One wealth. Three jobs.
Most advice begins with a portfolio and works outward: an allocation model, a risk score, a set of funds. We think the useful conversation is the other way round.
Before any allocation can be right, the wealth itself needs to be sorted into the three jobs it is being asked to do. That's the methodology. Everything after is mechanics.
Liquidity is the part of your wealth that absorbs the shocks life produces: an illness, a gap between jobs, a school fee that arrived earlier than expected, a business that needs a bridge. It is the part that should never lose money in a bad year, because the year it is needed is always a bad year.
Lifestyle is the part that funds the life you have written down. School fees, mortgages, the holiday home, the retirement you are quietly pacing toward. This is where most allocation conversations end up happening, and it is the largest slice for most clients, because it is the one that has to work hardest.
Legacy is the part already committed, in your mind, to someone else. Children. Grandchildren. A cause. A foundation. The useful thing about naming it explicitly is that it can be invested on its real time horizon (which is not yours) and structured for the tax treatment that matches its destination rather than its owner.
