

Sam and Mary Sample, January 2022

Financial Plan

Plan Inputs

Sam and Mary Sample, January 2022

35

Financial Plan

SPENDING NAME

36

PRIORITY

PERIOD

AMOUNT

Charitable Gifting

Wish

2022 - End of Plan

$20,000

College - Charles

Want

2025

$54,880

College - Grace

Want

2028

$54,880

Gifts to kids and Grandkids

Wish

2022 - End of Plan

0

Health Care - Both Medicare

Need

$9,491

Health Care - Both Retired Before Medicare

Need

$25,942

Health Care - Mary Alone Medicare

Need

$5,988

Health Care - Sam Medicare / Mary Retired Before Medicare

Need

$17,697

Lake House Renovations

Want

2025

$250,000

New Car for Mary

Want

2025 - End of Mary's Plan

$50,000

New Car for Sam

Want

2023 - End of Sam's Plan

$50,000

New Sailboat

Want

2022

$200,000

Retirement - Basic Living Expense - Both Retired

Need

$269,531

Sam and Mary Sample, January 2022

Financial Plan

Retirement - Basic Living Expense - Mary Alone Retired

$269,531

Need

RETIREMENT/OTHER INCOME NAME

PERIOD

AMOUNT

Mary - First Year Benefit

$39,395

Sam - First Year Benefit

$40,831

SAVINGS NAME

PERIOD

AMOUNT

Savings - Total Savings This Year

$25,200

Savings_Details - Taxable

$25,200

TIMING CONTROL NAME

PERIOD

AMOUNT

Retirement Age - Mary

59 in 2031

0

Retirement Age - Sam

63 in 2031

0

Investing involves risk and investments may lose value. Please consider your objectives before investing. Investments are not FDIC insured. Past performance does not guarantee future results. Investment outcomes and projections are forward-looking statements and hypothetical in nature.

All information and recommendations provided “as is” based on information provided by clients. We have treated the information provided as reliable, have not independently verified any information and make no warranty or guaranty as to the accuracy or completeness of the information provided.

See the back of the book for more important information regarding how your score was calculated

Sam and Mary Sample, January 2022

37

38

Sam and Mary Sample, January 2022

Insurance

Insurance

Sam and Mary Sample, January 2022

39

Insurance

LIFE INSURANCE POLICIES POLICY NUMBER

DEATH BENEFIT

ANNUAL PREMIUM

Sam

$1,000,000

$2,400

Mary

Sam

$500,000

$7,200

Mary

Sam

Mary

$1,000,000

$4,140

INSURED

DURATION

MONTHLY BENEFIT

ELIMINATION PERIOD

ANNUAL PREMIUM

Sam

5 years

$8,000

90

$4,800

OWNER

BENEFICIARY

INSURED

Sam

Mary

Sam

COMPANY NAME

DISABILITY POLICY NUMBER

40

COMPANY NAME

Sam and Mary Sample, January 2022

Sam and Mary Sample, January 2022

41

4

How do we get where we need to go?

4.

How do I get where I need to go?

42

Brandon & Kate Sample, July 2019

Goals

Goals TO PUT YOUR DECISIONS INTO GOALS requires a clear set of specific steps. Your personalized plan is the product of HonestConversations® and objective analysis about where you are headed financially. It’s a document that lays out assumptions about your future and helps you focus on the factors that you can control. Once established, our team can then begin to tactically implement a unique strategy based on the specific circumstances and desires of your plan.

Sam and Mary Sample, January 2022

43

Goals

YOUR TOP 5 CARDS Make work optional / retirement

Protect my lifestyle

1

Income security / safety net

2

3

Spend time with the

Educate those

people I care

I care about

about

4

5

STATUS LEGEND Optimal Position

Improvement Needed

Immediate Action Needed

N/A | Pending Review

YOUR GOALS TYPE

44

NAME

NOTES

STATUS

PRIORITIES

CHECK IN DATE

Evaluate existing life insurance.

3

2/04/22

Get back on track with family trips post-pandemic.

4

5/06/22

Consider retirement in 10 years.

