These disclosures apply to the projections or any other information provided by any tools powered by CleverCX, including, but not limited to OnTrajectory, Level, Goals or Penny. These projections or any other information generated by CleverCX regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Projections and results may vary with each use and over time.

The return assumptions in CleverCX are not reflective of any specific product, and do not include any fees or expenses that may be incurred by investing in specific products. The actual returns of a specific product may be more or less than the returns used in CleverCX, and may be net or gross returns. It is not possible to directly invest in an index. Financial forecasts, rates of return, risk factors, inflation rates, and other assumptions may be used as the basis for illustrations. These factors should not be considered a guarantee of future performance or a guarantee of achieving overall financial objectives. Past performance is not a guarantee or a predictor of future results of either the indices or any particular investment. It is user’s responsibility to determine if and how the results pertain to their situation. The user should carefully consider all relevant factories in making a decision and is encouraged to consult with their financial professional.

Penny is not an investment advisor and does not provide investment, legal, tax advice, recommendations, or opinions. The user should contact their financial or tax professional before taking any action.

CleverCX does not warrant, endorse, guarantee, or assume responsibility for any product or service advertised or offered by a third party through the site, any hyperlinked website, or any website or mobile application featured in any banner or other advertising, and we will not be a party to or in any way be responsible for monitoring any transaction between you and any third-party providers of products or services. as with the purchase of a product or service through any medium or in any environment, you should use your best judgment and exercise caution where appropriate. CleverCX does not assume responsibility for any products or services offered by any Registered Investment Advisor (“RIA”) or Investment Advisor Representative (“IAR”). Please refer to specific disclosures for each RIA, including but not limited to, the RIA’s Form ADV Parts 1, 2A, 2B, or 3 (Form CRS), or the marketing or promotional materials provided to you by your RIA or IAR.

CleverCX Assumptions and Limitations

Information Limitations Provided by User

Information that users provide about their assets, financial goals, and personal situations are key assumptions for the calculations and projections in CleverCX. Even small changes in assumptions can have a substantial impact on the results shown. The information provided by the user should be reviewed periodically and updated when either the information or circumstances change. The current data, values, prices, and valuations entered into this tool should not be used as a substitute for the information contained in official account statements provided to users by custodians.

Assumptions & Limitations

CleverCX offers several methods of calculating results, each of which provides one outcome from a wide range of possible outcomes. All results are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. All results use simplifying assumptions that do not completely or accurately reflect the user’s specific circumstances. No Plan or Report has the ability to accurately predict the future. As investment returns, inflation, taxes, and other economic conditions vary from the CleverCX assumptions, actual results will vary (perhaps significantly) from those presented in the users Plan or Report.

Calculation Assumptions & Limitations

When running either the Monte Carlo or the Historical Analysis, CleverCX defaults to the following portfolio mix:

Stocks: 20%
Bonds: 50%
Cash: 30%
Management Fee: 0%

Stocks are based on the S&P 500 Index

Bonds are based on a 10-Year Treasury Bond Index

Cash is based on a 3-Month Treasury Bill Index

Inflation is based on the Consumer Price Index (CPI-U) compiled by the U.S. Bureau of Labor Statistics.

Risks Inherent in Investing

Investing in fixed income securities involves interest rate risk, credit risk, market risk, and inflation risk. Interest rate risk is the possibility that bond prices will decrease because of an interest rate increase. When interest rates rise, bond prices and the values of fixed income securities fall. When interest rates fall, bond prices and the values of fixed income securities rise. Credit risk is the risk that a company will not be able to pay its debts, including the interest on its bonds. Market risk is the possibility that the bond prices will fluctuate and, if sold prior to maturity, the bond may be worth more or less that what you originally paid for them. Inflation risk is the possibility that the interest paid on an investment in bonds will be lower than the inflation rate, decreasing purchasing power.

Cash alternatives typically include money market securities and U.S. treasury bills. Investing in such cash alternatives involves inflation risk. In addition, investments in money market securities may involve credit risk and a risk of principal loss. Because money market securities are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, there is no guarantee the value of your investment will be maintained at $1.00 per share, and your shares, when sold, may be worth more or less than what you originally paid for them. U.S. Treasury bills are subject to market risk if sold prior to maturity. Market risk is the possibility that the value, when sold, might be less than the purchase price.

