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description: Use this skill for wealth management and financial advisor workflows — client review/meeting prep, financial planning (retirement, education, estate), portfolio rebalancing, tax-loss harvesting (TLH), client reports, and investment proposals. Triggers on: client review, financial plan, retirement planning, portfolio rebalance, tax-loss harvesting, TLH, client report, investment proposal, wealth management, financial advisor, rebalancing, allocation drift.
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# Wealth Management

Financial advisor workflow skills adapted from [Anthropic's Financial Services reference](https://github.com/anthropics/financial-services). Covers client-facing advisory work from meeting prep to portfolio execution.

## Data Sources
1. **VisionClaw stock_data tool** — real-time quotes, historical prices, financial data
2. **Web search** — fund data, ETF screeners, tax law references, economic data
3. **User-provided data** — client portfolios, account statements, IPS documents
4. **MCP servers** (if configured) — Morningstar, FactSet, etc.

---

## 1. Client Review / Meeting Prep

### When to Use
Preparing for periodic client meetings (quarterly, semi-annual, annual reviews).

### Prep Package
1. **Portfolio Performance Summary**
   - Total return vs benchmark (YTD, 1yr, 3yr, 5yr, since inception)
   - Attribution: what drove performance (asset allocation vs selection)
   - Comparison to IPS objectives

2. **Allocation Review**
   - Current vs target allocation
   - Drift analysis by asset class
   - Rebalancing needs (if any)

3. **Key Talking Points**
   - Market commentary and outlook
   - Portfolio changes since last meeting and rationale
   - Items requiring client decision or input

4. **Financial Plan Update**
   - Progress toward goals (retirement, education, etc.)
   - Changes in assumptions (returns, inflation, spending)
   - Life events since last meeting

5. **Action Items from Last Meeting**
   - Status of each item
   - Remaining open items

### Output
Structured meeting agenda with supporting data tables and talking points.

---

## 2. Financial Plan

### When to Use
Comprehensive financial planning — retirement, education, estate, and cash flow projections.

### Workflow

**Phase 1: Data Gathering**
- Current assets and liabilities by account type
- Income sources (salary, rental, Social Security, pension)
- Current and projected expenses
- Insurance coverage
- Estate documents status
- Tax situation (bracket, deductions, state)

**Phase 2: Goal Definition**
- Retirement: target age, lifestyle spending, location
- Education: children's ages, school type, funding timeline
- Estate: legacy goals, charitable intent
- Other: home purchase, business sale, sabbatical, etc.

**Phase 3: Projections**

| Year | Age | Income | Expenses | Savings | Portfolio Value | Notes |
|------|-----|--------|----------|---------|----------------|-------|
| | | | | | | |

**Key Assumptions** (document and confirm with client):
- Investment returns by asset class (nominal and real)
- Inflation rate
- Social Security start age and benefit estimate
- Tax rate trajectory
- Life expectancy

**Phase 4: Gap Analysis**
- Probability of success (Monte Carlo or deterministic)
- Surplus/shortfall at each goal
- Sensitivity: What if returns are 1% lower? What if they retire 2 years earlier?

**Phase 5: Recommendations**
- Savings rate changes needed
- Asset allocation adjustments
- Insurance gaps to fill
- Estate planning actions
- Tax optimization opportunities (Roth conversions, charitable giving, etc.)

---

## 3. Portfolio Rebalancing

### When to Use
Analyzing allocation drift and generating trade recommendations.

### Drift Analysis

| Asset Class | Target % | Current % | Drift | $ Over/Under |
|------------|----------|-----------|-------|-------------|
| US Large Cap Equity | | | | |
| US Small/Mid Cap | | | | |
| International Developed | | | | |
| Emerging Markets | | | | |
| Investment Grade Bonds | | | | |
| High Yield / Credit | | | | |
| TIPS / Inflation Protected | | | | |
| Alternatives | | | | |
| Cash | | | | |

Flag positions exceeding rebalancing band (typically ±3-5%).

