Helena Marques
Helena, this is your Plan Document. It takes the documents we gathered, reconciles them across your banks and brokers, and assembles your whole financial life in one place, most likely for the first time. It names the risks worth your attention now and sets out the structure we build and track with you. The plan is regenerated whenever something material changes; this is version 1.0.
Your plan, on one page.
The whole plan in brief, so you could stop after this page and still know what we are recommending. Every line links to the section behind it.
You started Aurora in 2008 with one contract and a leased warehouse. Eighteen years on, it is the larger part of everything you own, and a partial sale is finally on the table. You have two children approaching university, an apartment in São Paulo, and a financial portfolio that has quietly become a single bet on Brazilian interest rates. This plan takes that whole picture and turns it into a structure.
Your position today and the trajectory that produced it: the balance sheet as a treemap, three years of history, and your financial P&L: what came in, what went out, what compounded.
What the review surfaced: ~R$140k a year in embedded fees, credit funds delivering CDI net of cost, the exit-structure tax question, and the geographic concentration you did not know you had.
The R$13.2M financial book rebuilt in four layers (reserve, stability, growth, opportunistic) and the benchmark reframed from CDI to IPCA + 4–5% over ten years.
The immediate actions, sequenced: top up the reserve, clear the fee-heavy positions, begin diversifying, and open the exit-structure question.
One rule for new money, so you always know where the next R$50,000 of surplus goes, without having to ask.
The business exit, framed before it arrives: full, partial, secondary and IPO paths modeled side by side. You decide; the plan adapts.
Where the plan takes you under a base case and two scenarios, in real purchasing power, and why it holds in the bad one.
What each of us does when a year goes badly, agreed in writing, now, while it is calm.
The Snapshot.
How things stand today, and the trajectory that produced it, assembled in one place, most likely for the first time. Built from your statements across every bank and broker, reconciled to a single source of truth.
Your balance sheet today, and how it got here
Each rectangle is sized to its share of net worth. Inside the financial book, ~90% tracks CDI (emerald); the single sage sliver is your entire diversification: NTN-B, equities and global combined. Full breakdown in the table below.
Net worth grew ~42% in three years, but the business grew faster than everything else, so your concentration increased as you got wealthier.
| Asset | Value (R$) | % of net worth |
|---|---|---|
| The business (operating company) | 24.2M | 54.9% |
| Financial portfolio | 13.2M | 29.9% |
| CDB / LCI / LCA (bank credit, CDI) | 6.5M | 14.7% |
| Fundos DI / Tesouro Selic (CDI) | 3.4M | 7.7% |
| Credit funds (fee-heavy) | 2.0M | 4.5% |
| NTN-B (inflation-linked) | 0.6M | 1.4% |
| Brazilian equities & FIIs | 0.4M | 0.9% |
| International | 0.3M | 0.7% |
| Real estate | 5.3M | 12.0% |
| Apartment, São Paulo | 3.5M | 7.9% |
| Country house | 1.8M | 4.1% |
| Cash | 1.4M | 3.2% |
| Total net worth | 44.1M | 100% |
Open Finance + statements reconciled as of June 2026. The business is held at an estimated equity value, refreshed as the exit conversation develops.
Your financial history (P&L)
What came in, what went out, and what compounded over the most recent full year. For most clients it is the first time their own financial history has been told back to them in one view.
| R$ million | 2024 | 2025 |
|---|---|---|
| Business distributions | 2.2 | 2.4 |
| Portfolio income | 0.9 | 1.0 |
| Total income | 3.1 | 3.4 |
| Living expenses | (1.4) | (1.5) |
| Taxes | (0.8) | (0.9) |
| Net cash savings | 0.9 | 1.0 |
| Business value change (net of distributions) | 2.9 | 3.2 |
| Portfolio appreciation | 0.5 | 0.7 |
| Real estate appreciation | 0.9 | 0.9 |
| Net change in net worth | 5.2 | 5.8 |
Business distributions are the cash you drew from Aurora; business value change is the increase in its estimated equity value net of those distributions, so nothing is double-counted. Roughly 80% of your wealth gain is the business compounding, which is exactly why the exit, and the concentration, matter so much.
Where your liquidity stands
Three things this picture is hiding
Concentrated & illiquid
The business and property are 67% of net worth and cannot be sold on your timeline. We measure this as its own concentration dimension, judged against a liquidity reserve that is currently a month or two short.
~99% Brazil
Brazil is roughly 1% of the world's investable companies. Across everything you own, all but ~R$0.3M sits in one country and one currency, by accident, not by choice.
The "safe" book is one bet
R$11.9M of the R$13.2M portfolio (~90%) tracks CDI. CDI is the cost of short-term liquidity in an emerging-market sovereign: one issuer, one currency. It only looks like cash.
The embedded fees and tax drag inside today's holdings are detailed next, in the Audit.
The Audit.
