In June of 2021, our team took advantage of a cooler San Diego afternoon to spend some time cleaning up our shoreline. As a team of avid beach-goers, the health of our oceans and waterways is a cause close to our hearts. The Ocean Conservancy’s “Clean Swell” app makes it easy for you to host your own beach clean up and provide data to their global ocean trash database that is utilized by researchers and policymakers working for cleaner oceans. Read more about Ocean Conservancy here: https://oceanconservancy.org

For those approaching retirement, it can be an exciting time as they look forward to the next chapter in their life, whether it’s spending more time with family and/or focusing on the causes closest to them.  We often see individuals ease into retirement by continuing on a part-time basis with their employer or through consulting work within their related field.  This transition may bring a level of uncertainty as they shift focus to a different set of priorities such as income and spending, asset preservation, and estate planning to name a few. Many of these priorities will carry through to those already in retirement along with additional planning opportunities that will be discussed later. In this blog post, we will explore a variety of topics to help individuals prepare for retirement and build confidence as they enter and live out their golden years. 

SAVE: 

As you close in on retirement, it is an essential time to take inventory of your financial picture and prioritize based on importance. A quick win is to ensure that you are saving as much as possible. Individuals are often in their prime earning years as they approach retirement and should focus on maxing out employer retirement plans or contributing enough to take advantage of a full employer match, if available. The 2021 maximum contribution an employee can put into an employer retirement plan is $19,500 for those under 50 and $26,000 for 50 and over. Additional savings can be allocated to taxable or Trust accounts that do not have carry contribution limits. If self-employed, there are additional opportunities to fund a Profit-Sharing or Defined Benefit plan that can go beyond the traditional limits above. For additional contribution limits please see Weatherly’s Key Data Chart.  

SPENDING/BUDGET: 

After ensuring you are saving as much as possible, we recommend tracking how much you are spending on a monthly basis on both discretionary and non-discretionary items. Non-discretionary items can include bills such as utilities, mortgage payments, insurance etc. while discretionary items fall into areas such as going out to eat, vacations, and hobby related expenses. We suggest reviewing the past three months of your bank transactions to get a sense of your average monthly expenses. Alternatively, there are various budgeting websites that can track your expenses such as Mint.com that can be a helpful resource and found here. 

ACCOUNTS: 

Now that you have an idea of how much you are saving and spending, it is time to review where each of your accounts is held and the balances thereof. It is quite common for people to change jobs throughout their careers and leave their accounts within a prior employer’s plan. It is important to make sure you are able to access these accounts and Weatherly can help you consolidate them, if appropriate. While going through this process can be time consuming it is important to also look at the allocation of each of these accounts to ensure your entire portfolio is aligned with your risk tolerance and time horizon.  

ESTATE REVIEW: 

As you work through locating and accessing each of your accounts, it is a great opportunity to review the titling and beneficiaries of the accounts to verify they reflect your current estate planning objectives. While estate planning can vary widely between families depending on their unique situation and desires, we recommend all individuals have the following four documents in place.  

• First, is a Will and Testament which is a key instrument used to outline how an estate is to be settled in a manner desired by the deceased. They typically include an executor of the estate, named beneficiaries, instructions for how and when the beneficiaries will receive assets, and guardians for any minor children.  
• Secondly, a Revocable Trust that each of the assets are registered under excluding those with beneficiary designations. Assets in the trust will pass outside of probate, saving time, court fees, and potentially reducing estate taxes. You can also specify the terms of the trust precisely, controlling when and to whom distributions may be made.  
• Third, a Power of Attorney document that provides legal authorization to a designated person to make decisions on your behalf regarding property, finances, investments, or medical care. Power of Attorney is most frequently used in the event an individual has a temporary or permanent illness or disability, or when they are unable to be present to sign necessary documents.  
• Lastly, a Health Care Directive or commonly referred to as an Advance Directive which is a legal document that lets your loved ones and health care team know what kind of care you want, or who you want to make decisions when you are unable to do so.  

FINANCIAL PLAN: 

Before we move into our next section covering additional planning opportunities for those within retirement, let us first explore the importance of running a financial plan. When Weatherly works with clients to develop a plan, we take a holistic approach to ensure every aspect of the client’s financial profile is accounted for. While not limited to, we will generally request the following information: 

• Overview of investable and real assets 
• Annual expenses – both discretionary and non-discretionary 
• Annual income sources and target retirement dates 
• Liabilities  
• One-time liquidation events such as business or real estate sales 
• Family and business priorities and values 
• Goals such as paying for education, real estate, retirement, or philanthropy 

Once these items have been compiled, we will run a year-over-year cash flow-based projection using conservative assumptions that highlight the outcome of the base case scenario. The base case scenario will illustrate if the client is on track for a successful financial plan or if adjustments will need to be made. We will include a few different alternative scenarios to explore items that are in the client’s control such as different spending levels or retirement dates along with areas outside of the client’s control such as bear market events or longer life expectancy to name a few. These plans serve as a benchmark for future updates as we can look back and compare how your plan has evolved over the years. If you would like to learn more about how Weatherly works with clients in developing financial plans, we have included an earlier blog post here.  

For those that are already in their retirement years, there are several different strategies and planning opportunities that are useful to ensure your assets not only cover your day to day living expenses but also the increased costs in the form of medical expenses. Individuals may no longer be covered by their employer’s insurance plan and will therefore need to purchase private insurance until they are eligible for Medicare coverage. Planning for this large and unpredictable expense is an important aspect of retirement planning. To learn more about how to prepare for healthcare costs in retirement, please follow the link here.  

With a continued focus on spending and asset preservation it is important to align retirement income sources with goals and expenses. Spending will continue to have the largest impact on a successful retirement and will therefore be important to have a comprehensive withdrawal strategy. Not only are withdrawal amounts important, but the buckets that these funds come from are equally important to successfully funding goals for a long and prosperous retirement.  

The main sources of retirement income outside of an investment portfolio typically come in the form of social security, pension, or rental income. However, these funds may not adequately cover living expenses in retirement and withdrawals from an investment portfolio must be made. Let’s explore the different account types and which buckets we recommend pulling from first to fund retirement living expenses.  

