The Astorino Financial Group
Putting Clients FIRST!
Securities and Advisory services offered through LPL Financial. A registered investment advisor. Member FINRA & SIPC.
Financial Planning offered through The Astorino Financial Group, A Registered Investment Advisor
Who is LPL Financial?
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LPL Financial was founded with a pioneering vision — to help
entrepreneurial financial advisors establish successful
businesses through which they could offer truly independent
financial guidance and advice.
LPL Financial was formed in 1989 through the merger of two
small but successful brokerage firms, Linsco (established in
1968) and Private Ledger (founded in 1973).
By merging these two companies, the founders of LPL
Financial sought to create a formidable alternative to Wall
Street firms, one where financial advisors could build highly
competitive businesses while always doing what was right for
their clients.
LPL Key Facts
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$2.7 billion in revenue
11,000 affiliated financial advisors
5,475 branch offices
Service to over 725 financial
institutions
2,600 employees with headquarters
in Boston, Charlotte, and San
Diego
$282 billion in assets under
management
$79 billion in assets under
management in LPL Financial's
fee-based (advisory) platforms
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LPL Financial is one of the
nation's leading diversified financial
services companies and the largest
independent broker/dealer
supporting more than 11,000
financial advisors nationwide.*
* As reported in Financial Planning magazine 1996–2008 based on total revenues.
Astorino Financial Group: Services
offered Through LPL
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Unlike many other brokerage
firms, LPL Financial does not
develop its own investment
products, enabling the firm’s
investment professionals to
offer financial advice free from
broker/dealer inspired conflicts
of interest.
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Portfolio Review Tool (PRT)
Account View
WealthVision
Strategic Asset Management
(SAM)
Optimum Market Portfolio
(OMP)
Personal Wealth Portfolio
(PWP)
Manager Select
Model Wealth Portfolio (MWP)
Who is The Astorino Financial
Group?
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Francis X. Astorino has been a practicing Financial
Planner since 1983. He established and has owned The
Astorino Financial Group, Inc. (a Registered
Investment Advisor in the State of New Jersey) since
1986.
After graduating from Boston College in 1982, Mr.
Astorino acquired his FINRA licenses in Securities and
Insurance. He also has his Series 6, 7, and 63
registrations. He became an Investment Advisor in
1988 and continues curricula in advanced retirement
and financial planning programs. He is a Registered
Principle (Series 24) with LPL Financial. Frank is a
frequent guest speaker among professional groups and
at a local college in New Jersey. Mr. Astorino currently
pilots workshops with a PhD in Psychology for families
and couples to augment his practices’ Financial Life
Planning Division.
Mr. Astorino is a devoted family man to his wife and
four children and has held offices for multiple charities,
including Past President of the Boston College Alumni
(Metropolitan New York Chapter) and Vice President
of UNICO (West Essex Chapter). He is Secretary of
the North Caldwell Baseball and Softball Association
while maintaining coaching positions for 10U travel
baseball and basketball. He has been appointed to the
North Caldwell Planning Board and Finance Chairman
for the mayor. In his spare time he manages to play
golf and tennis at the Glen Ridge Country Club, in
Glen Ridge, New Jersey.
The Astorino Financial Group Team
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Vincent Lanfrank
Danielle O’Connell
Robert Lee, Jr.
Deborah Astorino
Karen Barlow
Susan Levey
What the Astorino Financial Group
can do for YOU.
Here, in one central location (www.astorinofinancialgroup.com), you can:
 Get information on our financial services and strategies.
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Comprehensive Financial Plans
Asset Allocation and Design Strategy
Investment Management
Estate Planning
Retirement Planning
Tax Planning
College Funding Strategies
Insurance Management
Cash Management
Long Term Care
Review relevant account information.
Access to global financial institutions, educational resources, and market
updates.
Developing a Strategy to Reach
YOUR Goals
How can we help you protect those you love, provide for the charities you support,
propel your dreams forward and pursue your vision of success?
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At The Astorino Financial Group, the first thing we’ll do is
listen and learn—and we’ll keep on listening and learning from
you as we create, execute, and maintain a financial strategy.
Our goal is to work with you to craft an effective and enduring
plan that’s designed to make your future exactly what you want
it to be.
You’ll also gain the peace of mind you deserve knowing you
have an experienced and committed financial advisor on your
side. To help you take an active role in your financial future,
we’ll encourage you to use our Web site to stay informed and
stay in touch.
The Client
Relationship Process
The Client Relationship Process
1. Client Engagement
5. Communication, Reporting,
and Review
2. Wealth Mapping
3. Implementing
Your Goals
4. WealthVision
Client Engagement: The Right Fit
for Everyone
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Are WE the right advisor for YOU?
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As a firm, are we able to offer you with the best
possible service to meet your needs?
Client Power Ranking
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Client Power Ranking is a computer based tool
that allows us to see our compatibility with you
as our client
Do we share common interests?
 Do you have a goal attainable through our
guidance?
 Are you willing to let us be your advisor?
 Were you referred to us?
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All of these questions along with others will
allow us to do what is best for you.
Why Our Client Engagement Works
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Your relationship with us can be personalized and must be confidential and
mutually fair.
You should be able to trust your financial advisor with your most precious of
assets, your future.
Some may ask, what does liking baseball or golf have to do with my financial
advisor?
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If we know what you are interested in, it allows us to think of you when we have
a golf outing, wine tasting event, cooking class, book club, or any other event
that targets your interests.
It is a way for you to learn about your finances while doing something you enjoy.
If you have needs that require services we are not able to offer you, it is
important to know that. It would only hurt to be in the middle of a
relationship with us and realize we cannot meet your needs.
Our Client Power Ranking is our way to make sure you, our client, is cared for
in the best possible way.
Interests
(What do YOU like to do in
your free time?)
Wealth Mapping
Financial
Holdings
(What do YOU own?)
Communication
(What is the best way to
communicate?)
Client Information
Professional
Relationships
(Who do YOU work with?)
Goals/Concerns
(What 3 things do YOU
want in Life?)
Wealth Mapping is Copyrighted to Van Kampen Funds, Inc. All rights reserved. Member FINRA/SPIC.
Personal
Relationships
(Who do YOU care about?)
Wealth Mapping: Why this is an
important practice
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Your Wealth Map develops a clear picture
of where you want your future to be.
This step allows us to see a potential
problem (ie. Cash flow, insurance needs,
liquidity, etc.)
Allowing us into the more detailed parts of
your life will make sure you are ready to
tackle any life transitions you are
approaching.
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This also allows for the proper funding
applications for large expenses.
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It is also beneficial for any monetary
income
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College
Marriage
Divorce
Estate
LTC
Disability
New Home Purchase
Sale of a home
Sale of a business
Inheritance
These occurrences can cause tax
repercussions, a large imbalance of funds,
or a severe disruption of your long-term
goals
Client Information &
Communication
•What is the best way for us to
contact you?
•How often do you feel you would
like to meet with us?
•Do you have and problems
getting to our office?
•Are there any other personal issues that
require meeting and communicating
with special conditions?
Communication
(What is the best way to
communicate?)
Client Information
Here we just get down the basics.
•What is/are your name(s)?
•How old are you?
•What is your household income?
•What is your total net worth?
Communication
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Not everyone prefers the same means of
communication, and that is an important aspect to
consider
Privacy and personal needs are specific to different
people
If you require frequent meetings about your financial
situation, we need to know that.
If you want your finances to be in cruise control, that
is important too.
It is our goal to customize communication with you so
you receive the best service possible.
Personal Relationships
In your life, who do
you care about the MOST?
•Do you have kids, what are their names,
and how old are they?
•Will you need to look into the care of your parents?
•Do you have a favorite charity or non-profit
organization that you devote your time
and money to?
•Are there any other personal relationships you
have that have a direct effect on your life?
Personal
Relationships
(Who do YOU care about?)
Financial Holdings
Financial
Holdings
Personal Assets
(What do YOU own?)
•What is the current value of
your residence?
•Do you own any other property? If so,
how much is it worth?
•Do you currently have and life,
disability, or long-term-care insurance
policies?
•Are you the beneficiary or
trustee of a trust?
Investment Assets
•Do you own any non-qualified
investments? If so, are they individually,
or jointly owned?
•Do you own any qualified accounts? Are
they IRA’s, 401k’s, Pension Plans, etc.
•Are you the custodian of any
minor’s accounts? If so, are they
529’s UGMA/UTMA’s, etc?
Liabilities
How much are you currently in debt?
•Do you own a mortgage?
Do you have a credit card, or even
•multiple credit cards?
•Do you have any outstanding
•student loans?
•Are you currently leasing
•or financing your car?
•Do you have any other debts?
Your Financial Holdings
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Consolidation
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Many people have their money
invested, but may not be taking
the most cost effective strategy.
It is important to take into
consideration your tax bracket
when considering investment
ideas.
Year
3-Month*
CD %
Rates
Less
Tax %
Net %
Less
Return After
Inflation %
Tax and
Inflation
2006
5.16
35.0
2.50
0.85
2005
3.51
35.0
3.40
-1.12
2004
1.57
35.0
2.70
-1.68
2003
1.50
35.0
2.30
-1.33
2002
1.73
35.0
1.60
-0.48
2001
3.71
39.1
2.80
-0.54
2000
6.46
39.6
3.40
0.50
1999
5.33
39.6
2.68
0.54
1998
5.47
39.6
1.61
1.69
1997
5.62
39.6
1.70
1.69
1996
5.39
39.6
3.30
-0.04
1995
5.92
39.6
2.50
1.08
1994
4.63
39.6
2.70
0.10
1993
3.17
39.6
2.70
-0.79
1992
3.68
31.0
2.90
-0.36
1991
5.83
31.0
3.10
0.92
1990
8.17
31.0
6.10
-0.46
1989
9.08
33.0
4.60
1.48
1988
7.85
33.0
4.40
0.86
1987
7.01
38.0
4.40
-0.05
1986
6.50
45.0
1.10
2.48
1985
8.25
45.0
3.80
0.74
1984
10.68
45.0
4.00
1.87
1983
9.27
48.0
3.80
1.02
1982
12.57
50.0
3.90
2.39
1981
15.77
59.0
8.90
-2.43
1980
12.99
59.0
12.40
-7.07
1979
11.44
59.0
13.30
-8.61
1978
8.61
60.0
9.00
-5.56
1977
5.92
60.0
6.80
-4.43
1976
6.62
62.0
4.80
-2.28
1975
6.89
62.0
7.00
-4.38
Sources: Federal Reserve Board. Inflation rate is based on
the US CPI increase.
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Are Your Current Investments
Allocated According to YOUR
Goals
It is important to look at both your retirement and
non-retirement assets to make sure they are not too
aggressive, or conversely, not aggressive enough.
As you get older, your asset allocation should change to
Stocks
meet your needs.
Each client has a
Client C
Expected
different need for Return
Client B
return and also a
Client A
different ability to
T-Bills
take on risk.
Risk
T-Bills provide fixed rates of return as well as principal guarantees if held to maturity. Investment returns and principal value of a mutual fund are not guaranteed and will fluctuate so that an investor’s shares,
when redeemed, may be worth more or less than their original cost.
Goals and Concerns
What are your goals for others?
•What do you currently do to care for
those you love? Your kids, parents, society, etc.
•How would you like to care for those you love?
What are your
personal goals?
•What are your short or long-term
goals professionally? Personally?
•If you have or are going to enter
