A finished compliance note draft, not a transcript. Structured to capture what examiners look for. You review and approve it before it becomes part of your records.
MEETING HEADER Client name: Robert & Diane Hsu Date: June 5, 2026 Advisor name: Alex Reyes, CFP Meeting type: Video SUMMARY Annual review with Robert and Diane Hsu ahead of Robert's planned retirement in 2028. Reviewed progress toward their retirement income goal, discussed rolling over Robert's former-employer 401(k), and evaluated a multi-year Roth conversion strategy. Agreed to begin a partial Roth conversion this year and to revisit long-term care coverage. CLIENT PROFILE & GOALS Primary goal: Replace ~80% of pre-retirement income starting 2028 while limiting exposure to a market downturn near retirement. Goal category: Preservation (retirement income) Risk tolerance: Moderate Time horizon: ~2 years to retirement; 25+ year retirement horizon Life updates: Robert confirmed a firm retirement date of March 2028. Their daughter finished graduate school, so education funding is no longer a concern. TOPICS DISCUSSED - Progress toward the 2028 retirement income target - Rollover of Robert's former-employer 401(k) - Multi-year Roth conversion strategy and tax-bracket management - Sequence-of-returns risk and a cash buffer - Long-term care insurance gap FINANCIAL FACTS - Assets: Former-employer 401(k) ~$310,000; joint brokerage ~$240,000; Diane's IRA ~$185,000; cash reserve ~$60,000 - Liabilities: Mortgage ~$120,000 at 3.1%, ~9 years remaining - Income: Robert salary ~$180,000; Diane part-time ~$32,000; Social Security planned at full retirement age - Insurance coverage: Robert term life $500,000 (expires 2030); no long-term care coverage in place - Other figures or decisions: Convert ~$40,000 from traditional IRA to Roth in 2026, staying within the 24% bracket RECOMMENDATIONS & RATIONALE - Roll the former-employer 401(k) into an IRA. Rationale: consolidates accounts and broadens investment options to implement the target allocation, and fits their preference for simplicity heading into retirement. - Begin a partial Roth conversion of ~$40,000/yr through 2028. Rationale: these are their last relatively lower-bracket years, so spreading conversions manages the tax hit and reduces future RMDs, supporting the income goal. - Build a two-year cash buffer before 2028. Rationale: moderate risk tolerance plus a near-term retirement date raises sequence-of-returns risk, and the buffer avoids selling equities in an early-retirement downturn. - Obtain long-term care insurance quotes. Rationale: a coverage gap could force drawdown of retirement assets, which works against the preservation goal. ACTION ITEMS - ☐ Send rollover paperwork for the 401(k) (advisor, by June 19) - ☐ Prepare 2026 Roth conversion tax projection (advisor, before next meeting) - ☐ Gather long-term care insurance quotes (advisor, within 30 days) - ☐ Confirm March 2028 retirement date and pension details (client, by next meeting) COMPLIANCE NOTES Suitability confirmed: yes Client acknowledged recommendations: yes Conflicts of interest disclosed: not explicitly stated Documents provided: none ADDITIONAL NOTES Diane voiced anxiety about a market drop right as Robert retires, and the cash-buffer recommendation was framed specifically to address that concern. Robert is open to part-time work in year one if markets are poor. The couple prefers consolidating accounts to reduce complexity. NEXT MEETING September 2026. Review the Roth conversion projection, long-term care quotes, and rollover completion.
A real TellMark note from a sample meeting. You review and approve it before it becomes part of your records.