How We Engage
We do not deliver standardized reports. We work collaboratively with you to build custom models that answer your specific questions, then walk through the results together and refine the analysis based on what you learn.
Our Collaborative Process
We Discuss Your Questions
We begin with a confidential conversation about what keeps you up at night. What questions about your wealth do you need answered? What scenarios concern you most?
We Build Custom Models
We design and build analytical models tailored specifically to your situation—your portfolio structure, your constraints, your questions. No generic templates.
We Walk Through the Results Together
We present findings in detailed working sessions—not by emailing a report. You see how the models work, what they reveal, and what the implications are for your decisions.
We Refine Based on What You Learn
We perform additional scenario analysis and iterate on the models as needed. The analysis evolves based on your questions and what you discover from the initial results.
What You Receive
- •Custom analytical models built specifically for your portfolio and questions
- •Detailed documentation of the methodology, assumptions, and results
- •Working sessions to walk through findings and explore scenarios together
- •Iterative refinement based on what you learn from the initial analysis
- •Ongoing access to refine scenarios as your questions evolve
Examples of Questions We've Answered
Every family has different questions. Below are real examples of engagements organized by the types of concerns families bring to us. Each engagement involves building custom models to answer 7-11 specific questions tailored to that family's situation.
Portfolio Risk & Fragility Analysis
Understanding hidden vulnerabilities, concentration risks, and structural weaknesses in complex portfolios.
"Where are we most vulnerable that we don't currently see?"
$800M family office, 40% alternatives allocation. Believed they were well-diversified but wanted to stress-test for hidden fragilities.
Questions We Addressed
Where are our hidden concentration risks across asset classes and geographies?
Which holdings that appear uncorrelated will move together during stress?
What percentage of our wealth is truly at risk in a systemic shock?
Which positions could trigger cascading failures?
Where are we exposed to leverage that isn't obvious?
How vulnerable are we to illiquid assets declining simultaneously?
What market structure changes could expose hidden fragilities?
What We Built
Custom stress-testing framework with cross-asset correlation analysis under 12 crisis scenarios.
What They Received
Interactive fragility dashboard, vulnerability report, and three working sessions.
"How correlated are our holdings when markets are under stress?"
$1.2B family office with heavy private equity exposure. Wanted regime-dependent correlation analysis.
Questions We Addressed
Do our public and private equity holdings move independently?
What happens to real estate and infrastructure when inflation spikes?
Are our "alternative" investments truly uncorrelated in a crash?
How will our portfolio behave in different inflation regimes?
Which asset combinations provide genuine downside protection?
What percentage is exposed to rising rates?
Where do we have hidden factor exposures?
Should we adjust allocation given regime uncertainty?
What We Built
Regime-switching correlation models across 8 economic environments with hidden exposure mapping.
What They Received
Correlation heatmap dashboard, exposure report, and four working sessions.
"What's our true downside in a severe crisis?"
$600M portfolio with significant exposure to cyclical sectors. Wanted to quantify tail risk beyond standard VAR.
Questions We Addressed
What's the realistic worst-case loss in a 2008-style crisis?
How would a prolonged recession affect our concentrated positions?
Which holdings amplify losses during market dislocations?
What's our drawdown profile across different crisis types?
How long would it take to recover from a severe downturn?
Are we adequately hedged for true tail events?
What's the probability of permanent capital impairment?
What We Built
Tail risk models simulating 20 historical crisis scenarios with cyclical exposure amplification factors.
What They Received
Downside distribution analysis, recovery timelines, and hedging strategy evaluation.
"How concentrated is our manager risk across strategies?"
$1.5B allocated across 45+ fund managers. Concerned about overlapping exposures and style drift.
Questions We Addressed
Are our "diversified" managers actually taking similar bets?
Which managers have drifted from their stated mandate?
Where do we have hidden concentration across managers?
How would our returns look if our top 3 managers underperform?
