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Wealth Intelligence

Wealth Intelligence for portfolios of $10 million and above

Gross return is the number that gets reported. Net of fees, net of taxes and net of structure is the number a family actually compounds. This section is our research programme on the distance between the two — and on what can legitimately be done about it.

Explore the four areas
No gating. No email required to read anything here.
The compounding problem
Gross returnWhat is quoted
Less manager and platform feesDisclosed
Less annual tax dragRarely modelled
Less structural frictionRarely priced
Net
The only figure the family ever spends
Each layer is examined separately in the four areas below.
IndependentNo carrier affiliationPrimary sources onlyNothing gated
Why this section exists

Most portfolios are optimised for the wrong number

A family with substantial capital is usually well served on selection and allocation, and almost never served on retention. The advice market is organised around picking investments. The arithmetic that decides multi-decade outcomes sits somewhere else.

1
Selection

Which assets to hold

Well covered. Managers, consultants, platforms and research providers all compete here, and a family of this size normally has access to institutional-grade selection. The marginal gain from more of it is small.

2
Cost

What the assets charge

Partly covered. Headline fees are disclosed and negotiated. Layered costs — fund-of-fund charges, financing spreads, transaction friction inside a strategy — are often visible only in the difference between a manager's stated return and the investor's realised one.

3
Retention

What the family keeps

Barely covered. Annual taxation of income and realised gains, the character of that income, the timing of recognition, and the legal structure the assets sit inside together determine the compounding rate. This is the layer that Wealth Intelligence is built to measure.

The premise

Two portfolios with identical holdings can compound at materially different rates

The difference is not skill. It is character of income, timing of recognition, and the structure the assets are held within. Those three variables are measurable, and they are the subject of everything in this section.

The four areas

Four lenses on the same portfolio

Each area is a standing body of research with its own analytical instruments. They are designed to be read independently and to reference one another where the analysis overlaps.

Method

How these are built

01
Published methodology
Every instrument states its assumptions, its formulae and its limits on the page. A result you cannot interrogate is not research.
02
Primary sources
Statutes, regulators, tax authorities and manager disclosure documents. No competitor pages, no marketing material presented as evidence.
03
Server-rendered
The analysis and the written material behind it exist in the page itself, readable without running anything and without an account.
04
No recommendation
Nothing here concludes that a family should do a particular thing. The instruments quantify trade-offs; the decision belongs to the family and its own advisors.
Common questions

What people ask before reading further

Is this section about PPLI?
Only in part. Wealth Intelligence begins with the problem — tax drag, alternative-investment economics, the cost of a liquidity event, the friction of a structure — and follows the analysis wherever it goes. In many situations the answer is not an insurance structure at all. Where private placement life insurance is relevant, the case is made on arithmetic, and the cost of the structure is set against the benefit rather than assumed away.
What does “tax drag” actually mean?
The reduction in a portfolio's compounding rate caused by paying tax on income and realised gains as they arise, rather than deferring them. It is a function of the character of the income, the turnover of the strategy, and the applicable rates. Two portfolios with the same gross return and different tax drag do not end at the same place, and the gap widens with time. Tax Intelligence takes this apart in detail.
Why does this start at $10 million?
Below that level the structural options that make the analysis interesting are generally uneconomic, and the advice available in the ordinary retail and private-banking market is adequate. Above it, the arithmetic changes: fixed structural costs become a small proportion of the portfolio, and the compounding consequences of tax character become large enough to justify the work. See UHNW wealth management for the broader framing.
Do the tools work yet?
Not yet. The six instruments listed above are in development, each with a reserved page describing what it will measure and how. The research pages behind them — the four intelligence areas — are complete and readable now.
Who is PPLI.com and what do you sell?
PPLI.com is an independent research and educational platform. It does not sell insurance, manage assets, act as a broker-dealer, or represent a carrier or jurisdiction. It has no exclusive carrier relationship. More about how the platform works.
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