Envision Full Sample Presentation with Scenarios & Survivor Needs

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1 December 06, 2011 Envision Full Sample Presentation with Scenarios & Survivor Needs Prepared for: Jim and Susan Taylor Prepared by: Financial Advisor Wells Fargo Advisors 1 N. Jefferson Ave. St. Louis, MO Note: This is a sample report and does not contain actual client data and/or securities information. This report is not complete unless all pages, as noted, are included. Please read the information in 'Disclosures' found within this report for an explanation of the terms and concepts presented in this report. Envision is not a financial plan. It does not include advanced wealth planning strategies such as estate and tax planning. It also does not include detailed cash flow, real estate and business analyses. Envision is an investment planning tool designed to monitor changes in markets and life goals based on regular involvement and updates by you and your Financial Advisor. You should not base major life decisions, such as retirement and spending goals, solely on Envision investment plan results. The Envision Process and delivery of this report do not create an advisory relationship between the firm and you. This is a preliminary report. It may not accurately reflect your current situation and life goals. It is intended as a discussion document. Your Financial Advisor can work with you to create or modify an Investment Plan to specifically suit your needs. Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value This Report is prepared by your Financial Advisor using software provided by Wells Fargo Advisors Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 1 of 164

2 Table Of Contents Cover Page 1 The Envision Process 5 Net Worth Statement 6 Net Worth By Type Graph 8 Net Worth By Person Graph 9 Insurance Summary 10 Liabilities Summary 11 Envision Action Plan Review - Client Notes 12 Profile Summary Data 16 Your Goals 19 Your Priorities 21 The Investment Plan Result 23 Investment Plan Result for Your Goals 24 Recommended Investment Plan 26 Achieving Your Goals 28 Sensitivity Analysis 29 Current vs. Strategic Allocation Plan Results 30 Monitoring Your Recommended Investment Plan 31 Target Zone-Long Term 34 Sources of Funding 35 Goal Funding Summary - Recommended Investment Plan 37 Scenario Comparison 38 Survivor Needs Results 40 Long-Term Care Comparison 44 Introduction to Estate Planning 46 Understanding the Federal Estate Tax 49 Strategic Allocation Investment Objectives 51 The Strategic Allocations 52 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 2 of 164

3 Current vs Strategic Allocation - Asset Class 55 Current vs Strategic Allocation - Asset Class Type 57 Current vs Strategic Allocation - Asset Class Sub Type 59 Current vs Strategic Allocation - Asset Class Detail 61 Current vs Strategic Allocation - Asset Class Detail with Securities 63 Current vs Strategic Efficient Frontier 66 Account Summary 67 Range of Simulation Possible Outcomes 70 Growth Detail Graph 71 Growth Detail Percentile Rankings 72 Total Investment Plan Target Values - Recommended Investment Plan 76 Target Investment Plan Tax Treatment - Recommended Investment Plan 78 Target Taxable Investment Plan Value - Recommended Investment Plan 80 Target Tax Advantaged Investment Plan Values - Recommended Investment Plan 82 Summary of Cash Flows - Recommended Investment Plan 84 Cash Flow Detail - Contributions - Recommended Investment Plan 87 Cash Flow Detail - Income from Other Sources - Recommended Investment Plan 89 Cash Flow Detail - Withdrawals - Recommended Investment Plan 91 Investment Plan Assumptions 94 Disclosures 95 Portfolio Summary 102 Portfolio Summary - Security Detail 103 Portfolio Diversification 105 Realized Gain and Loss 106 Realized Gain and Loss - Security Detail 107 Unrealized Gain and Loss 108 Unrealized Gain and Loss - Security Detail 109 Initial Investment (Gain/Loss) - Position 112 Initial Investment (Gain/Loss) - Lot /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 3 of 164

4 Equity Overview 116 Equity Sector Weightings 117 Equity Sector Weightings - Security Detail 118 Stock Statistics 122 Stock Statistics - Security Detail 124 Stock Ratings 126 Stock Returns 128 Stock Returns - Security Detail 129 Funds Performance 130 Understanding Your Portfolio 134 Implementation Plan - Summary - Asset Class Sub Type 137 Implementation Plan - Account Detail - Asset Class Sub Type 140 Market Commentary 142 Standardized Returns 144 Fact Sheet Disclosures 146 Fact Sheets /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 4 of 164

5 The value of the conversation The Envision process IMPORTANT: The projections or other information Envision generates regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time. Envision methodology, selection criteria and key assumptions: Envision's simulation model incorporates assumptions on inflation, financial market returns, and relationships between these variables based on an analysis of historical data. Using Monte Carlo simulations, Envision simulates thousands of potential outcomes over a lifetime of investing. The varying historical risk, return and correlation between the assets is based on indexes over several market cycles. Elements of this report's presentations and simulation results are under license from Financeware Inc. & Wealthcare Capital Management IP, LLC. U.S. Patents 7,562,040, 7,650,303, 7,765,138 and 7,991,675. Other international patents approved and pending. All Rights Reserved. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 5 of 164