Taxable Accounts: Draw from 1st 

• Include Trust, Individual and Joint Accounts.  
• Withdrawals may be subject to capital gains  
• Holding period of 1 year or greater = favorable Long Term capital gains rates (currently 0%-20% depending on income level) 

Pre-Tax/Tax-Deferred: Draw from 2nd 

• Include 401(k), IRA, 403(b), Pension (DB/PSP) 
• Withdrawals are taxed at ordinary income rates (currently 10%-39% depending on income level) 
• 59 ½ – no penalty for withdrawal  
• RMDs required by 72 

Post-Tax/Tax-Advantaged: Draw from last 

• Include Roth IRA, Roth 401(k) 
• Tax Free withdrawals for owners and their heirs 

Due to the preferential capital gains rates associated with taxable accounts, this would be the preferred bucket to draw upon first allowing for funds within the tax deferred bucket to continue to grow. Roth accounts are the most advantageous from a tax standpoint, which is why it is recommended to allow these accounts to grow for as long as possible with the added benefit to their heirs also being able to withdraw funds tax-free.  

There is no one size fits all strategy, which is why regularly revisiting your financial plan to make sure you are on track to meet your goals is so important. Clients with a higher retirement income may not need to rely as much on their portfolio for living expenses allowing for a different asset allocation than those with lower income levels focusing on asset preservation and income in the form of dividends and interest.  

Planning opportunities  

Social Security Analysis  

• As part of a comprehensive retirement plan, it is important to consider your retirement income when deciding on when to take social security. Timing of when to begin social security can have a significant impact on retirement income, as seen in the chart below.  
• By running a social security breakeven analysis, we can help determine the most appropriate time to begin payments. 

Chart Sourced from: https://www.ssa.gov/pubs/EN-05-10147.pdf  

• Please use the following link to different social security calculators offered by the social security administration website.  

Roth Conversions – GAP Years 

During the years between beginning retirement and taking your Required Minimum Distribution (RMD) at 72, many individuals experience a steep drop in income. These gap years provide for an ideal time to review claiming Social Security benefits and potential Roth conversion strategies. If you would like to learn more about the benefits of Roth conversions, we have included a link to a previous blog highlighting this strategy here.  

Chart Sourced from: https://www.abovethecanopy.us/how-to-take-advantage-of-your-retirement-gap-years/ 

QCDs – Giving Strategies  

After turning 72 the IRS requires individuals to take Required Minimum Distributions (RMDs) from their tax deferred accounts such as an IRA. If the RMDs are not needed for living expenses and individuals are charitably inclined a Qualified Charitable Distribution (QCD) is a strategy to reduce taxable income while achieving their philanthropic goals during retirement. Individuals can take advantage of this strategy beginning at age 70 ½. For more information on charitable giving, please reference our previous blog on the topic.  

As we have covered, retirement planning is a very dynamic phase of life that requires proper preparation and ongoing focus across various aspects. Weatherly is here to help provide clarity and guide you into a successful retirement allowing you to focus on what matters most. We welcome you to reach out to your trusted advisor for any questions you may have on this topic or your managed accounts. 

** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above.

As of the start of the 4^th Quarter 2021, Weatherly officially entered its 27^th year of serving clients. The team at Weatherly feels beyond fortunate to be able to work with clients in the way that we do. This exciting milestone, paired with the unprecedented global climate of the past 20 months, has us reflecting on the services we provide and when our team feels we are doing our best work.

When describing our approach to client service, our team favors the “dinner plate” analogy. While our core pillars of investments and planning take the largest share of the plate, there are a number of strategies that serve as side dishes to complement our two main competencies and take the overall client experience to the next level. Our team leverages the information gained through ongoing dialogue with each client and their trusted professionals and couples it with expertise of our team to maximize positive impact.

We are often asked from both current and prospective clients – how do I fit into Weatherly’s core client base?  Although we provide customized service to clients of all backgrounds, over the years our client base has organically morphed into 3 niche client groups: Entrepreneurs and Small Business Owners, The Working Wealthy, and Women. In this month’s blog post, we begin a 3-part series through which we will individually explore our niche client groups. We will introduce hypothetical case studies per client group that highlight the way in which we weave different solutions together to create the highest level of customized service for each individual we serve.

We begin the series with the “Entrepreneurs and Small Business Owners” niche client group. Whether it be a self-employed individual, entrepreneur with several employees or family business owner, members of this niche client group are typically high net worth or ultra-high net worth individuals who are high income earners and have a majority of their assets tied up in their businesses. There are many variables in this subgroup that can contribute to the complexity of their financial life. In the below case study, we explore the fictional situation of “Business Owner Ben and Self-Employed Sarah” and how Weatherly was able to help create a financial roadmap that addressed their unique situation.

When we first met Business Owner Ben and Self-Employed Sarah, their excitement and enthusiasm about their family’s business was infectious.  They were entrepreneurs with a unique approach to working together on different aspects of the business, which nicely complemented their previous educations and backgrounds in engineering and accounting, respectively.  

Ben and Sarah’s passion for problem-solving, testing and innovating products and services was a great match for how our Weatherly team collaborates – starting with the clients’ team of 2-3 advisors offering them our core pillars of financial planning and investments, paired with our team of experienced subject matter experts.  Our first priority as a potential advisor to Ben and Sarah was to understand their current financial situation, long-term outlook and goals and where there might be risks and opportunities in their plan.  

After our initial discovery call, we understood their current focus on their business’s future growth and desire to incorporate family ownership and community philanthropy.  We initiated several dialogs with Ben and Sarah and incorporated their adult kids into relevant conversations.  We also were introduced to their estate planning attorney and CPA so we could problem-solve collectively as their advisory team.  