retirement, how would you like to
spend your time?
•How would you like your
quality of living to be?
•Where would you like to be
when you are 45? 55? 65? 75? 85?
•What do you consider to be your
greatest accomplishments?
•What would you like to accomplish?
Goals/Concerns
(What 3 things do YOU
want in Life?)
Professional Relationships
Who are the other professionals
that you currently work with?
•Who is your Accountant?
•Who is your Attorney?
•Do you currently have another
financial advisor? If so, who is he/she?
How Astorino Financial Group work
with your other professional advisors?
Client Portfolio Analysis
Tax
Preparation
Your CPA
Tax
Planning
Asset Allocation
Investment Strategy
Financial
Planning
Needs Analysis
Astorino
Financial Group
Consulting
Services
Professional
Relationships
(Who do YOU work with?)
Your Estate
Attorney
Trust and Estate
Services
Estate
Planning
Charitable
Giving
Investment Policy Development
Performance
Reporting
Manager Due
Diligence
Trading
Custody
Personal Interests
Interests
(What do YOU like to do in
your free time?)
Getting to Know YOU Better
•What are some of your hobbies? Activities?
•What are your favorite TV programs,
movies, sports teams, etc?
•Do you consider health and fitness to be a
main aspect of your life?
•Do you enjoy reading? If so, what are
some of your favorite genres?
•What would your IDEAL weekend or vacation be?
The Astorino Financial
Group Difference
Implementing Your Goals
Financial Life Planning
FLP Phase I
Pricing YOUR
Financial Plan &
Fee Schedule
FLP Phase II
Financial Plan
Preparation
Client is Introduced to
Outside Professionals
Client Makes Decisions
Plan Implementation
Financial Life Planning
Financial Life Planning means not just asking
the right questions but being able to engage clients in
meaningful conversations about their important life
events, situations, and goals. These introspective
conversations, known as financial life dialogues, are
central to the development of the Institute’s planning
tools and training programs. Financial advisors who
move from being transaction-based financial planners
to Financial Life Planners develop clients for life, by
helping those clients achieve the freedom to pursue
their own goals, at their own pace, on their own terms.1
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By focusing clients on the four key
components of their lives—history, transitions,
principles, goals—advisors are able to move
successfully from financial planning to financial life
planning, and create clients for life. 1
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Financial life dialogues are centered around
important life events, transitions, principles, and
goals that have an impact on a client’s financial
situation. These dialogues result in a strong
foundation and long-lasting relationship between
client and advisor. The Financial Life Planning
Institute provides advisors with all the tools they
need to develop stronger client relationships
through:1
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1Mitch
Anthony’s Financial Life Planning (http://www.flpinc.com/Home.aspx)
Unique Tools: The Institute’s tools include:
FLPOnline, an interactive tool that helps advisors
engage clients in financial life planning with the most
highly developed life planning tools available in the
industry; The Practice Check-Up, a tool that helps
advisors understand where their practice is and
where they want it to be in order to achieve
life/practice balance; and NewRetirementality.com, a
free tool that helps clients get a bird’s-eye view of
where they are, and where they want to be in their
lives regarding retirement. 1
Knowledge: The Institute’s extensive resource library
includes resources related to financial life planning,
worksheets, life planning images advisors can
integrate into their practices, workshops, advanced
client dialogues, on-line courses, audio training, video
training, and much more. 1
Coaching: The Institute is committed to helping
advisors implement and integrate life planning into
their practice through customized, one-on-one
coaching. 1
Financial Life Planning
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Phase I
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Satisfaction Survey
Me to We
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Phase II
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History
Principles
Transitions
Goals
Your Return After Inflation and
Taxes
Scenario:
10% gross profit from investment
* 3% - Inflation
* 3% - Taxes
* 2% - Cost
Net Return: 2%
Financial Plan Preparation
Elements of Complexity and Time Requirement
Category
Lower Time Requirements
< 10 Hours
Moderate Time Requirements
10-20 Hours
High Time Requirements
>20 Hours
Single Issue - 1 goal/issue. Can
be client concern and/or financial
planning area.
Single issus, +2 goals; i.e which of 3
pension options to select
Single Issue with multiple facets
Current Situation
Current and future options in all 6 areas
with multiple facets
Annual
Semi-annual
At least quarterly
< $300 K
$300 K - $1 million
> $1 million
<8
9 to 19
> 20
Direct; i.e individual, JTWROS
Tenants in common or entirety,
community property, custodial,
UGMA/UTMA
Indirect; i.e. trusts, parterships,
corporate, etc.
Bank account, mutual funds, cash
accounts
Individual securities, savings bonds,
T-Bills & notes
LP, REIT, LLC, FLP, closely held
business, investment RE, illiquid assets
All in state of domicile:
2 States:
Multiple States and/or outside US
Planning Services
Issue Planning
Comprehensive
Planning
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In Person Meetings
Holdings
Asset Value
Number of Assets
Ownership
Type
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Location
Family
U.S.
Non-U.S., U.S. ex-patriot
Citizenship
Biological Children
Adopted children, step children,
parents or non-relatives as
dependents
Special needs children, handicapped,
dysfunctional, estranged
Single, married, widowed
Single parent
Unmarried Partners, siblings,
parent/child etc.
<$50,000
$50,000 - $150,000
>$150,000
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W-2 wages/salary
1099R, Schedule D,
Social Security, Bonus
Schedules C, F, K, R, foreign sources,
sub-S, deffered comp
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New home purchase, consumer
debt
Refinance, lease/repurchase
Bankruptcy, tax liens, foreclosure
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<20% cash flow to debt
20% - 40% cash flow to debt
>40% cash flow to debt
Alimony, child support,
unemployment, disability, pension
while working, SS
Lottery, inheritance, trusts, stock options,
early retirement buyouts
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Chronic illness, disabled client
Terminal illness, high uncovered
medical expenses
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Relocation, remarriage, birth of child,
inherit >$100,000
Divorce, death of partner, prenuptial or
post-nuptial agreements, inherit
>$100,000
Dependants
Marital Status
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Cash Stream
Household Income
Income Sources
Debt
Using this spreadsheet (designed by
LPL), we are able to come up with
an appropriate price of YOUR
financial plan.
This is however merely a bench
mark. This takes into account the
different levels of complexity and
the time it would require to meet
all of your individual goals.
During this phase we will also:
Debt Repayment
Special Circumstances
Income
Health
Inheritance $100,000 or less
Life Changes
Other Special
Circumstances
TOTALS:
$3,000 0
$6,000 0
Total Fee Amount = #DIV/0!
$8,500 0
Confirm plan assumptions
Create financial projections
Analyze Current Financial
Situation
Develop Recommendations
Introduce a Fee Schedule
Investment Platform Fees
INVESTMENT MANAGEMENT
While the financial plan costs are ~
one aspect, there is also the
advisory fee of the investment ~
~
platforms.
~
~
This too effects the cost of your ~~
~
overall financial plan.
~
Depending on your current
~
~
financial position, the right
~
platform and fee will be chosen for
you.
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Customized Full Service
Portfolio implementation
management according to asset class
or portfolio parameters through LPL
Ongoing portfolio monitoring a
rebalancing
Performance reporting
Risk profiling
Asset allocation
Integration of existing holdings
Ongoing communication
Comprehensive proposal illustrating tax
tax efficient transition strategies
Quarterly/Semi-annual client review
College planning
401(k) asset allocation assistance
Complete Financial Planning
~
~
~
~
~
~
~
~
~
~
~
Analysis of existing holdings, including
asset class categorization, sector exposure
and risk analysis
Efficient frontier positioning
Wealth simulations for cash flow and estate
planning
Joint presentation to client
Direct relationship with portfolio manager
Proactive tax management
Retirement planning
Insurance analysis
Company stock option analysis
Educational client workshops
Qualified plan beneficiary planning
CUSTOMIZED PRIVATE MANAGEMENT FEES
On Asset Management Account
through Linsco\Private Ledger
Equity and Balanced Accounts
Average Expenses 1994*
1.44%
1.44%
1.44%
Average Trading Costs @
75% Turnover
0.90%
Average Trading Costs @
100% Turnover
1.20%
First $2 million
Next $3 million
Next $5 million
Amount Over $10
million
2 .00%
1.85%
1.75%
1.50%
Average Trading Costs @
150% Turnover
Total Basic Expenses:
Fixed-Income Only Accounts
1.80%
2.34%
2.64%
3.24%
vs.
Wrap Fee of 1.4%-2.8% depending on size and negotiation.
* See LA Times article "Inv estor Expenses High Despite Firms' Profits", January 14, 1996
and page 206, Bogel on Mutual funds by John Bogel, Chairman, Vanguard Group.
First $2 million
Next $3 million
Next $5 million
Amount Over $10
million
1.00%
0.90%
0.80%
0.75%
Combining Your Financial Plan
Costs with Our Fee Schedule
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Depending on your financial situation you may
or may not have the means to pay for all of our
services.
This is why combining the financial plan
calculator with our fee schedule is so effective.
Depending on your needs a price can be
developed that is beneficial to both Astorino
Financial Group, and to you, as our valued
client.
Presenting Your Plan
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During this phase we will:
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Go over your report with you
Assign Responsibility
We will put in writing a request
to implement your plan
Make additional analysis
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This will in most cases not
be your comprehensive
financial plan.
You will receive important
Needs Analysis run by our
financial planning software
(NaviPlan) depending on
your own goals.
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Education Needs Analysis
Life/Disability/LTC Insurance
Needs Analysis
Retirement Needs Analysis
The Need for NaviPlan
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NaviPlan’s basic needs analysis sets up the rest of your
financial plan.
These initial calculators allow the best possible plan to
be run for you.
With each individual aspect affecting the other, it is
important to take each of them into consideration
initially.
Calculating costs of each will make the complete plan
more precise and will allow the personalization of the
complete plan.
Education Needs Analysis
Education
Objectives
Analysis
Based on our assessment, it appears you may not have sufficient savings strategies in place to meet
your goal.
Based on your assumptions, to meet your goal you need to save $985 per month (indexed at 3%
annually) beginning in 2008.
The following graph indicates the total savings required to finance the education goal using a NonQualified savings plan.
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
Total Market Value
Assumptions
Initial Investment
Savings Required (indexed)
Return Rate
Average Tax Rate
Savings Index Rate
Education Cost Index Rate
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
$0K
2009
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With the rising cost of
secondary education beating
out inflation by drastic
amounts, it is important to
look at the future costs, and
cost effective ways to save.
The Education Needs
Analysis will calculate these
costs and suggest monthly
savings, lump-sum savings,
and investment strategies.
2008
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You want to accumulate sufficient assets to fund an education goal of 4 years at a total cost of $35,000
per year, in today’s dollars*, beginning in the year 2026.
Total Savings
Consider the Following
$0
$985/mth
6%
25%
3%
6%
*Note: Education costs of $35,000/year for 4
years (indexed at 6% annually) would be equal to
a total education cost of $437,032.
 Determine realistic values for tuition and
related college expenses. Factor in the effects
of inflation. College costs have historically
increased at a significantly higher rate than
inflation.
 Invest regularly for your children’s education,
starting as early as possible.
 Where possible, take advantage of
educational savings vehicles such as
Coverdell ESAs, 529 Plans, UTMA accounts
and UGMA accounts.
Education Analysis