6 Net Worth Statement Investment Assets Account Description Internal/ External Taxation Jim Susan Joint & Dependent Accounts included in the Envision Plan Joint Account External Taxable $0.00 $0.00 $251, $251, Sara's External Tax Advantaged Education $71, $0.00 $0.00 $71, John's External Tax Advantaged Education $132, $0.00 $0.00 $132, Jim's Profit Share Plan External Deferred $1,497, $0.00 $0.00 $1,497, Susan's IRA External Deferred $0.00 $255, $0.00 $255, Sub Total $1,701, $255, $251, $2,208, Investment Assets Internal/ Account Description External Accounts not included in the Envision Plan Taxation Jim Susan Joint & Dependent Sub Total $0.00 $0.00 $0.00 $0.00 Personal Assets Description Type Jim Susan 123 Home St.* Home/Real Estate Joint & Dependent Total Total Total $0.00 $0.00 $500, $500, Sports Collectibles* Collectibles $0.00 $0.00 $100, $100, Sub Total $0.00 $0.00 $600, $600, Business Assets Description Type Jim Susan Joint & Dependent Taylor Dental* LLC $350, $0.00 $0.00 $350, Total 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 6 of 164

7 Business Assets Description Type Jim Susan Joint & Dependent Total Sub Total $350, $0.00 $0.00 $350, Insurance Cash Value Company Owner Jim Susan Joint & Dependent John Hancock* Jim Taylor $15, $0.00 $0.00 $15, Sub Total $15, $0.00 $0.00 $15, Total Assets $2,066, $255, $851, $3,173, Liabilities Description Type Jim Susan Joint & Dependent 123 Main St. Mortgage* Mortgage $0.00 $0.00 $-200, $-200, Total Liabilities $0.00 $0.00 $-200, $ -200, Net Worth $2,066, $255, $651, $2,973, *This information is included for purposes of this Statement and is not included in the analysis of this Envision plan. This Net Worth statement represents a portfolio of securities and assets and liabilities owned by you based on our records of transactions processed through us or supplemental information supplied by you. This report may not include all accounts in your household. The above statement does not in any way supersede your statements, policies or trade confirmations, which we consider the only official and accurate records of your accounts or policies. We rely on you to review the accuracy and completeness of this analysis. This statement may differ from the Firm's profile information on your accounts. The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender. Total Total 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 7 of 164

8 Net Worth By Type Graph Net Worth Breakdown by Type $3,600,000 $3,200,000 $2,800,000 $2,400,000 $2,000,000 $1,600,000 $1,200,000 $800,000 $400,000 $0 ($400,000) Assets Liabilities Net Worth As s e t s ( $ 3,1 7 3,9 1 2 ) Personal Assets Business Assets Insurance Cash Value Investment Assets Lia b ilit ie s ( - $ 2 0 0,0 0 0 ) Mortgage Ne t W o r t h ( $ 2,9 7 3,9 1 2 ) Net Worth 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 8 of 164

9 Net Worth By Person Graph Net Worth Breakdown by Person $3,600,000 $3,200,000 $2,800,000 $2,400,000 $2,000,000 $1,600,000 $1,200,000 $800,000 $400,000 $0 ($400,000) Assets Liabilities Net Worth Jim Susan As s e t s ( $ 3,1 7 3,9 1 2 ) Joint & Dependent Lia b ilit ie s ( - $ 2 0 0,0 0 0 ) Joint & Dependent Ne t W o r t h ( $ 2,9 7 3,9 1 2 ) Total Net Worth 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 9 of 164

10 Envision Insurance Summary Life Insurance Company Policy Number Type Owner Insured Beneficiary Death Benefit Annual Premium Cash Value Loan Value John Hancock Whole Life Jim Taylor Jim Taylor Susan Taylor $100,000 $500 $15,000 $0 Northwestern Mutual Group Susan Taylor Susan Taylor Jim Taylor $100,000 $240 $0 $0 Total $200,000 $740 $15,000 $0 Long Term Care Insurance Company Policy Number Insured Annual Premium Monthly Benefit Period Benefit (Years) Total Benefit Pool Annual Increase Elimination Period(Days) Genworth Jim Taylor $2,000 $4,030 3 $145, % 180 Total $2,000 $4,030 $145,080 Disability Insurance Company Policy Number Owner Annual Premium Monthly Benefit Period Benefit (Years) Annual Increase Elimination Period(Days) Met Life Jim Taylor $3,204 $9, % 180 Total $3,204 $9,000 The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender. Total Benefit Pool = Monthly Benefit * Benefit Period * 12 The policy details listed above have been based on information you, the client, provided to your Financial Advisor. Wells Fargo Advisors does not guarantee its accuracy or completeness. Please consult the policy literature provided by your Insurance carrier for more complete information and a detailed description of any terms and conditions mentioned in this report. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 10 of 164

11 Liabilities Summary General Liabilities Description Borrower Type Interest Rate Balance Monthly Payment Sub Total $0.00 Mortgages Description Borrower Loan Type Lender Interest Rate Balance Monthly Payment 123 Main St. Mortgage Joint 30 Yr Fixed Wells Fargo 5.75% $-200, $3, Sub Total $-200, Year Closed Total Liabilities $-200, /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 11 of 164