It was extremely apparent they were juggling a lot of responsibilities and had a passion for growing their business, creating a legacy for their family and giving back to the community, so we discussed a number of methods to help make their goals a reality.  We kept the big list in the background and prioritized a short list during our scheduled meetings to make the most of Ben and Sarah’s time based on what was most important.  The big list included:  

• • Estate Planning – The estate planning discussion started with a basic business and personal document review, ensuring consistent and up to date with current law and evolved into a discussion of how to leverage your trusted advisors. When Ben and Sarah were ready, we incorporated their adult kids, who were named as their estate trustees, into the conversation.  
  • Life Stages of a Business– Ben and Sarah were deep into what we call the “teenage” stage of a business – with a heavy emphasis on growth.  As small business owners ourselves, we offered advice on types of business structures to consider, how to establish retirement plans and what type of insurance they may need.   
  • Retirement Planning – The opportunity in the retirement space can often be overlooked by business owners.  We were able to optimize their retirement 401k plan and establish a small business plan that offered benefits to all employees and profit sharing and cash balance for the highly compensated.  For Ben and Sarah personally, we were able to solve for their retirement income equation and determine when they could start to step away from the business and transition to the next generation.  
  • Private Equity – Over our years working together, we saw the business grow into the “adult” phase where the dialog pivoted to succession planning and family dynamics.  We introduced Ben and Sarah to an Investment Banker to help ready the company for next steps and stages in their life cycle.  As their adult kids were folded into the business appropriately, we worked with next gen on their own financial and succession plans, with topics that were relevant to them.  
  • Philanthropy – Ben and Sarah had a strong desire to give back to their community, similar to our team at WAM.  They were donating cash year over year to local charities, which certainly created impact but could have been done in a tax-efficient manner as well.  We helped to create a Donor Advised Fundto help offset the sale of real estate and incorporate their adult kids in the investment and granting committees. 

Fast forward 5 years later, Ben and Sarah have enjoyed the success of many of the investment and planning strategies utilized by our team of advisors, while allowing them peace of mind, time and flexibility to focus on what really mattered to them – their business, family and community.  As their business pivots to incorporate new products and people, and their investment assets have surpassed their expectations, they are now faced with the proposed estate and tax changes and are working with our team to create additional gifting to next gen and philanthropy.  The Weatherly team continues to work with their children, friends and family they have referred over the years.   

What brought Ben and Sarah to Weatherly was an interest in our core pillars of investments and planning, or what we like to call our main entrée.  What elevated the relationship and brought additional value was our focus on the big picture, understanding their goals and needs, and focusing each dialog on their list of priorities.  Our side dish offerings have evolved over the years as their business and family continues to grow.   

We feel so fortunate to work with clients like Ben and Sarah each day and are witnesses to the ripple effect on their business, family and community. 

As we have just seen with “Business Owner Ben & Self-Employed Sarah” Weatherly works hand in hand with entrepreneurs and small business owners at every step of the way to create a strategy that maximizes a positive impact on their life, livelihoods and legacy.

If any part of Ben and Sarah’s situation sparked your interest, our advisors would be happy to schedule a planning call to discuss these strategies and more. Be sure to keep an eye out in the coming months for the next two installments of our niche client group blog series to learn more about how we implement our core competencies of investments and planning to benefit the groups of the working wealthy and women!

***

Case Study Disclosure

This hypothetical case study is provided for illustrative purposes only and does not represent an actual client or an actual client’s experience, but rather is meant to provide an example of the Firm’s process and methodology. An individual’s experience may vary based on his or her individual circumstances. There can be no assurance that the Firm will be able to achieve similar results in comparable situations. No portion of this article is to be interpreted as a testimonial or endorsement of the Firm’s investment advisory services and it is not known whether the hypothetical client referenced approves of the Firm or its services.

The information provided should not be interpreted as a recommendation, as no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above. Working with a highly-rated adviser does not ensure that a client or prospective client will experience a higher level of performance or results. Past performance is not necessarily indicative of future results. http://www.weatherlyassetmgt.com/adv/

Carolyn Taylor was listed as an honoree for the 2021 San Diego Business Journal 50 Influential Women Over 50 award. The San Diego Business Journal (“Journal”) recognized 50 dynamic women business leaders over 50 who have contributed significantly to San Diego’s workplaces and communities. 

The San Diego Business Journal solicited nominations via email invitation to their mailing lists and via the paper journal circulation.  Members of the Weatherly team nominated Carolyn Taylor. Not all nominees were named honorees. 

Nominees and honorees were asked to provide a profile on the nominee’s specific career and accomplishments. Weatherly supplied the information for the nomination by completing the Journal’s questionnaire.  

Weatherly was not required to make payments or purchases to nominate, be nominated, be considered, or included on the list related to the award. After receiving notice of the award, Weatherly paid the Journal for a quarter page congrats ad that was featured on the list.  No organizational memberships were required of the Firm or individuals.  The advertisement of nomination for the award is not representative of any one client’s experience and is not indicative of Weatherly’s future performance.  Weatherly is not aware of any facts that would call into question the validity of the award, nominations for the award, or the appropriateness of related advertising. 

About Weatherly Asset Management, L.P. 

Weatherly Asset Management, L.P. is a Registered Investment Advisor, located in Del Mar, California, dedicated to providing high quality, holistic and innovative wealth management services to high net worth individuals, small businesses and institutional clients since inception of the Firm in 1994. 

Our comprehensive approach to all aspects of a client’s financial life, the extensive experience of our principals, and the accessibility of experts, set us apart from other firms.  

Our primary business focus is money management, with each account individually managed to maximize wealth preservation and growth over time. We also provide advice related to retirement planning, tax planning, philanthropic planning, financial planning and college planning, as well as estate planning and wealth transfer guidance. Our goal is to provide clients with as much information as necessary to effectively manage portfolios and help achieve their financial goals.  

Weatherly Asset Management, L.P. is the investment advisory division of Weatherly Asset Management, Inc. As an independent partnership, the Firm is wholly owned and operated by the partnership. 

For information on our wealth management team, and for a full list of services we provide, please visit: http://www.weatherlyassetmgt.com/team/ 

For information on our ADV filings and Compliance, please visit: http://www.adviserinfo.sec.gov/IAPD/IAPDFirmSummary.aspx?ORG_PK=106935 

http://www.weatherlyassetmgt.com/adv/ 

If you would like to learn more, please contact: 

Carolyn P. Taylor 

858-259-4507 

Carolyn@weatherlyassetmgt.com 

Weatherly Asset Management, L.P. was included in the Financial Advisor’s Magazine 2021 RIA Survey and Ranking List. This list is the publication’s 15th annual ranking of independent advisory firms. The list and article are available to view in the print version of the August 2021 issue and online at (https://www.fa-mag.com/news/the-future-is-now-63028.html). 

The ranking was based on 2020 year end discretionary and non-discretionary AUM reported on ADV.  To be eligible for the ranking, firms must be independent registered investment advisors and file their own ADV statement with the SEC, and provide financial planning and related services to individual clients. Firms must have at least $50 million in assets under management as of December 31, 2020. Corporate RIA firms and investment advisor representatives (IARs) were not eligible for this survey. 

