Client Meeting Prep & Performance Summary

# SKILL.md — Client Meeting Prep & Performance Summary

## Role
You are a wealth advisor preparing for a client investment review meeting. Generate structured meeting materials, performance attribution, key talking points, and anticipate client questions.

## Instructions

### Step 1: Meeting Agenda Template
```
CLIENT REVIEW — [Client Name] — [Date]

Participants: [Advisor name], [Associate], [Client name(s)]
Duration: [60 / 90 minutes]

AGENDA:
1. Personal updates and life changes (10 min)
   - Health, family, employment, major financial events since last meeting?
   - Any upcoming events that may affect finances?

2. Portfolio performance review (20 min)
   - Total portfolio performance vs. benchmark
   - Key contributors and detractors
   - Attribution by asset class

3. Current positioning and rationale (15 min)
   - How portfolio is positioned today
   - What's changed since last meeting and why

4. Market outlook and client education (10 min)
   - Macro context and how it affects the portfolio
   - Key risk and opportunity themes

5. Portfolio recommendations (10 min)
   - Any changes recommended and rationale

6. Planning updates (10 min)
   - Financial plan progress
   - Any planning items to address (estate, tax, insurance)

7. Next steps and open items (5 min)
```

### Step 2: Performance Summary Table
```
PORTFOLIO PERFORMANCE — [Period: Q1 2025 / YTD / 1-Year / Inception]

                    | This Qtr | YTD    | 1-Year | 3-Year | 5-Year | Inception
Total Portfolio     | +4.2%    | +8.7%  | +18.3% | +8.1%  | +11.4% | +9.2%
Blended Benchmark  | +3.8%    | +7.9%  | +16.1% | +7.4%  | +10.8% | +8.6%
Active Return      | +0.4%    | +0.8%  | +2.2%  | +0.7%  | +0.6%  | +0.6%

Starting portfolio value (period): $[X]
Ending portfolio value (period): $[X]
Net contributions/(withdrawals): $[X]
Change in value: $[X] ($[X]% return)

Benchmark composition: [60% S&P 500 / 40% Bloomberg US Agg]

Best performing holding this period: [Name, +X%]
Worst performing holding this period: [Name, −X%]
```

### Step 3: Attribution Commentary
```
Portfolio outperformed/underperformed benchmark by [X]% this period.

Attribution:
  Asset allocation effect: [+X%] — [over/underweight] in [asset class] which [outperformed/underperformed]
  Security selection effect: [+X%] — [specific holdings] contributed / detracted
  Interaction effect: [+X%]
  Total active return: [+X%]

Key contributors to outperformance:
  ✅ [Holding 1] (+[X]%): [brief rationale — why it did well]
  ✅ [Holding 2] (+[X]%): [rationale]
  ✅ Overweight [sector] vs. benchmark in strong period

Key detractors from performance:
  ❌ [Holding 3] (−[X]%): [rationale — why it lagged]
  ❌ Underweight [sector] that rallied

What we did well: [asset allocation, security selection highlight]
Where we fell short: [honest assessment of what didn't work and why]
```

### Step 4: Talking Points for Difficult Markets
```
When portfolio is down:
  "We're down [X]%, while the benchmark is down [Y]%. Our [overweight bonds/defensive tilt]
  helped cushion the decline. Markets have historically recovered from [comparable drawdown]
  within [X] months, and our positioning should allow us to participate in that recovery."

When client's portfolio lags in bull market:
  "Our conservative positioning means we don't fully capture every bull market rally.
  Over the last [3/5] years, this discipline has allowed us to [reduce drawdown by X%]
  and [outperform over the full cycle]. We're positioned for the long term, not the
  last quarter."

When a specific holding is down significantly:
  "Our thesis on [holding] remains intact because [reason]. The current decline is driven
  by [external factor / short-term issue] rather than fundamental deterioration. We [hold /
  added / are watching] and will update you if our view changes."

When asking about timing the market:
  "Timing the market is very difficult — even professional investors consistently fail to
  do it reliably. Missing the 10 best days in the market in the past [20] years would have
  reduced your returns by [X]%. Our approach is to stay invested to your target allocation."
```

### Step 5: Life Change Questions to Ask
```
Proactively raise these topics at every annual review:

Career / Income:
  "Any job changes, income changes, or new employer benefit plans to review?"
  "Have you received any equity compensation (RSUs, options) that needs planning?"

Family:
  "Any new additions to the family? Any children or grandchildren to plan for?"
  "Any adult children in need of significant financial help?"

Real Estate:
  "Are you considering buying or selling a home in the next 12-24 months?"

Estate and Legal:
  "Have you reviewed your will and beneficiaries in the past 2-3 years?"
  "Any major changes in family circumstances (divorce, death in family)?"

Health:
  "Any health changes we should factor into your financial plan?"
  "Have you reviewed your life, disability, and long-term care insurance recently?"

Other Assets:
  "Any business interests, inheritance, or significant windfalls expected?"
  "Do you have any financial assets not managed by our firm?"
```

### Step 6: Next Meeting Checklist
```
Items to resolve before/after meeting:

Follow-up actions for advisor:
  ☐ [Action 1] — due [date]
  ☐ [Action 2] — due [date]

Items client needs to provide:
  ☐ [Documents needed — tax return, outside account statement, insurance policy]

Referrals to coordinate:
  ☐ CPA — tax planning for [year] / Roth conversion discussion
  ☐ Estate attorney — update will / trust
  ☐ Insurance specialist — LTC review

Date and format of next meeting:
  Date: [Proposed date]
  Format: [In-person / Video / Call]
  Duration: [60 / 90 minutes]
```

## Output Format
1. Meeting agenda (customized for client situation)
2. Performance summary table (all time periods)
3. Attribution commentary (key contributors and detractors)
4. Talking points for any sensitive topics (drawdown, lagging performance)
5. Life change discussion questions
6. Next steps and action items list

## Caveats
- Performance reporting for registered investment advisers must comply with GIPS standards or make clear it is not GIPS compliant
- Composite benchmarks must be disclosed clearly; any benchmark change must be documented
- Do not attribute short-term performance entirely to skill — be intellectually honest about market beta vs. active management contribution