12 Envision Action Plan Review - Client Notes Current Year Savings On Target Updated Amount Contribute $40,000 to Jim's tax deferred savings - Deferred Contribute $15,000 to Susan's tax deferred savings - Deferred Contribute $20,000 to Joint taxable savings - Taxable Client Notes Asset Allocation On Target As discussed, adjustments should be made to your current investment holdings to bring the allocation in line with the Conservative Growth portfolio 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 12 of 164

13 Current Conservative Growth Large Cap (62.25%) Mid Cap (9.49%) Small Cap (11.91%) International Equity (6.20%) Emerging Market Equity (0.67%) Intermediate Fixed Inc (0.00%) Long Term Fixed Income (0.04%) REIT (0.02%) Other (0.10%) Cash Alternative (9.33%) Large Cap (28.00%) Mid Cap (10.00%) Small Cap (8.00%) International Equity (10.00%) Emerging Market Equity (8.00%) Short Term Fixed Income (8.00%) Intermediate Fixed Inc (14.00%) Long Term Fixed Income (4.00%) High Yield Fixed Income (2.00%) REIT (2.00%) Commodities (4.00%) Cash Alternative (2.00%) Average Return: 8.7% Average Return: 8.3% Downside Risk: -12.5% Downside Risk: -8.1% Conservative Growth: Growth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to accept lower potential returns in exchange for lower risk. Equities may be a significant percentage of the account. The Current allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value. Client Notes Survivor Needs On Target Updated Amount Estimated Additional Insurance Needed on Susan: $60,000 Estimated Additional Insurance Needed on Jim: $1,310,000 Client Notes 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 13 of 164

14 Client Action Items RETIREMENT Review contributions to your employer's retirement savings plan in order to capture the full amount of your employer's contribution. GENERAL INVESTING A concentrated equity position can result in a portfolio with higher volatility and, as a general rule, one holding should not comprise more than 20% of your portfolio. Consider repositioning a portion of this holding into other investments to further diversify your portfolio. LIABILITY MANAGEMENT Consider using existing cash to pay off some or all of your debts. INSURANCE ESTATE Review your existing insurance to make sure your term, death benefit, premium and other features of your policy(ies) are suitable given your current and future financial goals. Insurance products are offered through our affiliated nonbank insurance agencies. Consult with your estate attorney to discuss whether estate strategies should be utilized to reduce potential probate fees. Additional Client Notes We recommend you consult with your legal or tax advisor before making any Estate Planning decisions. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 14 of 164

15 "Current Year" is defined as the period of time from now until the owner of the cash flow's next birthday. This Action Plan Review identifies the current year's savings, asset allocation, withdrawals, goals, and income needs included in your Envision report, and also identifies the preceding year's goals that have been retired. Please review your actual report for a detailed analysis of additional, future assumptions you have made which may be critical to the success of your plan. The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results. The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are not available for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 15 of 164

16 Profile Summary Data Personal Information Name Date of Birth Annual Income Jim Taylor 01/01/1959 $250,000 Susan Taylor 01/01/1959 $60,000 Life Goals Description Ideal Value Acceptable Value Retirement Age - Jim Retirement Age - Susan Retirement Spending Need (Annual Increase) $180,000 (2.50%) $120,000 (2.50%) Estate Goal (Annual Increase) $2,000,000 (2.50%) $500,000 (2.50%) Education Goals ++ Name Date of Birth Ages Institution Ideal Value Acceptable Value Annual Increase John 01/01/ Brown University $42,074 $42, % Sara 01/01/ University of Virginia $30,249 $30, % Other Goals Description Executive RV Travel Annual Amount Ideal/Accept. $400,000 / $250,000 $20,000 / $10,000 Net or Gross Owner Start Age Ideal/Accept. End Age Ideal/Accept. Annual Increase Ideal/Accept. Net Jim Ret. / Ret. Ret. / Ret. 2.50% / 2.50% Net Jim 60 / / % / 0.00% Income Sources Description Annual Amount Ideal/Accept. Net or Gross Owner Tax Status Start Age Ideal/Accept. End Age Ideal/Accept. Annual Increase Ideal/Accept. Partnership Buyout $75,000 / $75,000 Gross Jim Taxable 62 / / % / 2.50% Jim's Whole Life Benefit $100,000 / $100,000 Net Jim Taxable Death / Death Death / Death 0.00% / 0.00% 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 16 of 164

17 Social Security Description Annual Amount Ideal/Accept. Net or Gross Owner Tax Status Start Age Ideal/Accept. End Age Ideal/Accept. Annual Increase Ideal/Accept. Social Security $20,504 / $21,074 Gross Jim Taxable 62 / 62 Death / Death 2.50% / 2.50% Social Security $14,295 / $15,607 Gross Susan Taxable 62 / 62 Death / Death 2.50% / 2.50% Savings Description Deferred Deferred Taxable Annual Amount Ideal/Accept. $40,000 / $40,000 $15,000 / $15,000 $20,000 / $30,000 Owner Tax Status Start Age Ideal/Accept. End Age Ideal/Accept. Annual Increase Ideal/Accept. Jim Deferred 52 / 52 Ret. / Ret. 0.00% / 0.00% Susan Deferred 52 / 52 Ret. / Ret. 0.00% / 0.00% Joint Taxable 52 / 52 Ret. / Ret. 0.00% / 0.00% Liabilities Description Borrower Type Interest Rate Balance Monthly Payment 123 Main St. Mortgage Joint Mortgage 5.75% $200,000 $3,684 Total Liabilities : $200,000 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 17 of 164

