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. Those reports provide projections based on various assumptions and are therefore hypothetical in nature and not a guarantee of investment returns.
The following reports (with the exception of asset information on accounts for which the Wealth Manager serves as the investment advisory representative ("IAR") through Summit Financial, LLC.. (“Summit”) or as the registered representative ("RR") through Purshe Kaplan Sterling Investments ("PKS")) are based upon information and several assumptions (such as retirement age, annual expenses) which were provided by you (the client) and have not been verified by Summit. To the extent information was provided by you, Summit makes no representation as to the accuracy or completeness of this information. 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, Information Summary pages, and this Disclosure.
The assumptions and projections provided by your Wealth Manager (which typically include inflation rates, projected investment returns, etc.) are estimates based on a variety of available information available at the time the financial plan was completed. Actual results may differ substantially from the projections.
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 consultation with your independent tax or legal advisors.
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 account. 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 even if some of those assets were recommended by your Wealth Manager as a registered representative.
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 the custodian statements often show positions as of settlement date. For direct investments such as non-traded real estate investment trusts (“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.
These reports are not intended to replace the official customer account statements and transaction confirmations (“Source Documents”) provided by the custodian of the assets. You should review and retain Source Documents including individual custodian account and/or issuer statements and compare them with the values included in this report for accuracy. These Source Documents often contain notices, disclosures and other important information which 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.
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. Model index returns, which are used in Monte Carlo reports, as discussed below, 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.
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 comprised 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 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.
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 done through PKS. See https://summitfinancial.com/Important-Client-Information.pdf for more information. I/We have received and read this Disclaimer page and understand its contents and, therefore, the
I/We have received and read this Disclosure and understand its contents and the limitations of these reports. Furthermore, I understand that none of the calculations and presentations of investment returns are guaranteed.