Why does every advice firm seem to have a different annual review process?

One of the things I enjoy most about my role is seeing how different advice firms operate behind the scenes.

Over the years, we’ve worked with firms of all shapes and sizes. Some have dedicated paraplanning teams. Some have one adviser doing almost everything. Others sit somewhere in the middle.

Recently, I came across a discussion between advisers that asked what sounded like a simple question:

“How do you collect client information before an annual review?”

The replies were fascinating.

Some firms send digital fact finds. Others rely on client portals. Some still post paper forms. Quite a few said they’d stopped asking clients to complete anything beforehand and simply update everything during the meeting instead.

There wasn’t a right answer.

There wasn’t even a common answer.

Everyone had developed a process that worked for their business, their clients and their team.

It made me realise something.

Perhaps the challenge isn’t finding the perfect annual review process.

Perhaps it’s recognising that every advice business is trying to solve a slightly different problem.

Annual reviews aren’t the difficult part

When people talk about annual reviews, they often picture the meeting itself or the suitability report that follows.

In reality, they’re only a small part of the overall process.

Long before an adviser sits down with a client, somebody has contacted them, arranged the meeting, gathered information, updated records, requested valuations and made sure everything is ready.

After the meeting, the work continues.

Recommendations need implementing.

Providers need chasing.

Platforms need updating.

Suitability reports need preparing.

Actions need recording.

Then, while all of that is happening, the day-to-day servicing doesn’t stop.

Client emails still arrive.

Withdrawal requests still need processing.

Addresses change.

Direct debits need amending.

New clients need onboarding.

It isn’t one task that consumes time.

It’s the accumulation of hundreds of smaller ones.

Why every firm looks different

Reading through that discussion, one thing became obvious.

The technology wasn’t really the issue.

Some firms had excellent systems.

Others preferred simpler processes.

Some had embraced automation.

Others deliberately hadn’t.

The common challenge wasn’t software.

It was people.

Clients don’t always complete forms.

Sometimes they don’t understand what’s being asked.

Sometimes they forget.

Sometimes they only remember something important once they’re sitting in front of their adviser.

That’s why there probably isn’t a single “best” annual review process.

Good firms build one that works for their clients, not somebody else’s.

What we’ve learnt

One of the biggest lessons we’ve learnt from working alongside advice firms is that structure matters far more than standardisation.

No two firms operate in exactly the same way.

Some want support preparing annual reviews.

Others want help managing implementation.

Some need somebody to own provider chasing and back-office updates.

Others are looking for support with onboarding, workflow design or simply making better use of their CRM.

Trying to force every business into the same process rarely works.

The best servicing models are built around the business, not the other way round.

Behind Better Advice

Over the coming months, I’ll be sharing a series called Behind Better Advice.

Each edition will look at a real project we’ve worked on (anonymised where appropriate), the operational challenge behind it and the practical lessons we learnt along the way.

Next week we’ll be publishing the first downloadable case study.

It follows a Paradigm member firm that wanted to strengthen the structure behind its annual reviews and ongoing client servicing. Rather than creating a completely new process, we worked together to build a servicing model around the way the business already operated.

I hope it’ll be useful for firms reviewing their own servicing models, whether they’re looking to make small improvements or thinking more broadly about how work flows through the business.

In the meantime, I’d love to hear your thoughts.

If you were designing your annual review process from scratch today, what would you do differently?

The relief is not the whole recommendation

Tax relief is often the reason the conversation starts.

It is usually the bit the client understands first.

It can feel tangible.

It can feel attractive.

It can feel like the “why” behind the recommendation.

But it cannot do all the heavy lifting.

Because underneath the relief, there are still some fairly big advice questions.

Can the client afford the risk?

Do they understand the liquidity position?

Is the holding period realistic?

Do they understand what smaller-company exposure really means?

Could they cope if the investment falls in value?

Have simpler planning options been considered first?

And probably one of the most useful questions:

Would this still feel suitable if the tax relief was not there?

Not because the tax relief is irrelevant.

It clearly matters.

But if the recommendation only works when the tax benefit is doing most of the talking, it probably needs more challenge.

Different products, similar suitability themes

Business Relief, EIS, AIM portfolios and VCTs all do different jobs.

They have different rules, different planning uses, different risks and different client outcomes.

But when you look at the suitability work behind them, a lot of the same themes keep coming up.

Risk.

Liquidity.

Client understanding.

Capacity for loss.

Time horizon.

Charges.

Investment experience.

The client’s wider plan.

And whether the recommendation is proportionate to the objective.

That last one matters.

Because it is very easy for a tax-efficient investment to look sensible in isolation.

The harder question is whether it makes sense for this client, at this point, for this objective, with this level of risk.

Here’s a simple way to look at the main suitability focus, key risks and evidence points across four common tax-efficient investment areas.

Suitability and Evidence at a glance

It is not a replacement for full research or advice, but it can be a useful sense-check before the recommendation becomes too focused on the relief.

The report needs to explain the trade-off

A good suitability report should not just explain how the tax relief works.

It should explain the trade-off.

What is the client hoping to achieve?

Why is this route being considered?

What alternatives have been discounted?

What are the main risks?

How has capacity for loss been evidenced?

What does the client understand about access, holding period and potential loss?

How does this investment fit alongside the rest of the client’s planning?

That is where the advice becomes more defensible.

Not because every sentence needs to sound technical.

But because the reasoning is clear.

A reviewer should be able to follow the logic without having to guess why the recommendation was made.

And the client should be able to understand what they are accepting, not just what they might save.

A practical sense-check for advisers

Before finalising a tax-efficient investment recommendation, it can help to step back and ask:

1. What is the real planning objective?

Is this about inheritance tax planning, income tax relief, CGT deferral, tax-efficient income, portfolio planning, or something else?

And is that objective clearly evidenced in the file?

2. Is the recommendation proportionate?

Does the level of risk, complexity and illiquidity make sense compared with the client’s need?

Or is the tax benefit pulling the case further than it should?

3. What risks need to be explained clearly?

Not just listed.

Explained.

Capital risk.

Liquidity risk.

Qualifying risk.

Smaller-company exposure.

Exit risk.

Holding period.

Income uncertainty.

The client needs to understand the trade-off in plain English.

4. What would make this case hard to defend later?

This is a useful one.

If the file was reviewed in two years, what would someone question?

The client’s capacity for loss?

Their investment experience?

The size of the recommendation?

