I built this practice for Bay Area executives who need an advisor that genuinely understands equity comp — not one who treats it as a footnote. If anything in this overview resonated, I'd welcome a 45min intro call.
James Valacour, CFP®
Founder & Managing Partner
Welcome to Valacour →
This is a demo brochure
EstablishedSan Francisco, 2014
Assets under management~$340M
Clients62 families
Contactjames@valacour.com
01 · Our Firm
Welcome to Valacour.
The Team
James Valacour, CFP®
Founder · Managing Partner
Founded Valacour in 2014 after nine years at a major wealth management firm. Stanford MBA and former VP of Finance at two pre-IPO companies — he understands equity comp from both sides of the table.
A decade at a Big Four tax advisory firm before joining Valacour in 2018. Specialises in AMT planning, ISO timing, and California-specific tax implications for equity compensation. Tax advisory services are provided separately from investment advisory services and are not investment advice.
Manages the client portal, onboarding, and meeting coordination. First point of contact for administrative questions. Partners with James on plan preparation and quarterly letter research. UC Berkeley, Economics.
SEC-registered RIA · CRD #184726 · Fee-only, no commissions · No broker-dealer affiliation · Annual regulatory review · All filings at adviserinfo.sec.gov
02 · Our Philosophy
Three things we believe deeply.
Three decisions we made in 2014 that have never changed: who we work with, how we get paid, and what we owe you. Everything else is detail.
We tailor all images to your firm's aesthetic
I.
No conflicts.
Fee-only. Fiduciary. Always.
We are legally required to act in your interest — and we've held that standard since 2014. No commissions, no referral fees, no products we're paid to recommend. When we suggest an investment or strategy, it's because we believe it's right for you. There is no other reason.
SEC-registered RIA · CRD #184726
II.
Equity first.
The plan, not a footnote.
Most Bay Area executives hold the majority of their net worth in a single company. Standard portfolio theory doesn't apply. We built this practice around RSUs, ISOs, NQSOs, 10b5-1 plans, and AMT exposure — because that's where the real decisions are made.
~$340M in concentrated equity under management
III.
Radical clarity.
You understand everything we do.
Every quarter, you receive a letter written specifically for you — in plain English, about your portfolio and your financial life. Not a market commentary. Not a broadcast to 62 clients. A letter from us to you, because clear communication is the most valuable thing we provide.
Every client. Every quarter. No exceptions.
03 · Who We Serve
Bay Area families navigating complexity.
We serve a specific set of clients well: technology executives, founders, and senior professionals in Northern California whose financial lives are meaningfully shaped by equity compensation. We are not the right firm for everyone — and we say so directly.
Technology Executives
VP and above
RSUs, NQSOs, ISOs, 10b5-1 plans, and insider trading windows. The equity part of the conversation is as important as the portfolio — often more so.
Founders
Pre- and post-liquidity
Secondary sales, 83(b) elections, QSBS treatment, estate planning around an illiquid position. The planning starts well before the exit — not after the wire arrives.
Dual-Income Families
Two high earners
Two equity comp packages, two 401(k)s, and a mortgage. The complexity is often underestimated. The tax planning opportunities are often missed entirely.
What you have in common with our other clients
The situation is familiar. The specifics are entirely yours.
A significant concentration that doesn't fit a standard portfolio model
An equity comp situation that requires quarterly attention
A financial picture that changes meaningfully every 90 days
A preference for an advisor who reads the same things you do
Who we are not the right firm for
We say this because we respect your time.
Clients seeking portfolio management without active financial planning
Investable assets below $1.5M
Clients who prefer infrequent contact and a hands-off relationship
Clients outside Northern California or the Bay Area diaspora
04 · How We Work
From first conversation to year one.
We run a deliberate onboarding process because the first 90 days determine the quality of everything that follows. The pace is yours to set — but the process is ours to protect.
01
Discovery call
45 minutes. No agenda except to understand your situation honestly. We are figuring out whether this is a fit — and so are you. Most calls end with clarity in both directions.
02
First meeting
90 minutes, in person or video. We review your current holdings, equity comp schedule, estate documents, and recent tax returns. We ask more questions than we answer.
03
Plan delivery
We produce a written financial plan that reflects the specific situation we discussed — not a template. We walk through it together. You should have questions. We make time for them.
