Investment Process

We believe that successful investing is based on the client and advisor mutually understanding the investor's goals, risk tolerance, and investment time horizon. This client-centric approach serves as the foundation of our investment process. Once a client's needs are identified, we implement a research based investment process:

Definition of the Client's Objectives

The investment process begins by working with the client to determine short-term and long-term objectives, income needs, risk tolerance, time horizon, and other relevant factors. This information is used to develop an Investment Policy Statement that outlines the client's goals and expectations as well as any special needs in pursuing these ends.

Asset Allocation

The investment policy statement, combined with our experience and views of market conditions, is used to determine an asset allocation, or weighting of each asset class within the portfolio, in order to meet the client's objectives. In this step, we attempt to minimize overall portfolio risk through broad diversification among different asset classes and investment styles.

Fund Selection

After a target asset allocation has been determined, we invest the portfolio in funds managed by investment managers who, based on our analysis, will provide our clients with above average returns over the long-term relative to their peers.

Performance Measurement

We believe that consistent and timely performance measurement is an integral part of the investment process. Performance reporting can indicate whether the portfolio is performing in line with a client's goals and return expectations. See appendix for a sample performance report.

Continuous Portfolio Supervision

Investment management is a continuous process. All clients' portfolios are carefully monitored on an ongoing basis to ensure that they remain consistent with each client's goals and investment policy. In addition, all positions are consistently monitored to ensure that they continue to be an appropriate component of clients' portfolios. Portfolios are re-balanced to keep the investment plan on course with the clients' investment objectives, and also to reduce portfolio risk.

Client Communication

Ongoing client communication and dialogue is a critical element of our client-centric approach to investment management. As changes to a client's personal circumstances occur, the investment policy and portfolio will be adjusted accordingly. In addition, through ongoing communication with our clients, we hope to educate them as to our investment philosophy and methods, so that, over time, they reach the highest level of comfort and understanding.