The reason simpler options were discounted?

The explanation of liquidity?

Those are often the areas worth tightening before the report is finalised.

Where the real work sits

A lot of the work behind good advice happens before the client ever sees the final report.

The research.

The challenge.

The provider and product checks.

The awkward questions.

The gaps that need filling.

The “hang on, does this actually fit?” bit.

It is not always the most visible part of the advice process.

But it is often the part that makes the recommendation stronger.

And with Business Relief, EIS, AIM portfolios and VCTs, that work really matters.

Because these recommendations need more than a tax explanation.

They need evidence that the client understands the risks, accepts the trade-off and is suitable for the route being recommended.

We have pulled together a practical guide

At We Complement, we have created a guide called:

Tax Relief Isn’t the Whole Story

It covers Business Relief, EIS, AIM portfolios and VCTs from a suitability angle.

It is not designed to be a technical tax manual or a product guide.

It is more of a practical support piece for advisers, paraplanners and suitability teams who want to sense-check the questions behind these recommendations.

Inside, we look at:

the main suitability considerations across BR, EIS, AIM portfolios and VCTs
the risks that need to be explained clearly
the evidence that should sit behind the recommendation
client understanding and capacity for loss
how to stop the tax relief becoming the whole story
practical questions to ask before the report is finalised

Because tax relief can open the conversation.

But suitability has to carry it.

If you would like a copy of the guide, give us a shout and we will send it over.

Useful external links

For advisers who want to check the underlying rules and guidance, these are useful places to start:

Business Relief for Inheritance Tax

Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) changes

COBS 9 Suitability (including basic advice) (other than MiFID and insurance-based investment products)

Consumer Duty

These links do not replace provider due diligence, tax advice or firm-specific compliance guidance, but they are useful reference points when sense-checking the advice file.

VCT conversations can sometimes feel more straightforward than they really are.

The client has income tax to reduce.

The allowance is clear.

The tax year-end is approaching.

There is a familiar rhythm to it.

A bit like using ISA allowances, pension contributions or other annual planning opportunities, VCTs can start to feel like another “use it or lose it” tax-year discussion.

But that is where advisers need to be careful.

Because VCTs are not routine tax planning.

They are high-risk investments into smaller, often early-stage companies, with tax relief attached.

And that distinction matters.

Why VCTs get attention

Venture Capital Trusts can look attractive for the right client.

There may be 20% income tax relief on new VCT shares, provided the client has enough income tax liability and holds the shares for at least five years.

Dividends are usually tax-free.

Any growth is generally free from capital gains tax.

For clients with high income, reduced pension allowances, large tax bills or a need for tax-efficient income, that can sound appealing.

And in some cases, VCTs can genuinely form part of a wider planning strategy.

But the reliefs should not become the reason the conversation moves too quickly.

Because the question is not simply:

“Can the client benefit from the tax relief?”

It is:

“Is this the right type of investment risk for this client, given their wider position?”

Those are very different questions.

The tax year-end pressure

One of the practical issues with VCTs is timing.

They often come up around tax year-end, when clients are thinking about income tax, allowances and what can still be done before 5 April.

That deadline can create a sense of urgency.

And urgency is not always helpful in suitability conversations.

It can make the discussion feel more about taking action before a cut-off point than taking time to understand the trade-off.

For advisers, that means the pace of the conversation matters.

A useful sense-check is:

Would this recommendation still feel right if there was no tax year-end deadline attached to it?

If the answer is yes, the planning may be on stronger ground.

If the answer is less clear, it is probably worth slowing down.

Deadlines can explain timing.

They should not create suitability.

The risk is not just “higher risk”

VCTs are often described as higher risk, and of course that is true.

But for advice purposes, “higher risk” is not really enough.

The client needs to understand what kind of risk they are taking.

VCTs invest in smaller companies, which may be unquoted or listed on AIM. Some may be early-stage, less established, more vulnerable to failure, or harder to value.

The value of the shares can fall.

Income is not guaranteed.

The shares may be difficult to sell.

The secondary market can be limited.

The investment may behave very differently from the client’s mainstream portfolio.

That needs to be brought to life.

Especially if the client has only previously invested through pensions, ISAs, model portfolios or multi-asset funds.

A client can be comfortable with normal investment risk and still not be comfortable with VCT risk.

That is a really important distinction.

The five-year holding period is not the whole access conversation

The five-year holding period for income tax relief is often one of the first things clients remember.

Hold for five years, keep the relief.

But again, that is only part of the story.

The client may technically meet the holding period and still find that selling is not straightforward, quick or available at the price they expected.

So the access conversation needs to go further than:

“You need to hold it for five years.”

It should probably sound more like:

“You need to be prepared to hold this for at least five years, possibly longer, and accept that selling may not be quick or at a stable value.”

That is a different client expectation.

And it matters.

For advisers, a useful question is:

If the client needed this money unexpectedly, would the wider plan still work without relying on the VCT being sold?

If the answer is no, the suitability case may need more thought.

The income point needs careful handling too

Tax-free dividends can be attractive, particularly for clients looking for tax-efficient income.

But VCT dividends are not the same as secure income.

They depend on the underlying investments, the VCT’s performance and the manager’s dividend policy.

That does not mean they are unsuitable.

But it does mean they should not be presented, or understood, as dependable income in the same way as other sources.

For clients who need reliable income to meet living costs, this point matters.

A useful way to test it is:

Is the client treating the dividends as a bonus, or relying on them as part of essential income?

If they are relying on them, the adviser may need to explore whether that is realistic.

What advisers may want to evidence

A strong VCT case is not just a list of tax benefits.

It should show why the recommendation fits the client’s wider circumstances.

That might include evidencing:

Why VCTs are being considered now.

What tax issue is being addressed.

Whether the client has used pensions, ISAs and other planning routes first.

Whether the client has enough income tax liability to use the relief.

How much of the wider portfolio is being allocated.

Whether the client can afford to lose the capital invested.

Whether they understand the five-year minimum holding period.

Whether they understand that access may still be limited after five years.

Whether they understand dividends are not guaranteed.

Whether their investment experience genuinely supports this type of risk.

Whether the recommendation remains proportionate.

That final point is important.

A VCT may be suitable for part of a client’s planning.

That does not mean it should become too large a part.

The relief might be 30%, but the client is still putting 100% of the capital at risk.

That is often the line worth sitting with.

The practical takeaway

VCTs can be useful.