What the review surfaced: the quiet costs and risks that accumulate when no one is looking at the whole picture.
| Where the fees sit | Position | Approx. cost / yr | What you get for it |
|---|---|---|---|
| Credit funds (8 positions) | R$2.0M | ~R$95k | ~CDI net of fees and come-cotas; replaceable with direct LFT / AAA CDB |
| Fundos DI / Selic | R$3.4M | ~R$30k | Liquidity, but priced above a direct Tesouro Selic position |
| Structured notes & misc spreads | – | ~R$15k | Embedded spreads buried in product structures |
| Total embedded drag | ~R$140k | ≈ 1.0% of the R$13.2M financial book, every year |
Figures illustrative. Fees compound: ~R$140k a year, reinvested at the plan's real target over ten years, is well over R$2M of foregone wealth.
The Blueprint.
One position wearing the costume of safety becomes four layers, each sized before the next. We move the R$13.2M financial book from where it is to where it should be in stages, never in one jump. The business and property are addressed separately, through the Crossroads and the transition plan.
Same-day liquidity at or near the risk-free rate. Sized up for variable income and high illiquid concentration. A bad month is never a forced sale.
Inflation-linked government bonds (NTN-B) and high-grade credit: predictable income that holds purchasing power. As you step back, this layer funds your life.
Globally diversified equity: the world, not just Brazil. The part that compounds over the long run. Brazil becomes a deliberate position, not the default.
A small, bounded allocation, only when the investment team holds an active view, sized so being wrong never damages the plan.
Each position carries a written thesis: its role, why this instrument over the alternatives, and how we get there from where you are today. That transition path is paired with the Behavioral Covenant in Section 8.
First Moves.
The immediate actions, sequenced: the bridge between today and the Blueprint, with the reasons for the order.
The Flow.
The waterfall, made explicit, so you can always answer "where does my next R$50,000 of savings go?" without having to ask.
A rule, not a decision each time
Surplus is not added to "the portfolio." It flows through one defined sequence: protection before growth. The rule keeps deployment disciplined and removes a recurring question from your plate.
When the exit lands, the proceeds run through the same sequence, but staged, not deployed in a single day. We model that event in full in the Crossroads, next.
The Crossroads.
The major decisions ahead, framed before they arrive. We model the alternatives in financial terms, surface the non-financial ones, and rebuild the plan around what you decide.
The business exit
Each path carries its own proceeds, tax exposure, control trade-off and deployment timeline. We model the post-event balance sheet and the structuring opportunities before the event, so you are never deciding under time pressure.
| Path | Proceeds now | Control kept | Business after | The trade-off |
|---|---|---|---|---|
| Full sale | ~R$24.2M | None | 0% of net worth | Maximum liquidity and the largest single tax event; the identity shift from owner to steward. |
| Partial sale (40%) | ~R$9.7M | Majority, you stay in control | 55% → ~33% | Base case. Staged deployment; this is where the PJ-vs-personal structure matters most. |
| Secondary (~20%) | ~R$4.8M | Full operational control | 55% → ~44% | Liquidity without ceding control; valuation set by the incoming buyer. |
| IPO path | Phased | Diluted, public | Declines gradually | Longest timeline, market-dependent, with lock-ups and ongoing disclosure. |
The proceeds, redeployed
A large cash position from a recent exit, without a deployment plan, carries its own risk: too fast from overconfidence, or an indefinite drag from paralysis. The plan stages the move, anchored to the four layers, over a defined window.
Inheritance & intergenerational structure
How wealth transfers to your two children: the structural alternatives, their tax implications, and what the chosen structure signals to your family. A framework to begin before it is urgent.
The Horizon.
Where the plan takes you under a base case and two scenarios, in real purchasing power. The point is not one forecast; it is knowing the range, and that the plan holds in the bad case.
the financial book
at IPCA + 4.5% real
At the plan's real floor of IPCA + 4–5%, the R$13.2M financial book compounds to roughly R$20.5M in today's purchasing power over ten years, before any exit proceeds. A partial exit redeployed through the four layers lifts that materially; we model it precisely once terms are known.
The number that matters is not the point estimate. It is that the structure clears its real floor, and that it survives the bad year without forcing a sale.
Clears the real floor
The portfolio earns its IPCA + 4–5% real target over the rolling ten-year window the plan is judged on: ~R$20.5M in today's money, before the exit.
You don't sell at the bottom
In a severe drawdown, the reserve and stability layers (~R$7.0M) cover roughly three years of your R$2.4M obligations. You ride it out without realizing a loss, the whole point of the structure.
Independence, sooner
A well-structured exit plus strong global markets bring financial independence forward. The plan absorbs the upside without needing it.
The Behavioral Covenant.
Most portfolio failure in this segment is not analytical; it is behavioral. This is our written agreement for how the portfolio is held through volatility, signed while it is calm.
A calibrated description of what the recommended portfolio could lose in scenarios matching historical events, framed in BRL and USD, not just percentages. For a R$13.2M book at the recommended structure, a 2008-scale event is on the order of a R$2.6M paper drawdown (about US$0.5M). The worst case is anticipated here, not hidden.
No position sold during a drawdown without an advisor call first. No major allocation change without 48 hours of waiting. No media-driven decisions.
I reach out at defined drawdown thresholds, at portfolio-level events, and at concentrated-position events. The cadence increases during stress; my outreach in a drawdown is not optional.
IPCA + 4–5% over a rolling ten-year window, the floor the plan is designed to clear. Some years CDI will outperform; we have already agreed that a year of CDI outperformance is not a signal to act.