A: John G. Ullman & Associates, Inc. is an investment advisor registered with the federal Securities & Exchange Commission. Ullman provides comprehensive financial management services combining customized planning with discretionary portfolio management.

A: Each client is different. The first part of the planning process is to determine your particular goals and objectives. Typical objectives include having enough assets to retire comfortably, providing education to children and grandchildren, starting a business, providing assets to the next generation, and making sure finances are in order should something unexpected such as loss of a job, or death occur.

The next part of the planning process involves taking a detailed look at all aspects of your financial situation to determine if everything is in order or if changes need to be made. To do this several analyses are undertaken. These include:

• Cash Flow Analysis: By reviewing a historic year of income and expenses we can determine some approximations of your ongoing cash needs. This also can indicate ways to reduce debt and efficient ways to save for your long-term objectives.
• Retirement Analysis: Many people are concerned about having sufficient money to slow down a little bit in their senior years. This analysis will project how much you'll need saved by a certain time period and what you'll need to save to get there.
• Survivorship Analysis: Unfortunately, there are times when a loved one is taken away prematurely. This analysis determines assets that would be needed should this happen. If additional assets are needed, an analysis of proper life insurance is examined.
• Education Analysis: Typically for those with children, but sometimes for adults who wish to "go back to school" this analysis looks at how much might be needed to fund education and how to do it. The tax code provides many ways to save for education, but the way that best fits your needs will be determined.
• Tax Analysis: No one likes to pay more than their fair share. By working with your accountant we will examine whether additional options exist for saving tax dollars.
• Estate Analysis: Most people would like to make sure that their hard earned savings are left the way they want at their passing. By working with your attorney analyze how your assets would pass, and how much tax your family may have to pay.
• Insurance Analysis: It would be a shame to save your whole life just to have your savings threatened by an accident, fire or long term care need. This analysis looks at options for lessening this threat.
• Anything else: As stated earlier, each client is different and with each client different analyses are needed. Ullman's services are unlimited and will cover any other financial planning needs.

A: From an administrative standpoint, an account is opened in your name with one of the brokers with whom JGUA transacts trades. These include Merrill Lynch, Charles Schwab and Smith Barney. You provide JGUA with the authority to "trade" in your account. That means we can call the broker for you and buy and sell securities without calling you first. It's very important that this account is in your name and not grouped in a fund, because this allows you to fire JGUA without incurring capital gains.

A: Depending upon your objectives and investment personality a risk segmentation classification is determined for you. Ullman classifies securities as Conservative, High Quality and Aggressive/Special Situations. By philosophy Ullman is a conservative manager, requiring at least 50% of each client's account be invested in the conservative category. In addition to risk segmentation Ullman manages accounts through an asset allocation model investing in assets primarily in the Health Care, Technology, Infrastructure, Value Based and Foreign categories. Through this asset allocation volatility should be decreased.

A: On a constant basis Ullman's investment committee is monitoring the market to make macro decisions for purchases and sales. Generally transactions are done on a "block" basis with the broker in order to achieve low transaction costs. These blocks are then allocated to individual accounts based on allocations done by computer assisted determinations relating to cash needs, risk segmentation, tax consequences, etc. In addition, on a periodic basis, a member of the investment committee sits down with your Account Executive to review your account in its entirety, looking for proper asset allocation and balancing tax consequences.

A: Every time there is a purchase or sale in your account you will receive a confirmation from the broker. Each month you will receive a statement from the broker showing all transactions in your account and the security holdings. On a quarterly basis you will receive from Ullman a consolidated report. Reports for the periods ending June and December have performance numbers for your account and comparison numbers for the overall market indices.

A: To assist you and your accountant Ullman will provide to you detailed tax reporting showing all tax numbers needed for your tax preparation.

A: At least once a year you and your Account Executive will sit down and look at each piece of your individual plan to determine if you are on track and whether adjustments need to be made. Ullman's services are on an unlimited basis and so the more typical situation is for a client to meet more frequently with their account executive and to call when any issue comes up.

A: Ullman charges a fee based on the assets Ullman actively manages. This fee can be found in the disclosure statement, but is generally 2% of the first $1,000,000 managed with a $2,000 minimum. On an annual basis Ullman will notify you of the value of your account and the fee applicable to that value.

A: There will be transaction costs (commissions) paid to the third party broker for any trades. Ullman, however, has negotiated these fees to be at an institutional level since they are trading in large blocks. For example, Merrill Lynch will charge .09 per share of stock traded.

A: Your contract will automatically be renewed each year. To opt not to renew the contract requires sixty days notice.