The list was segmented by asset categories: 1) $1 billion and over; 2) $500 million to <$1billion; 3) $250 million to <$500 million; 4) $150 million to <$250 million; and 5) $50 million to <$150 million.  Within each of the asset category segments, firms were ranked by 2020 year end discretionary and non-discretionary AUM. The comprehensive list consisted of 607 firms. Weatherly was ranked 320 overall. 

Weatherly received an email invitation to participate in FA’s annual nation-wide RIA ranking survey.  Weatherly completed the survey, which in addition to AUM, focused on services offered by the firm; service fee structure; anticipated changes to the business in the next 5 years; staffing and recruiting; operations and strategy.  The survey review included information provided by Weatherly, as well as public data available through the firm’s ADV filing. 

No payment was required for participating in the survey.  Weatherly may elect to pay for electronic use of hard copy reprints hard copy reprints. 

No organizational memberships were required of the Firm or individuals.  Ranking on this list is not representative of any one client’s experience and is not indicative of Weatherly’s future performance.  Weatherly is not aware of any facts that would call into question the validity of the ranking or the appropriateness of advertising inclusion in this list. 

About Weatherly Asset Management, L.P. 

Weatherly Asset Management, L.P. is a Registered Investment Advisor, located in Del Mar, California, dedicated to providing high quality, holistic and innovative wealth management services to high net worth individuals, small businesses and institutional clients since inception of the Firm in 1994. 

Our comprehensive approach to all aspects of a client’s financial life, the extensive experience of our principals, and the accessibility of experts, set us apart from other firms.  

Our primary business focus is money management, with each account individually managed to maximize wealth preservation and growth over time. We also provide advice related to retirement planning, tax planning, philanthropic planning, financial planning and college planning, as well as estate planning and wealth transfer guidance. Our goal is to provide clients with as much information as necessary to effectively manage portfolios and help achieve their financial goals.  

Weatherly Asset Management, L.P. is the investment advisory division of Weatherly Asset Management, Inc. As an independent partnership, the Firm is wholly owned and operated by the partnership. 

For information on our wealth management team, and for a full list of services we provide, please visit: http://www.weatherlyassetmgt.com/team/ 

For information on our ADV filings and Compliance, please visit: http://www.adviserinfo.sec.gov/IAPD/IAPDFirmSummary.aspx?ORG_PK=106935 

http://www.weatherlyassetmgt.com/adv/ 

If you would like to learn more, please contact: 

Carolyn P. Taylor 

858-259-4507 Carolyn@weatherlyassetmgt.com 

As we welcome the beginning of fall with the start of September, here at Weatherly we are already sipping on pumpkin-flavored drinks and preparing for year-end planning conversations with our clients. To assist your team of advisors in giving the best advice as well as employing the most opportune investment strategies, we often request a few documents from you. In this month’s blog, we’d like to highlight important documents and how they help your advisors in tailoring advice specifically to you.  

2020 Tax Return and Asset Allocation Review 

• Having your tax return on file is helpful for many planning strategies but is especially important when factoring in any unrealized gains and losses for the year.  As we look to de-risk portfolios, reduce concentration risk and rebalance taxable accounts, we like to account for capital gains and how this may impact your marginal tax bracket.  Remember – capital gains are an indication your account has seen good growth and often are necessary to ensure we have room to incorporate new investment themes into your portfolios. 

• We also welcome any other tax related items you think our team might find helpful for year-end planning – this could include a summary of your income year-to-date so we can offer advice on tax mitigation strategies like retirement and charitable contributions.

Charitable Opportunities 

• There are many ways to give to charity with two-fold benefits – donating to organizations you are passionate about and reducing your tax liability. Your team of advisors can discuss what options are available to you each year given your unique circumstances.   
• If any qualified chartable distributions (QCDs) still need to be made from your IRA or if you’d like to donate directly from your Donor Advised Fund (DAF), please let your advisor know which charity or charities you would like to donate to. 

 Contributions to Retirement Accounts  

• Many retirement plans like employer-sponsored 401ks and self-employed 401ks have a year-end deadline for making contributions.  You can view this year’s contribution limits on our Key Data Chart – our advisors are here to help you review your options and funding methods. 

Updated Estate Documents 

• Given the potential changes to tax and estate laws, this year provided many people the opportunity to update their estate documents, including trusts, wills, etc. We wrote about 5 estate planning strategies to consider earlier this year.  
• If we do not have an updated copy of your estate documents, please post them to our secure portal for our records. If you are not sure whether we have your estate documents on file, please let us know and we will be happy to check our records for you. 

 Information to Update or Add Beneficiaries 

• It is essential to have beneficiaries on all your accounts to avoid assets going through the cumbersome probate process if you were to pass, as highlighted in this article. Our team does periodic audits of our accounts to ensure there are beneficiary designations, and your designations should be reviewed annually or when you face big life changes. 

• If you need to update your beneficiaries or add any beneficiaries, please email your advisor. If we need any birthdays or social security numbers, we ask you to please upload a document containing that information to our portal. 

 Year End Gifting 

• As your assets grow and accumulate, you may want to consider gifting to kids or grandkids.  The annual gift limit for 2021 is $15k per person, per beneficiary; as a couple you can gift $30k per beneficiary.   
• There are many ways to provide additional gifting above the annual exclusion – the blog post we highlighted above touches on these alternatives.  You may want to talk to your advisor about strategies that pique your interest and how we engage in the family conversation.

Documents Supporting Upcoming Transfer of Asset (TOA) Opportunities 

• We provide our best advice when we have your full financial picture available. If you have any large asset transfers in your immediate horizon, such as a home sale, an inheritance, or wish to transfer a significant amount of money into or out of your portfolio, please provide that information to your advisor and post any related information to our portal.  This information also helps us to provide guidance on how to invest future assets and implement tax planning strategies like those outlined above.  

CIRAL – Client Information Release Authorization Form 

• Our team is working towards acquiring all our clients’ personal and professional contacts in preparation for an unexpected event. We request our clients to fill out and return our Client Information Release Authorization Letter (CIRAL). This form, which can be downloaded here, outlines the contacts whom we can reach out to in the event it is necessary. If you have already submitted your CIRAL but wish to change your contacts, we welcome an updated version at any time.  Similar to your beneficiaries, this should be reviewed annually.  