They can help the right client with tax planning, diversification and access to smaller-company investment opportunities.

But they should not be treated like a routine annual allowance exercise.

They are not an ISA top-up.

They are not a pension contribution.

They are not simply a way to reduce a tax bill.

They are high-risk investments with valuable tax reliefs attached.

And that order matters.

For advisers, the strongest suitability conversations are the ones where the client understands the full exchange.

The potential relief.

The investment risk.

The access limitations.

The uncertain income.

The holding period.

And the possibility that the investment may not behave the way they expect.

A helpful question to come back to is:

Is the client choosing this because it suits their wider plan, or because the tax relief is making it feel like an obvious next step?

That is often where the real advice work sits.

Across this series, Claire has looked at Business Relief, EIS, AIM portfolios and now VCTs.

Different products.

Different planning uses.

Different risks.

But one theme runs through all of them.

Tax relief can open the conversation.

Suitability has to carry it.

AIM portfolios can sometimes feel easier to explain than other tax-efficient investments.

They are shares.

There is a market.

There is a portfolio.

The client may already understand the idea of investing in companies, especially if they have pensions, ISAs, model portfolios or direct equity experience.

So compared with something like EIS, AIM can feel a little more familiar.

But that is exactly where advisers need to be careful.

Because familiar does not always mean simple.

And it definitely does not mean low risk.

Why AIM portfolios come up in advice conversations

AIM portfolios are often considered where a client has an inheritance tax planning objective but does not want to give money away.

That might be because they want to retain ownership.

They may be worried about future care costs.

They may not feel comfortable with outright gifts or trusts.

They may want something that feels more flexible than traditional estate planning.

For the right client, an AIM portfolio can have a place. Certain AIM shares may qualify for Business Relief, which can mean they fall outside the estate for inheritance tax purposes after two years, provided they are still held at death and continue to qualify.

That two-year point often gets attention.

It can sound much more appealing than the seven-year gifting rule.

But for advisers, the important bit is making sure the client understands what sits behind that headline.

Because this is still an investment-led strategy.

And the suitability work is not just about whether the client wants to reduce inheritance tax.

It is about whether they can accept the investment risk, liquidity risk and qualifying-status risk that come with this route.

The familiarity risk

One of the practical challenges with AIM is that clients may hear “shares” and assume they understand the risk.

They might mentally compare it with investments they already hold.

A pension portfolio.

An ISA.

A managed equity fund.

A mainstream UK equity allocation.

But AIM exposure can behave very differently.

The companies may be smaller. The market can be more volatile. Trading volumes can be lower. Share prices may move sharply. Selling may not always be straightforward, especially in stressed market conditions.

That does not make AIM unsuitable.

But it does mean the conversation needs to be specific.

Not just:

“The client understands investment risk.”

More like:

“The client understands the additional risks associated with smaller companies, AIM-listed shares, possible liquidity constraints and the fact that Business Relief is not guaranteed.”

That distinction matters.

A client who is comfortable with a mainstream balanced portfolio may not automatically be comfortable with a concentrated smaller-company portfolio used for IHT planning.

So a useful adviser question is:

Has the client understood how this could feel in practice, not just how it works on paper?

For example, would they still feel comfortable if the portfolio fell sharply? Would they still want to hold it if markets were unsettled? Would they be able to avoid making a rushed decision if the value moved against them?

Those questions can make the risk feel more real.

The two-year point needs careful framing

The two-year holding period is often the part clients remember.

But time alone is not the whole story.

For Business Relief to apply, the shares must remain qualifying and usually need to be held at death. If the underlying shares cease to qualify, or the rules change, the expected inheritance tax treatment may not apply in the way the client originally hoped.

That can be easily missed if the conversation becomes too focused on “two years”.

A practical way to frame it with clients is:

“The two-year point is not a finish line. It is one condition in a planning strategy that needs to continue working.”

That wording helps keep the conversation balanced.

It also makes clear that AIM is not a guaranteed tax shelter. It is an investment portfolio with potential IHT benefits attached.

For the advice file, it is worth evidencing that the client understands:

The shares need to remain qualifying.

The tax treatment can change.

The value of the portfolio can fall.

Access may not be immediate.

The investment may need to be held until death for the intended IHT outcome.

That last point is especially important.

Because if the client thinks of AIM as a short-term two-year solution, there may be a mismatch between what they believe they are doing and what the planning actually requires.

The rule change advisers need to factor in

There is also a newer planning point that needs to be part of the conversation.

From 6 April 2026, qualifying AIM shares are expected to receive 50% Business Relief for inheritance tax purposes, rather than the 100% relief that has historically applied. That means the IHT position may still be beneficial, but it is not the same planning outcome clients may have heard about before.

For advisers, this makes the suitability discussion even more important.

If the relief is lower, the investment case, risk profile, liquidity position and client understanding need to stand up even more clearly. The question is no longer just whether AIM could reduce an IHT liability, but whether the remaining tax benefit is enough to justify the additional risk for this client.

That is especially important for existing clients who already hold AIM portfolios. Their original recommendation may have been made under a different relief expectation, so review conversations may need to revisit whether the planning still feels proportionate.

The access conversation needs more than “you retain control”

AIM portfolios are often attractive because they allow the client to retain ownership and potential access.

That can be a real advantage compared with gifting.

But “retaining access” needs careful explanation.

There is a difference between:

“You still own the investment.”

and

“You can access the money quickly, at a stable value, whenever you need it.”

Those are not the same thing.

For advisers, this is where the conversation needs to connect back to the client’s real life.

Could they need the money for care?

Would they use it to support family?

Is this part of their emergency reserve?

Would selling during a market fall create a problem?

Could they meet income and capital needs without relying on this portfolio?

A useful sense-check is:

If the client needed this money sooner than expected, and the AIM portfolio was down at the time, would the wider plan still work?

If the answer is no, or not comfortably, the recommendation may need more thought.

That does not automatically rule AIM out.

But it does mean the advice needs to show how the access risk has been explored, rather than simply saying the client retains control.

What advisers may want to evidence

For advisers and paraplanners, a strong AIM case usually shows why this route fits the client’s wider circumstances, not just their IHT objective.

That might include evidencing:

Why the client is considering AIM now.

Why gifting, trusts, life cover or spending strategies were not preferred.

How much of the estate or portfolio is being allocated.

Whether the client can tolerate capital loss.

Whether the client can cope with delayed or uncertain access.