The rising cost of secondary education is a concern for many
people.
The consequences of waiting to start saving are significant and
can seriously effect the amount you need to save (put in the
waiting charts)
When these costs are taken into consideration there is a change
in both your need for life insurance and your needs for
retirement.
Education costs can play a large roll in whether or not your
plan succeeds.
Your child’s secondary education costs should not be the
deciding factor in you happiness during retirement.
Life Insurance Needs Analysis



Coinciding with your
education needs analysis (if
applicable), a life insurance
calculation will be run.
This analysis will allow us to
suggest the best possible
policy or policies to meet
your needs if the
unfortunate happens.
The last thing anyone wants
is to leave their loved ones
unprepared and under
funded in the event of an
unexpected death.
Life Insurance Blank Form for Analysis - John/Jane
Doe
Needs if John/Jane Doe dies today (Beneficiary: John/Jane Doe)
Lump-sum capital needs at death
Last illness and burial expense
Probate and administration expenses
Debt elimination (including mortgage, loans, line of credit & credit cards)
Tax liability (deferred tax, capital gains)
Education Funds
Emergency Fund
Total lump-sum needs
$25,000
$5,000
$0
$0
$0
$25,000
$55,000
Capital needed to meet annual income needs
Number of years
Annual living expenses of survivor (current dollars)
Less:
Until
After
children
children
are self-
but before
During
Total
supporting
retirement
Retirement
45
10
$80,000
10
$75,000
25
$75,000
($50,000)
($50,000)
$14,000
$14,000
$4,760
$44,000
$39,000
$59,760
Estimated Social Security benefits
($20,000)
Survivor's earned income
Other guaranteed income
Plus:
Taxes Payable
Annual income needs - deficiency (surplus)
Capital needed (using capital depletion method)
Expected net yield on capital (see assumptions below)
Capital needed to meet annual income needs
Capital needed to meet annual income needs
1.3%
1.3%
1.3%
$415,081
$322,695
$986,381
$1,724,157
Total capital needed upon death
$1,779,157
Less: Current capital and life insurance
Realizable assets
Existing life insurance coverage
Social Security death benefit
$1,200,000
$200,000
$250
Deficit or (Surplus)
Sensitivity analysis
$378,907
Inflation Assumption
Deficit or (Surplus)
3.0%
3.0%
2.0%
1.0%
0.0%
$378,907
$378,907
$59,741
($179,724)
($361,829)
Assumptions:
Expected yield on capital
Less: tax effect
After-tax yield on capital
Less: expected inflation on expenses and income
Expected true net yield on capital (after tax and inflation)
6.0%
(28.0% avg tax rate)
-1.7%
4.3%
-3.0%
1.3%
Insurance Analysis Comparison
WITH 10 year old child starting college at
$35,000/year indexed at 6% (total cost $250,000)
Life insurance with out Education Costs
Life Insurance Blank Form for Analysis - John/Jane
Doe
Life Insurance Blank Form for Analysis - John/Jane
Doe
Needs if John/Jane Doe dies today (Beneficiary: John/Jane Doe)
Needs if John/Jane Doe dies today (Beneficiary: John/Jane Doe)
Lump-sum capital needs at death
Last illness and burial expense
Probate and administration expenses
Debt elimination (including mortgage, loans, line of credit & credit cards)
Tax liability (deferred tax, capital gains)
Education Funds
Emergency Fund
Total lump-sum needs
Lump-sum capital needs at death
$25,000
$5,000
$0
$0
$0
$25,000
$55,000
Last illness and burial expense
Probate and administration expenses
Debt elimination (including mortgage, loans, line of credit & credit cards)
Tax liability (deferred tax, capital gains)
Education Funds
Emergency Fund
Total lump-sum needs
Capital needed to meet annual income needs
Capital needed to meet annual income needs
Number of years
Annual living expenses of survivor (current dollars)
Less:
Until
After
Until
After
children
children
children
children
are self-
but before
During
Total
supporting
retirement
Retirement
45
10
$80,000
10
$75,000
25
$75,000
($50,000)
($50,000)
$14,000
$14,000
$4,760
Plus:
$44,000
$39,000
$59,760
Annual income needs - deficiency (surplus)
1.3%
1.3%
1.3%
$415,081
$322,695
$986,381
Estimated Social Security benefits
($20,000)
Survivor's earned income
Number of years
Annual living expenses of survivor (current dollars)
Less:
but before
During
supporting
retirement
Retirement
45
10
$80,000
10
$75,000
25
$75,000
($50,000)
($50,000)
$14,000
$14,000
$4,760
$44,000
$39,000
$59,760
Estimated Social Security benefits
($20,000)
Other guaranteed income
Taxes Payable
Annual income needs - deficiency (surplus)
Capital needed (using capital depletion method)
Taxes Payable
Capital needed (using capital depletion method)
Expected net yield on capital (see assumptions below)
Capital needed to meet annual income needs
Capital needed to meet annual income needs
$1,724,157
$1,779,157
Less: Current capital and life insurance
$1,200,000
$200,000
$250
Deficit or (Surplus)
$378,907
Inflation Assumption
Deficit or (Surplus)
3.0%
3.0%
2.0%
1.0%
0.0%
$378,907
$378,907
$59,741
($179,724)
($361,829)
1.3%
1.3%
$322,695
$986,381
$1,724,157
$2,029,157
Realizable assets
Existing life insurance coverage
Social Security death benefit
$1,200,000
$200,000
$250
Deficit or (Surplus)
$628,907
Inflation Assumption
Deficit or (Surplus)
3.0%
3.0%
2.0%
1.0%
0.0%
$628,907
$628,907
$309,741
$70,276
($111,829)
Assumptions:
Expected yield on capital
Expected true net yield on capital (after tax and inflation)
1.3%
$415,081
Total capital needed upon death
Sensitivity analysis
Assumptions:
Less: expected inflation on expenses and income
Capital needed to meet annual income needs
Less: Current capital and life insurance
Realizable assets
Existing life insurance coverage
Social Security death benefit
Less: tax effect
After-tax yield on capital
Expected net yield on capital (see assumptions below)
Capital needed to meet annual income needs
Total capital needed upon death
Sensitivity analysis
are selfTotal
Survivor's earned income
Other guaranteed income
Plus:
$25,000
$5,000
$0
$0
$250,000
$25,000
$305,000
(28.0% avg tax rate)
6.0%
Expected yield on capital
-1.7%
4.3%
Less: tax effect
After-tax yield on capital
-3.0%
Less: expected inflation on expenses and income
1.3%
Expected true net yield on capital (after tax and inflation)
6.0%
(28.0% avg tax rate)
-1.7%
4.3%
-3.0%
1.3%
Retirement Needs Analysis
Retirement: Required Savings
Objectives
You plan to retire in the year 2034 at age 65. Your retirement income goal in the year 2034 is
$125,000 per year, in today’s dollars.*

