Data Sources

The information contained in this plan is based on several sources including: (i) asset data we have extracted from your accounts at Summit Financial, LLC; (ii) certain third-party managers with which Summit Financial, LLC. has a direct relationship; or (iii) data that has been provided by you. The data provided by you has not been verified by Summit Financial, LLC. To the extent information was provided by you, we make no representation as to accuracy or completeness. Summit urges all clients to compare the information we send you to the information reflected in the qualified custodian’s account statements, which are the official records of your accounts.

Assumptions and Projections

eMoney is a diagnostic tool consisting of numerous reports available in different combinations intended to review your current financial situation and suggest planning ideas and concepts for your consideration. The purpose of some of the reports is to illustrate how financial planning principles may help you achieve your long-term goals, but these reports do not contain specific investment recommendations or address the risks associated with particular asset classes or securities. eMoney reports provide projections based on various assumptions and are therefore hypothetical in nature and not a guarantee of investment returns.

Additionally, the reports provided here (with the exception of asset information from accounts for which your Wealth Manager serves as the investment adviser representative or registered representative) are based on information and assumptions such as retirement age, annual expenses that were provided by you and have not been verified by Summit. We recommend that you review your financial plan annually, unless changes in your personal or financial circumstances require more frequent review. All reports should be reviewed in conjunction with the Base Fact Reports and Information Summary pages (where provided) along with this Disclosure.

The projections provided here may include forecasts regarding you and your family such as annual spending, asset growth, social security receipts and projections regarding economic and financial conditions such as asset growth, inflation rates or investment returns. All outcomes in this report that rely on such figures are estimates based on information available at the time the financial plan was completed. Actual results may differ substantially from the projections.

These reports are provided for informational purposes only and may not reflect all policies, contracts, holdings, or transactions, their values, costs, charges, or proceeds in your accounts. Some of the reports may contain information on assets that are not managed through Summit. Note that Summit does not have ongoing advisory duties with respect to any assets not subject to an investment management agreement, even if some of those assets were recommended by your Wealth Manager as a registered representative of an unaffiliated broker dealer.

Values shown in these reports are obtained from sources deemed reliable however Summit cannot guarantee their accuracy. There is no assurance that you could obtain the valuations or pricing shown in these reports in an actual sale. Values are based on the market close (last trade), unless otherwise indicated, of the most recent trading day and reflect positions based on trade date. Note that custodian statements often show positions as of settlement date. For direct investments such as non-traded real estate investment trusts (“Non-Traded REITs”), limited partnerships and business development companies, the per share estimated value shown is from information made available by the issuer and is presented without inquiry or investigation and may not reflect the current liquidation value.

Summit Does Not Provide Tax or Legal Advice

The Summit financial planning team includes persons who are admitted attorneys and/or CPAs but they act exclusively in a non-representative capacity. Neither they nor Summit provide tax or legal advice to clients. You should make all decisions regarding the tax and legal implications of your investments and plans after consulting with your independent tax or legal advisors. Any tax statements contained herein were not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state or local taxes.

This Report Does Not Replace Your Account Statements

This report is not intended to replace the official account statements and transaction confirmations (“Source Documents”) provided by your qualified custodian, which are the official records of your accounts. Summit urges you to compare the information in this report to the information in the Source Documents. Differences between your Source Documents and this report may include, but are not limited to:
• This report may not reflect all policies, contracts, holdings, or transactions, their values, costs, charges, or proceeds in your account(s);
• The information presented here is generated from a variety of data sources. Although we believe the sources to be reliable, we cannot guarantee their accuracy;
• Positions and valuations in this report are based on trade date. There may be differences between this report and those distributed by investment companies or custodians, which may be based on settlement dates.

You should review and retain Source Documents including individual custodian account and/or issuer statements, as Source Documents often contain notices, disclosures and other important information that can also serve as a reference should questions arise regarding the accuracy of the information in these reports. If there is any discrepancy, you should rely on your Source Documents and use them for lending, legal and tax purposes. Please promptly report any inaccuracy, discrepancy and/or concern by contacting your Wealth Manager or Summit’s Compliance Department at Compliance@sfr1.com.