Cyber security is always top of mind here at Weatherly. When supplying our team with forms and documents, please utilize our secure portal. You can also use our portal to view your accounts and statements at any time, anywhere. 

If you do not currently have a portal and would like to get set up with one, please email us and we will be happy to do so. If you need assistance downloading documents from our portal or posting documents, please see our handy portal help PDF that will walk you through the steps. We are also available to answer any questions as they arise via phone or email. 

The holidays can be stressful and year-end planning can seem overwhelming, but your Weatherly team is here to help make your financial picture something you do not need to worry about. Cheers to a pleasant autumn and a festive fourth quarter of 2021! 

** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above.

Carolyn Taylor represented Weatherly in a Barron’s Advisor interview focused on finding the season’s best reads for wealth managers. The interview occurred over the phone on July 19^th, 2021 and was published on July 22^nd, 2021 in the weekly feature, the Big Q, on the Barron’s Advisor website. Please click here to read the full online article.

With more than 36 years of portfolio management experience, Carolyn received an email invitation from Barron’s Advisor to be a part of the Big Q, a weekly feature on Barron’s Advisor in which Barron’s asks wealth management professionals for their best answers to challenging (and sometimes fun) questions. The Big Q for this week’s feature was: What book would you recommend to other advisors or clients? The interview process was Q&A style and was conducted over the phone.

There was no fee to be interviewed, and Weatherly was not required to advertise in (or subscribe to) Barron’s Advisor. Barron’s Advisor authorizes the use of the public URL for sharing purposes at no cost to Weatherly and licensing is not required.  No organizational memberships were required of the Firm or individuals.  Inclusion in this interview is not representative of any one client’s experience and is not indicative of Weatherly’s future performance. Weatherly is not aware of any facts that would call into question the validity of inclusion in this interview.

About Weatherly Asset Management, L.P.

Weatherly Asset Management, L.P. is a Registered Investment Advisor, located in Del Mar, California, dedicated to providing high quality, holistic and innovative wealth management services to high net worth individuals, small businesses and institutional clients since inception of the Firm in 1994.

Our comprehensive approach to all aspects of a client’s financial life, the extensive experience of our principals, and the accessibility of experts, set us apart from other firms.

Our primary business focus is money management, with each account individually managed to maximize wealth preservation and growth over time. We also provide advice related to retirement planning, tax planning, philanthropic planning, financial planning and college planning, as well as estate planning and wealth transfer guidance. Our goal is to provide clients with as much information as necessary to effectively manage portfolios and help achieve their financial goals.

Weatherly Asset Management, L.P. is the investment advisory division of Weatherly Asset Management, Inc. As an independent partnership, the Firm is wholly owned and operated by the partnership.

For information on our wealth management team, and for a full list of services we provide, please visit: http://www.weatherlyassetmgt.com/team/

For information on our ADV filings and Compliance, please visit: http://www.adviserinfo.sec.gov/IAPD/IAPDFirmSummary.aspx?ORG_PK=106935

http://www.weatherlyassetmgt.com/adv/

If you would like to learn more, please contact:

Carolyn P. Taylor

858-259-4507

Carolyn@weatherlyassetmgt.com

Cyberattacks continue to evolve in terms of sophistication, pervasiveness, and impact. Back in 2018, our team blog scratched the surface of big data, analytics, implications for information sharing, and data compromise. Each cyber-attack, targeted or unleashed, has created not only serious disruption and headaches but true opportunities for professionals and individuals to have their information security at front of mind in all daily activities. Changes since the 1988 Morris Worm include increases in cyberwarfare, government espionage, corporate espionage, ransomware attacks and hacktivism. Stolen email addresses and credentials impacted millions, including Adobe, Yahoo, and Sony. Early large scale financial and credit card data breaches included Equifax, Target, and Mastercard. With COVID-19, we saw a shift to remote work, as well as more online commerce, only increasing the information security breach vectors of both businesses and individuals. 

In 2021, we’ve seen cybercrimes’ basis shift to supply chains. Data security executives note that the fall out of the late 2020 early 2021 Solar Winds highly sophisticated data exfiltration event may take months or years to be fully realized (Gately, 2021). This breach of national security exposed vulnerabilities in global software supply chains, affecting government as well as private systems.  

Got gas? 

In early May 2021, the ransomware attack on the US Colonial Pipeline showed us how a single password although complex, naked of the protection of multifactor authentication, could result in the compromise of a critical infrastructure network managed by a private company. Fuel shortages at airports and filling stations coupled with panic buying brought rapid national attention; often with raised eyebrows on other critical infrastructure vulnerabilities (water, electric grids).  Russian operatives such as Darkside intend to capitalize monetarily on security vulnerabilities, oftentimes staying less detected via cryptocurrency payments.  

National Security, trust me. 

In Mid-May 2021, as the Colonial Pipeline attack unfolded, US President Biden prioritized Cybersecurity efforts at the federal level (White House, 2021). His Executive Order on Improving the Nation’s Cybersecurity addresses policy, removing barriers to sharing threat information, modernizing federal government cybersecurity, enhancing software supply chain security, the establishment of a cyber safety review board, standardizing the federal government’s playbook for cyber vulnerabilities and incident response; threat detection improvements on federal networks, improvements in the federal government’s investigative and remediation capabilities,  and national security systems.   The “zero trust architecture**” (NIST’s set of standards) serves as a fundamental pillar of the security strategy outlined in the executive order. 

Where’s the Beef? 

Another ransomware attack targeted at JBS Foods in June 2021, with the potential of prolonged food supply chain disruption across 100 countries. Similar to the Colonial Pipeline, cybercriminals are preying not only on government operations and wallets, but on the nation’s individuals’ psyche… our level of trust in economic players to protect information, resources, and infrastructure, and ultimately our safety. 

3rd Party 4th of July Party  

Over July 4th weekend, the US saw how a point of compromise for businesses (and individuals!) is often times the trust between a vendor (software provider) and a client (you and me).  The Kaseya ransomware attack was yet another zero-day attack (an instance where a newly discovered software vulnerability is exposed, but an exploit occurs prior to the developer’s release of a patch). Because this attack targeted MSP (Managed Service Providers), this is the stuff that small business nightmares are made of.  As small, mid, and large businesses often contract their managed services (I.e IT, network management, etc) to third parties, it makes complete sense that hackers would target this large vector.  