What investment experience the client already has.

How smaller-company risk has been explained.

Whether the client understands qualifying-status risk.

Whether the client understands this may need to be held until death for the intended IHT outcome.

Whether the recommendation remains proportionate.

That final point is worth pausing on.

AIM may be suitable for part of the client’s estate planning.

That does not mean it is suitable for too much of it.

Proportion matters.

Especially where the client is older, nervous about markets, reliant on the capital, or already carrying other investment risks elsewhere.

The practical takeaway

AIM portfolios can be useful.

But they should not be made to sound simpler than they are.

The key adviser challenge is making sure the client does not confuse familiarity with suitability.

Yes, AIM involves shares.

Yes, there may be a market.

Yes, there may be potential IHT benefits after two years.

But the client still needs to understand the investment risk, the liquidity risk, the qualifying-status risk and the fact that the tax outcome is not guaranteed.

A helpful question to come back to is:

Is the client choosing this because they understand the whole trade-off, or because the two-year IHT point sounds attractive?

That is often where the real advice work sits.

Last week, we looked at EIS and the risk of letting the reliefs become louder than the risks.

This week, AIM portfolios bring a slightly different challenge.

The risk is not always that the client does not understand investments at all.

Sometimes it is that the investment sounds more familiar than it really is.

We’ll be sharing the full guide at the end of the series, covering Business Relief, AIM portfolios, VCTs and EIS.

For now, the point is simple.

Tax relief matters.

But suitability is what makes the recommendation stand up.

For anyone who wants to look at the background in more detail, HMRC has guidance on how Business Relief works for inheritance tax, including what may qualify and how relief is claimed.

Business Relief for Inheritance Tax

The London Stock Exchange also has a useful overview of AIM as a growth market.

AIM – Funding innovation for over 30 years

And for a wider reminder on risk communication, the FCA’s review of financial promotions for high-risk investments is worth keeping in mind, especially when thinking about how clearly clients understand the risks as well as the potential benefits.

Financial Promotions for high-risk investments

There is a point in some EIS conversations where things can start to move quite quickly.

The client hears 30% income tax relief.

Then capital gains tax deferral.

Then tax-free growth after three years.

Then loss relief.

Then possible inheritance tax relief after two years.

And before long, the conversation can start to feel less like an investment recommendation and more like a list of attractive tax features.

You can understand why EIS gets attention.

It offers some of the most generous tax reliefs available to UK investors. For the right client, in the right circumstances, it can have a place within a wider planning strategy.

But it is also one of those areas where advisers often have to work hardest to keep the conversation balanced.

Because with EIS, the tax relief is only part of the story.

The practical challenge is making sure the client understands what they are accepting to access those reliefs.

Why the client may focus on the reliefs first

Enterprise Investment Schemes are designed to encourage investment into smaller, early-stage companies.

Clients can invest directly into qualifying companies, or through a specialist manager who invests across a spread of qualifying businesses.

The tax position can be appealing.

There may be 30% income tax relief, as long as the client has enough income tax liability.

There may be an option to carry back the investment and treat it as if it was made in the previous tax year.

There may be capital gains tax deferral.

There may be tax-free growth if the shares are held for at least three years and the companies remain qualifying.

There may be loss relief if the investment falls in value.

And in some cases, shares may qualify for Business Relief if held for at least two years at death.

That is a lot for a client to take in.

And that is where the advice conversation can become tricky.

A client may understand each tax point when it is explained on its own. But that does not always mean they have understood the overall trade-off.

So one useful adviser question is:

Can the client explain back, in their own words, what they are investing in and what could go wrong?

Not just what reliefs they may receive.

What could go wrong.

That is often where the quality of understanding becomes clearer.

The risk needs as much airtime as the relief

EIS investments are not just tax-efficient.

They are high risk.

They usually involve early-stage or smaller companies. The businesses may be unlisted. The investment may be difficult to sell. Returns are uncertain. Capital is very much at risk.

There is also qualifying status risk. If a company stops meeting the EIS requirements, reliefs already granted may have to be repaid to HMRC.

That point is worth slowing down on.

Because this is not just:

“The investment could fall in value.”

It is also:

“The tax position depends on certain conditions continuing to be met.”

That is a different kind of risk, and it needs to be explained clearly.

For advisers, this is where generic risk wording is unlikely to be enough.

It is worth being specific about the type of risk the client is taking:

Early-stage company risk.

Illiquidity.

Uncertain exit.

Potential loss of tax relief.

A longer-term commitment.

A return profile that may look very different from a mainstream investment.

If the client has only ever held pensions, ISAs, model portfolios or mainstream funds, that difference needs to be brought to life.

A useful test is:

Have we explained the risk in a way that relates to this client’s actual experience, not just their attitude to risk score?

Because being comfortable with investment risk in a balanced portfolio is not the same as being comfortable with early-stage company risk.

The exit question needs to be asked early

One of the most useful questions in an EIS case is:

How does the client think they are going to get out?

It sounds simple, but it can open up a lot.

EIS is not usually something a client can sell quickly if they change their mind. Even where there is a planned exit strategy, it is not guaranteed. The timing, valuation and route to exit all depend on what happens with the underlying companies.

This is where the manager’s role becomes important.

What is the investment focus?

How are companies selected?

How diversified is the portfolio?

What does the manager expect the exit route to be?

What happens if exits take longer than expected?

The client does not need to become an EIS expert.

But they do need to understand enough to make an informed decision.

Especially where the recommendation is being discussed around a tax-year deadline, a CGT event, or a desire to reduce income tax.

Tax planning deadlines can create pressure.

The suitability conversation needs to slow that pressure down.

A practical sense-check here is:

Are we recommending this because the client has a suitable need, or because there is a tax deadline approaching?

Deadlines may explain urgency.

They should not create suitability.

What advisers may want to evidence

For advisers and paraplanners, EIS cases often need more than a technical explanation of the reliefs.

They need a clear trail showing why EIS is suitable for this particular client.

That might mean evidencing:

Why the client is considering EIS now.

What tax issue is being addressed.

Why alternative planning routes were not preferred.

How much of the client’s overall wealth is being allocated.

Whether they can afford to lose the capital invested.

Whether they can cope with a delayed or uncertain exit.

What investment experience they already have.

How the manager’s approach has been explained.

Whether the client understands the risk of losing qualifying status.

This does not need to make the advice file longer for the sake of it.

But it does need to make the reasoning clear.

