Benjamin Felix

So maybe that's changed a little bit, but notably this is the very last point in their list.

They conclude, so yeah, very little of the decision was influenced by anything about managing the investments themselves and more about holistic financial planning and services.

It won't be for everyone, but the fit was there for our needs.

The end.

I thought it was just kind of cool to hear from someone who had recently made the decision to work with PWL and then documented their own thought process.

I thought it was worth sharing with listeners of the podcast.

That's probably why I found it so interesting.

If you look online, everyone says never go to an AUM advisor.

You have to get a fee-only financial planner.

But meanwhile, PWL continues to grow considerably.

We're adding lots of new clients that want to work with us.

So there's a disconnect somewhere there.

And I think this person really filled in a lot of the gaps about why someone might choose specifically the AUM model, even when they know that the fee-only financial planning model is available.

And it's really that just delegation, peace of mind,

stuff that's kind of hard to measure combined with all of the expertise and financial planning and portfolio management services.

Okay.

So in the main content here, hopefully people found that interesting and didn't come across as a sales pitch or something, but I thought it was worth sharing.

So I'm going to just talk a little bit about PWL's methodology for expected returns for like estimating moments of the expected return distribution.

And then Brayden, you're going to talk more about a whole bunch of super nerdy stuff, including how we do our simulations now to generate those distributions.

At a high level, PWL combines what we call a market-based expected return, which is an expected return that is implied by market prices.