Agora Intelligence

For advisory firms

Your practice runs itself now.

You can stop paying for seats... and sitting in one.

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The Bill

Ten tools. Ten times the bill.

Every tool you rent is priced per advisor, per seat, or per dollar advised.
This means a tax on your headcount and a rake on your assets.

your numbers
Firm AUM$1B
Client accounts2,000
Software tools$180K/yr
per seat rebalancing, trading, reporting
Platform fees7 bps
AUM fee for operating the platform
Personalization
Paid for by:
Outsourced AUM15%
SMA / direct-indexing / model sleeves
Sleeve cost25 bps
your bill · today vs. tomorrow
LineLineTodayTomorrowDifference
Software tools———
Platform fees———
Flat license———
Software subtotal———
Personalizationoperating cost · product fees below———
Product feesclient-selected outside the software billexcludedexcluded—
All-in———
expressed as bps of AUM / percent saved, all-inbps on AUM / % saved———
Assumptions:

1.Brokerages and platforms pay a flat $1 per account, not basis points.

2.Rates assume a fully mediated book where every account is operated by the platform.

3.Custody, Planning, and CRM are not part of the license and omitted from the comparison.

Tomorrow: ≈93% off your bill.

No seats. No trade fees. No tax on your assets.

Savings cover the software we replace — planning, CRM, custody, and product fees aren't included. Your actual costs may depend on your own vendors, contracts and negotiated rates and will differ. Not a quote or offer. Terms are set out in the contract.

Speaking of taxes...

Harvest taxes with long-only or long-short direct indexing and never pay a basis point — your license covers the software.

The same long/short engine can unwind a concentrated position. A client’s single stock with a large unrealized gain moves into a diversified Russell 1000 long/short portfolio over time, and losses harvested on the short side help offset the gains from selling it down. Available on accounts that can hold physical short positions.

tax harvesting · hypothetical backtests

Tax alpha · per year

5-year average · before costs

Long only1.5%
Long / short4.1%
Other measures per year, long-only versus long/short
Per yearLong onlyLong / short
After-tax excess return1.4%4.3%
Net losses harvested3.6%11.3%
Tracking error0.6%2.7%

Cumulative net losses harvested · % of capital

Cumulative net losses harvested over ten years, long/short versus long-only
Backtest results and assumptions

After-tax results, per year

Averages over the 78 start dates that ran 5 years. Long/short averages the Value, Growth and Quality tilts; the small figures show the range across them.

Hypothetical after-tax results per year by strategy
MeasureLong onlyLong / short
140/40200/100250/150
Tax alpha1.5%4.1%4.0–4.48.6%8.4–9.012.5%12.2–12.9
After-tax excess return1.4%4.3%3.9–5.17.9%7.3–8.911.0%10.4–11.8
Net losses harvested3.6%11.3%10.7–11.823.5%22.3–24.433.7%32.2–34.6
Tracking error0.6%2.7%2.3–3.03.8%3.3–4.44.7%4.3–5.3

Over 3, 5 and 10 years

Tax alpha and after-tax excess return are higher over shorter periods, % per year.

Tax alpha and after-tax excess return per year over 3, 5 and 10 years
HorizonLong onlyLong / short
140/40200/100250/150
Tax alpha
3 yr102 runs2.4%5.4%10.6%15.2%
5 yr78 runs1.5%4.1%8.6%12.5%
10 yr18 runs0.8%3.1%6.7%9.7%
After-tax excess return
3 yr102 runs2.1%5.3%9.5%13.2%
5 yr78 runs1.4%4.3%7.9%11.0%
10 yr18 runs0.8%2.9%5.5%7.5%

Cumulative net losses harvested

Mean net losses harvested (losses minus gains realized), as a % of $1M starting capital, at each horizon.

Mean cumulative net losses harvested by horizon, long-only and long/short at three leverage levels
HorizonLong onlyLong / short
140/40200/100250/150
1 yr102 runs9.0%19.0%18.8–19.433.9%33.0–34.446.5%45.5–47.9
3 yr102 runs15.7%39.3%38.3–40.477.2%75.3–79.5108.9%107.2–111.0
5 yr78 runs17.9%56.3%53.5–58.8117.5%111.5–122.0168.5%161.1–172.9
10 yr18 runs18.2%105.6%97.6–111.3232.1%210.1–245.9327.5%304.4–339.8

How they were run

Backtest assumptions, long-only and long/short
AssumptionLong onlyLong / short
BacktestsMonthly starts from January 2015 to June 2023, each from $1M in cash. Neighboring runs overlap, so they share history.
Start dates102102
TradingMonthly rebalancing; first-in, first-out tax lots; 30-day wash-sale window.
After-tax figuresTaxes at 42.3% short-term and 28.1% long-term, assuming enough gains elsewhere to use every loss. Tax alpha is the yearly return added by net tax savings (tax saved on losses minus tax paid on gains), before costs. After-tax excess return deducts trading, financing and borrow costs, but not advisory fees.
IndexRussell 1000Russell 1000 (IWB)
PortfolioIndex stocks held directly; no stock more than 0.5 percentage points above its index weight140/40, 200/100 or 250/150, tilted to Value, Growth or Quality; at most 1% of capital in any one short
Tracking error1% budget, relaxed when needed (up to 2.5%); estimated tracking error peaked at 2.13%8% budget, up to 10% when a month could not otherwise be solved
HarvestingA holding down more than 5% of its current value is a candidate to sellTax-aware trade selection; up to 80% turnover a month (100% in a stressed month)
Costs0.1% of each dollar traded0.1% of each dollar traded, plus a flat 1% a year of short value for financing and borrow, applied after the backtest
Not modeledDividends, final sale, advisory feesDividends, final sale, stock-specific borrow fees, advisory fees

A harvest depends on holdings, gains, tax profile and activity outside the managed account. Past performance does not guarantee future results.

Nothing here is investment or tax advice.

Advise Anywhere

The End of Seats.

The value of a professional has never been in the chair.

Software priced you by the seat because it needed you in one. It doesn't anymore. Your practice keeps operating — watching, preparing, verifying, recording evidence — while you're with your clients, or on a lake.

replay · recorded run

That was one run. Except they don’t happen one at a time.

The same morning, across the whole book: drift, deposits, tax-loss scans, headlines your clients are exposed to. Every trigger starts its own run.

in parallel · the same morning runs todayruns: 0 · needed youfor you: 0

You weren’t needed for any of that. You’re needed with your clients.

Invisible Software

Software you never open.

Meet everyone where they already are.
No one needs another interface.

hat tip to qwen for the open source ;)

ENTER

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Select bundles, or single workflows, to start the conversation.

Monitor & Analyze

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Research & Design

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Taxes

Evidence & Oversight

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The CEO

Sixty-one seconds with the founder.

The questions firms usually ask. Press play, or click a question to jump straight to its answer.

Because you stop paying for seats and AUM-linked rakes. The machinery is licensed flat, per account. It doesn’t care how many people you hire or if the market went up.

They stop clicking the same sequence of buttons and start seeing clients. Nobody is hired to sit. People are hired to help households achieve their financial goals.

Your custodians, exactly as today. We never hold assets — the machinery works against accounts where they already live.

Everything. Every run files with evidence attached, every session is recorded, and the paper trail reconstructs itself on request.

It can’t act alone. Anything outside policy stops and waits for you — prepared, evidenced, and reversible before approval.

A pilot book runs in weeks, not quarters. Your policies encode once, then every account inherits them.