1

8/05/22

Develop a succession plan for Sam's business 5 year target.

1

8/05/22

Adequate emergency and liquidity funds.

3

8/05/22

Make sure our financial plan meets our goals with some stress-testing.

2

More aggressively fund 529 accounts for our children

5

Sam and Mary Sample, January 2022

Sam and Mary Sample, January 2022

45

5

How do we stay on course?

5.

Am I on course?

46

Brandon & Kate Sample, July 2019

Tasks

Tasks TO PUT YOUR DECISIONS INTO ACTION requires a clear set of specific steps. Your personalized plan is the product of HonestConversations® and objective analysis about where you are headed financially. It’s a document that lays out assumptions about your future and helps you focus on the factors that you can control. Once established, our team can then begin to tactically implement a unique strategy based on the specific circumstances and desires of your plan.

Sam and Mary Sample, January 2022

47

Tasks

CLIENT TASKS DESCRIPTION

STATUS

DUE DATE

ASSIGNED

Enroll in cooking class

Completed

2/4/22

Mary Sample

Review life insurance coverage

Completed

2/28/22

Doug Kinsey, CFP®, CIMA®

Schedule family vacation

Completed

2/28/22

Sam and Mary

Succession Plan for Sam

Not Started

4/22/22

Doug Kinsey, CFP®, CIMA®

Get quotes on lake house remodel

Not Started

5/6/22

Sam and Mary

Research sailboats available for sale

Not Started

6/30/22

Sam Sample

48

Sam and Mary Sample, January 2022

Disclaimers

Disclaimers Accounts The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind. This report is not to be used as an official books and records statement. Please contact the relevant product sponsor if you have any questions about the statements. Any information and balances included herein have been obtained from sources believed to be reliable but its accuracy and completeness are not guaranteed and have not been independently verified by United Capital Financial Advisers, LLC, d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) or your financial advisor. In the event of a discrepancy, the sponsor's valuation shall prevail. This information is not meant to supersede your custodial account statement which should be reviewed regularly. If you have any questions about the accuracy of your investment holdings, investment allocation or the management fee displayed on this statement, please contact your advisor immediately. Data reflected within this report may reflect data held at various custodians and may not be covered under SIPC. SIPC coverage only applies to those assets held at a SIPC member firm. You should contact your financial representative, or the other entity, or refer to the other entity's statement, regarding SIPC coverage. Assets reflected on this table that are not managed by your investment advisor are not part of an official books and records statement. For feebased accounts only: The data may or may not reflect the deduction of investment advisory fees. If the investment is being managed through a fee-based account or agreement, the returns may be reduced by those applicable advisory fees. Any information and balances included herein have been obtained from sources believed to be reliable but its accuracy and completeness are not guaranteed and have not been independently verified by United Capital Financial Advisers, LLC, d/b/a Goldman Sachs Personal Financial Management (“GS PFM”) or your financial advisor.

PLEASE REFER TO YOUR ACCOUNT CUSTODIAN CONFIRMATIONS AND STATEMENTS FOR THE MOST ACCURATE INFORMATION ABOUT YOUR ACCOUNT(S).

Investments The information contained in this material is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any financial instruments or to provide any investment advice or service of any kind.

Investing involves risk and investments may lose value. Please consider your objectives before investing. Investments are not FDIC insured. Past performance does not guarantee future results. Investment outcomes and projections are forward-looking statements and hypothetical in nature. This report is not to be used as an official books and records statement. Information displayed is believed to be accurate, but has not been independently verified. Please refer to your custodian statement for the most accurate information about your assets.

Fees are negotiated with each client individually. Fees noted generally do not include supplemental fees charged by sub-managers, or other fees (e.g., operational fees). Sub-manager fees may change as sub-manager changes are made. A client’s holdings, dollar amount invested, and allocation may vary based on actual investments. The percentage of fund assets, net of reimbursements, used to pay for operating expenses and management fees, including but not limited to, 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s NAV. Sales charges are not included in the expense ratio. The expense ratio for fund of funds is the aggregate expense ratio as defined as the sum of the wrap or sponsor fees plus the estimated weighted average of the underlying fund fees. Net reimbursements, the Prospectus Net Expense Ratio is collected annually from a fund’s prospectus. The estimated expense ratio reflects the approximate internal expenses applicable to assets invested in GS PFM Personalized Portfolios.

