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May 2026 — Initial Advisory Session

First comprehensive session establishing the financial advisory relationship.

What Was Covered

  1. Full portfolio analysis across all platforms — see Snapshot
  2. RSU vesting schedule extraction and analysis
  3. Cash flow and tax structure review
  4. FIRE target setting (retirement + generational wealth)
  5. Kernel rebalance proposal with fund research
  6. PIE vs FIF tax decision — see Assessment
  7. Monte Carlo stress testing
  8. Investment policy decisions
  9. KiwiSaver holistic review — reduce Global 100 concentration

Key Decisions Made

  • Stay 100% PIE (28% tax, no provisional tax headaches)
  • Sell all MSFT direct shares, resume sell-on-vest
  • Rebalance Kernel: 21% S&P 500, 37% World ex-US, 11% Global 100, 16% EM, 10% Infra, 5% Div Aristocrats, 0% Cash Plus (sell all)
  • Rebalance KiwiSaver: 40% World ex-US (Unhedged), 30% S&P 500 (Unhedged), 20% EM, 10% Global 100
  • InvestNow: hold only (buy/sell spreads make rebalancing expensive)
  • Legacy gifts conditional on portfolio health
  • Annual spend: 200K NZD
  • Always consider allocation holistically across all platforms

Pending Actions

  1. Email tax advisor re: MSFT sale implications (ESPP lots especially)
  2. Sell 286 MSFT shares on Fidelity
  3. Execute Kernel rebalance
  4. Execute KiwiSaver rebalance (both accounts — free, no tax)
  5. Resume sell-on-vest + sell ESPP on purchase