Analysis
Based on our assessment, it appears you may not have sufficient savings strategies in place to meet
your retirement goal.
Based on your assumptions, to meet your goal you need to save $2,823 per month (indexed at 7%
annually) beginning in 2008.

This graph shows the savings required to finance your retirement.
$6M
$5M
$4M
$3M
$2M
$1M
Total Market Value
Assumptions
Initial Investment
Savings Required (indexed)
2058
2056
2054
2052
2050
2048
2046
2044
2042
2040
2038
2036
2034
2032
2030
2028
2026
2024
2022
2020
2018
2016
2014
2012
2010
2008
$0M
Total Monthly Savings
Consider the Following
$155,000
$2,823/mth
Return Rate
7%
Average Tax Rate
25%
Savings Index Rate
7%
Retirement Income
Index Rate
3%
*Note: Retirement income of $125,000 today
(indexed at 3% annually) is the equivalent of
$269,574 in 26 years, at age 65.
 The additional required monthly savings
amount is based on savings to qualified
assets.
 Maximize contributions to tax-advantaged
qualified retirement plans such as IRAs, Roth
IRAs, and 401(k) plans.
 If you have not already done so, begin
investing on a regular basis.
Using your current retirement savings,
income flow, expenses, and future
retirement needs, we can calculate a
basic need to meet your goals.
The combination of rapidly
approaching retirement and concerns
about post-retirement financial
security has not translated into more
personal savings for most Americans,
said Standard & Poor's in a report
released today. The report, titled
"Older But Not Wiser: Why
Americans Remain Dangerously
Unprepared for Retirement," finds
that the average American household
savings rate remains near 0%.1
© Thomson Reuters 2008 All rights reserved
1http://www.reuters.com/article/pressRelease/idUS235192+15-May-2008+PRN20080515
The Retirement Needs Analysis:
Lack of Preparation is the Majority



According to research conducted by MetLife, 69% of preretirees overestimate how much they can draw down from their
savings, with 43% saying they believe they can withdraw 10% or
more each year while still preserving their principal, even
though most retirement experts suggest a withdrawal rate of no
more than 4% annually. In addition, 60% underestimate life
expectancy and 49% underestimate the amount of preretirement
income they’ll need once they retire. With that said, calculating
your needs to retire comfortably and without changing your
current lifestyle is an important practice.1
The retirement needs analysis is the first step to overcoming
what seems to be believed as inevitable.
The calculator will allow us to find a basic benchmark for
retirement saving, it will also contribute to the utilization of
more advanced planning techniques.
1Source:
Neathridge Content Solutions http://www.agingworkforcenews.com/2008_06_01_archive.html
The Start of a New
Relationship
Decision Making & Introduction





Depending on your needs, you may
be introduced to an outside
professional.
Astorino Financial Group works
side by side with Dr. Louis Barretti,
PhD, Master Coach Mary Duwe,
and Personal Impact Consultant
Suzanne Tongue.
Dr. Barretti assists in what he calls,
“Financial Relationship Coaching.”
Mary Duwe is the Master Coach
for “You Evolve Coaching”
Suzanne is Managing Director and
Personal Impact Consultant for
Stylecapital.
Above: Dr.
Louis Barretti,
PhD.
Right:: Mary
Duwe, Master
Coach
Left:: Suzanne
Tongue,
Personal
Impact
Consultant
Utilizing an Outside Professional