18 Risk Profile* Ideal Acceptable Investment Objective Conservative Growth & Income Long Term Growth & Income Equity % Downside Risk Average Return (as of 05/2010) 31.0% -3.4% 6.7% 64.0% -8.8% 8.5% Description Growth and Income investors seek current income, but also seek income and capital growth over time. These investors are willing to forgo a portion of current income in order to seek potential future growth. Conservative Growth and Income investors seek the maximum growth and income consistent with a relatively modest degree of risk. They are willing to accept lower potential returns in exchange for lower risk. Equities, generally dividend paying equities, may be some percentage of the account. Growth and Income investors seek current income, but also seek income and capital growth over time. These investors are willing to forgo a portion of current income in order to seek potential future growth. Long Term Growth and Income investors seek a significant level of growth and income, are financially able and willing to risk losing a substantial portion of investment capital, and due to their long term horizon or other factors they pursue high risk, more aggressive strategies that may offer higher potential returns. High yield bonds and equities, generally dividend paying equities, may be the primary assets in the account. ++ All numbers provided for Education Goal calculations are hypothetical in nature and are based on assumptions entered into the calculation. You should check the figures to ensure they are reasonable and you should consult with the institution on the accuracy of the information before making any investment decisions based on this information. * The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results. Allocations used within this plan may not have a greater downside risk than the risk range associated with the Acceptable Risk Profile. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 18 of 164

19 Your Goals Ideal Acceptable Retirement Age Jim Susan Annual Retirement Spending $180,000 $120,000 Other Goals Executive RV $400,000 (Age Ret. - Ret.) $250,000 (Age Ret. - Ret.) Travel $20,000 (Age 60-70) $10,000 (Age 60-65) Annual Education Goals John $42,074 (Age 18-21) $42,074 (Age 18-21) Sara $30,249 (Age 18-21) $30,249 (Age 18-21) Annual Savings Deferred $40,000 (Age 52-Ret.) $40,000 (Age 52-Ret.) Deferred $15,000 (Age 52-Ret.) $15,000 (Age 52-Ret.) Taxable $20,000 (Age 52-Ret.) $30,000 (Age 52-Ret.) Income Sources (Annual) Partnership Buyout $75,000 (Age 62-66) $75,000 (Age 62-66) Jim's Whole Life Benefit $100,000 (Age Death-Death) $100,000 (Age Death-Death) Annual Social Security Jim $20,504 (Age 62-Death) $21,074 (Age 62-Death) Susan $14,295 (Age 62-Death) $15,607 (Age 62-Death) Susan $6,209 (Age 93-End) $5,467 (Age 93-End) Estate Goal $2,000,000 $500,000 Strategic Allocation Conservative Growth & Long Term Growth & Income (Age Now-End) Income (Age Now-End) Percent in Equities 31.0% 64.0% Downside Risk -3.4% -8.8% The Strategic Allocation has been derived from what you indicated was your Ideal or Acceptable tolerance for Downside Risk as displayed on the Profile Summary Data report. The Disclosures include more detailed information. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 19 of 164

20 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 20 of 164

21 Your Priorities The Envision Priority Cards help you clarify your financial goals and prioritize your objectives. Using the cards as guidelines, the Envision Process also offers you the flexibility to adjust your priorities, when necessary, based on fluctuating market conditions or life-changing events. Higher Priority Lower Priority Risk Tolerance Retirement Income Retirement Age Philanthropy Business Transaction & Succession Estate & Legacy Education Goal Increasing Medical Costs Travel Executive RV Taxes and Inflation Today Vs Tomorrow 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 21 of 164

22 Your Priorities The Envision Priority Matrix can help you clarify your financial goals and prioritize your objectives. Using the Matrix as a guide, the Envision process also offers you the flexibility to adjust your priorities, when necessary, based on fluctuating market conditions or life-changing events. Goal To achieve our early retirement age(s), we would be willing to: To achieve our higher spending target in retirement, we would prefer to: In order to achieve our larger estate goal, we would be willing to: To reduce the investment risk in our portfolio, we would be willing to: We would like to reduce our current savings and to achieve this we would prefer to: To meet our education funding goals, we would be willing to: To meet our 'Executive RV ' other goal, we would be willing to: To meet our 'Travel ' other goal, we would be willing to: Retire Later N/A Reduce Retirement Spending Reduce Size of Estate X N/A X N/A Take More Investment Risk X X X N/A Save More X X N/A X X X X X X 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 22 of 164