Which managers are providing true alpha vs. beta exposure?
Are we over-paying for duplicated exposures?
What's our real diversification benefit from this manager lineup?
Should we consolidate or expand our manager roster?
What We Built
Manager exposure decomposition analyzing return drivers, style consistency, and overlap across 45 funds.
What They Received
Manager overlap heatmap, alpha/beta decomposition, and consolidation recommendations with cost analysis.
"We have 60% of wealth in one concentrated position—what are the real risks?"
Family with $400M concentrated in a single public equity holding. Wanted comprehensive risk assessment before diversification.
Questions We Addressed
What scenarios would cause permanent wealth destruction?
How correlated is this position to our other holdings?
What's the probability of a 50%+ drawdown?
Should we hedge, diversify gradually, or hold?
What's the tax-adjusted optimal diversification path?
How does industry/sector risk affect this position?
What's our liquidity risk if we need to exit quickly?
How would different disposal strategies affect after-tax wealth?
What We Built
Concentration risk model with industry-specific stress scenarios and tax-optimized diversification pathways.
What They Received
Risk/return trade-offs for 8 diversification strategies, tax impact analysis, and timing recommendations.
Liquidity & Capital Management
Understanding cash flow needs, capital call obligations, forced sale risks, and liquidity runway.
"Do we have enough liquidity to weather a prolonged downturn?"
$2B portfolio, 65% illiquid. Concerned about meeting distributions and capital calls during market stress.
Questions We Addressed
Can we meet distribution commitments during a 3-year bear market?
What happens if PE funds call capital during a downturn?
At what point would we be forced to liquidate at depressed prices?
How long can we survive without distributions from illiquid holdings?
Which liquidity sources dry up first?
Should we hold more liquid reserves given our capital call schedule?
What's our "runway" before we have liquidity problems?
Which scenario forces us to cut distributions to family?
How should we sequence asset sales if liquidity becomes critical?
What We Built
Liquidity waterfall model mapping capital needs vs. availability across 15 downturn scenarios (18mo-7yr).
What They Received
Interactive liquidity timeline, survival windows analysis, and five strategy testing sessions.
"What if all our private equity funds call capital simultaneously?"
$900M committed to private equity across 28 funds. Wanted to stress-test capital call scenarios.
Questions We Addressed
What's our maximum potential capital call exposure?
Which vintage years are most likely to call during stress?
How do we meet unexpected calls without forced liquidations?
Should we reduce new PE commitments?
What's the correlation between capital calls and market downturns?
How much "dry powder" should we maintain?
Which funds have the highest call probability in next 24 months?
What We Built
Capital call forecasting model by vintage, strategy, and economic scenario across 28-fund portfolio.
What They Received
Call schedule projections, stress scenarios, liquidity buffer recommendations, and pacing strategy.
"Can we sustain our lifestyle without touching principal?"
Multi-generational family spending $15M/year. Wanted to model distribution sustainability across scenarios.
Questions We Addressed
What's a sustainable withdrawal rate given our allocation?
How long can we maintain current spending in a downturn?
What happens if returns are persistently below expectations?
Should we build a distribution reserve fund?
Which spending categories are most vulnerable to cuts?
How do market conditions affect our spending capacity?
What's the probability we'll need to reduce distributions?
Can we increase spending if markets perform well?
What We Built
Monte Carlo distribution sustainability model across 10,000 scenarios with spending floor analysis.
What They Received
Sustainable spending ranges, probability distributions, reserve fund sizing, and trigger-based rules.
"Are we being adequately compensated for our illiquidity risk?"
$1.4B portfolio with 70% in illiquid assets. Questioning whether illiquidity premium justifies the constraints.
Questions We Addressed
What return premium are we actually earning for illiquidity?
How does illiquidity constrain our ability to rebalance?
What's the cost of being unable to exit during opportunities?
Should we reduce illiquid allocations to gain flexibility?
