What a Portfolio Sanity Check Actually Looks Like
A behind-the-scenes look at what happens when a credentialed analyst reviews your portfolio — the fees, the risks, and the questions your bank never answered.
By Ali Zaigham Agha · · 3 min read · Last reviewed: 2025-06-15
What I Actually Do
When someone books a Portfolio Sanity Check, they share their holdings — the funds, the stocks, the products their bank recommended. No judgment. I've reviewed a wide range of portfolios, from simple index-fund allocations to more complex portfolios containing individual securities and structured products.
Within five business days, they get two things: a personal 20-minute video walkthrough and a one-page summary. The video is me, looking at their actual portfolio, explaining what they own in plain English.
The Three Things I Look For
1. Fees You Don't Know You're Paying
Most people know they pay a fund expense ratio. Most people don't know about:
- **Platform fees** — what your broker charges just to hold the account
- **Custody fees** — sometimes layered on top of platform fees
- **Bid-ask spreads** — the hidden cost every time you buy or sell
- **Trail commissions** — payments from fund managers to your advisor (still legal in some jurisdictions)
- **Currency conversion fees** — if you're buying international funds in a different currency
I've seen portfolios where the total cost was 2.3% per year when the client thought it was 0.8%. Over 20 years, that difference is more than most people's starting salary.
2. Risk You Don't Know You're Carrying
A 50-year-old with 90% in equities might be fine. Or they might be one market crash away from delaying retirement by seven years. It depends on things most online risk questionnaires never ask:
- When do you actually need the money?
- What's your human capital (future earnings) vs. financial capital?
- Do you have a pension that's already bond-like?
- What would a 30% drop actually mean for your lifestyle — not in theory, in practice?
3. Products That Don't Do What You Think They Do
Your bank sold you a "capital-protected" note. Do you know what protection it actually provides, under what conditions, and what it costs? Do you know who the counterparty is and what happens if they default?
I've reviewed portfolios where the client couldn't explain what they owned — not because they're not smart, but because the product was designed to be opaque.
What You Leave With
You don't leave with a list of things to buy. You leave with:
1. A clear understanding of what you own
2. The fees you're paying, in total
3. The risks you're carrying, in context
4. A short list of questions to take back to your bank or broker
You stay in control. I don't touch your money. I make sure you understand it.
---
*The Portfolio Sanity Check is an educational service. I do not provide personalized investment recommendations or manage client assets. Content is for informational purposes only.*
Want a Free Second Opinion?
Not sure what you're actually paying or owning? Send your portfolio or a question for a free review. I'll reply with one thing you can fix today, and if it makes sense, we can talk about a Quarterly Sanity Check.
Request a free review at [alizaighamagha.com/#contact](https://www.alizaighamagha.com/#contact).