04
Ongoing relationship
Monthly check-ins in year one. Quarterly thereafter, with ad-hoc conversations as needed. You will always reach James directly — not a team, not an assistant, not a CRM sequence.
One question we ask early: What would it mean to you if this went right — not financially, but in terms of how you feel about your financial life in five years? The answer shapes everything we do.
05 · Client Experience
A quarterly letter that actually says something.
Every quarter, each client receives a personal letter — written specifically for them, in plain language, explaining what we did, what we're thinking, and what we're watching. Not a platform report. Not a broadcast to 60 clients at once.
Quarterly letter
Your letter.
Written for you, not a general audience.
What changed in your portfolio — and why
Adjustments made, with the reasoning
What we're watching in your equity comp
One tax planning note per quarter
Market context only when relevant to you
Private portal
Your portal.
One URL. Everything in one place.
Current holdings and performance
All previous quarterly letters, archived
Financial plan, ADV, fee agreement
Direct link to schedule a call with James
What we don't send
No noise.
We will not clutter your inbox.
No market commentary for its own sake
No broadcast newsletter to 62 clients
No automated CRM check-ins
No promotional emails of any kind
"Your RSU vest in October is larger than it appears on paper. After federal and California income tax, you're looking at roughly 47% of the gross value. We'll talk through the 10b5-1 window before then — but I wanted you to have the number now, not as a surprise."
From a Q3 2024 client letter · Valacour Wealth Management
This is the kind of clarity our clients tell us they share — because it makes the numbers feel personal, not procedural.
06 · In Practice · Equity Compensation
A client journey, before and after.
Bay Area VP, Series D SaaS, $1.5M in equity compensation. The situation we encounter most often — and what changes when it's actually managed.
"I'd been ignoring this for three years because it felt too complicated. James had a clear plan within the first meeting."
— Composite, based on a real client engagement
When we met
Before
No financial plan
Approaching equity events without a written strategy for tax, timing, or allocation.
$380K in NQSOs expiring
A significant grant approaching expiry with no exercise decision in place.
68% in one stock
Heavy employer concentration with no diversification timeline or tax plan.
Unresolved AMT exposure
A prior ISO exercise left a liability that hadn't been addressed.
Planning not coordinated
Advisor and CPA working from separate pictures with no shared model.
→
12 ~ 24 months
Our Work
1
Mapped the full equity picture
RSU vests, NQSO expiry, holdings, tax basis — one model before any action.
2
Modeled three exercise scenarios
Early, hold-to-vest, two-year spread. Recommended the spread — net benefit ~$44K.
3
Coordinated with the CPA
Shared the model before filing — AMT recovery and W-4 adjustments aligned.
4
Built a diversification plan
68% → 22% target concentration, no large taxable event in year one.
→
18 months later
After
22%
Employer concentration — down from 68%
~$44K
Tax savings from optimized exercise timing
$0
Additional AMT liability in year two
Written financial plan in place
Quarterly letters, every quarter
Ongoing CPA coordination
07 · In Practice · Onboarding
What your first twelve months look like.
Most advisor relationships start with paperwork and then go quiet. Ours starts with a plan — and stays structured throughout the first year.
Month 1–3
Foundation
→Discovery call — your situation, goals, and what's been unmanaged
→Full financial plan delivered — written, not a PDF template
→Onboarding and account transfer (we handle the paperwork)
→Equity comp model built and reviewed together
Month 4–6
First Quarter
→Your first quarterly letter arrives
→Portfolio check-in call (30 minutes, no agenda required)
→First tax planning memo — withholding or estimated payment adjustments
Month 7–9
Mid-Year
→Q3 letter — equity comp update, upcoming vest dates flagged
→Plan review — updated for any life changes since onboarding
→Pre-vest review — exercise strategy confirmed before any window opens
Month 10–12
Year-End
→Tax-loss harvesting review before December 31
→Q4 letter + Year 2 equity and tax strategy set
→Annual review meeting — what changed, what's next
→CPA handoff package prepared before tax season
This is the standard cadence. If something changes — a new offer, a merger, a secondary, a life event — we respond the same week. The structure is the baseline, not the ceiling.
08 · In Practice · Client Communication
A quarterly letter that actually says something.
This is what arrives in a client's inbox every quarter. Not a platform report. Not a broadcast. Written for one client, about their specific situation.