Financial Planning Software Investing involves risk and investments may lose value. Please consider your objectives before investing. Investments are not FDIC insured. Past performance does not guarantee future results. Investment outcomes and projections are forward-looking statements and hypothetical in nature.

All information and recommendations provided “as is” based on information provided by clients. We have treated the information provided as reliable, have not independently verified any information and make no warranty or guaranty as to the accuracy or completeness of the information provided.

Disclaimers

INFORMATION REGARDING THIRD PARTY SOFTWARE USED TO CALCULATE YOUR FUNDING SCORE MoneyGuidePro: The projections or other information generated by MoneyGuidePro regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.

The return assumptions in MoneyGuidePro are not reflective of any specific product, and do not include any fees or expenses that may be incurred by investing in specific products. The actual returns of a specific product may be more or less than the returns used in MoneyGuidePro. It is not possible to directly invest in an index. Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as the basis for illustrations. They should not be considered a guarantee of future performance or a guarantee of achieving overall financial objectives.

Past performance is not a guarantee or a predictor of future results of either the indices or any particular investment.

MoneyGuidePro results may vary with each use and over time.

This report is a diagnostic tool intended to review your current financial situation and suggest potential planning ideas and concepts that may be of benefit. The purpose of the report is to illustrate how accepted financial and estate planning principles may improve your current situation.

This report is based upon information and assumptions provided by you (the client). This report provides broad and general guidelines on the advantages of certain financial planning concepts and does not constitute a recommendation of any particular technique. The consolidated report is provided for informational purposes as a courtesy to you. We recommend that you review your plan annually, unless changes in your personal or financial circumstances require more frequent review. All reports should be reviewed in conjunction with your fact summary and this Disclaimer page.

The term “plan” or “planning,” when used within this report, does not imply that a recommendation has been made to implement one or more financial plans or make a particular investment. Nor does the plan or report provide legal, accounting, financial, tax or other advice. Rather, the report and the illustrations therein provide a summary of certain potential financial strategies. The reports provide projections based on various assumptions and are therefore hypothetical in nature and not guarantees of investment returns. You should consult your tax and/or legal advisers before implementing any transactions and/or strategies concerning your finances. It is important to compare the information on this report with the statements you receive from the custodian(s) for your account(s). Please note that there may be minor variations due to calculation methodologies. If you have any questions, please contact your financial representative. Also, your account(s) may not be covered by FDIC or SIPC. FDIC and SIPC coverages apply only to certain assets and may be subject to limitations. Questions about coverage that may apply should be directed to the asset provider or sponsor. The information contained in this report is not written or intended as financial, tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. You are encouraged to seek financial, tax and legal advice from your professional advisers.

MONEYGUIDEPRO ASSUMPTIONS AND LIMITATIONS INFORMATION PROVIDED BY YOU Information that you provided about your assets, financial goals, and personal situation are key assumptions for the calculations and projections in this Report. If any of the assumptions are incorrect, you should notify your financial adviser. Even small changes in assumptions can have a substantial impact on the results shown in this Report. The information provided by you should be reviewed periodically and updated when either the information or your circumstances change.

ASSUMPTIONS AND LIMITATIONS MoneyGuidePro offers several methods of calculating results, each of which provides one outcome from a wide range of possible outcomes. All results in this Report are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. All results use simplifying assumptions that do not completely or accurately reflect your specific circumstances. No Plan or Report has the ability to accurately predict the future. As investment returns, inflation, taxes, and other economic conditions vary from the MoneyGuidePro assumptions, your actual results will vary (perhaps significantly) from those presented in this Report.

