Your Investment Risk Assessment

We’ve designed this investment risk questionnaire to help you determine your capacity and willingness to take on market volatility while you are accumulating investment holdings, as well as during the years in which you are withdrawing funds from your portfolio. One of the ways in which you can improve your investment experience is to come to learn your risk tolerance-a foundational step when planning the implementing your investment strategies.

When answering the following questions, select the response that best describes you. There are no “right” or “wrong” answers. Answering the questions candidly will help us in returning to you a meaningful risk tolerance profile that identifies the level of risk you are prepared and able to accept in evaluating and implementing informed portfolio decisions that align with your personal objectives and timeframes.

Let’s get started…

SECTION 1
Account ownership

INDIVIDUAL OR JOINT ACCOUNT

Owners

Owner #1

First name/middle initial

Last Name

Street address

City/State

Zip

Email address

Telephone

Date of birth

Owner #2

First name/middle initial

Last Name

Street address

City/State

Zip

Email address

Telephone

Date of birth

Assets

Total Assets

Assets Considered For Investment

Federal income tax rate

State income tax rate

Dividend tax rate

Long-term capital gains

Account Type

Please specify the type of account(s):

Account one

Taxable, individual Taxable, joint Tax-deferred individual Trust:

Account two

Taxable, individual Taxable, joint Tax-deferred individual Trust:

Account three

Taxable, individual Taxable, joint Tax-deferred individual Trust:

Account four

Taxable, individual Taxable, joint Tax-deferred individual Trust:

SECTION 2
Portfolio constraints important for you

Please note that constraints, restrictions and comments noted below are for planning purposes only.

Liquid Constraints

Given your personal situation how much, what percentage, of your portfolio holdings should be held in cash money market funds or savings accounts?

Low (0.0% - 2.0%) Average (2.1% - 10.0%) High (10.0%+)

Will the investment earnings for this portfolio be needed to meet some or all of your expenses?

yes no

Do you anticipate the need to withdraw a significant portion of your portfolio’s value within the next 12 months to meet a financial goal such as starting a business, purchasing real estate, college education funding or travel?

yes no

Do you anticipate the need to withdraw a significant portion of your portfolio’s value within the next one to ten years to meet a financial goal such as starting a business, purchasing real estate, college education funding or travel?

yes no

Additional comments regarding your liquidity constraints:

Other Constraints

Tax Constraints

Are there any important tax considerations or issues that should be taken into account when constructing this portfolio?

yes no

Additional comments regarding your tax restraints:

Legal Constraints

Are there any legal and regulatory concerns that would present and issue in the construction of the portfolio?

yes no

Additional comments regarding your legal restraints:

Unique Circumstances

Are there any unique circumstances that would present an issue in the construction of your portfolio?

yes no

Additional comments regarding your unique circumstances:

Section 3
Risk Tolerance Profile

What is your life cycle position?

As we age, we usually progress through several investment phases while working toward the financial goal of getting to, and then living in, retirement. The illustration below diagrams the six different phases of an investor’s life cycle based on age and wealth.

In the Accumulation phase, we’re making contributions to our portfolio in an effort to save for retirement. As time moves closer to that goal, larger relative contributions, as well as market performance and volatility, have a significant effect on our portfolio’s value.

In the Distribution phase, we’re is taking distributions from the portfolio to fund expenses in retirement. While market volatility is still a factor, a larger focus should be on longevity risk and maintaining a proper allocation to ensure that our assets last throughout our retirement.

The investor life cycle

Which phase best represents your position in the investor life cycle (refer to life cycle chart above)

Early Accumulation (20-40 years before retirement) Mid Accumulation (10-20 years before retirement) Pre-retirement (0-10 years before retirement) Early retirement (0-10 years into retirement) Mid retirement (10-20 years into retirement) Senior retirement (20-30 years into retirement)

Investment Experience
What is your overall knowledge of investments?

None Low - I have very little investment experience outside of bank savings accounts, money market or certificates of deposit (CD's). Medium - I have some experience investing in mutual funds or individual stocks/bonds. High - I have been an active participant in the stock market and understand that all investments have the potential for loss and can be unpredictable, and that some may be more volatile than others.

Time Horizon

An important consideration when making investment decisions is where you are in your financial life cycle and how long you have before you will need to start withdrawing the assets. Please indicate your portfolio’s appropriate time horizon. A multistage time horizon would indicate that you have several goals in the future that your investment portfolio needs to address.

Primary time frame
Please indicate your primary goal for your investment portfolio.

Planning for retirement Current income generation and portfolio longevity planning in retirement Current income generation Education Long-term capital appreciation Other

Please indicate approximately how many years from today until you reach your primary goal?