23 The Investment Plan Result Below Target Target Zone Above Target < What is the Investment Plan Result? Central to the Envision process is the Investment Plan Result calculation. With Envision, we simultaneously evaluate your goals, your strategic asset allocation and your assets to determine the likelihood that your investment plan would have achieved your goals. The Envision process subjects your investment plan to a sophisticated stress testing process that simulates 1,000 market environments, both good and bad. Your Investment Plan Result is the percentage of the 1,000 simulations in which your goals were met for your Ideal, Acceptable, and Recommended Investment Plan. Remember, the simulations do not represent actual investment performance and are only intended to provide you with an opportunity to evaluate your Recommended Investment Plan, including your asset allocation. The Disclosures include more detailed information regarding the simulation process. Below Target An Investment Plan Result below 75 means that your investment plan would not have achieved your goals in a large number of the historical simulations. You may wish to consider adjustments to your goals, your allocation and/or your investments. Target Zone An Investment Plan Result between 75 and 90 means that in many of the historical simulations your investment plan would have achieved your goals. You might be required to make changes to your Recommended Investment Plan in order to stay within your Target Zone, but those changes are likely to be minor. Above Target An Investment Plan Result above 90 means that in a significantly large number of historical simulations your investment plan would have achieved or exceeded your goals. You may wish to consider a less risky allocation, or an adjustment to your goals. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 23 of 164

24 Investment Plan Result For Your Goals Below Target Target Zone Above Target < <= /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 24 of 164 Ideal Acceptable Investment Plan Result 0 98 Retirement Age Jim Susan Annual Retirement Spending $180,000 $120,000 Other Goals Executive RV $400,000 (Age Ret. - Ret.) $250,000 (Age Ret. - Ret.) Travel $20,000 (Age 60-70) $10,000 (Age 60-65) Annual Education Goals John $42,074 (Age 18-21) $42,074 (Age 18-21) Sara $30,249 (Age 18-21) $30,249 (Age 18-21) Annual Savings Deferred $40,000 (Age 52-Ret.) $40,000 (Age 52-Ret.) Deferred $15,000 (Age 52-Ret.) $15,000 (Age 52-Ret.) Taxable $20,000 (Age 52-Ret.) $30,000 (Age 52-Ret.) Income Sources (Annual) Partnership Buyout $75,000 (Age 62-66) $75,000 (Age 62-66) Jim's Whole Life Benefit $100,000 (Age Death-Death) $100,000 (Age Death-Death) Annual Social Security Jim $20,504 (Age 62-Death) $21,074 (Age 62-Death) Susan $14,295 (Age 62-Death) $15,607 (Age 62-Death) Susan $6,209 (Age 93-End) $5,467 (Age 93-End) Estate Goal $2,000,000 $500,000

25 Below Target Target Zone Above Target < <=50 98 Ideal Acceptable Strategic Allocation Conservative Growth & Income (Age Now-End) Long Term Growth & Income (Age Now-End) Percent in Equities 31.0% 64.0% Downside Risk -3.4% -8.8% Investment Plan Result /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 25 of 164

26 Recommended Investment Plan Below Target Target Zone Above Target < <= Ideal Recommended Acceptable Investment Plan Result Retirement Age Jim Susan Annual Retirement Spending $180,000 $140,000 $120,000 Other Goals Executive RV $400,000 (Age Ret. - Ret.) $250,000 (Age Ret. - Ret.) $250,000 (Age Ret. - Ret.) Travel $20,000 (Age 60-70) $15,000 (Age 60-70) $10,000 (Age 60-65) Annual Education Goals John $42,074 (Age 18-21) $42,074 (Age 18-21) $42,074 (Age 18-21) Sara $30,249 (Age 18-21) $30,249 (Age 18-21) $30,249 (Age 18-21) Annual Savings Deferred $40,000 (Age 52-Ret.) $40,000 (Age 52-Ret.) $40,000 (Age 52-Ret.) Deferred $15,000 (Age 52-Ret.) $15,000 (Age 52-Ret.) $15,000 (Age 52-Ret.) Taxable $20,000 (Age 52-Ret.) $20,000 (Age 52-Ret.) $30,000 (Age 52-Ret.) Income Sources (Annual) Partnership Buyout $75,000 (Age 62-66) $75,000 (Age 62-66) $75,000 (Age 62-66) Jim's Whole Life Benefit $100,000 (Age Death-Death) $100,000 (Age Death-Death) $100,000 (Age Death-Death) Annual Social Security Jim $20,504 (Age 62-Death) $21,006 (Age 62-Death) $21,074 (Age 62-Death) Susan $14,295 (Age 62-Death) $15,318 (Age 62-Death) $15,607 (Age 62-Death) Susan $6,209 (Age 93-End) $5,688 (Age 93-End) $5,467 (Age 93-End) 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 26 of 164

27 Below Target Target Zone Above Target < <= Ideal Recommended Acceptable Estate Goal $2,000,000 $1,000,000 $500,000 Strategic Allocation Conservative Growth & Conservative Long Term Growth & Income (Age Now-End) Growth (Age Now-End) Income (Age Now-End) Percent in Equities 31.0% 66.0% 64.0% Downside Risk -3.4% -8.1% -8.8% Investment Plan Result Conservative Growth Growth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to accept lower potential returns in exchange for lower risk. Equities may be a significant percentage of the account. Please refer to the Disclosures for more detailed information. This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile. Your Recommended Investment Plan Result was calculated assuming that you will modify your strategic asset allocations, if applicable, throughout the life of the plan. The recommended strategic asset allocation reflected on this page illustrates the strategic allocation you plan to implement now. Future allocations are illustrated on the Age Based Asset Allocation page. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 27 of 164