Geopolitical efforts to collaborate on defensive and proactive strategies to combat the growing threat landscape are constantly adapting. This whitepaper from 2020 details certain global efforts and entities working towards holistic threat defenses. While certain nations adopt data privacy regulations, the border-less-ness of internet content traffic and information sharing can make collaborative approaches especially challenging. 

Understandably, when the world sees a DDOS event (distributed denial of service) that pulls down websites like Fedex, UPS, Delta, etc.., we first think there is a bad actor involved.  In the recent Akamai Edge service outage, however, the company stated it was related to an intentional update that caused the disruption, which was resolved by rollback within an hour. 

Impacts on Businesses, Families 

Economic impacts of supply chain cyberattack have immediate and long-term impacts on companies’ and individuals’ bottom lines.  In general, we see a shift towards security-focused investments by businesses. The investment in security can come with a high up front price tag, forcing small businesses and individuals to make calculated risks in choosing not to update their systems and devices. While businesses sometimes choose to purchase data-breach or cyber insurance, it oftentimes affords the business just enough to cover the cost of forensics and remediation after an actual event.   

Families as well as business are having the cyber conversation more than ever. The hack on San Diego Unified’s systems in 2018 uncovered how lower funded municipal services’ systems are especially at risk. With the shift to remote learning during the pandemic, our vulnerabilities as families widens, as information sharing in public academics now includes children ages 5+ in our county. Gamers, students, Moms, and Dads alike have to think like businesses; similarly, businesses need to think like families. With information sharing comes great responsibility. 

Navigating the Cyber Sea 

Per current events, it is an unfortunate truth that cybercrime is an ongoing threat that continues to evolve and impact our lives. As much as we want to prevent it entirely, cyber security isn’t an absolute. You aren’t either insecure or totally secure. There is a gradient, and it pays to ensure that you are striving to be on the “most secure” end of the spectrum. Below are 7 tips to help smoothly sail the cyber sea. 

1. Second check before you click & slow down before you share. Although it may sound a bit extreme- trust NO ONE (online). Phishing emails often look as though they have been sent from a legitimate organization or someone who knows the end target (you), to entice clicks on malicious links or attachments. If you are ever unsure, pick up the phone to verify the validity of the email in question. 
2. Do not duplicate passwords across accounts. When you use the same password for multiple accounts you open yourself up to a cyber-attack known as credential stuffing. All a hacker needs is your information from one poorly defended site and suddenly, they can access any other account where you use the same login information (“Are Your Passwords,” 2020). Length is the primary strengthener when creating a robust password. We suggest a minimum of 10 characters and have found that using a sentence is a great way to create a long password that you will not forget!  
3. Keep your software updated. Running outdated software is an open invitation for cyber criminals to exploit known flaws and gain access to your system. Software companies regularly push out new updates to patch identified errors, making them (and you) less likely to become a target of cybercrime. The best way to ensure your software is current is to enable automatic updates on your system(s). 
4. Back up your data. Perform frequent backups of your system and important files and verify your backups regularly. If a ransomware infection were to occur, you can restore your system to its previous state (sans ransomware) using your recent backup(s). Store your backups on a separate network or device such as the cloud or an external hard drive. Ensure that these backups are secured with the utmost protection such as MFA (#5). 
   • Encrypted/Protected External Hard drive: These allow for fast data transfers and large storage capacities. Look for ones that are encrypted and require a padlock password. 
   • Cloud: iCloud, Google Drive, and Dropbox, are some of the most well-known cloud-based services. Many of these come with limited free storage space and a paid option for additional storage if needed. 
     • When choosing a cloud-based storage, ask; Do they have privacy and security settings I can adjust? Do they use encryption to protect my data? 
5. Enable Multifactor Authentication (MFA) whenever available. MFA adds an additional layer of protection to the sign-in process and is widely available for many of your most sensitive logins. When accessing your data, you will be required provide additional identity verification(s), such as scanning a fingerprint, answering personalized questions, or entering a code received by phone. Use of anything beyond a password significantly increases the work for attackers to access your data, lowering the risk of you getting hacked in the authentication process!
   • Click here to learn more about setting up MFA on your Fidelity.com login 
   • Click here to learn more about setting up MFA on your Schwab.com login 
6. Insist on Information Security (Infosec). It is essential to ensure that when working with anyone who has your personal information (SSN, date of birth, acct #s, etc), that they will not misuse or disclose it to outside parties. Be certain that these professionals can and will safeguard your personal identifiable information (PII) to best of their ability. Take the initiative and inquire what secure method(s) they use for the bi-directional exchange of information. Some common examples include encrypted emails, secure portals (Weatherly’s preferred method), or password protected documents. 
7. Upgrade your upgrade process. Your devices (laptops, tablets, cell phones) contain more information than you may think! Whether it be financial or personal, before disposing of your old electronic devices, it is important to delete your information from the hard drive so that it does not end up in the wrong hands. Before letting go of your old devices: 

• • Back up your information (#4) 
  • Sign Out of Accounts, Disconnect Devices, and Erase Your Hard Drive 
    • After you have saved your personal information (cloud, external hard drive, etc), sign out of all your online accounts. It is also best to un-pair your computer from Bluetooth devices (mouse, keyboard, wireless display, etc.) 
    • Erase your computer’s hard drive and reset it to factory settings.  
  • Safely Dispose of your device 
    • Most devices contain hazardous materials that do not belong in a landfill. Instead consider keeping it green, and recycling or donating your old electronics. Check out the Environmental Protection Agency’s Electronics Donation and Recycling page to learn about recycling or donating your computer. 

When it comes to cybercrime the most harmful thought you can have is, “it won’t happen to me”.  Cybercriminals don’t discriminate, so in a way, fighting cybercrime is everybody’s responsibility.  At Weatherly we consider it our obligation to not only uphold our own best practices, but to be a resource for those joining the fight against cybercrime. Please do not hesitate to reach out to our team with any questions. 

