Wealth Planning&Management, LLC

Report to Clients and to Prospects

Third Quarter, 2004

Our firm added two partners. Paul Coan joined us in August, and Tim Wright joined in September. As a result of their involvement, we have added more than $7 million of assets under management, pushing us to almost $35 million.

Biographies of Tim, John, Paul and Nancy appear at www.wpam.com. An expanded biography of Paul appears in the November, 2004, edition of Thoughtful Wealth Planning & Management. The expanded biography of Tim will appear in the February, 2005, edition.

Composite investment results for the nine months ended September 30 were 3.41% for portfolios as a whole, compared to 0.24 % for the S&P 500. This result is not annualized. For the portion of portfolios invested in common stocks, the composite return was 4.85%.

For the twenty one months starting December 31, 2003, and ending September 30, 2004, our managed portfolios earned 13.37%, annualized, compared to 14.48% for the S&P. Isolating common stocks for this statistic produced a composite of 17.32%. New accounts and new deposits received in August and September are not included in calculating the performance composites.

The above results do not include portfolios invested in tax-exempt municipal bonds because these portfolios represent unique personal investment objectives that are not directly comparable to growth and balanced accounts. Persons interested in results of these specialized portfolios should contact Nancy Haddock, Nancy@WPAM.com.

Modern investment firms are obligated to present performance information because clients and prospects request this data. The partners of WP&M do not believe that this information is useful because the information may be data mined and edited. For example, changing the “start date” for a composite statistic changes the result. Instead, we believe that clients should judge us by relating their results to their stated investment objectives. Nevertheless, to fully comprehend our published performance numbers, clients and prospects should read many of the earlier reports published on this web site.

JWG—10-17-2004