28 Investments Envision Achieving Your Goals Retirement Age Jim 60 Susan 60 Annual Retirement Spending $140,000 Other Goals Executive RV $250,000 (Age Ret. - Ret.) Travel $15,000 (Age 60-70) Annual Education Goals John - Brown University $42,074 (Age 18-21) Sara - University of Virginia $30,249 (Age 18-21) Annual Savings Deferred Deferred Taxable $40,000 (Age 52-Ret.) $15,000 (Age 52-Ret.) $20,000 (Age 52-Ret.) $3,280,000 $3,130,000 $2,980,000 $2,830,000 $2,680,000 $2,530,000 $2,380,000 $2,230,000 $2,080,000 $1,930,000 $1,780, Income Sources (Annual) Partnership Buyout $75,000 (Age 62-66) Jim's Whole Life Benefit $100,000 (Age Death-Death) Social Security Jim Susan Susan $21,006 (Age 62-Death) $15,318 (Age 62-Death) $5,688 (Age 93-End) Estate Goal $1,000,000 Strategic Allocation Conservative Growth (Age Now-End) Percent in Equities 66.0% Downside Risk -8.1% Investment Plan Result 82 Age (Susan Taylor) Above Target (90th Percentile) Below Target (75th Percentile) Investment As Of Date The Target Zone may help you evaluate your Recommended Investment Plan. It does not represent a projection of future portfolio values. The Target Zone graph is shown in Actual dollars. The Target Zone and Plan Result is reflective of the strategic recommended asset allocation. If your current portfolio is not consistent with the recommended allocation, then your probability of success may be significantly different than the Plan Result displayed. This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 28 of 164

29 Investments Envision Sensitivity Analysis Results shown in Actual dollars $3,580,000 $3,380,000 $3,180, % 3 4 % 4 4 % 3 1 % $2,980,000 $2,780, % $2,580,000 $2,380, % 2 5 % $2,180, % $1,980,000 $1,780, % Age (Susan Taylor) Above Target (90th Percentile) Below Target (75th Percentile) Investment As Of Date At 1 year At 3 years At 5 years Probability of being above the Target Zone 16 % 34 % 44 % Investment Value greater than $2,705,888 $3,131,923 $3,532,588 Probability of being below the Target Zone 15 % 21 % 25 % Investment Value less than $2,238,478 $2,581,186 $3,005,808 Probability of being out of the Target Zone 31 % 55 % 69 % Probability of being in the Target Zone 69 % 45 % 31 % Envision allows you to track the value of your portfolio over time as it relates to the Target Zone. As markets change, and as your personal goals and objectives change, you may see your portfolio value move out of the Target Zone. This Sensitivity Analysis shows the probability of being both below and above the Target Zone over a one, three and five year period. If your portfolio value happens to move out of the Target Zone, this is an opportunity to discuss what changes may have occurred in the market, or what has changed in your life based on the recommendations in the plan. As part of the Envision review process, you and your Financial Advisor may want to make adjustments to move you back into the Target Zone and give you reasonable confidence in achieving your goals. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 29 of 164

30 Current vs Strategic Allocation - Plan Results Current Allocation Plan Result: 80 Strategic Allocation Plan Result: 82 Current Conservative Growth Large Cap (62.25%) Mid Cap (9.49%) Small Cap (11.91%) International Equity (6.20%) Emerging Market Equity (0.67%) Intermediate Fixed Inc (0.00%) Long Term Fixed Income (0.04%) REIT (0.02%) Other (0.10%) Cash Alternative (9.33%) Large Cap (28.00%) Mid Cap (10.00%) Small Cap (8.00%) International Equity (10.00%) Emerging Market Equity (8.00%) Short Term Fixed Income (8.00%) Intermediate Fixed Inc (14.00%) Long Term Fixed Income (4.00%) High Yield Fixed Income (2.00%) REIT (2.00%) Commodities (4.00%) Cash Alternative (2.00%) Average Return: 8.7% Average Return: 8.3% Downside Risk: -12.5% Downside Risk: -8.1% Important Information: This page illustrates how your plan result may differ if you do not adopt the recommended strategic allocation. The current allocation plan result assumes that your current allocation will remain unchanged over the duration of the plan. The strategic allocation plan result assumes that you implement the recommended allocation and any future age-based allocations if they were included in the plan. There is no assurance that the recommended portfolio's objectives will be obtained. Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan. The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results. Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used. Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. When repositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs. The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are not available for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Totals may not equal calculated amounts due to rounding differences. The Disclosures include definitions of the terms on this page and other detailed information. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 30 of 164