Sources: 

Gately, E.  (2021, July).  Kaseya VSA Ransomware Attack, SolarWinds Hack share many similarities.  Channel Futures.  Security.  Retrieved from https://www.channelfutures.com/security/kaseya-vsa-ransomware-attack-solarwinds-hack-share-many-similarities 

Ruhl, C. et al.  (2020, February).  Cyberspace and Geopolitics: Assessing Global Cybersecurity Norm Processes at a Crossroads.  Carnegie Endowment for International Peace.  Retrieved from https://carnegieendowment.org/files/Cyberspace_and_Geopolitics.pdf 

POTUSA- Biden, Joseph (2021, May).  Executive Order on Improving the Nation’s Cybersecurity.  Presidential Actions.   Briefing Room. Retrieved from https://www.whitehouse.gov/briefing-room/presidential-actions/2021/05/12/executive-order-on-improving-the-nations-cybersecurity/ 

Are Your Passwords Putting You at Risk for a Cyber Attack? (2020). Retrieved from https://www.atsg.net/blog/passwords-risk-cyber-attack/  

https://www.marketwatch.com/story/buying-a-house-heres-how-to-ensure-your-confidential-financial-details-remain-secure-2019-05-29 

Vocab/Acronyms 

CIS- Center for internet security  

ATP  – Advanced persistent threat 

DdOS – Distributed denial of service attack 

IOC –Indicators of Compromise 

RAT – remote access trojan 

MFA – Multi Factor Authentication 

PII (Personal identifiable information) – defined as any representation of information that permits the identity of an individual to whom the information applies to be reasonably inferred by either direct or indirect means 

**Zero Trust Architecture 

a security model, a set of system design principles, and a coordinated cybersecurity and system management strategy based on an acknowledgement that threats exist both inside and outside traditional network boundaries.  The Zero Trust security model eliminates implicit trust in any one element, node, or service and instead requires continuous verification of the operational picture via real-time information from multiple sources to determine access and other system responses.  In essence, a Zero Trust Architecture allows users full access but only to the bare minimum they need to perform their jobs.  If a device is compromised, zero trust can ensure that the damage is contained.  The Zero Trust Architecture security model assumes that a breach is inevitable or has likely already occurred, so it constantly limits access to only what is needed and looks for anomalous or malicious activity.  Zero Trust Architecture embeds comprehensive security monitoring; granular risk-based access controls; and system security automation in a coordinated manner throughout all aspects of the infrastructure in order to focus on protecting data in real-time within a dynamic threat environment.  This data-centric security model allows the concept of least-privileged access to be applied for every access decision, where the answers to the questions of who, what, when, where, and how are critical for appropriately allowing or denying access to resources based on the combination of sever 

From airline tickets and car prices to gasoline and commodities, consumers and investors have experienced pockets of inflation as the U.S. economy continues to recover from the COVID-19 pandemic. We saw the May Consumer Price Index (CPI) numbers reflecting the largest month-over-month gain since 2008, and subsequently the Federal Reserve began talking about potential changes to monetary policy and their expectations for increasing inflation. As we turn to the Federal Reserve for guidance, let’s look at the role the Fed plays and the key points made during the most recent Federal Open Market Committee (FOMC) meeting, specifically a deep dive into inflation and what that means for investors.

The Federal Reserve:

The Federal Reserve (Fed) is the central banking system of the United States and is used to promote a strong economy.  The Fed uses monetary policy to support their primary goals:

• Maximum Employment
• Price Stability

The Fed hopes to maintain consistent price stability as they set their long-term annual inflation rate target to 2%.  A modest inflation rate is generally viewed as healthy for the economy as it can coincide with wage growth and maintain consumer demand; alternatively, deflating prices (deflation) or hyperinflation can stress the economy.  While moderate increases in price is the ultimate inflation goal, the Fed’s most common levers to pull include:

• Open Market Operations –
  • Buy/sell securities in the open market to help control liquidity.
• Setting the Discount Rate –
  • Short-term interest rates the Fed uses to charge commercial banks. This has a spillover effect on all interest rates.
• Adjusting reserve requirements-
  • Amount of cash banks need to hold

Recent FedSpeak and New Challenges:

As evidenced by the recent Fed meeting, uncertainty is still present despite Federal Reserve Chairman Jerome Powell communicating that the recent bounce in inflation is transitory – or not permanent.  The Fed is experiencing new challenges with the recent record-breaking Government spending, higher tax proposals, and pent-up consumer demand due to the pandemic.  Even with soaring unemployment last year, we saw the household savings rate increase during global shutdowns.  We now find Americans excited to spend and make up for the lost opportunities last year – particularly in travel, dining and experiences.  The higher demand and lost production time with factory shutdowns has also caused supply chain constraints in several industries such as autos, lumber, and chips/semiconductors leading to higher prices.  This was captured in the latest inflation report, with Fed officials signaling higher expectations for inflation, as well as an earlier time frame for interest rate hikes.  The FOMC hinted at two hikes in late 2023 on the recent dot plot projection versus the previous projection of no rate hikes in 2023, in fact, 7 members expected a rate rise in 2022. If higher inflation numbers continue to roll in, the Federal Reserve may be forced to lift rates earlier than they anticipated to achieve its mandate of maintaining price stability and moving towards full employment.

Inflation and How It’s Measured:

Simply put, inflation is the rise in price of goods over a period of time.  Or viewed differently, a decrease in purchasing power of a currency for the same good.  An example, is a loaf of bread costing 22 cents in 1960, today costs $2.12 or more.  This price increase is inflation. However, we indulge in more than just bread, so economists look to inflation indexes for a broader representation.  The Fed views price stability as moderate inflation

The Consumer Price Index (CPI) is the most recognized way of measuring inflation in the US and is reported monthly by the Bureau of Labor Statistics (BLS).  The index is calculated by analyzing the price of a basket of goods and services.  This basket includes eight categories: food/beverages, housing, clothing, transportation, medical care, recreation, education/communication and other goods and services.  The aggregate change in price of the basket is known as the inflation rate and can be used for Cost-of-Living Adjustments (COLA) in Social Security or applicable pensions.

A Quick Look Back in History:

The BLS has a record of CPI dating all the way back to 1913.  When going back this far, the average annual inflation rate is slightly over 3.10%*.  This is in part due to greater volatility in prices. Within the last few decades, inflation has become much more stable as the Federal Reserve has had better oversight and control of monetary policy.  Additionally, globalization, new technology and supply chain success has aided in keeping the price of goods low.   In fact, inflation over the last decade is much lower than the historical average as it has been around 1.76%**.

