For every client, we gain a thorough understanding of the investment needs as well as the desired return relative to the risk expected. Each client's unique needs and desires will dictate how their portfolios are managed. We believe that for most clients certain asset classes will be highly desirable at certain times. For example, for those seeking growth and with a greater tolerance for risk, a higher proportion of faster growing investments - including those outside the US or smaller companies - could be appropriate in the portfolio. For those seeking current income, high-yielding REITS and preferred stocks may have a stronger presence in the portfolio, as might stocks that pay substantial dividends.
Step 1: Defining Your Objectives
In order to develop a complete assessment of your needs, we discuss your particular goals, risk tolerance, time horizon, income requirements, tax status and any special circumstances. During this process, we ensure that you understand Phocas investment philosophy and strategy.
Step 2: Creating Your Investment Roadmap
Based on our understanding of your specific constraints and objectives, we draft your unique Investment Policy Statement ("IPS"). Your IPS specifically identifies the framework in which the portfolio is to be managed including the asset allocation and the expected risk/return profile. It also discusses income needs and any unique circumstances which will affect the management of your assets. The IPS is our joint plan to reach your goals.
Step 3: Implementing Your Roadmap
Only after you have reviewed and approved the IPS will we begin to make investments.
Step 4: Monitoring and Reporting
We will manage your portfolio in accordance with your IPS. From your custodian [1] , you will receive monthly brokerage statements, trade confirmations, and year-end tax reporting. Phocas will provide you with a letter each quarter summarizing your investments, highlighting the current market conditions, and discussing our market expectations. We strive to maximize your after-tax return while maintaining an appropriate level of risk and a long-term perspective.
Step 5: Periodic Meetings
We have periodic meetings to review your portfolio and the IPS, and to discuss any significant changes in your life or financial situation. If necessary, changes are incorporated into an updated IPS for you.
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1. Phocas does not provide custody for any of the investments it manages. This function is performed by companies like Charles Schwab, Inc.