Most portfolios sit still. Markets do not. When markets fall, the standard answer clients hear from their adviser is to do nothing.
I do not think that is management. It is the absence of it. I built this firm to work the other way, to actually manage portfolios, reviewed and reconstituted every quarter, moved between asset classes as conditions change.
The process has a name. I call it Tzur Magen. It is built around a single idea: managing risk comes first. Before I decide what to buy, I decide what could go wrong and how to guard against it.
Putting risk first does not mean playing it safe. The standard way to reduce risk is to park half a portfolio in bonds and call it prudence, a parking brake left on. That is drag, not defense. My version is closer to steering: dodging the pothole rather than driving slowly enough to survive it. The arithmetic favors it: a portfolio that loses less on the way down has less ground to make up on the way back.
Markets are people first, and mathematics a distant third.
Most of my clients came to me because someone they trust suggested it. If that is how you arrived here, this letter is written for you.
I work with a small number of individuals, usually approaching retirement or already in it, usually more focused on keeping what they have built without forfeiting opportunities for growth.
Probably a fit if
- You've built your wealth. You want to keep what you've built and make sure it keeps serving you.
- You want a portfolio that responds to markets, not one left to their whims.
- You want to work directly with the person managing your money.
- You read carefully. You ask real questions. You take your time.
Probably not, if
- You want a passive index portfolio, matched to a benchmark and left alone.
- You want to direct the trades in your account yourself.
- You want product recommendations paid for by commission.
If any of the right column describes you, there are firms that fit that better than I do, and I'll say so directly. A fuller portrait is here →
If the left column is you, the easiest way to start is a short call. First conversation is a conversation, no fee, no pressure.
Book a call with AlexSo, what's actually different here?
Charges a management fee whether the portfolio grows or shrinks.
No management fee. Paid only on gains above a defined threshold.
Sits on their hands when markets fall, "stay the course."
Reviews and reconstitutes the portfolio every quarter, moving as conditions change.
Earns commissions on recommended products.
No commissions on anything. Ever.
Answers to a corporate office. Managed by a team.
Answers to clients. Managed by me, directly.
These are structural facts, not marketing claims. Each is described in more detail on its own page.
What can I actually promise you?
- 01 You will always know where your money is. It sits in your own name, at a third-party custodian, and I cannot remove it.
- 02 Every decision on your portfolio is mine. There is no committee to blame, no model to hide behind, no team to escalate to. When something works, I did it. When it does not, that is on me.
- 03 You will hear from me quarterly, and any time positioning changes materially.
- 04 I will say so directly if I am not the right fit for you, and I will point you at a firm that is.
Not returns. Not guarantees. Just what you can count on from me, as behaviour.
So, what does this cost?
There is no management fee. My incentives line up with yours by construction. I'm only paid based on how your portfolio grows.
In a losing quarter
Potentially nothing.
When the strategy does not exceed the defined threshold, I am not paid for that quarter. At all.
In a winning quarter
A share of the excess gain.
When the strategy exceeds the threshold, I'm paid a share of the gain above it. Not commissions. Not fixed fees. A share.
The exact wording, and what it means in plain language, is on the Fees page
The safeguard
And where is your money, exactly?
I never hold client money.
And how does this actually start?
- One
Read the About page.
The Vanguard-to-independent origin story, what "fiduciary" means in practice, and how to verify me before we speak.
- Two
Check whether we're a fit.
I work with a small number of qualified clients, accounts held at a defined minimum and a limited amount of availability at any given time. Straightforward to self-check before we spend a call on it.
- Three
Book a call.
No fee, no pressure, no obligation. A first conversation is a conversation. Nothing else.
Alex Hilbert