Planning
How a cash-balance plan works for law-firm partners
A cash-balance plan can let partners set aside far more each year than a 401(k) allows. Here is how it works, who it suits, what it costs the firm and what to ask the actuary.
Inherent Wealth Fund
Insights
Letters, thesis notes and planning articles from the firm.
The quarterly letter
What we are watching, what we changed and why.
Four letters a year, written by the firm. No market tips, no selling. Unsubscribe in one click.
Firm
What a fiduciary actually owes you
Loyalty and care are legal duties, not slogans. What they oblige an adviser to do, what they do not promise, and four questions to ask anyone who manages your money.
Approach
Why we invest in themes, not indexes
An index is a photograph of the economy as it is this morning. A theme is a written thesis about how it is changing, held inside a policy that makes the concentration survivable.
Planning
The partner’s balance sheet
Partners in professional firms are well paid and under-planned for structural reasons: K-1 income, a capital account they cannot sell, and a retirement that depends on a buyout formula.
Planning
Before the liquidity event: a founder’s checklist
Almost every decision that matters at a sale has to be made before the deal signs. The list we work through with founders and executives, from two years out to the year after.
Approach
What would make us wrong
Every thesis we publish names, in advance, the evidence that would end it. Why that section exists, what goes in it, and how it decides when a position is closed.
Planning
What a written investment policy does
A few plain pages written before the first trade: purpose, allocation, limits, liquidity, rebalancing, structure and review. What goes in it, and why it protects the plan from its owners.