1. What Do I Do Now? “What financial planners are saying” June 1, 2009

2. Today’s Speaker Michael Goodman, CPA/PFS President Wealthstream Advisors Inc., N.Y.,N.Y. Member of the AICPA Personal Financial Planning Executive Committee Chair of the AICPA Advanced PFP Conference Served as an adjunct lecturer at Columbia University, Teachers College and New York University Twenty years experience in financial services

3. What are financial planners hearing from clients? General Concerns –Brought on by events and news stories they hear –Uncertainty of impact on their goals and families –In some cases, even fear and anxiety Specific Concerns –Brought on by events they experience –Loss of their job –Inability to fund their children’s education

4. What questions are clients asking? Why is this happening? What does it mean to my retirement plans? How much longer will I have to work now? Should I just stay in cash until this passes? Should I be in stocks? When should I buy? Is this the bottom? How can I capitalize on this? What should I buy now? Gold?

5. What questions SHOULD clients be asking? What can I be doing now to help minimize the impact on my long-term financial plan? Are their any new laws (tax or otherwise) able to save me money? –Roth conversion now or 2010 –Elimination of 2009 required minimum distributions –Take advantage of the 15% tax rate while it lasts

6. What are financial planners telling their clients? Back to basics – cash flow is critical –Pay down or refinance existing debt –Build cash reserves –Know your expenses - fixed and variable Review your goals –Re-prioritizing or time horizon changes needed? –Be careful how you let the short-term circumstances impact long-term strategies –Keep it in perspective –This isn’t new just different from past downturns

7. What are financial planners telling their clients? Talk about risk tolerance –Nothing clarifies risk tolerance like experiencing risk first-hand –Changing rules involving safety of assets Integrate tax planning considerations –Harvest capital loss carry forwards –Discuss tax traps and opportunities

8. Real life discussions & Questions