Especially if the client has been drawn to the investment because the tax reliefs look attractive.

A helpful question to come back to is:

If the tax reliefs were less generous, would this still look like a sensible recommendation for this client?

The answer does not have to be yes in every case. Tax planning is a valid objective.

But if the whole recommendation relies on the reliefs doing the heavy lifting, it is worth pausing and testing the advice again.

The practical takeaway

EIS can be a valuable planning tool.

But it needs a clear suitability trail.

Not just:

“The client wants tax efficiency.”

Not just:

“The client is high risk.”

Not just:

“The client understands capital is at risk.”

The stronger cases are usually the ones where the adviser can show why this client, with this objective, this tax position, this experience, this capacity for loss and this wider portfolio, can justify taking on this type of investment.

That is the real work.

Not making EIS sound less risky than it is.

Not letting the tax reliefs carry the recommendation.

But helping the client understand the trade-off clearly enough to make a properly informed decision.

Last week, we looked at Business Relief and the access question.

This week, EIS reminds us of something slightly different.

Sometimes the hardest part of suitability is not explaining what the tax relief does.

It is making sure the relief does not become louder than the risk.

We’ll be sharing the full guide at the end of the series.

For now, the point is simple.

Tax relief matters.

But it should never be doing all the talking.

Business Relief often comes into the conversation when clients want two things that do not always sit easily together.

They want to reduce a potential inheritance tax liability.

But they also want to keep access to their money.

That is what makes BR interesting.

For the right client, it can offer a route into inheritance tax planning without making an outright gift, setting up more complex arrangements, or relying on the seven-year gifting rule.

The headline is usually easy enough to explain. Qualifying investments may benefit from inheritance tax relief after two years, provided they are still held at death.

That is the bit clients tend to remember.

Two years.

Potential IHT relief.

Capital still in their name.

But in practice, the suitability conversation is rarely that simple.

Because Business Relief is not just an inheritance tax planning tool. It is an investment. And that means risk, access, liquidity and understanding all need to be properly worked through.

What makes BR attractive?

BR can be useful where a client has a genuine IHT planning need, but gifting does not quite fit.

That might be because they are not comfortable giving money away.

They may want to retain control.

They may be concerned about future care needs.

They may want the option of accessing capital later.

Or they may simply feel that a seven-year planning horizon is too uncertain.

In those situations, BR can look like a helpful middle ground.

It can give the client a way to plan for IHT while keeping the investment in their own name. Some solutions may also allow access, although this can depend on the provider, the underlying assets and market conditions.

That flexibility is often where the appeal lies.

But it is also where the advice needs care.

The access point is not as simple as it sounds

One of the most important questions with BR is not just:

“Does the client want access?”

It is:

“What kind of access do they think they have?”

There is a big difference between money being technically accessible and money being quickly, easily or reliably accessible.

That is where misunderstandings can creep in.

A client might hear “you can still access your capital” and take comfort from that. But if the underlying investments are in smaller or unquoted businesses, selling may not be instant. Liquidity may be limited. The value may move. Access could take longer than expected.

That does not make BR unsuitable.

But it does mean the access conversation needs to be very clear.

In day-to-day advice work, this is the bit I think needs more attention.

Not just whether the client says they are happy with the risk, but whether they understand what that risk might feel like later.

Especially if circumstances change.

A client who does not expect to need the money today may feel very differently if care costs arise, family circumstances shift, or they simply become less comfortable with investment risk as they get older.

When the tax benefit starts leading the conversation

There is another point worth pausing on.

Business Relief can be attractive because the tax benefit is clear and easy to quantify. That can make it tempting for the tax outcome to become the main focus of the recommendation.

But tax efficiency on its own is not suitability.

The file still needs to show why this solution fits the client’s wider position.

That includes their objectives, their attitude to risk, their capacity for loss, their need for access, their understanding of the investment and the alternatives considered.

A useful sense-check is:

If the IHT relief was removed from the conversation, would there still be a coherent reason for this client to hold this type of investment?

The answer does not always need to be yes. IHT planning can be a valid objective in its own right.

But if the whole recommendation only makes sense because of the relief, the advice probably needs more careful framing.

At the very least, the client needs to understand exactly what they are accepting in exchange for that potential tax benefit.

What advisers and paraplanners need to evidence

For advisers and paraplanners, BR cases are often less about explaining the rules and more about evidencing the trade-off.

That means being able to show:

The client has a clear IHT planning objective.

Gifting, trusts or other planning options have been considered.

The need for access has been explored properly.

The client understands that access may not be immediate.

The investment risk is suitable for their circumstances.

The client understands capital is at risk.

The recommendation is not being driven by tax relief alone.

None of this needs to be overcomplicated.

But it does need to be clear.

Because if a case is ever reviewed later, the question will not just be whether BR was technically available.

It will be whether the recommendation was suitable for that client at that time, based on what they needed, what they understood and what they could afford to risk.

The practical takeaway

The strongest BR conversations are often the ones where the benefits and limitations are given equal weight.

Not in a way that scares the client off.

Just in a way that keeps the advice balanced.

BR can be a valuable planning option. But it should not be presented as a neat fix for inheritance tax.

It is better understood as a trade-off.

Potential IHT relief.

Retained control.

Some access.

But with investment risk, possible liquidity constraints and a need for proper client understanding.

That is where the real advice work sits.

Not in knowing that the two-year rule exists, but in making sure the client understands what sits behind it.

Over the next few weeks, I’ll be looking at BR, AIM portfolios, VCTs and EIS as part of our Tax Relief Isn’t the Whole Story series.

We’ll be sharing the full guide at the end, but for now the main point is this:

Tax relief matters.

But suitability is where the real work starts.

How to Evidence Capacity for Loss in a Suitability Report

Evidencing capacity for loss in a suitability report is not just about saying whether a client is cautious, balanced or adventurous.

It is about explaining what would actually happen if the value of their investment fell.

There is a line we see on advice files more often than you might think:

“The client has a low capacity for loss because they do not like the thought of losing money.”

At first glance, it sounds reasonable.

Most clients do not like the thought of losing money. Some feel genuinely uncomfortable when they see a fall in value on a statement. Some will say they would rather avoid volatility altogether.

But that does not automatically mean they have a low capacity for loss.

It may mean they have a low attitude to risk.

And that is not the same thing.

This is one of those areas that can look fine at first read, but when you look more closely, the file has merged two different points together.

