Asset Allocation7 min read
The Quiet Discipline of Asset Allocation
Why mix matters more than the manager — and how we set the long-term defaults that survive the next bear market.
[ Partner Name ]12 September 2024
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What to ask — and what the answers should sound like — before signing up with anyone, including us.
Choosing a distribution partner is, for most families, a once-in-a-decade decision. Done well, it quietly compounds in your favour. Done poorly, it is almost invisible until the drawdown arrives or the estate has to be settled.
Here are the five questions we think you should ask anyone you consider — and the kind of answer that should give you comfort. Ask them of us, too.
A good answer is specific. It names the commissions, the trail rates, and the referral arrangements, if any. It distinguishes between what the firm earns from you and what it earns from product manufacturers. It is written down, not spoken.
The list of refused products matters more than the list of offered ones. Ask. If the answer is "we do everything", be sceptical — independence is usually described in terms of what a firm has decided to stay away from.
Will it be the partner you met today, or a rotating associate? Families deserve continuity of counsel. Ask for the name, the role, and a second name for when your first contact is unavailable.
The best distribution partners behave as if they will have to answer for every recommendation in twenty years — because they will.
Every firm will be wrong sometimes. The ones worth keeping have pre-committed review cadences, written quarterly notes, and a willingness to say so in writing when a view has changed. Vague answers here are the single biggest warning sign in our experience.
Succession inside the firm, documented nominees, coordination with your CA and lawyer. The client relationship outlives the founding partner. A practice that has not thought about this has not thought enough.
If the answers are crisp, written, and comfortable to share with your spouse — you are probably in good hands. If they are evasive, vague, or defensive — keep looking.
Why mix matters more than the manager — and how we set the long-term defaults that survive the next bear market.
A plain-language account of the cost differential — and when each route genuinely makes sense.
A no-obligation discovery call — thirty minutes to understand your goals, your existing portfolio, and whether we are the right fit.