Most advisory structures reward complexity. The capital pays for it.
Most structures are not designed to protect capital. They are designed to extract it.
Reductive identifies what is organised against capital — and removes it.
Before you choose what to invest in, decide how the capital should be organised. Most portfolios are built around products. The structure should come first.
Don't chase return at the expense of access. Know what you can actually get to, and when. Liquidity that exists on paper is not liquidity.
Before you take advice, understand what the adviser earns from giving it. The recommendation follows the incentive. It always has.
A one-off recommendation isn't enough. Capital needs an ongoing framework, not a portfolio and a quarterly report.
Remove what erodes capital. What remains compounds.
The problems this practice addresses are documented in detail at Capital at Risk — an independent paper series examining structural fragility, liquidity architecture, and capital organisation.
Capital at Risk identifies the problem. Reductive is the answer.
Reductive engagements are retained and diagnostic. The output is structural clarity.
matt@reductive.co.uk