The FCA’s suitability guidance refers to the risk a customer is both willing and able to take. It also describes the assessment as the customer’s ability to absorb falls in the value of their investment, particularly where a loss would have a materially detrimental effect on their standard of living.

That wording matters.

Because this assessment is not about whether the client likes risk.

It is about what would actually happen if the risk became real.

Financial ability vs attitude to risk

In plain English:

Attitude to risk is how the client feels about taking investment risk.

Capacity for loss is whether the client could financially absorb a fall in value.

They are connected, but they are not interchangeable.

A client can have a low attitude to risk but a high capacity for loss.

For example, we might see a client with significant wealth, no debt, guaranteed pension income, and more than enough secure income to meet their day-to-day needs.

They may still be cautious by nature.

They may still hate market volatility.

They may still say they would feel very uncomfortable seeing their portfolio fall.

But if that portfolio fell significantly, would their lifestyle actually be affected?

Would they need to reduce essential spending?

Would they have to change their retirement plans?

Would they be forced to sell investments at the wrong time?

If the answer is no, then their ability to absorb loss may not be low.

Their attitude to risk may be low. Their emotional tolerance for volatility may be low. But financially, they may have more resilience than the file suggests.

That distinction is important when evidencing capacity for loss in suitability reports.

Why this matters in the advice file

From a paraplanning and suitability point of view, the issue is not whether the client ends up in a cautious portfolio.

There may be a perfectly valid reason for the adviser to recommend a cautious approach.

If the client does not want to take more risk, that matters. The recommendation should reflect what is suitable for them, not what they could theoretically afford to do.

But the reasoning needs to be accurate.

If the client has high capacity for loss but low attitude to risk, the file should say that.

It should not say the client cannot afford to take risk if the real reason is that they do not want to.

That small difference can change the whole tone of the suitability report.

Weak wording vs stronger wording

A weak explanation might look like this:

“The client has a low capacity for loss because they are uncomfortable with investment losses.”

The issue here is that it uses the client’s feelings about loss to evidence their financial ability to absorb loss.

A stronger version might be:

“The client has secure income and sufficient assets to absorb a fall in the value of this investment without materially affecting their standard of living. However, their attitude to risk is low, and they have stated they would be uncomfortable with significant volatility. The recommendation has therefore been shaped by their preference for a lower-risk approach, rather than a financial inability to absorb loss.”

That is clearer.

It separates what the client can afford from what the client is willing to accept.

And that is often what is missing.

When willingness to take risk is not enough

The reverse situation can be just as important.

A client may say they are comfortable taking risk. They may have investment experience. They may understand markets. They may even say they are happy to take a long-term view.

But if they are relying on that money for essential retirement income, or if a significant fall would put their plans under pressure, then capacity for loss may be the limiting factor.

In that case, the client’s willingness to take risk does not override their financial ability to withstand it.

The FCA’s more recent retirement income advice findings highlighted this point in a decumulation context. It found that some firms were not revisiting attitude to risk or adequately assessing the client’s ability to absorb loss as clients moved into decumulation. It also said firms should assess capacity for loss and attitude to risk consistently to help identify suitable solutions.

That is where the suitability file needs care, because attitude to risk and financial resilience are pointing in different directions.

Not just:

“What score did the client get?”

But:

“Does the recommendation make sense when their objectives, income needs, assets, expenditure, time horizon and reliance on the money are all considered together?”

Using cashflow modelling to support the assessment

Cashflow modelling can be useful when assessing and evidencing the client’s ability to absorb loss.

It can show whether a fall in value would affect income, spending, sustainability, or the client’s wider financial plan.

The FCA has highlighted good practice examples where firms simulated market falls to understand the impact on clients and the risk of running out of money later in retirement. It has also pointed to the importance of tailoring cashflow modelling to the client’s circumstances and objectives.

But the model is only part of the story.

The suitability report still needs to explain what the result means.

A cashflow that still works after a market fall may support a higher capacity for loss. But if the client would be deeply uncomfortable taking that level of risk, the recommendation still needs to reflect that.

Equally, if the client is comfortable with risk but the cashflow shows their income would be under pressure after a fall, that needs to be addressed.

The point is not to let the tool make the decision.

The point is to use the tool to support better reasoning.

Questions worth asking

When we are preparing or reviewing files, these are the types of questions that help sense-check whether the assessment has been properly evidenced:

If this investment fell in value, what would actually change for the client?
Would essential spending still be covered?
Is the client relying on this money now, soon, or much later?
Do they have other secure income or assets available?
Would a fall create a practical problem, or mainly an emotional one?
Has the client’s position changed since the last review?
Are we describing their ability to absorb loss, or their feelings about loss?

That last question is often the most revealing.

Because many weak explanations are not really about the client’s financial ability to withstand loss at all.

They are attitude to risk comments wearing a different label.

FAQ: capacity for loss in suitability reports

What is capacity for loss?

Capacity for loss is the client’s financial ability to absorb a fall in investment value without it materially affecting their standard of living, income needs, or financial plans.

Is capacity for loss the same as attitude to risk?

No. Attitude to risk is about how the client feels about investment risk. Capacity for loss is about what would happen financially if the investment fell in value.

Can a cautious client have a high capacity for loss?

Yes. A client may dislike risk but still have enough secure income, assets, and financial resilience to absorb investment losses.

Can a confident client have a low capacity for loss?

Yes. A client may be willing to take risk, but if they rely on the money for essential income or near-term objectives, their capacity for loss may be limited.

How should capacity for loss be evidenced in a suitability report?

Capacity for loss should be linked to the client’s actual circumstances, including income, expenditure, assets, liabilities, time horizon, objectives, reliance on the money, and what a fall in value would mean in practice.

A brief explanation may be enough in the suitability report, as long as a more in-depth assessment is evidenced on file.

The practical point

For me, the biggest risk is not that firms forget to mention capacity for loss.

It is that they mention it, but do not quite evidence the right thing.

A client’s attitude to risk tells us how they feel about taking risk.

Their capacity for loss tells us what would happen if the risk became real.

Both matter. But they answer different questions.

And when the two point in different directions, that is where the file needs the most care.

A cautious client may still have high capacity for loss.

A confident client may still have low capacity for loss.

It is worth checking the wording before it becomes a suitability issue.

If this feels familiar, or if you are seeing the same thing come up in files and reviews, it may be worth taking a closer look at how this is being evidenced across your advice process.

