Wealth
Wealth beyond the portfolio
A portfolio is one expression of wealth. It is rarely the whole of it, and seldom the part that keeps people awake.
Ask most people what their wealth consists of and the answer arrives as a list: investments, property, a business, perhaps a policy taken out years ago and half forgotten. Ask instead what their wealth is for, and the conversation changes shape entirely.
The second question is harder, and it is the one that tends to determine whether a financial life holds together. Concentration in a business, obligations to parents, a child studying abroad, a property held in another currency — none of these are portfolio decisions, yet each has portfolio consequences.
Our work begins in that wider frame. Not because the portfolio is unimportant, but because the portfolio is far easier to construct sensibly once the rest is understood.
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This article is provided for general information only. It does not constitute investment, legal or tax advice, nor a recommendation of any product or strategy.