Specify Investor Objectives

Quantify Return Requirement

Assess Risk Tolerance
(Risk Averse, Loving, Neutral)

Establish Investor Goals
(Short Term, Long Term)
(Low Priority, High Priority)

Analyze Investor Pschographics & Demographics
(Age, Income, Total Wealth, Passive, Active, Individualistic, Adventurer, Guardian, Celebrity)

Determine Risk-Return Tradeoffs

Specify Investor Constraints

Measure Liquidity Needs
(Income Requirements, Real vs. Perceived Needs, Emergency Cash, Goal Spending, Income Taxes, Estate Transfer taxes)

Tax Constraints
(Capital Gains Tax, Income Tax, State Taxes, Alternative Minimum Tax, Gift & Estate Planning, Tax-Free vs. Taxable Interest, Trade-offs of Yield, Liquidity and Quality, Year-end Tax Planning)

IRA and 401(K) Considerations

Integration With
Other Assets

Your Investment Policy

Traditional Policy Approaches
(Income, Income & Growth, Growth, Aggressive Growth)

Modern Multi-Asset Total Return Policy

Your Portfolio