How much optionality are we giving up?
What's the trade-off between returns and liquidity needs?
Are we locked into a suboptimal allocation?
What We Built
Illiquidity premium analysis comparing realized returns vs. opportunity costs and rebalancing constraints.
What They Received
Risk-adjusted return decomposition, optionality cost quantification, and optimal liquidity recommendations.
Regime & Macro Scenarios
Understanding how portfolios behave across different economic environments and regime transitions.
"What happens if inflation stays above 5% for the next decade?"
$750M portfolio built during the low-inflation era. Wanted comprehensive inflation scenario analysis.
Questions We Addressed
How would sustained high inflation erode our real wealth?
Which holdings provide genuine inflation protection?
Should we shift allocation toward real assets?
How do our equity holdings perform in high-inflation regimes?
What's our exposure to companies with pricing power?
Should we increase commodity/TIPS allocations?
How does inflation affect our distribution purchasing power?
What if inflation spikes but growth slows (stagflation)?
What We Built
Inflation scenario models across 6 regimes (2-10% sustained inflation) with asset-level sensitivity analysis.
What They Received
Real return projections, inflation hedge effectiveness analysis, and reallocation recommendations.
"How exposed are we to rising interest rates?"
$1.1B with significant real estate and fixed income. Concerned about rate sensitivity.
Questions We Addressed
What's our total portfolio duration across all holdings?
How would a 200bp rate increase affect valuations?
Which real estate positions are most rate-sensitive?
Should we reduce fixed income allocations?
How do rising rates affect our private equity portfolio?
What's our exposure to leveraged assets?
Should we hedge interest rate risk?
What We Built
Comprehensive rate sensitivity analysis including direct duration and indirect exposures across asset classes.
What They Received
Portfolio duration quantification, rate shock scenarios, and hedging strategy evaluation.
"What's our real exposure to a commercial real estate downturn?"
$850M with 25% direct CRE allocation plus indirect exposures. Wanted comprehensive CRE risk mapping.
Questions We Addressed
Where do we have hidden CRE exposure across our portfolio?
Which property types are most vulnerable?
How does remote work affect our office holdings?
What's our exposure through REITS and funds?
How would a 30% CRE correction affect total wealth?
Should we reduce direct CRE holdings?
What's our leverage exposure in CRE investments?
Are we diversified by geography and property type?
What We Built
CRE exposure mapping including direct holdings, REIT positions, and indirect exposures with sector-specific stress tests.
What They Received
Total CRE risk quantification, property-type sensitivity analysis, and portfolio repositioning recommendations.
"Are we positioned for a recession?"
$680M growth-oriented portfolio. Wanted recession scenario planning and defensive positioning analysis.
Questions We Addressed
How would our portfolio perform in a typical recession?
Which holdings are most cyclical and vulnerable?
Should we add defensive positions now?
What's our exposure to consumer discretionary sectors?
How do different recession types affect us differently?
Should we increase cash reserves as a recession hedge?
Which managers have track records through downturns?
What We Built
Recession scenario models (mild, typical, severe) with cyclical exposure analysis and defensive strategy evaluation.
What They Received
Recession performance projections, sector vulnerability assessment, and tactical repositioning recommendations.
Succession & Generational Transfer
Planning for wealth transfer, understanding estate tax impacts, and modeling multi-generational scenarios.
"What are the estate tax implications of different transfer strategies?"
$1.8B estate with complex holdings. Wanted comprehensive estate tax scenario modeling across strategies.
Questions We Addressed
What's the after-tax wealth transfer under current law?
How would estate tax law changes affect our plan?
Should we accelerate gifting strategies?
What's the optimal timing for wealth transfer?
How do different entity structures affect estate tax?
Should we use GRATs, CLTs, or other techniques?
What if exemptions sunset in 2026?
How much wealth reaches the next generation under each strategy?
What We Built
Estate tax modeling across 8 transfer strategies and 5 tax law scenarios with multi-generational wealth projections.