Investing in equity securities (“stocks’) involves volatility risk, market risk, business risk, and industry risk. The prices of most stocks fluctuate daily and over time. Volatility risk is the chance that the value of a stock will fall. Market risk is chance that the prices of all stocks will fall due to conditions in the economic environment. Business risk is the chance that a specific company’s stock will fall because of issues affecting it. Industry risk is the chance that a set of factors particular to an industry group will adversely affect stock prices within the industry.

International investing involves additional risks including, but not limited to, changes in currency exchange rates, differences in accounting and taxation policies, and political or economic instabilities that can increase or decrease the prices of the securities or the returns.

Report is a Snapshot and Does Not Provide Investment, Legal, Tax, or Accounting Advice

The Report provides a snapshot of the user’s current financial position and can help the user to focus on their financial resources and goals, and to create a plan of action. Because the results are calculated over many years, small changes can create large differences in future results. The user should use the Report to help focus on the factors that are most important to them. The Report does not provide investment, legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications, the user should consult appropriate professionals for advice that is specific to their situation.

Chance of Success

Your ‘Chance of Success’ automatically runs both Historical and Monte Carlo analysis on the user’s inputs. CleverCX then averages the results and displays the ‘chance of success’. The percentage represents the number of simulated Trajectories that result in an end amount above 0. The End Balance is what CleverCX calculates will be the final end balance based on the data input the user has provided (income, expenses, account

Goal Funded Estimate

For each Goal, the “Estimated % of Goal Funded” is the sum of the assets used to fund the Goal. All values are in current U.S. dollars. A result of 100% or more does not guarantee that the user will reach a Goal, nor does a result under 100% guarantee that the user will not. Rather, this information is meant to identify possible shortfalls in this Plan and is not a guarantee that a certain percentage of the user’s Goals will be funded. The percentage reflects a projection of the total cost of the Goal that was actually funded based upon all the assumptions that are included in this Plan and assumes that the user executes all aspects of the Plan as they have indicated.

Calculated Balance vs Actual Progress

Calculated Balance is the account’s approximate balance on the selected date and is based on the % Growth and Contributions the user has defined. This value is not affected by progress updates - it is only affected by changes to the % Growth and Contributions/Year fields.

Actual Progress reflects the actual amount the user has updated or in any given account linked on the selected date. The data can be entered manually or pulled through a linked account.

Stress Test Assumptions & Limitations

CleverCX offers three (3) different types of stress tests. The user can choose whether or not to impact the Calculated Balances or Actual Account Progress in any of the stress tests:

Risk Assessment

The user must decide the appropriate balance between potential risks and potential returns based on their specific circumstances when using the tool. CleverCX does not and cannot adequately understand or assess the appropriate risk/return balance for you. CleverCX requires that the user select a risk category. CleverCX uses the selected risk category in the determination of a risk-based portfolio in the Goal or Proposal modules. This risk-based portfolio selection is provided for informational purposes only, and the user should consider it to be a starting point for conversations with their Advisor. It is the user’s responsibility to select the desired Target Portfolio that CleverCX will use. The selection of the user’s Target Portfolio, and other investment decisions, should be made by the user, after discussions with their Advisor and, if needed, other investment, tax, accounting,and/or legal professionals.

Current risk categories are:

Inflation Assumptions

By default, CleverCX uses 3% as the inflation rate. The user can change the default inflation rate to indicate a specific percentage.

Taxation Assumptions

By default, CleverCX maintains “centralized tax rates” meaning, in any given year, the same tax-rates are applied to every Income and Account. The user may set different rates for different items, though this is NOT typically used. If non-centralized tax rates are selected, the user will have to set tax rates for each account and income item separately.

Federal tax rates are estimated using the current US IRS published tax rates. Once the user has entered their income, the system will estimate the tax impact based on the current published rates. Since state of residence is not a required information point, CleverCX uses a default State tax rate of 4.5%. The user can change the State tax rate at any time. Capital Gains taxes are based on user entry; there is no default assumption.

All income is treated equally with Social Security taxed at regular rates.


Inflation rate: 3%

Marginal Tax Rates Before Retirement:
Federal: US IRS published rates based on income information
State: 4.5%
Capital Gains: User entry (no default)

All income is treated equally with Social Security taxed at regular tax rates.