1How
There isn’t anyone in this world who knows everything, some people may
think so, but odds are there is someone out there who knows a specific area
better than most.
For that reason we utilize outside professionals
Finances can cause problems outside of your wallet. Monetary concerns can
be a large factor in an unhappy marriage as well.
Larry Burkett, noted financial author, says, "Money is either the best or the
worst area of communication in our marriages." After years as a financial
counselor and working with marriage counselors, I know that money and
money fights are the #1 cause of divorce, not to mention the thing we fight
about the most.1
Astorino Financial Group does everything in its power to make sure this is
not a problem for you, and in that we may introduce you to Dr. Louis Barretti
and his “Financial Relationship Counseling.”
Couples Workshop
The Field of Financial Psychology
to Communicate With Your Spouse About Money- Dave Ramsey (http://www.daveramsey.com/the_truth_about/money_and_relationships_3889.html.cfm)
You Evolve Coaching






the vision at you evolve coaching is to enrich the lives of others through the life
changing process of coaching. we believe it takes the best in each of us...to make the
best world for all of us!
individual coaching is one of the most powerful adult learning processes offered in
today's marketplace. and now it is available to you by special invitation.
as you experience the power of the coaching interaction, you will more effectively
create new habits, develop new perspectives, increase confidence and desired results. in
addition, your overall quality of life will be improved.
one of the most powerful drivers of personal change is the environment of trust and
support within the coaching relationship. if you are serious about making positive
changes in your life, then take the first step and call now for your complimentary
information gathering session.
this is a breakthrough method for creating unique personal value. the process increases
self awareness, growth and motivation. the tools and resources
build personal confidence for creating an extraordinary life!
we are dedicated to helping you maximize your prosperity, potential, and peace of mind. .
consider this your invitation to begin this life changing adventure.1
1http://www.maryduwe.com/
Stylecapital




Stylecapital is the Image Consultancy that teaches
corporate and private clients how to manage one of their
most underrated assets: their professional impact.
In today’s instant-impression culture, people often waste
huge amounts of money on an “underperforming”
image. Stylecapital helps individuals and business teams
raise their game by turning their style into a real asset.
Very quickly, our clients look and feel more professional,
more confident and more in control. And they save
money, time and stress as well.
Stylecapital can provide private, group or corporate
programs on Personal Style, Executive Colour,
Presentation/Communication Skills, and Business Style &
Etiquette.
If you’d like to know more, please contact Suzanne
Tongue , Managing Director and Personal Impact
Consultant.1
Suzanne obtained her professional image training from Aston & Hayes, London's premier image
consultancy. An American citizen and former Director with Saatchi & Saatchi, Suzanne has managed
major brand image and communication campaigns across the globe. She is an affiliate member of The
Federation of Image Consultants in the UK.
1http://www.stylecapital.co.uk/
Plan Implementation


Using your goals we will develop a personalized strategy for your wealth.
Money will be invested, according to those goals, in any number of LPL’s
designed investment platforms.









Brokerage
OMP (Optimum Market Portfolio)
SAM I/II (Strategic Asset Management)
PWP (Personal Wealth Portfolio)
MWP (Model Wealth Portfolio)
Manager Select
If your goals need other investment styles, we work with some of the top
firms in the annuity business, and offer those services along with the other
platforms.
Investment styles are not limited to the above, we pride ourselves in our
creativity.
At this point in time, as our new client, you will be introduce to your Client
Portal.
Implementation: The Right Plan




Different goals create different risk and reward
measurements.
Depending on your goals we may feel it is appropriate
to hire a Manager to control your portfolio.
Astorino Financial Group has access to the best
managers in the business, and offer them all.
At one place you are able to receive guidance from one
or even multiple managers to make sure your goal is
met.
See the Benefits of Repositioning
Client: John and Jane Sample
Proposed Asset Allocation
Proposed
Actual
CASH
21.3%
LCG
18.0%
FIXED
0.3%
INTL
4.5%
SMCG
6.1%
SMCV
8.5%
INTL
9.4%
LCG
37.9%
SMCG
9.9%
LCV
49.8%
LCV
34.3%
Risk: 17.1%; Return: 9.6%
Risk: 15.9%; Return: 12.1%
For illustrative purposes only.
 What “bets” are being made in the portfolio?
 How might reallocation of asset classes reduce risk and enhance return?
What Degree of Risk/Return Can
You Tolerate?
Use Monte Carlo Simulation to Plan for the Long Term
Current Portfolio
Proposed Portfolio
$250,000 real annual withdrawals
$250,000 real annual withdrawals
$6.3M
$3.1M
$1.9M
$3.1M
$2.6M
$478K
$0
$9.1K
For illustrative purposes only.
What is the likelihood the portfolio will support your planned spending?
How much can you enjoy now while still leaving a legacy for your heirs?
The Institutional Price
Advantage
Bonds may be marked up significantly when a retail client executes a trade
2.5
Retail Client
Markup
2
ING typically
buys here
1.5
Retail Broker
Retail Desk
1
Institutional Prices
0.5
0
Issuer
(available to underwriters, institutional
investors, and syndicates)
When we buy and sell bonds for our clients’ accounts, we are typically able to eliminate several layers of expenses that are commonly included in the prices that retail brokers charge their clients. Since these charges vary
widely and are imbedded in the prices and not explicitly segregated, it is difficult to calculate the true advantage that our institutional trade gives versus a specific retail trade. Based upon data compiled by the Municipal
Securities Rulemaking Board (MSRB), we believe the illustration above presents a reasonable reflection of the difference between an institutional and retail execution. ING Investment Management (ING) does not guarantee
any particular purchase or sale price. Source: ING – Benefits that passive portfolios do not offer, Kam Kadivar 2004
Client Portal

Client Portal is a one-stop-shop for your
financial needs.

AccountView


iDoc


All LPL account values
Online storage of important documents
WealthVision powered by eMoney

Complete aggregation of your LPL and outside
accounts, your liabilities, insurance policies, and your
comprehensive financial plan.
Wealth Vision


It is your introduction to WealthVision that allows
constant monitoring of your financial situation.
With your cooperation, all of your financial holdings
are linked to one common location.







Credit Cards
Investment Assets
Mortgages, Home Equity, Student, and Automotive Loans
Checking, Savings, CD, and Money Market Accounts
Life, Disability, and LTC insurance policies
Outside retirement accounts
Etc.
WealthVision Client Website
Communication, Reporting, and
Review





With WealthVision, allowing you to see your financials is easy,
but often that is not enough
Regularly, PRTs (Portfolio Review Tool) are run to make sure
you are on track with your investments.
WealthVision is also constantly monitored to make sure you are
on track to meet your goals.
If we ever feel there is a need to modify, improve, or are
concerned with your current situation, we will contact you to
set up a meeting
Also if you ever feel concerned or if you want some additional
information on what you are seeing, we are here for
appointments.
Rebalancing Effects



During our relationship, it is important to
remember that your money is not on cruise
control.
Your accounts will be constantly monitored by
our staff to make sure you are on track to meet
your goals.
The Portfolio Review Tool is a way for us to
make sure your asset class weighting is
appropriate for your investment strategy
Keeping Aim at the Target
Recommended Portfolio (Proposed)
This table is a comparison between the Actual and Target Portfolios. It illustrates the amount of each asset
class that needs to be bought and sold to get from the Actual Portfolio to the Target Portfolio.