31 Monitoring Your Recommended Investment Plan The cash flows for this plan were last inflated on 6/22/2011* Recommended 12/06/ /01/ /01/ /01/ /01/ /01/2011 Jim's Retirement Age Susan's Retirement Age Annual Retirement Spending $140,000 $140,000 $140,000 $140,000 $145,000 $145,000 Estate Goal $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 Strategic Allocation Conservative Growth Conservative Growth Conservative Growth Conservative Growth Conservative Growth Conservative Growth Current Year Savings + $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 Income Sources - Jim's Whole Life Benefit - Jim $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Income Sources - Partnership Buyout - Jim $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 Social Security - Jim $21,006 $21,006 ^ ^ ^ ^ Social Security - Susan $15,318 $15,318 ^ ^ ^ ^ Social Security - Survivor Benefits - Susan $5,688 $5,688 ^ ^ ^ ^ Investment Value $2,208,913 $2,183,833 $2,021,581 $2,301,954 $2,338,765 $2,506,907 Other Goal - Executive RV - Jim $250,000 $250,000 $250,000 $250,000 $250,000 $250,000 Other Goal - Travel - Jim $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 Education Goals - Brown University - John Taylor Education Goals - University of Virginia - Sara Taylor $42,074 $42,074 $42,074 $42,074 $41,048 $41,048 $30,249 $30,249 $30,249 $30,249 $29,511 $29,511 Investment Plan Result /06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 31 of 164

32 The cash flows for this plan were last inflated on 6/22/2011* Recommended 10/01/ /01/ /01/ /01/ /01/ /01/2009 Jim's Retirement Age Susan's Retirement Age Annual Retirement Spending $145,000 $148,625 $140,000 $140,000 $140,000 $140,000 Estate Goal $1,000,000 $1,025,000 $500,000 $500,000 $500,000 $500,000 Strategic Allocation Conservative Growth Conservative Growth Moderate Growth & Income Conservative Growth Conservative Growth Conservative Growth Current Year Savings + $75,000 $95,000 $95,000 $95,000 $85,000 $85,000 Income Sources - Jim's Whole Life Benefit - Jim $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Income Sources - Partnership Buyout - Jim $75,000 $76,875 $75,000 $75,000 $75,000 $75,000 Social Security - Jim ^ ^ ^ ^ ^ ^ Social Security - Susan ^ ^ ^ ^ ^ ^ Social Security - Survivor Benefits - Susan ^ ^ ^ ^ ^ ^ Investment Value $2,387,394 $2,152,657 $2,403,063 $2,289,089 $2,000,000 $2,250,000 Other Goal - Executive RV - Jim $250,000 $256,250 $250,000 $250,000 $250,000 $250,000 Other Goal - Travel - Jim $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 Education Goals - Brown University - John Taylor Education Goals - University of Virginia - Sara Taylor $41,048 $41,048 $40,047 $40,047 $40,047 $40,047 $29,511 $29,511 $28,791 $28,791 $28,791 $28,791 Investment Plan Result * Cash flows are inflated once per year on the anniversary of the investment plan s creation date. The inflating of cash flows is necessary to keep goals, savings, income sources, etc. up to date with their specified inflation rates. + This total does not include savings cash flows that start in the future. If future savings cash flows exist, they are included in the Envision analysis. ^ Social security benefits, if included in the plan prior to November 2011, are unavailable for display. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 32 of 164

33 The table above indicates your Recommended Investment Plan and how changes to your goals and Investment Value have affected the Investment Plan Result over time. Investment Value includes assets currently held in accounts with our firm as well as assets held at other firms. Values of assets held at other firms are based on information provided by you, and may not reflect current market value. The Recommended Investment Plan assumes you implement the Strategic or Custom Allocation and includes expectations about savings and spending patterns that you provided. Please be sure to inform us of any changes to your goals, savings and spending patterns and changes in the market value of assets held at other firms. Your Recommended Investment Plan Result was calculated based on all of the information contained within your recommended plan as of the date in the column header. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 33 of 164

34 Investments Envision Target Zone-Long Term Results shown in Actual dollars $6,040,000 $5,570,000 $5,100,000 $4,630,000 $4,160,000 $3,690,000 $3,220,000 $2,750,000 $2,280,000 $1,810,000 $1,340, Age (Susan Taylor) Above Target (90th Percentile) Below Target (75th Percentile) Investment As Of Date The Target Zone and Plan Result is reflective of the strategic recommended asset allocation. If your current portfolio is not consistent with the recommended allocation, then your probability of success may be significantly different than the Plan Result displayed. Monitoring Your Progress... Investment markets, your financial goals, and your priorities can change over time. The Envision process recognizes that throughout your life things will change. The monitoring process enables us to track your Investment Value so that, upon your request, we can monitor and review your progress towards your goals. Please be sure to inform us of updates to your situation, including changes to your goals and priorities, so that we can work with you to monitor and modify your Recommended Investment Plan. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 34 of 164

35 Sources of Funding Age 60 (Jim) Investment Portfolio Need* (100.00%) Spending Needs at Age 60 Retirement Spending $ 170,576 Executive RV $ 304,601 Travel $ 15,000 Total $ 490,177 Sources of Funding None Specified Total $ 0 Investment Portfolio Need* = $ 490,177 Age 63 (Jim) Social Security - Jim (11.15%) Social Security - Susan (8.13%) Partnership Buyout (39.81%) Investment Portfolio Need* (40.91%) Spending Needs at Age 63 Retirement Spending $ 183,692 Travel $ 15,000 Total $ 198,692 Sources of Funding Social Security - Jim $ 22,154 Social Security - Susan $ 16,155 Partnership Buyout $ 79,099 Total $ 117,408 Investment Portfolio Need* = $ 81,284 Age 65 (Jim) Social Security - Jim (11.19%) Social Security - Susan (8.16%) Partnership Buyout (39.96%) Investment Portfolio Need* (40.69%) Spending Needs at Age 65 Retirement Spending $ 192,992 Travel $ 15,000 Total $ 207,992 Sources of Funding Social Security - Jim $ 23,276 Social Security - Susan $ 16,973 Partnership Buyout $ 83,104 Total $ 123,353 Investment Portfolio Need* = $ 84,639 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 35 of 164