Within 1 - 4 years Within 5 - 10 years Within 11 - 20 years More than 20 years

secondary time frame
You may have a multistage time horizon with several goals for your portfolio. Please indicate your secondary goal for your investment portfolio.

Planning for retirement Current income generation and portfolio longevity planning in retirement Current income generation Education Long-term capital appreciation Other

Please indicate approximately how many years from today until you reach your primary goal?

Within 1 - 4 years Within 5 - 10 years Within 11 - 20 years More than 20 years

Risk and Volatility

Risk Tolerance
Before you make a decision on any investment, you need to consider how you feel about the prospect of potential loss of principal. This is a basic principle of investing: the higher return you seek, the more risk you face. Based on your feelings about risk and potential returns, your goal is to:

Potentially increase my portfolio's value as quickly as possible while accepting higher levels of risk. Potentially increase my portfolio's value at a moderate pace while accepting higher levels of risk. Income is of primary concern while capital appreciation is secondary. The safety of my investment principal is my only concern.

Investment approach
Which of the following statements best describes your overall approach to investing as a means of achieving your goals?

Having a relative level of stability in my overall investment portfolio Slightly increasing my investment value while minimizing potential for loss of principal. Pursuing moderate investment growth, accepting moderate to high levels of risk and principal fluctuation. Seeking maximum long-term returns, accepting maximum risk with principal fluctuation.

Volatility
The value of most investments fluctuates from year to year as well as over the short term. How would you feel if an investment you had committed for 10 years lost 20% of its value during the first year?

I would be extremely concerned and would sell my investment. I would be concerned and may consider selling my investment. I would be concerned, but I would not consider selling my investment. I would not be overly concerned given my long-term investment philosophy.

Variation
Realizing that any market-based investments may move up or down in value over time, with which of the hypothetical portfolios below would you feel most comfortable?

Risk of Loss
Portfolios are designed for different potential returns, resulting in different experiences. Higher-return portfolios, like Portfolio A, assume a higher chance of experiencing a loss greater than and more frequently than a lower-return portfolio, like Portfolio D. Which of the following portfolios would you prefer to invest in over 20 years?

A B C D

Income, savings and expenses

Household income
Total earnings includes earned and investment income, is a requirement when assessing your risk tolerance and determining allocation of assets. What is your total annual household income (including interest and tax-deferred income)?

More than $1,000,000 $400,001 - $1,000,000 $100,000 - $400,000 Less than $100,000

Future Earnings
In the next five years, you expect that your earned income will probably:

More than $1,000,000 $400,001 - $1,000,000 $100,000 - $400,000 Less than $100,000

Income savings
The percentages of your total income that you currently save is approximately:

I do not currently save any income. Between 2.0% - 10.0% Between 10.1% - 20.0% Greater than 20.0%

Estate planning
Estate planning is an important factor in the construction and risk tolerance of a retirement portfolio. What are your expectations with regards to future gifting?

I plan to draw down all of the assets in the portfolio. I plan to gift less than 50.0% of my current investable assets to my heirs/charity. I plan to gift 50.0% of my current investable assets to my heirs/charity. I plan to gift more than 50.0% of my current investable assets to my heirs/charity. I am in the accumulation phase of my life cycle therefore this is not applicable at this time.

Annual distribution needs
Based on current expenses that will need to be addressed by your portfolio, what percentage of your portfolio value do you think will need to be distributed to you on an annual basis?

I will not need distributions from this portfolio at this time 0.0% - 5.0% annually Over 5.0% annually, including the possibility of having to withdraw principal.

Living expense
Given interruptions of periodic income or other unforeseen circumstances, some individuals are forced to tap their investment resources to meet living expenses. In such an instance, how many months of living expenses could be covered by your current liquid investments?

More than 12 months, or not a concern Between 4 - 12 months Less than 4 months, or already withdrawing

Conclusion

Please disclose any additional information pertinent to your investment needs:

Content provided herein is for information purposes only. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Past performance is not a guarantee of future results. All investing involves risk and you may incur a profit or a loss. There is no assurance that any investment strategy will be successful. Asset allocation and diversification does not ensure a profit or protect from a loss.

Your Investment Risk Assessment

SECTION 1 Account ownership

Owners

Assets

Account Type

SECTION 2 Portfolio constraints important for you

Liquid Constraints

Other Constraints

Section 3 Risk Tolerance Profile

What is your life cycle position?

The investor life cycle

Time Horizon

Risk and Volatility

Income, savings and expenses

Conclusion

SECTION 1
Account ownership

SECTION 2
Portfolio constraints important for you

Section 3
Risk Tolerance Profile