Your target portfolio is an
important ratio to
maintain.
With out proper review
and reallocation, your
portfolio may take on
unwanted risk
The Portfolio Review Tool
shows exactly where the
portfolio is over or
underweighted, and allows
rebalancing towards your
investment goals
Portfolio Comparison Table
Actual Portfolio
$
%
Allocation
Large Cap Growth
Large Cap Value
Mid/Small Cap Growth
Mid/Small Cap Value
International
Fixed Income
Cash
Total
768,639
462,235
770,112
28,111
386,470
28,976
107,222
2,551,765
30.12
18.11
30.18
1.10
15.15
1.14
4.20
100.00
Target Portfolio
$
%
967,119
875,255
252,625
216,900
239,866
0
0
2,551,765
37.90
34.30
9.90
8.50
9.40
0.00
0.00
100.00
Difference
$
198,480
413,021
-517,487
188,789
-146,604
-28,976
-107,222
%
7.78
16.19
-20.28
7.40
-5.75
-1.14
-4.20
Risk and Return Summary
Actual Portfolio
Pre-Tax Return
Pre-Tax Risk (Std. Dev.)
Target Portfolio
8.71
22.09
Difference
12.08
15.90
Portfolio Comparison Graph
These graphs show a comparison of the Current and Target Portfolios' allocations.
Actual Portfolio
Target Portfolio
3.37
-6.18
The Time Honored Potential of
Asset Allocation
1970−2003
13%
100% Stocks
12%
60/40
11%
30/70
10%
9%
100% Bonds
8%
7%
4%
6%
8%
10%
12%
14%
16%
18%
Risk (%)
Past performance is no guarantee of future results.
Bonds are represented by Intermediate Government Bonds, which provide rates of return as well as principal guarantees if held to maturity. Investment returns and principal value
of a mutual fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. No fees or expenses are reflected in the performance of the
index. Stocks are represented by the S&P 500. An investor cannot invest directly in an index, and its results are not indicative of any specific investment, including any
AllianceBernstein mutual fund. See page 39 for a description of each index.
Source: Lehman Brothers, Standard & Poor’s and AllianceBernstein
Utilized Asset Classes

Stocks




High Return Potential
Long-term investments
May provide Income
Real Assets


Bonds





Regular income
Potential for price appreciation
Possible tax advantages
Cash



Regular income
Relative price stability
Liquidity


Publicly Traded REITs
Non-Publicly Traded
REITs
Limited Partnerships
Alternative Investments