Disclaimers

All MoneyGuidePro calculations use asset class returns, not returns of actual investments. The projected return assumptions used in this Report are estimates based on average annual returns for each asset class. The portfolio returns are calculated by weighting individual return assumptions for each asset class according to your portfolio allocation. The portfolio returns may have been modified by including adjustments to the total return and the inflation rate. The portfolio returns assume reinvestment of interest and dividends at net asset value without taxes, and also assume that the portfolio has been rebalanced to reflect the initial recommendation. No portfolio rebalancing costs, including taxes, if applicable, are deducted from the portfolio value. No portfolio allocation eliminates risk or guarantees investment results.

MoneyGuidePro does not provide recommendations for any products or securities.

REPORT IS A SNAPSHOT AND DOES NOT PROVIDE LEGAL, TAX, OR ACCOUNTING ADVICE This Report provides a snapshot of your current financial position and can help you to focus on your financial resources and goals, and to create a plan of action. Because the results are calculated over many years, small changes can create large differences in future results. The information contained in this report is not written or intended as financial, tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. Before making decisions with legal, tax, or accounting ramifications, you are encouraged to seek financial, tax and legal advice from your professional advisers.

MONEYGUIDEPRO METHODOLOGY The methodology used is Monte Carlo simulations using projected returns.

RESULTS USING MONTE CARLO SIMULATIONS The results referenced in this guide use Monte Carlo simulations. Tools such as the Monte Carlo simulation will yield different results depending on the variables inputted, and the assumptions underlying the calculation. For those reports that perform a Monte Carlo analysis, the term ‘Monte Carlo’ will be included in the report title. The assumptions with respect to the simulation include the assumed rates of return and standard deviations of the portfolio model associated with each asset. The assumed rates of return are based on the historical rates of returns and standard deviations, for certain periods of time, for the benchmark indices comprising the asset classes in the model portfolio. Since the market data used to generate these rates of return change over time your results will vary with each use over time.

Monte Carlo simulations are used to show how variations in rates of return each year can affect your results. A Monte Carlo simulation calculates the results of your Plan by running it many times, each time using a different sequence of returns. Some sequences of returns will give you better results, and some will give you worse results. These multiple trials provide a range of possible results, some successful (you would have met all your goals) and some unsuccessful (you would not have met all your goals). The percentage of trials that were successful is the probability that your Plan, with all its underlying assumptions, could be successful. In MoneyGuidePro, this is the Probability of Success.

Analogously, the percentage of trials that were unsuccessful is the Probability of Failure. The Results Using Monte Carlo Simulations indicate the likelihood that an event may occur as well as the likelihood that it may not occur. In analyzing this information, please note that the analysis does not take into account actual market conditions, which may severely affect the outcome of your goals over the long-term.

Monte Carlo Analysis is a mathematical process used to implement complex statistical methods that chart the probability of certain financial outcomes at certain times in the future. This charting is accomplished by generating hundreds of possible economic scenarios that could affect the performance of your investments. The Monte Carlo simulation uses scenarios to determine the probability of outcomes resulting from the asset allocation choices and underlying assumptions regarding rates of return and volatility of certain asset classes. Some of these scenarios will assume very favorable financial market returns, consistent with some of the best periods in investing history for investors. Some scenarios will conform to the worst periods in investing history. Most scenarios will fall somewhere in between.

The projections or other information generated by this Monte Carlo simulation regarding various investment outcomes are hypothetical in nature and do not reflect actual investment results and are not guarantees of future results. The outcomes presented using the Monte Carlo simulation represent only a few of the many possible outcomes. Since past performance and market conditions may not be repeated in the future, your investment goals may not be fulfilled by following advice that is based on the projections. MoneyGuidePro uses a specialized methodology called Beyond Monte Carlo™, a statistical analysis technique that provides results that are as accurate

Disclaimers

as traditional Monte Carlo simulations with 10,000 trials, but with fewer iterations and greater consistency. Beyond Monte Carlo™ is based on Sensitivity Simulations, which re-runs the Plan only 50 to 100 times using small changes in the return. This allows a sensitivity of the results to be calculated, which, when analyzed with the mean return and standard deviation of the portfolio, allows the Probability of Success for your Plan to be directly calculated.