At We Complement, we support advice firms with suitability report writing, file reviews and suitability consulting, helping make sure the reasoning behind recommendations is clear, consistent and properly evidenced.

For firms that need wider support with advice files, research and reports, our outsourced paraplanning support can also help bring more consistency to the process.

There’s a phrase I think advisers are going to hear a lot more this year.

“I’d quite like some exposure to AI.”

It sounds straightforward enough.

And to be fair, it’s not an unreasonable thing for a client to ask. AI is everywhere. It’s in the news, in workplace tools, in market commentary, in fund updates, and probably in half the conversations clients are having outside the advice meeting too.

But from an investment point of view, “AI exposure” is a much messier phrase than it first sounds.

Because what does it actually mean?

Does it mean buying the big technology names building the models?

The chipmakers supplying the kit?

The cloud companies hosting the workloads?

The data centres housing it all?

The energy infrastructure powering it?

Or the newer GPU cloud providers trying to rent out capacity to anyone who can’t get enough from the usual hyperscalers?

All of those could sit under the AI banner.

But they are not the same investment.

And that is where this starts to become a proper advice conversation, rather than just a topical investment theme.

The bit under the bonnet

For a while, most of the AI conversation was about what the models could do.

Could they write? Could they code? Could they analyse? Could they replace jobs? Could they make businesses more efficient?

That was the exciting bit.

But now the conversation is shifting slightly.

Because the more AI gets used, the more obvious the infrastructure problem becomes.

AI needs chips. It needs memory. It needs data centres. It needs cooling. It needs huge amounts of power. And it needs companies willing to spend a lot of money before the full commercial return is completely clear.

McKinsey has written about how AI workloads are changing the way hyperscalers think about capacity, power and data centre design, with inference expected to become a much bigger part of demand over time:

The next big shifts in AI workloads and hyperscaler strategies

That’s the part I think is easy to miss.

Training a model is one thing.

Running it constantly, for millions of users and businesses, is another.

And once you look at it that way, AI stops being just a software story.

It starts looking a lot more like an infrastructure story.

Big spending doesn’t automatically mean easy returns

The numbers being quoted around AI infrastructure are huge.

IDC has reported that AI infrastructure spending reached around $90 billion in Q4 2025, and expects spending to keep climbing sharply over the next few years:

AI Infrastructure Spending Caps Historic Year at ~$90 Billion in Q4 2025; 2029 Spending to Eclipse $1 Trillion

That sounds exciting.

But big spending cycles are not always clean investment opportunities.

Someone has to fund the build-out.

Someone has to take the risk on demand.

Someone has to buy the chips, lease the space, secure the power, upgrade the network, and hope that future AI revenues justify what is being spent today.

And that is before you get into the question of valuations.

A client might hear “AI infrastructure” and think, “Great, that sounds like a sensible way to invest in the theme.”

But it may still come with a lot of the same risks as other specialist themes:

concentration,

high expectations,

expensive assets,

fast-moving technology,

and the possibility that the market has already priced in a lot of good news.

It might be a good investment.

It might not.

But it definitely needs explaining properly.

The overlap problem

This is probably the most practical bit for advisers.

A client may think they are adding AI exposure for the first time.

But they may already have quite a lot of it.

If they hold a global equity fund, a US equity fund, a passive index tracker, or a growth-focused multi-asset portfolio, there is a fair chance they already have exposure to the big AI names.

Microsoft.

Nvidia.

Amazon.

Alphabet.

Meta.

Maybe not directly in huge standalone positions, but enough for the theme to already be influencing performance.

So when a specialist AI fund, infrastructure fund, or data centre-related investment is added on top, the question is not just:

“Is this a good theme?”

It is:

“What does this add that the client does not already have?”

That is a slightly less exciting question.

But it is the one that matters.

Because without that check, “adding diversification” can quietly become “doubling up on the same story”.

Where the chain gets longer

The other thing I find interesting is how wide the AI value chain has become.

At one end, you have the familiar technology names.

But behind those, you have:

· chip designers,

· semiconductor manufacturers,

· memory suppliers,

· cloud providers,

· data centre owners,

· cooling specialists,

· energy companies,

· grid infrastructure,

and even private credit or infrastructure vehicles funding parts of the build-out.

That doesn’t make the theme bad. If anything, it shows how significant it has become.

But it does mean advisers need to be clear about which part of the chain a client is accessing.

Because buying Nvidia is not the same as buying a data centre operator.

And buying a listed infrastructure fund with some data centre exposure is not the same as buying a pure AI thematic fund.

They may all benefit from the same broad trend.

But they will behave differently.

They will carry different risks.

And they may suit different clients for very different reasons.

A better client question

Instead of asking:

“Do you want exposure to AI?”

I think the better question is:

“What part of the AI story are we trying to access?”

That changes the conversation.

Because then you can separate out:

the exciting bit,

the infrastructure bit,

the valuation bit,

and the suitability bit.

For example, a client might say they want AI exposure because they believe it will drive long-term growth.

That could be reasonable.

But the file still needs to show why the chosen investment is the right way to access that growth, why the level of risk is appropriate, and how it fits with everything else they already hold.

The FCA’s Consumer Duty work on consumer understanding is useful here. Clients need information they can actually use to make informed decisions, not just a neat label on a fund:

Consumer understanding: good practice and areas for improvement

And with specialist themes, that matters even more.

Because the client may understand the headline.

They may not understand what they are really exposed to underneath it.

A few simple checks

Before recommending or documenting an AI-related allocation, I’d want to be able to answer a few plain questions.

What does the investment actually hold?

Not the theme. The underlying exposure.

Is the portfolio already exposed to the same companies elsewhere?

If it is, are we comfortable with that?

What role is this playing?

Is it a long-term satellite? A growth tilt? A thematic allocation? Something else?

What could go wrong?

Not just “markets can fall”. More specifically, what happens if AI spending slows, energy constraints bite, chip supply improves, valuations reset, or revenues take longer to arrive?

And finally:

Could the client explain it back in normal language?

That last one is easy to underestimate.

But if the client can only describe the investment as “AI”, we may not have gone far enough.

The line I’d be careful with

I’d be cautious about simply saying:

“This gives you exposure to AI.”

It might be true.

But it is a bit too neat.

A clearer version might be:

“This gives you exposure to companies involved in building and supporting AI infrastructure. That could benefit if demand keeps growing, but it also increases exposure to a concentrated and fast-moving theme.”