### Tax-Aware Rebalancing Rules
1. **Rebalance in tax-advantaged accounts first** (IRA, Roth) — no tax consequences
2. **Avoid selling positions with large short-term gains** in taxable accounts
3. **Harvest losses where possible** while rebalancing
4. **Watch wash sale rules** (30-day window) across all accounts
5. **Direct new contributions** to underweight asset classes instead of trading

### Trade List

| Account | Action | Security | Shares/$ | Reason | Tax Impact |
|---------|--------|----------|----------|--------|-----------|
| | Buy/Sell | | | Rebalance/TLH | ST gain/LT gain/Loss |

### Asset Location Optimization
- **Tax-deferred (IRA/401k)**: Bonds, REITs, high-turnover funds (highest tax drag)
- **Roth**: Highest expected growth assets (tax-free growth)
- **Taxable**: Tax-efficient equity (index funds, ETFs, munis), TLH candidates

---

## 4. Tax-Loss Harvesting (TLH)

### When to Use
Identifying unrealized losses in taxable accounts for tax optimization.

### Step 1: Identify Candidates

| Security | Asset Class | Cost Basis | Current Value | Unrealized Loss | Holding Period | % Loss |
|----------|-----------|-----------|---------------|-----------------|---------------|--------|
| | | | | | ST/LT | |

**Prioritize by**: Largest absolute loss → Short-term losses first → Largest % loss

### Step 2: Gain/Loss Budget

| Category | Amount |
|----------|--------|
| Realized ST gains YTD | |
| Realized LT gains YTD | |
| Realized losses YTD | |
| Net gain/(loss) position | |
| Carryforward losses | |
| **Target harvesting** | |

Tax savings = ST losses × ordinary rate + LT losses × cap gains rate + up to $3,000 vs ordinary income.

### Step 3: Replacement Securities
For each harvest, find a replacement that:
- Maintains similar market exposure
- Is NOT "substantially identical" (avoids wash sale)
- Has similar risk/return characteristics

Common swaps:
| Sell | Replace With | Tracking Error |
|------|-------------|---------------|
| SPY (S&P 500) | IVV or VOO | Minimal |
| VXUS (Total Intl) | ACWX or IXUS | Low |
| Individual stock | Sector ETF | Moderate |

### Step 4: Wash Sale Check
- Check ALL household accounts (taxable, IRA, Roth, spouse)
- 30-day lookback: any recent purchases of same/substantially identical?
- 30-day forward: block repurchase for 30 days
- Check DRIPs that could trigger wash sales

### Step 5: Execution & Tracking
- Trade execution plan with estimated tax savings
- Wash sale window calendar
- Post-harvest: swap back after 31+ days if desired
- Document everything for tax reporting

### Rules
- Wash sale violations disallow the loss AND adjust cost basis
- ETFs tracking different indexes are generally NOT substantially identical
- Coordinate across ALL household accounts
- Consider the long-term cost basis step-down (harvesting resets basis)
- Not all losses are worth harvesting — transaction costs and tracking error are real

---

## 5. Client Report

### When to Use
Generating client-facing performance reports for periodic distribution.

### Structure
1. **Cover page**: Client name, period, advisor info
2. **Executive summary**: Key metrics, market commentary, portfolio highlights
3. **Performance summary**: Returns vs benchmarks across time periods
4. **Asset allocation**: Current pie chart vs target, drift analysis
5. **Holdings detail**: By account, with cost basis, gain/loss, income
6. **Transaction summary**: Trades executed during period with rationale
7. **Market outlook**: Brief commentary on economic and market environment
8. **Next steps**: Action items, upcoming events, required decisions

### Rules
- Use plain language — avoid jargon the client won't understand
- Lead with what matters to the client (goal progress), not what matters to the advisor (alpha)
- Include disclosures and disclaimers as required by compliance

---

## 6. Investment Proposal

### When to Use
Proposals for prospective clients or significant portfolio changes for existing clients.

### Structure
1. **Understanding Your Goals**: Restate client's objectives and constraints
2. **Our Approach**: Investment philosophy, process, asset allocation methodology
3. **Recommended Portfolio**: Proposed allocation, selected funds/ETFs, rationale
4. **Expected Outcomes**: Projected returns, risk metrics, Monte Carlo results
5. **Fee Structure**: Advisory fee, fund expenses, total cost
6. **Getting Started**: Onboarding process, timeline, next steps

### Key Elements
- Compare proposed portfolio to current (if applicable)
- Show risk-adjusted returns, not just absolute returns
- Include worst-case scenario analysis (2008-style drawdown)
- Be transparent about fees — total cost including underlying fund expenses

---

## General Wealth Management Standards

- **Suitability**: Every recommendation must align with the client's IPS, risk tolerance, and time horizon
- **Documentation**: Document rationale for every trade and recommendation (compliance requirement)
- **Tax awareness**: Always consider tax implications before recommending trades
- **Plain language**: Clients are not finance professionals — communicate clearly
- **Fiduciary standard**: Act in the client's best interest, not yours

*Adapted from Anthropic Financial Services (Apache 2.0). No paid data subscriptions required.*
