The Wealth Stack | The Wrapper Decides - How Packaging sets the Threshold of Access

In The Wealth Stack we named four layers between an asset manager and the capital it manages, and called the second of them packaging: the wrapper that carries a strategy to an investor. In the spine we made a claim about this layer that is easy to pass over and worth slowing down on — that the wrapper is where democratisation actually happens. Not the manager deciding to be generous. Not the regulator deciding to permit. The wrapper. It sets the minimum cheque, the liquidity terms, the tax treatment and the eligibility threshold, and those four things together decide who is allowed to own the asset at all.

The second module off The Wealth Stack. The packaging layer is where democratisation actually happens — the wrapper, not the manager's intent or the regulation alone, decides who is allowed to own an asset. This note ranks the wrappers by how far down the wealth tiers each one pushes access, then reads the newest and most over-narrated of them — the token — precisely.

#WealthStack, #Packaging, #Wrappers, #ETF, #DirectIndexing, #SMA, #EvergreenFunds, #IntervalFunds, #SemiLiquid, #PrivateMarkets, #PrivateCredit, #Tokenisation, #RWA, #RetailThreshold, #BUIDL, #LiquidityMismatch, #TargetDateFunds, #CapitalInsights, #PunjabCapitalResearch, #FundamentalsThroughTheNoise, #Allocators, #FamilyOffices, #SovereignWealth