Who does what
Owns the mandate
Your Firm
You own the client relationship and the advice fee. You set a branded mandate: the objective, the risk parameters, the time horizon, the constraints and exclusions that reflect the clients you actually serve. You sit on the investment committee. You can elect to receive a portfolio management fee, agreed by the client in their MDA contract.
Discrete portfolios
Your Clients
Your client holds a discrete portfolio in their own legal name, on their own HIN, with their own cash account. Nothing pooled. Sees every holding and every cent. Signs one MDA contract, which includes the Investment Program you prepare and which is reviewed with them at least every 13 months. Can leave at any time with the portfolio intact.
Decides
Investment Committee
Decides asset allocation and applies your mandate. Your firm is a member. An independent asset consultant provides research and asset allocation.
Model portfolio managers for each asset class plug in as components, and can be replaced if a better one comes along without disturbing the client’s portfolio or the client.
Executes
Managed Portfolios
Holds the discretion as MDA operator and implements: rebalancing, trading, corporate actions, cash management, middle office, client and tax reporting. Chairs the committee. Documents every decision so the process can be evidenced to a client, a licensee or a regulator.
What this achieves
Clients hold legal title to every asset, in their own name. Their cash and securities sit in their own accounts. One MDA contract covers the whole relationship, so there are no Records of Advice for each trade. And everything a client owns is reported in one place, including direct property, private credit and other assets held outside the portfolio.
The question "what do you do for me on the other 363 days" answers itself.
Three Operating Models
| Mode | Best for | What it looks like |
|---|---|---|
| Adviser-Managed models | Firms with genuine in-house investment capability who want maximum control and full economic capture | The firm builds and runs portfolios with its own investment team. We provide MDA, trading, reporting and governance underneath. IP, brand and investment voice stay with the firm |
| Co-built, Branded Models | Firms that want a credible investment proposition without running an internal investment team — but want it presented as their own | We connect the firm with an approved external manager. They build and run the portfolios, branded as the firm’s. The firm keeps the relationship and most of the economics |
| Ready-made Models | Firms that want a turnkey portfolio with zero build effort and zero oversight burden — and want to spend their attention on advice and client outcomes | Pre-built, fully managed portfolios the firm appoints rather than constructs. Zero build, zero oversight burden. The firm focuses on advice; the model runs on our rails |
Illustrative. The lattice is drawn in three build states, one per mode.
Firms can start in one mode and migrate as their capability and ambition grow. The infrastructure does not need to change.