The discipline
of the house.
Five stages run every mandate, trust and custodial file — the administrative cycle that keeps the ledger clean and the fiduciary duty discharged.
The mandate
cycle.
Each stage produces a record — that's how capital stays managed, not merely held.
Mandate & intake
The mandate signed — objective, restrictions, fees and reporting terms written before the first transaction. Custody opened, fiduciary officer named, file created.
Operation & dealing
Positions taken or managed under the mandate — principal trades booked to the firm's own ledger, client activity booked to the fiduciary ledger. Each entry documented.
Custody & control
Assets held in designated accounts, reconciled to statement, and the custodial file updated — the record of what the house holds and why.
Reporting & reconciliation
Statements issued on the agreed schedule — holdings, activity, income, fees. Beneficiaries and owners read the file before asking.
Review & closeout
Mandate reviewed against its objective; accounts settled, fees finalized, the file closed with a summary of what was done and what was left open.
Rules the house
lives by.
Principal is principal
When the firm deals for its own account, the risk is its own — never presented as client advice, never booked to a fiduciary ledger.
Fees are paid, not embedded
Advisory work is client-paid and customized — the fee basis is in the agreement, not hidden in the product or the spread.
Trust means custody
Fiduciary assets live in designated accounts, reconciled and reported — custody is an administrative function, not an afterthought.
The file is the answer
A mandate without a file is an assertion — every position, transaction and instruction exists in the record before the period closes.
Infrastructure is neutral
Clearing, transfer and quotation functions operate as market plumbing — process is the product, not the position.
Reporting on schedule
Statements go out on the agreed day — the record of the mandate shouldn't surprise the person who owns it.
Asked of
the house.
A signed mandate — objective, restrictions, fee basis, reporting cadence — followed by custody setup and a named fiduciary officer. The account is on the books once the file exists.
Advisory compensation paid by the client under a written agreement — not embedded in products, commissions or spreads. The fee is visible on the advisory agreement and appears on each statement.
Where custody applies, assets are held in designated custodial accounts, reconciled to statement and reported to the account owner — fiduciary assets never sit in the firm's operating account.
Two separate ledgers. Principal dealing — securities speculation, royalties, tax liens — is the firm's own risk. Mandate and fiduciary work is the client's account, run under written instructions. The boundary is documented, never blurred.
The mandate,
opened on file.
Describe the asset, the objective and the constraints — the house responds with a written mandate proposal.
Open a mandate