What They Received
After-tax wealth transfer analysis, strategy comparison matrix, timing recommendations, and policy change sensitivity.
"Will our wealth last for three generations?"
$950M across three generations. Wanted long-term sustainability modeling with realistic spending assumptions.
Questions We Addressed
What spending levels can we sustain across three generations?
How do different return assumptions affect longevity?
Should we implement spending guardrails now?
What if the third generation doubles in size?
How does inflation erode purchasing power over 50+ years?
What governance structure protects long-term wealth?
Should we shift to more conservative allocations?
What We Built
Multi-generational Monte Carlo model projecting wealth evolution across 75 years with demographic and spending assumptions.
What They Received
Sustainability probability curves, spending guideline recommendations, and governance structure suggestions.
"Should we sell the family business or transition to the next generation?"
Family with $500M business representing 80% of wealth. Wanted financial modeling of succession vs. sale scenarios.
Questions We Addressed
What's the after-tax wealth from a sale vs. keeping the business?
How concentrated is our risk with 80% in one asset?
Can the next generation successfully operate the business?
What happens if business performance deteriorates?
Should we pursue a partial sale or recapitalization?
How does business transition affect family dynamics?
What's the optimal timing for a sale?
How do we diversify if we keep the business?
What We Built
Business succession models comparing full sale, partial sale, and generational transfer across 10-year horizons.
What They Received
After-tax wealth projections for each path, risk/return trade-offs, and decision framework with timing considerations.
Structural & Tax Optimization
Evaluating entity structures, tax efficiency, domicile decisions, and operational optimization.
"Is our entity structure tax-efficient?"
Complex multi-entity structure with partnerships, trusts, and holding companies. Wanted efficiency analysis.
Questions We Addressed
Are we losing tax efficiency with current structure?
Should we consolidate entities?
What's the after-tax return drag from complexity?
Could a simpler structure reduce costs?
How do different structures affect estate planning?
Are we optimizing state tax exposure?
What's the cost-benefit of current structure?
What We Built
Entity structure analysis comparing current setup vs. 4 alternative structures across tax, cost, and complexity dimensions.
What They Received
After-tax efficiency comparison, restructuring recommendations, transition cost analysis, and implementation roadmap.
"Should we relocate to a different state or jurisdiction?"
$820M portfolio currently domiciled in high-tax state. Considering relocation for tax optimization.
Questions We Addressed
What's the 10-year after-tax savings from relocation?
How do different states compare on total tax burden?
What are the non-financial costs of moving?
Does domicile change affect estate planning?
What documentation is required to establish residency?
Could we use trust situs strategies instead?
What's the break-even point for relocation?
What We Built
Multi-jurisdiction tax comparison modeling state income, property, estate, and investment taxes across 6 target states.
What They Received
10-year cumulative tax savings analysis, domicile establishment requirements, and cost-benefit recommendation.
Ongoing Partnership
Continuous model maintenance, monitoring, and refinement as conditions and questions evolve.
"How do we keep this analysis current as conditions change?"
After initial engagement, many families want ongoing partnership to maintain model currency and address new questions.
What Ongoing Partnership Provides
Quarterly model updates reflecting portfolio changes
Continuous monitoring of decision boundaries and triggers
New scenario testing as market regimes evolve
Ad-hoc analysis when major market events occur
Regular working sessions to explore emerging questions
Updated stress tests reflecting current composition
Model refinement based on what you learn over time
Ongoing platform access for scenario exploration
Priority response for time-sensitive questions
Structure
Annual retainer with quarterly deep-dive reviews, continuous model maintenance, unlimited ad-hoc analysis, and priority access.
What They Receive
Ongoing platform access, quarterly comprehensive reviews, continuous updates, regular working sessions, and rapid-response capability.
What Do You Want to Understand?
We begin by discussing your questions. Then we build the models to answer them.