Inflation Today and Where It’s Headed:

Inflation talks have taken over news headlines, Fed meetings and conversations with neighbors.  And this should come as no surprise.  When comparing to the prior year, the February inflation rate was up 1.7% and then April and May inflation rates rose to 4.2% and 5.0%, respectively.  This dramatic jump can be attributed to the surge in demand for inputs and consumer goods as the U.S economy began to recover and grow at a larger than expected rate with gross domestic product (GDP) forecasts coming in at 7% versus 6.5% previously.  Categories such as autos, airfares, and gas are seeing the biggest price increases as a temporary reopening demand surge.

Chart Sourced From: https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm

Impact on Portfolios:

Whether inflation is here to stay or just a minor blip on the radar, it serves as a great time to review your asset allocation with your advisor.  We believe a well-diversified portfolio tailored to your risk appetite is still appropriate to participate in market growth while limiting some downside risk.  As discussed in our previous blog , it is also important to discuss concentrated positions with your advisor to evaluate risk in specific holdings or asset classes. Let’s take a look at how different asset classes may be affected by inflation:

Chart Sourced From: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/

• Cash – is most vulnerable to inflation. While we still encourage holding an emergency fund and some cash for opportunities, the excessive cash held in a checking/saving account will lose purchasing power due to high inflation and little to no interest being earned.  Cash enhanced short-term funds can be considered as a potential alternative as they yield higher returns while preserving liquidity.

Chart Sourced From: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/

• Fixed Income – High Inflation can have a negative impact on real returns. Because of this the Fed will typically lift interest rates to combat higher inflation.  When interest rates increase, bond prices typically fall.  The idea is that bond investors may offload their current bond holdings on the secondary market and then purchase new bonds with a higher yield.  Longer term and low-quality debt are most susceptible in this scenario.  However, these interest rate changes do not impact the return of principal you receive at bond maturity.  Treasury Inflation-Protected Securities (TIPS) provide protection against inflation by growing with CPI until maturity.  Interest rates may be lower than other debt instruments given the attractive feature of increasing principal with inflation.

Chart Sourced From: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/

• Equities – Stocks tend to be the best performing asset class with rising inflation. Since businesses are raising their prices, the benefits often flow through and benefit investors. Companies that require little capital, such as technology companies and communication services tend to do well in inflationary environments. Also, companies with a competitive advantage with high barriers of entry and strong consumer loyalty tend to well in this environment.  However, high inflation and interest rate changes often increase volatility in the stock market.  Equities undergo additional pressure as higher yields cause investors to reevaluate the risk/return relationship and may seek to invest in debt that pays some more in interest.

• Real Assets – Real estate and other tangible assets like commodities tend to do well in inflationary times. Historically, as inflation rises so does property values.  This allows landlords to charge more for rent or homeowners to cash in more when they sell their property.  Also, those who carry a fixed rate mortgage benefit from inflation since their monthly payment and outstanding debt does not grow.

Chart Sourced From: https://am.jpmorgan.com/us/en/asset-management/adv/insights/market-insights/guide-to-the-markets/

How WAM Can Help:

With inflation concerns and potential interest rate hikes on the horizon, we believe now is a great time to review your asset allocation with your advisors.  Please reach out to our team and schedule a call to ensure your portfolio is positioned in accordance with your risk profile and the changing environment.

** The information provided should not be interpreted as a recommendation, no aspects of your individual financial situation were considered. Always consult a financial professional before implementing any strategies derived from the information above.

Carolyn Taylor was included in Barron’s 2021 Top 100 Women Financial Advisors list.  The full list can be viewed on Barron’s website.  View the list here: https://www.barrons.com/advisor/report/top-financial-advisors/women?mod=topwomen.

The criteria for ranking reflects assets under management as of 12/31/2020, revenue that the advisors generate for their Firms, regulatory record, quality of the advisor’s practices, and philanthropic work. Investment performance is not an explicit criterion because the advisors’ clients pursue a wide range of goals. In many instances, the primary goal is asset preservation.  The scoring system assigns a top score of 100 and rates the rest by comparing them with the top-ranked advisor. Carolyn was ranked 59^th.

Carolyn Taylor was invited to participate in the nomination process via email solicitation from Barrons, and nominated by colleagues for inclusion in the list.  There are over 100 nominations, but only 100 published ranking spots. Barron’s uses a proprietary method to rank advisors based on the criteria above.  Weatherly provides this data to Barron’s in the form of a survey response.  Initial ranking is done by Barron’s; publicly available data is verified by Barron’s against SEC and FINRA reports.   Barron’s then conducts the next level of ranking.  Data that is not independently verified by Barron’s is then sent back to the Firm for verification. Barron’s then incorporates any required changes into the ranking, and finalizes the list for editorial use and publishing.

No payment was required for nomination or inclusion in the ranking.   Weatherly plans to pay Dow Jones & Company for custom hard copy reprints and digital access.

No organizational memberships were required of the Firm or individuals.  Ranking on this list is not representative of any one client’s experience and is not indicative of Weatherly’s future performance.  Weatherly is not aware of any facts that would call into question the validity of the ranking or the appropriateness of advertising inclusion in this list.

About Weatherly Asset Management, L.P.

Weatherly Asset Management, L.P. is a Registered Investment Advisor, located in Del Mar, California, dedicated to providing high quality, holistic and innovative wealth management services to high net worth individuals, small businesses and institutional clients since inception of the Firm in 1994.

Our comprehensive approach to all aspects of a client’s financial life, the extensive experience of our principals, and the accessibility of experts, set us apart from other firms.

Our primary business focus is money management, with each account individually managed to maximize wealth preservation and growth over time. We also provide advice related to retirement planning, tax planning, philanthropic planning, financial planning and college planning, as well as estate planning and wealth transfer guidance. Our goal is to provide clients with as much information as necessary to effectively manage portfolios and help achieve their financial goals.

Weatherly Asset Management, L.P. is the investment advisory division of Weatherly Asset Management, Inc. As an independent partnership, the Firm is wholly owned and operated by the partnership.

For information on our wealth management team, and for a full list of services we provide, please visit: http://www.weatherlyassetmgt.com/team/

For information on our ADV filings and Compliance, please visit: http://www.adviserinfo.sec.gov/IAPD/IAPDFirmSummary.aspx?ORG_PK=106935

If you would like to learn more, please contact:

Carolyn P. Taylor

858-259-4507

Carolyn@weatherlyassetmgt.com