Structured Notes
Hedge Funds
GMIB Contracts
Long-Term
Risk/Reward Analysis
Market Timing: Is it worth the risk?
12.00%
Annualized Total Return for the S&P 500 from 1992-2006
10.64%
10.00%
8.00%
6.00%
4.00%
7.65%
5.14%
3.06%
2.00%
1.13%
0.00%
-2.00%
Remaining Fully Missing the top 5 Missing the top Missing the top
Invested
months
10 months
15 months
-0.64%
Missing the top Missing the top
20 months
25 months
This chart is for illustrative purposes only and does nor represent an actual investment or the performance of any specific investment product.
Source: FactSet and Standard & Poor’s as of 12/31/06
Past performance is no guarantee of future results
Are you PERFECT?
18.4%
Hypothetical Average Annual Return
1970–2007
11.1%
Timing Styles with
Perfect Foresight
67% Right*
12.3%
8.9%
50% Right*
Annually
Rebalanced 50/50
Blend
Past performance does not guarantee future results. Diversification does not assure a profit or protect against a loss in a declining market.
The chart above shows the average annual historical return of an investment in “growth” stocks and “value” stocks (as defined below) where the investors decision to time the growth or value cycle, on an annual basis, is shown
in percentages of how correct in hindsight their timing to switch was. A 50/50 blend investment with automatic rebalancing annually 12.3%. The “growth” and “value” stocks used in this presentation are determined as follows:
beginning with all publicly traded stocks on the US stock exchanges (not just the S&P 500), the 30% of stocks with the highest price-to-book ratios represent “Growth.” The 30% of the stocks with the lowest price-to-book
ratios represent “Value.” The middle 40% of the companies are excluded. These returns do not include fees and expenses associated with an investment in a mutual fund. An investor cannot invest directly in an index, and its
results are not indicative of any specific investment, including any AllianceBernstein mutual fund. Please see end of presentation for index definitions.
*Assumes an attempt to market time but invest in the lower performer (value or growth) during the years in which the difference between the two was highest, missing the best 33% or best 50%
Source: Fama/French growth and value and AllianceBernstein
Individual Investors: Can you beat
the average?
Annualized Returns
1988-2007
11.8%
7.6%
4.5%
3.0%
1.6%
S&P 500
Inflation
Average
Stock Fund
Investor
Average
Lehman
Bond
Aggregate Bond
Fund
Index
Investor
Past performance is no guarantee of future results. This information is for illustrative purposes and seeks to demonstrate the virtues of a buy and hold strategy rather than trying to time the market. The fact that buy-and-hold has been a successful strategy in the
past does not guarantee that it will continue to be successful in the future. The report covers the time periods from 1988 through 2007. This is an excerpt of a much larger report which includes various investor types; the average equity or fixed income investor,
the buy and hold investor, the asset allocator and systematic investor. The Average (equity and fixed income) Investor refers to the universe of all (equity or fixed income) mutual fund investors whose actions and financial results are restated to represent a single
investor. Average (equity and fixed) Investor returns are represented by a change in assets, excludes sales charges, redemptions and exchanges. This method of calculation captures realized and unrealized capital gains, dividends, interest, trading costs, sales charges,
fees, expenses, and any other costs. Equity performance is represented by the Standard & Poor's 500 Composite Index. Fixed Income performance is represented by the Lehman Brothers Aggregate Bond Index. Inflation Rate represents the monthly value of the
consumer price index and is converted to a monthly rate. The monthly rates are used to compound a "return" for the period under consideration. ©2007 Dalbar, Inc.
An investor cannot invest directly in an index, and its results are not indicative of any specific investment, including any AllianceBernstein mutual fund. Index returns do not reflect the deduction of fees, trading costs or other expenses. Please see end of
presentation for index definitions.
No One Equity Asset Class Always
Outperforms
Fixed Income Asset Classes Are No
Different
Levels of Diversification
Asset Allocation
Geographic Mix
Style Blend
50%
Value
US
40%
Bonds
60%
Stocks
70% US
50%
Value
30%
Int’l
Int’l
The above is a hypothetical illustration only and does not represent any particular investment, including any AllianceBernstein mutual fund
The asset allocation that is right for each individual will vary
50%
Growth
50%
Growth
Why Diversification?
1970−2007
17
16
Lower Volatility
15
14
13
0
10
20
30
40
50
60
70
80
90
100
% in International Stocks
Past performance does not guarantee future results. Diversification does not assure a profit or protect against a loss in a declining market. Through December 31, 2007
US Stocks are represented by the S&P 500 Index of stocks. Foreign stocks are represented by the MSCI (Morgan Stanley Capital International) EAFE Index. The chart presents various combinations of the US and Foreign
Stock components, including the highlighted 70% U.S/30% foreign combination. Volatility is defined as the annualized standard deviation of portfolio returns for the period from 1970 to 2007. An investor cannot invest
directly in an index, and its results are not indicative of any specific investment, including any AllianceBernstein mutual fund.
Please see end of presentation for index definitions.
Source: MSCI, Standard & Poor’s and AllianceBernstein
The Varying Correlation Among
Return
Asset
Classes
Low(%)
Worst Calendar Year Loss
Correlation
Portfolio*
14
11
Bonds
LowCorrelation
Portfolio*
S&P 500
S&P
500
US
Stock
Funds
Bonds
US Stock Funds
(2.9)%
(7.9)%
8
5
5
10
15
Risk (%)
20
25
(22.1)%
(21.8)%
*The above provides a hypothetical example of the performance of a portfolio diversified as indicated. The portfolio was rebalanced halfway back to its target weight when the stock/bond mix rose to
65/35 or fell to 55/45, and/or the value/growth and U.S./international weightings deviated from their targets by 20% or more. U.S. growth and international growth stocks are represented by the top 30%
of all stocks publicly traded on American or foreign exchanges, respectively, ranked by price-to-book ratios. U.S. value and international value stocks are represented by the bottom 30%. Bonds are
represented by five-year Treasuries. U.S. stock funds are represented by an equal weighted average of all Lipper stock funds investing in US equities and domiciled in the US. The unmanaged S&P 500
Stock Index is comprised of 500 U.S. stocks and is a common measure of the performance of the overall U.S. stock market. The unmanaged Lehman Brothers Aggregate Bond Index is a standard measure
of the performance of a broad basket of unmanaged debt securities. An investor cannot invest directly in an index, and its results are not indicative of any specific investment, including any
AllianceBernstein mutual fund. Investment returns and principal value of a mutual fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. No fees or
expenses are reflected in the performance of the indices or the Low-Correlation Portfolio. This example does not include transaction costs associated with rebalancing, which may be significant over time.
Risk is defined as the standard deviation of monthly returns, annualized.
Source: Standard & Poor’s, Fama/French and AllianceBernstein
Performance Cycles:
Growth vs. Income
Growth
Stocks
41%
Value
Stocks
31%
25%
23%
22%
16%
10%
12%
10%
8%
11%
4%
(5)%
80
81–88
89–91
92–93
94–99
00–06
(1)%
07
Past performance does not guarantee future results.
The chart above shows the average annual historical return of investments in “growth” stocks, as represented by the Russell 3000 Growth Index, and “value” stocks, as represented by the Russell 3000 Value Index.
These returns do not include fees and expenses associated with an investment in a mutual fund. An investor cannot invest directly in an index, and its results are not indicative of any specific investment, including
any AllianceBernstein mutual fund. Please see end of presentation for index definitions.
Source: Russell Investment Group and AllianceBernstein
…to End of:
10.7%
From Beginning of...
Wise Investing:
Sticking with YOUR plan
1970 1971 1972 1973
2007 10.7 10.9 10.7 10.6
1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
11.2 12.1 11.7 11.5 11.8 11.9 11.8 11.5 11.9 11.6 11.3 11.4 10.5 9.9 10.1 9.8 9.3 10.3 9.3 9.5 9.1 9.8 8.7 8.2 7.3 6.6 6.0 7.1 9.3 13.2 10.4 9.4 10.6 5.3
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
1970
10.9
11.0
10.9
10.8
11.4
12.4
12.0
11.7
12.0
12.1
12.0
11.7
12.2
11.8
11.6
11.6
10.8
10.1
10.3
10.0
9.6
10.6
9.6
9.9
9.4
10.2
9.0
8.5
7.5
6.8
6.1
7.3
10.2
15.3
12.2
11.5
10.7
10.9
10.7
10.6
11.3
12.2
11.8
11.6
11.9
12.0
11.9
11.6
12.0
11.7
11.4
11.4
10.5
9.8
10.0
9.7
9.2
10.2
9.2
9.4
8.9
9.6
8.3
7.7
6.4
5.5
4.5
5.7
8.7
15.0
10.3
7.1
10.8
11.0
10.9
10.7
11.4
12.4
12.0
11.7
12.1
12.1
12.1
11.8
12.3
11.9
11.6
11.7
10.7
10.0
10.2
9.8
9.3
10.4
9.3
9.6
9.1
9.9
8.5
7.7
6.3
5.2
4.0
5.3
9.2
19.2
13.6
10.8
10.9
10.8
10.6
11.3
12.4
11.9
11.7
12.0
12.1
12.0
11.7
12.2
11.8
11.5
11.6
10.6
9.8
10.0
9.6
9.0
10.2
9.0
9.2
8.6
9.5
7.8
6.9
5.2
3.6
1.7
2.7
7.1
25.1
10.4
10.5
10.3
10.2
10.9
11.9
11.5
11.2
11.5
11.6
11.5
11.1
11.6
11.2
10.8
10.9
9.8
8.9
9.0
8.6
7.9
9.1
7.6
7.8
6.9
7.7
5.6
4.2
1.6
(1.1) (5.1) (7.0) (8.2)
11.0
11.2
11.0
10.9
11.6
12.8
12.3
12.0
12.4
12.5
12.5
12.1
12.7
12.3
12.0
12.1
11.0
10.1
10.4
10.0
9.3
10.8
9.3
9.7
9.0
10.2
8.1
6.8
4.2
1.3
(3.4) (5.7)
11.6
11.8
11.6
11.5
12.3
13.5
13.1
12.8
13.3
13.4
13.4
13.1
13.8
13.4
13.1
13.3
12.2
11.4
11.7
11.4
10.8
12.6
11.1
11.8
11.3
13.1
11.1
10.2
7.7
5.0
(1.2)
12.0
12.2
12.1
12.0
12.9
14.2
13.7
13.5
14.0
14.2
14.2
13.9
14.7
14.3
14.1
14.3
13.2
12.4
12.9
12.6
12.1
14.2
12.8
13.8
13.5
16.2
14.3
14.3
12.5
11.6
12.0
12.3
12.2
12.0
13.0
14.3
13.8
13.6
14.1
14.3
14.3
14.0
14.9
14.5
14.2
14.5
13.3
12.4
13.0
12.7
12.1
14.5
13.0
14.1
13.8
17.3
15.3
15.6
13.4
12.0
12.2
12.1
12.0
12.9
14.3
13.8
13.6
14.1
14.4
14.4
14.1
15.0
14.6
14.3
14.6
13.3
12.4
13.0
12.6
12.0
14.7
12.9
14.3
14.0
18.7
16.2
17.9
11.8
12.0
11.9
11.8
12.7
14.2
13.6
13.4
13.9
14.2
14.2
13.8
14.8
14.3
14.0
14.4
12.9
11.8
12.4
12.0
11.1
14.2
11.9
13.4
12.7
19.1
14.5
11.7
11.9
11.8
11.6
12.6
14.1
13.6
13.3
13.9
14.2
14.2
13.8
14.8
14.3
14.0
14.3
12.8
11.5
12.2
11.6
10.6
14.1
11.3
13.0
11.8
23.8
11.2
11.4
11.3
11.1
12.1
13.7
13.1
12.7
13.3
13.6
13.6
13.1
14.1
13.5
13.1
13.4
11.6
10.1
10.6
9.7
8.1
11.8
7.4
8.0
0.9
11.7
11.9
11.8
11.6
12.7
14.4
13.8
13.5
14.2
14.5
14.5
14.1
15.3
14.8
14.4
14.9
13.0
11.5
12.3
11.6
10.0
15.7
10.8
15.5
11.5
11.8
11.6
11.4
12.6
14.3
13.7
13.4
14.1
14.4
14.4
14.0
15.3
14.7
14.3
14.9
12.7
10.8
11.7
10.6
8.2
15.8
6.2
11.8
12.0
11.9
11.7
13.0
14.8
14.2
13.8
14.7
15.1
15.2
14.7
16.2
15.7
15.3
16.2
13.8
11.7
13.1
12.1
9.3
26.3
(5.5)
11.1
11.4
11.2
11.0
12.2
14.1
13.4
13.0
13.8
14.2
14.2
13.6
15.2
14.4
13.8
14.5
11.4
8.4
9.0
5.6
12.0
12.3
12.2
12.0
13.4
15.6
14.9
14.6
15.6
16.1
16.4
16.0
18.0
17.6
17.4
19.0
16.1
13.4
17.0
18.0
11.7
12.0
11.8
11.6
13.1
15.4
14.7
14.3
15.4
16.0
16.2
15.7
18.0
17.5
17.3
19.3
15.5
11.2
16.0
11.5
11.8
11.6
11.4
12.9
15.4
14.6
14.1
15.3
16.0
16.2
15.7
18.4
17.8
17.6 20.4
15.3
6.5
11.8
12.1
11.9
11.7
13.4
16.1
15.3
14.9
16.3
17.2
17.7
17.3 20.9 20.8 21.6 28.0 24.7
11.0
11.3
11.1
10.8
12.5
15.4
14.4
13.9
15.3
16.2
16.5
15.9 20.0
9.8
10.0
9.6
9.2
11.0
13.9
12.7
11.9
13.2
13.8
13.8
12.3
9.8
10.0
9.6
9.2
11.1
14.4
13.1
12.2
13.8
14.6
14.8
13.2
9.1
9.4
8.8
8.3
10.3
13.9
12.3
11.1
12.8
13.7
13.6
10.6
21.2
8.2
8.4
7.7
6.9
9.0
12.9
10.9
9.2
10.8
11.3
9.9
0.9
8.9
9.1
8.5
7.7
10.2
15.0
13.0
11.4
14.4
16.9
19.8
7.8
8.0
7.1
6.1
8.7
14.1
11.4
8.8
11.7
13.9
7.2
7.3
6.2
4.8
7.7
14.1
10.6
6.3
9.5
6.9
7.0
5.6
3.9
7.2
15.7
11.1
3.2
7.4
7.6
6.1
4.1
8.6
22.5 19.6
5.5
5.4
3.0
(0.7)
3.5
25.4
1.9
0.9
(3.5) (11.6) (14.6)
6.5
6.6
2.6
12.0
15.1
14.9
10.6
15.3
6.2
(8.4)
19.6
20.1
16.4
14.1
9.8
19.9
18.5
31.3
Positive Returns
98%
Negative Returns
2%
16.2
Past performance does not guarantee future results. This chart consists of a hypothetical portfolio of investments that match the
Balanced Wealth Strategy target asset allocations, using asset-class index returns from 1970 to 2007 for components of the Strategy. This
is a hypothetical index illustration. These returns are for illustrative purposes only and do not reflect actual fund performance. For
current performance of the actual fund, please visit www.alliancebernstein.com (select Investment Solutions/Mutual Funds/Wealth
Strategies). Asset class indexes used in this composite are represented by the following: US Stocks 38.5%: Russell 3000 Index (1979–2007), S&P
500 (1970–1978); REITS 10%: FTSE EPRA/NAREIT Global REIT Index (2000–2007), US NAREIT Index (1972-1999), S&P 500 (1970–1971);
International Stocks 16.5%: MSCI EAFE Index (1970–2007); Intermediate Bonds 28%: Lehman Aggregate Bond Index (1976–2007), Lehman
Gov’t/Corporate Index (1973–1975), CRSP/TPA 5-Year Treasury Index (1970–1972); High Yield 7%: Lehman High Yield Constrained Index
(1993–2007), Lehman High Yield Index (1983–1992), Intermediate Bonds prior to 1983. An investor cannot invest directly in an index, and its
results are not indicative of any specific investment, including any AllianceBernstein mutual fund. Please see end of presentation for
index definitions. Source: Russell Investment Group, Lehman Brothers, Merrill Lynch, MSCI, NAREIT and AllianceBernstein
Concentrated Stock Positions Limit
Return and Elevate Risk
PORTFOLIO
Main
Industry
Economic
Sector
Shares
Price
INTL BUSINESS MACHINES
CMPTRSW
Technology
18,500
112.750
OPTIMAL 5
INTL BUSINESS MACHINES
BANKAMERICA CORP
FLEET BOSTON FINANCIAL
CHASE MANHATTAN CORP
BELL ATLANTIC CORP
MCI WORLDCOM INC
CMPTRSW
BANKS
BANKS
BANKS
TELEPHON
TELEPHON
Technology
Financial
Financial
Financial
Telecommunications
Telecommunications
14,800
2,079
2,941
1,084
1,132
1,360
OPTIMAL 10
INTL BUSINESS MACHINES
BANKAMERICA CORP
CHASE MANHATTAN CORP
FLEET BOSTON FINANCIAL
BRISTOL MYERS SQUIBB
BELL ATLANTIC CORP
PFIZER INC
HONEYWELL INC
MORGAN STANLY
MCI WORLDCOM INC
TYCO INTERNATIONAL LTD
CMPTRSW
BANKS
BANKS
BANKS
DRUGS
TELEPHON
DRUGS
DEFAERO
SECASSET
TELEPHON
INDPART
Technology
Financial
Financial
Financial
Health Care
Telecommunications
Health Care
Technology
Financial
Telecommunications
Industrials
11,100
2,110
1,192
3,069
1,623
1,370
2,154
1,604
857
1,620
1,300
Value
P/E
5 Yr. EPS
Growth
Forecast
PEG
Weight
TE
2,085,875
100.00%
37.0
26.3
13.7%
1.92
29.5
112.750
49.625
32.125
86.563
59.125
43.188
1,668,700
103,170
94,480
93,834
66,930
58,736
80.00%
4.95%
4.53%
4.50%
3.21%
2.82%
23.7
26.3
9.1
12.9
14.4
17.9
15.2
13.9%
13.7%
12.3%
12.9%
11.6%
11.2%
31.0%
1.70
1.92
0.74
1.00
1.24
1.59
0.49
22.2
112.750
49.625
86.563
32.125
52.938
59.125
35.938
47.500
87.688
43.188
47.875
1,251,525
104,709
103,183
98,592
85,918
81,001
77,410
76,190
75,149
69,965
62,238
60.00%
5.02%
4.95%
4.73%
4.12%
3.88%
3.71%
3.65%
3.60%
3.35%
2.98%
22.4
26.3
9.1
14.4
12.9
22.8
17.9
36.3
8.6
12.4
15.2
18.7
14.4%
13.7%
12.3%
11.6%
12.9%
13.3%
11.2%
18.3%
12.8%
13.8%
31.0%
22.6%
1.56
1.92
0.74
1.24
1.00
1.72
1.59
1.98
0.67
0.90
0.49
0.83
Source: Barra Inc.’s Aegis System™, a third party equity risk management software package is used to help assess risk/return tradeoffs. The "5yr EPS growth forecast" is the consensus of Wall
Street equity analysts opinions for five year forward earnings growth rates as compiled by Barra from industry standard sources and does not represent Rochdale’s estimates. These growth rates are
subject to change without notice and there is no guarantee that they will be realized.
For illustrative purposes only. Actual results will vary.
BKQ2 14 Comp 9/1/01
Getting the Most Out of
WealthVision