36 Age 75 (Jim) Social Security - Jim (13.61%) Social Security - Susan (9.92%) Investment Portfolio Need* (76.47%) Spending Needs at Age 75 Retirement Spending $ 247,045 Total $ 247,045 Sources of Funding Social Security - Jim $ 33,620 Social Security - Susan $ 24,516 Total $ 58,136 Investment Portfolio Need* = $ 188,909 *The Investment Portfolio Need is the net amount required from the investment portfolio after all other income sources have been applied to the spending need. It does not represent income provided by the investment portfolio nor should it be assumed that the spending need can be met with portfolio withdrawals. The sources of funding cash flows are hypothetical in nature and should be used only as a guideline. This report may display spending needs and the corresponding sources of funding for up to five different years as determined by your financial advisor. The other income sources are based upon assumptions that you have provided. To determine how much the investment portfolio must provide in order to meet spending needs, first, all available other income sources are matched against the spending need. If, all other income sources are not sufficient to meet the spending need, then the analysis assumes the remainder will be made up with the investment portfolio. This analysis does not consider Required Minimum Distributions or the potential need for leverage to be used. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 36 of 164

37 Income Need Envision Goal Funding Summary - Recommended Investment Plan Results shown in Actual dollars Social Security Income Sources Estimated Taxable Portfolio Income Portfolio Withdrawal Net Goal Funding Need $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 60/60 64/64 68/68 72/72 76/76 80/80 84/84 88/88 92/92 Age (Jim / Susan) Goal Funding Summary reflects any Social Security and Income Sources during retirement as well as estimated portfolio yield based off of the previous year's estimated taxable ending value. Estimated Portfolio Taxable Income is based on current yield assumptions and there is no assurance that they will be obtained. In addition, the portfolio withdrawals necessary to meet your Goal Funding Needs for your Recommended Investment Plan are reflected. This is based upon information you provided. Because this information is likely to change over time, your actual cash flow experience will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 37 of 164

38 Scenario Comparison Below Target Target Zone Above Target < The cash flows for this plan were last inflated on 6/22/2011* Recommended Scenario #1 - Gift to Northwestern Retirement Age Jim Susan Annual Retirement Spending $140,000 $140,000 Other Goals Gift to Northwestern N/A $100,000 (Age 60-60) Executive RV $250,000 (Age Ret. - $250,000 (Age Ret. - Ret.) Ret.) Travel $15,000 (Age 60-70) $15,000 (Age 60-70) Annual Education Goals John - Brown University $42,074 (Age 18-21) $42,074 (Age 18-21) Sara - University of Virginia $30,249 (Age 18-21) $30,249 (Age 18-21) Annual Savings Deferred $40,000 (Age 52 - Ret.) $40,000 (Age 52 - Ret.) Deferred $15,000 (Age 52 - Ret.) $15,000 (Age 52 - Ret.) Taxable $20,000 (Age 52 - Ret.) $20,000 (Age 52 - Ret.) Income Sources (Annual) Partnership Buyout $75,000 (Age 62-66) $75,000 (Age 62-66) 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 38 of 164

39 Below Target Target Zone Above Target < The cash flows for this plan were last inflated on 6/22/2011* Recommended Scenario #1 - Gift to Northwestern Jim's Whole Life Benefit $100,000 (Age Death - Death) $100,000 (Age Death - Death) Annual Social Security Jim $21,006 (Age 62 - Death) $21,006 (Age 62 - Death) Susan $15,318 (Age 62 - Death) $15,318 (Age 62 - Death) Susan $5,688 (Age 93 - End) $5,688 (Age 93 - End) Estate Goal $1,000,000 $1,000,000 Strategic Allocation Conservative Conservative Growth (Age Now-End) Growth (Age Now-End) Percent in Equities 66.0% 66.0% Downside Risk - 8.1% - 8.1% Investment Plan Result * Cash flows are inflated once per year on the anniversary of the investment plan s creation date. The inflating of cash flows is necessary to keep goals, savings, income sources, etc. up to date with their specified inflation rates. The Scenario Comparison is hypothetical and not your Recommended Investment Plan. It is designed to illustrate "what-if" scenarios. The information used to create these scenarios may or may not reflect your current situation or goals. Please refer to your Envision Presentation for a Recommended Investment Plan that reflects your current situation and financial goals. Your Financial Advisor can work with you to create or modify your Recommended Investment Plan to suit your needs. The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results. 12/06/ Wells Fargo Advisors and Financeware, Inc. All Rights Reserved. Page 39 of 164

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