workflow-wm-client-report

# Wealth Management — Client Report ## What this skill covers Formal quarterly (or annual) written report for client distribution. Covers period returns, benchmark comparison, attribution analysis, holdings activity, market commentary, and recommended next steps. Output is 5-8 pages, client-ready. ## Workflow ### Step 1 — Performance summary Compute returns for the reporting period: | Period | Portfolio Return (Gross) | Portfolio Return (Net) | Benchmark Return | Alpha | |--------|------------------------|----------------------|-----------------|-------| | Quarter | | | | | | YTD | | | | | | 1-Year | | | | | | 3-Year (ann.) | | | | | | 5-Year (ann.) | | | | | | Inception (ann.) | | | | | Call `risk_adjusted_returns` for Sharpe ratio, Information Ratio, Treynor ratio for the full available history. **Always report net-of-fee returns alongside gross returns.** ### Step 2 — Benchmark comparison - Primary benchmark (e.g., 60/40 blended — 60% S&P 500 / 40% Bloomberg Agg) - Secondary benchmark (peer universe, if available) - Attribution of quarterly outperformance/underperformance (summary — detail in Step 3) - Rolling 12-month alpha: compute last 4 quarters to show consistency of outperformance ### Step 3 — Attribution analysis Call `brinson_attribution` for the quarter: - **Allocation effect**: over/underweight by sector in basis points - **Selection effect**: stock-picking alpha by sector in basis points - **Interaction effect**: combined impact in basis points - Total active return reconciliation: allocation + selection + interaction = portfolio return − benchmark return Call `factor_attribution` for factor-based decomposition: - Market (beta), size (small vs large), value, momentum, quality, low-volatility - Factor contribution in basis points; residual alpha Attribution table: | Sector | Portfolio Weight | Benchmark Weight | Portfolio Return | Benchmark Return | Allocation Effect | Selection Effect | Total | |--------|-----------------|-----------------|-----------------|-----------------|-------------------|-----------------|-------| ### Step 4 — Holdings changes Document all portfolio activity during the reporting period: **Purchases:** | Security | Date | Amount ($) | Rationale | |----------|------|-----------|-----------| **Sales:** | Security | Date | Proceeds ($) | Realised Gain/(Loss) | Rationale | |----------|------|-------------|---------------------|-----------| **Income received:** dividends, interest, capital gain distributions ### Step 5 — Market commentary Contextualise performance with key market events: - 2-3 sentences on the market environment during the period (rates, equities, credit spreads) - 2-3 sentences on how portfolio positioning responded to or anticipated market conditions - Sector and style performance context (growth vs value, quality vs momentum) - Any tactical tilts taken or reversed during the quarter Keep this section accessible to a non-professional investor — no jargon. ### Step 6 — Next steps and recommendations Forward-looking action items for the next quarter: - **Rebalancing needs**: flag any asset class currently outside target range (reference `workflow-wm-portfolio-rebalancing`) - **Tax planning**: TLH opportunities ahead of year-end; RMDs due; Roth conversion window - **Upcoming financial events**: contract renewals, large cash needs, estate milestones - **Market outlook implications**: any tactical positioning changes being considered | Action | Rationale | Priority | Timeline | |--------|-----------|----------|----------| ## Output format Client-ready document, 5-8 pages: 1. Cover page — client name, reporting period, advisor name, date 2. Performance summary table 3. Benchmark comparison and rolling alpha 4. Attribution analysis (Brinson + factor) 5. Portfolio activity (purchases, sales, income) 6. Market commentary 7. Next steps and recommendations 8. Disclosures and notes (fee schedule, benchmark description, calculation methodology) **Plain language in the body; technical attribution detail in an appendix if needed.** ## Quality gates - [ ] Net-of-fee returns reported alongside gross returns for all periods - [ ] Brinson attribution terms sum to total active return (allocation + selection + interaction = total alpha) - [ ] Factor attribution residual documented (unexplained alpha) - [ ] All holdings changes documented with rationale - [ ] Market commentary written in plain language suitable for a retail investor - [ ] Forward-looking recommendations include at least one actionable item with a timeline ## Related skills - `workflow-wm-client-meeting-prep` — the client report is the written complement to the meeting prep pack - `workflow-wm-portfolio-rebalancing` — triggered if Step 6 identifies allocation drift - `workflow-wm-tax-loss-harvesting` — triggered if Step 6 surfaces year-end TLH opportunity - `workflow-xlsx-tabular-conventions` — table formatting standard for all financial tables in the report