WealthVision is a very powerful tool, and with the right amount
of attention can be helpful in getting you to your goal.
Your own personal web page will be mutually controlled by you
and us.
With the ability to enter all usernames and passwords, all of
your financial world, with or outside Astorino Financial Group,
are all in one easy to find place.
This software also allows us to take into account for What If
scenarios.






What if there is a bear market at retirement?
What if there is a rise in inflation?
What if my spouse or I become disabled, or need long-term-care?
How will my children’s education effect my retirement?
How can I lower my estate taxes?
How do taxes and inflation effect my overall return?
Bear Markets: Will they ever turn
around?
Cumulative Returns
Mar 1, 2000–Mar 31, 2003
Index
1.2
1.0
0.8
S&P 500
(35.7)%
0.6
0.4
Nasdaq
(72.0)%
0.2
2000
2001
2002
2003
Past performance is no guarantee of future results. No fees or expenses are reflected in the performance of the indexes. An investor cannot invest directly in an index, and its results are not indicative of
any specific investment, including any Alliance mutual fund. See page 18 for a description of the indexes. Source: Standard & Poor’s and Bloomberg L.P.
S&P 500 Returns
$53.25 M
(41)%
(30)%
(15)%
(29)%
(22)%
Growth of
$100,000
(16)%
(17)%
(43)%
(15)%
2008
'50 '55 '60 '65 '70 '75 '80 '85 '90 '95 '00 '05
Past performance is no guarantee of future results. Through August 5, 2008. No fees or expenses are reflected in the performance of the index. An investor cannot invest directly in an index, and its
results are not indicative of any specific investment, including any Alliance mutual fund. See page 18 for description of the index. Source: Roger G. Ibbotson and Rex A. Sinquefield, "Stocks, Bonds, Bills,
and Inflation: Year-by-Year Historical Returns," University of Chicago Press Journal of Business (January 1976); FactSet and Standard & Poor's
Bear Market Cycles

Historically bear market declines have been
significantly shorter and caused less of a return change
than the bull run that followed.
Market
Peak
Market
Low
Bear
Return
Length of
Decline
Bull
Run
Length of
Bull Run
05/29/46
07/15/57
12/12/61
02/09/66
11/29/68
01/05/73
11/28/80
08/25/87
03/24/00
Average:
05/19/47
10/22/57
06/26/62
10/07/66
05/26/70
10/03/74
8/12/882
12/04/87
10/09/02
-28.6%
-20.7%
-28.0%
-22.2%
-36.1%
-48.4%
-27.1%
-33.5%
-49.1%
-32.6%
12
3
7
8
18
21
21
3
31
14 mo's
257.6%
86.4%
79.8%
48.0%
74.2%
125.6%
228.8%
582.1%
101.5%
176.0%
124
50
44
26
32
75
61
150
60*
68 mo's
Source: JPMorgan’s Guide to the Market 3Q08, Standard & Poor’s, JPMorgan Asset Management
The above chart is for illustrative purposes. Past returns are no guarantee of future results
A bear market is defined as a peak-to-trough decline in the S&P 500 Index (price only) of 20% or more. The bull run data reflect the market expansion from the bear market low to the subsequent
market peak. All returns are S&P 500 Index Returns, and do not include dividends.
* Most Recent bull run is through market peak of 10/9/07
Estate Planning


Your estate is far from simple.
Make sure all of your work with us or
your current advisor does not go
immediately into Uncle Sam’s pocket.