IRA/ERISA/Qualified Retirement Plan/Coverdell Education Savings/HSA Accounts (collectively, "Retirement Accounts"):
Any information regarding your retirement account(s) (e.g., IRAs, ERISA plans, qualified retirement plan accounts, Coverdell ESAs and HSAs) included in this presentation is for informational and educational purposes only and is provided solely on the basis that it will not constitute investment or other advice and will not form a primary basis or plan's investment or other decisions. Summit is not a fiduciary or advisor with respect to any your or any of your retirement account by reason of providing the material, including under the Employee Retirement Income Security Act of 1974, the Internal Revenue Code or Department of Labor Regulations. Unless Summit otherwise agrees in writing to act as a fiduciary to your retirement account, you understand that: i) all investment decisions concerning your retirement accounts are made by you, without any advice or recommendations from Summit and ii) any target allocation shown for your retirement account represents decisions you have provided without any advice or recommendations Summit.

Return Projections and Investment Models

Past performance does not guarantee future results and it is important to understand that actual results may differ from the projections contained in these reports, if any. Securities are not guaranteed and may lose value. The investment return and principal of an investment will fluctuate so that the investment may be worth more or less than the original cost when sold or redeemed. Investments that offer the potential for higher rates of return generally involve greater risk of loss. The securities in these reports, like other investments, are subject to credit, market, interest rate and liquidity risks, among others. You are strongly encouraged to review the prospectus disclosures and offering documents relating to the securities held in their portfolios if you have any questions, as these documents discuss in more detail the risks relating to the particular product. If you have questions regarding a particular security, you should contact your Wealth Manager. Also, the assets in your account(s) may not be covered by FDIC or SIPC. FDIC and SIPC coverages apply only to specific asset types held with certain types of custodians and are subject to limitations. Questions about coverage that may apply should be directed to the asset provider, sponsor or your Wealth Manager.

Income projections on these reports are estimated and not guaranteed. Actual distributions may be significantly different. Income estimates are typically calculated based upon payments received during the prior 12-month period even though actual distributions often differ dramatically from year to year. Payments such as dividends, distributions and bond coupons can be reduced, suspended or eliminated altogether. If a distribution for any security includes a return of principal, then these estimates could be overstated. Distributions from some investments such as MLPs, REITs and closed-end funds are sometimes mischaracterized as dividends when they are actually composed of earnings, borrowed funds and/or a return of principal. The tax implications of such distributions are often different than if the distributions are straight dividends. The income estimates provided here do not differentiate between taxable and non-taxable income.

A benchmark or index is a group of securities with similar investment characteristics against which performance of investments is measured allowing investors to gauge the relative performance of their portfolio. However, the use of a particular benchmark or benchmarks may only approximate relative performance of an investment model or portfolio given that a particular model or portfolio may, for example, seek lower volatility or invest only in a particular subset of a benchmark’s components. Benchmark performance assumes the reinvestment of dividends. Note that you cannot invest directly in any index.

These reports include assumptions and/or projections based on current tax laws and regulations regarding federal and state income, estate and gift tax rates, the tax treatment of different types of investments and the viability of different tax strategies. Future changes to tax laws and regulations may materially impact the results. Please check with your tax advisors about the likelihood of such changes.

Model index returns, which are used in Monte Carlo reports, do not include any fees/charges that would be incurred in investing in securities intended to track or approximate the return of such indexes including, as applicable, Summit’s fees, brokerage costs, third party manager fees, custodian charges and security level fees.

Tools such as the Monte Carlo simulation will yield different results depending on the variables inputted, and the assumptions underlying the calculation. For those reports that perform a Monte Carlo analysis, the term 'Monte Carlo' will be included in the report title. The assumptions with respect to the simulation include the assumed rates of return and standard deviations of the portfolio model associated with each asset. The assumed rates of return are based on the historical rates of returns and standard deviations, for certain periods of time, for the benchmark indexes comprising the asset classes in the model portfolio. Since the market data used to generate these rates of return change over time your results will vary with each use over time.

Monte Carlo Analysis is a mathematical process used to implement complex statistical methods that chart the probability of certain financial outcomes at certain times in the future. This charting is accomplished by generating hundreds of possible economic scenarios that could affect the performance of your investments.

The Monte Carlo simulation uses at most 1000 scenarios to determine the probability of outcomes resulting from the asset allocation choices and underlying assumptions regarding rates of return and volatility of certain asset classes. Some of these scenarios will assume very favorable financial market returns, consistent with some of the best periods in investing history for investors. Some scenarios will conform to the worst periods in investing history. Most scenarios will fall somewhere in between.

The outcomes presented using the Monte Carlo simulation represent only a few of the many possible outcomes. Since past performance and market conditions may not be repeated in the future, your investment goals may not be fulfilled by following advice that is based on the projections.

Please note that if you choose to implement recommendations based in whole or in part on this report through your Wealth Manager, the advisory services and programs will be implemented through Summit and any brokerage products will be implemented through an unaffiliated broker/dealer.

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