Less catchy.

Much more useful.

And probably easier to stand behind later.

Final thought

AI infrastructure is a genuinely interesting area.

It may well create long-term investment opportunities.

But it is not as simple as “AI is growing, so this should do well”.

There is a lot sitting underneath the theme now: capital spending, energy, data centres, chips, memory, cloud capacity, valuations, and client expectations.

So when clients ask about AI exposure, the most useful thing an adviser can do may be to slow the conversation down slightly.

Not to put them off.

Just to make sure they know what they are actually buying.

Because “AI exposure” is not one thing.

And that is exactly why it needs advice around it.

“This all sounds positive… so why doesn’t it feel straightforward?”

That’s the tension I keep coming back to when reading outlooks for this year.

Most of them are broadly upbeat.

Growth holding up. Rates easing. Investment flowing into the system.

Even the Tatton outlook points to a supportive backdrop, at least in the first half of 2026

So on the face of it, this should be a relatively simple environment to advise in.

But it isn’t.

What’s actually going on

The short version is this:

Markets are supported. But they’re not moving together.

You’ve got three big forces all happening at once:

1. Central banks are easing (slowly) That supports asset prices generally.

2. Governments and companies are spending again Infrastructure, defence, AI. There’s real money going into the system.

3. That spending is very concentrated Not everything benefits equally.

Which creates a different kind of market

Instead of everything rising together, you get:

Some sectors pulling ahead

Others lagging or drifting

Performance that looks inconsistent across portfolios

Tatton describe it as “rotation”, but in practice it just feels uneven.

And that unevenness is what’s catching clients off guard.

The conversations this creates

You’ve probably had versions of these already:

“Why are we not more exposed to X?”

“Why has this part underperformed when the market’s up?”

“Why did we move away from something that still looks strong?”

And the honest answer is usually:

“Because the market isn’t rewarding everything equally anymore.”

That’s a harder conversation than:

“Markets have gone up/down.”

Where portfolios can drift (without anyone noticing)

This is the bit worth paying attention to.

In this kind of market, portfolios can slowly become:

Overexposed to what’s worked recently (because it’s hard to argue against it)

Underexposed to areas that might benefit next (because they haven’t started moving yet)

More concentrated than intended (especially around big themes like US tech or AI)

Tatton make the point that capital is being pulled into specific areas, which can leave others behind

That’s exactly where drift creeps in.

A simple way to sense-check positioning

Not a full portfolio review.

Just a quick check you can do this week.

1. Where is performance actually coming from? Is it broad, or is it a handful of positions doing the work?

2. If those areas pause, what happens? Does the portfolio still feel balanced?

3. Are you holding anything mainly because it hasn’t “had its turn yet”? Be honest on that one.

What I’m seeing work well

The advisers who seem most comfortable right now aren’t chasing the themes.

They’re doing a couple of things consistently:

Keeping portfolios properly diversified, even when it feels boring

Being clear with clients that returns won’t look smooth across everything

Explaining that rotation is part of the process, not a problem to fix

It’s less about predicting what wins next.

More about avoiding being too exposed to what’s already won.

A small shift in how you explain it

One thing I’ve heard work well with clients:

Instead of:

“We’re positioned for growth”

It becomes:

“Different parts of your portfolio will perform at different times. That’s deliberate.”

It sounds simple, but it sets expectations properly.

And it avoids the constant comparison to whatever’s doing well this month.

Final thought

2026 doesn’t look like a bad year for markets.

But it does look like a year where:

Returns are less evenly distributed

Client expectations need managing more actively

Portfolio discipline matters more than predictions

Which, in reality, is where good advice shows up.

If this is the kind of thing you’re running into with clients, you’re definitely not on your own.

Behind Better Advice

ByAmy North

Why does every advice firm seem to have a different annual review process?

Annual reviews aren’t the difficult part

Why every firm looks different

What we’ve learnt

Behind Better Advice

Further Reading

The relief is not the whole recommendation

Different products, similar suitability themes

The report needs to explain the trade-off

A practical sense-check for advisers

Where the real work sits

Why VCTs get attention

The tax year-end pressure

The risk is not just “higher risk”

VCTs are often described as higher risk, and of course that is true.

The five-year holding period is not the whole access conversation

The income point needs careful handling too

What advisers may want to evidence

The practical takeaway

VCTs can be useful.

Why AIM portfolios come up in advice conversations

The familiarity risk

Has the client understood how this could feel in practice, not just how it works on paper?

The two-year point needs careful framing

“The two-year point is not a finish line. It is one condition in a planning strategy that needs to continue working.”

The rule change advisers need to factor in

The access conversation needs more than “you retain control”

If the client needed this money sooner than expected, and the AIM portfolio was down at the time, would the wider plan still work?

What advisers may want to evidence

The practical takeaway

Why the client may focus on the reliefs first

Can the client explain back, in their own words, what they are investing in and what could go wrong?

The risk needs as much airtime as the relief

Have we explained the risk in a way that relates to this client’s actual experience, not just their attitude to risk score?

How does the client think they are going to get out?

Are we recommending this because the client has a suitable need, or because there is a tax deadline approaching?

What advisers may want to evidence

If the tax reliefs were less generous, would this still look like a sensible recommendation for this client?

The practical takeaway

What makes BR attractive?

The access point is not as simple as it sounds

When the tax benefit starts leading the conversation

What advisers and paraplanners need to evidence

The practical takeaway

How to Evidence Capacity for Loss in a Suitability Report

Financial ability vs attitude to risk

Why this matters in the advice file

Weak wording vs stronger wording

When willingness to take risk is not enough

Using cashflow modelling to support the assessment

Questions worth asking

FAQ: capacity for loss in suitability reports

What is capacity for loss?

Is capacity for loss the same as attitude to risk?

Can a cautious client have a high capacity for loss?

Can a confident client have a low capacity for loss?

How should capacity for loss be evidenced in a suitability report?

The practical point

The bit under the bonnet

Big spending doesn’t automatically mean easy returns

The overlap problem

Where the chain gets longer

A better client question

That could be reasonable.

A few simple checks

The line I’d be careful with

Final thought

“This all sounds positive… so why doesn’t it feel straightforward?”

What’s actually going on

Which creates a different kind of market

The conversations this creates

Where portfolios can drift (without anyone noticing)

A simple way to sense-check positioning

What I’m seeing work well

A small shift in how you explain it

Final thought

By
Amy North