Valacour Wealth Management
Prepared by James Valacour — San Francisco, CA
Q3 2025 Client Letter
September 30, 2025
Dear Alex,
The third quarter closed roughly flat — your portfolio was up 1.2% net of fees, reflecting the diversification work we did in the spring. The rebalance in June moved roughly $160K out of concentrated single-stock exposure into index positions across three sectors.
One item before your October vest: after federal and California income tax, you're looking at roughly 47% of the gross value. I've updated the equity model and will send the full breakdown by October 3rd — well before the trading window opens. I'd like to talk through the partial-hold decision before you act.
All figures shown are hypothetical and do not represent actual client returns or outcomes. Past performance is not indicative of future results. Tax savings estimates are illustrative and will vary by individual.
Metrics, graphs, and content are all optional and dependent on your firm's preference.
Demo Quarterly Letter — Fully Customizable
Portfolio Snapshot
Position
~$2.4M
Total · Q3 2024
YOY Return
+8.4%
Net of fees
Quarter Focus
Diversifying
Concentration ↓
Est. Tax Alpha
$12.4K
Saved this quarter
Allocation Breakdown
Domestic equity 38%
Employer stock 22%
Fixed income 22%
International 12%
Cash 6%
On Your Radar
RSU Vest Window
Oct 15
Q4 vest opens. We'll coordinate the sell/hold decision before the window.
Fed Rate Decision
Nov 1
FOMC meeting. Monitoring potential impact on your bond allocation.
Pre-IPO Planning Window
Est. Q1 2025
Potential secondary liquidity. 409A review and tax modeling initiated.
09 · Client Stories
What it feels like from the inside.
We ask every client the same question at the end of their first year: "What's different?" These are their words, shared with permission and edited only for privacy.
Outcome
Six-figure tax error — caught, documented, and resolved over two years.
I exercised $800K in ISOs two years ago and made a tax mistake that cost me six figures. I didn't realise it until I was already talking to James. He was honest about what happened and we spent the next two years fixing it. I can't think of another advisor who would have stayed in that conversation with me instead of pretending the problem didn't exist.
Co-founder, enterprise software company Client since 2021 · San Francisco
Outcome
First advisor whose quarterly letter gets forwarded to a spouse.
I've had three advisors in my career. The first two sent quarterly reports I never read. James sends a letter every quarter that I read twice — once for me, once because I forward it to my wife so she actually understands what's happening with our money.
VP of Engineering, Series D fintech company Client since 2019 · Bay Area
Outcome
$1.4M in hidden concentration identified in the first meeting.
My husband and I both have RSUs. Before Valacour, we were managing them independently and had $1.4M in the same company in two separate accounts. James caught it in the first meeting. That one conversation paid for years of fees.
Head of Product, public technology company Client since 2022 · San Jose
Testimonial disclosure: All testimonials are from current clients of Valacour Capital Management. No compensation was provided in exchange for these statements. These opinions reflect individual client experiences and may not be representative of all clients. Individual results will vary. Past performance is not indicative of future results.
10 · Documentation
Everything on file. Available on request.
All regulatory documents are current, filed with the SEC, and available to you at any time. We believe in full transparency — not just as a legal requirement, but as a standard of service.
Form ADV Part 2A
Firm Brochure
Complete disclosure of our services, fees, investment strategy, and any conflicts of interest. Filed annually with the SEC and updated whenever material changes occur.
Our annual advisory fee structure by AUM tier, billing process, and what is included in the annual engagement. Annual billing only — no transaction fees.
How we collect, store, share, and protect your personal and financial information. Covers data retention, third-party access, and your rights as a client.
A redacted example of the personal letter every client receives each quarter — so you know exactly what you're signing up for before you sign anything.
All documents are available at any time. Email james@valacour.com for any questions.
11 · Questions & Answers
Everything you'd want to know.
Eight questions to ask any advisor — including us. Plus straight answers to what every prospective client wants to know before the first call.
What does "fee-only" mean — and why does it matter?
Fee-only means we are paid exclusively by you. We earn no commissions, no referral fees, and no compensation from any third party. It's the only structure that removes the conflict between what's good for us and what's good for you.
How does your fee structure work?
We charge an annual advisory fee based on assets under management, billed once per year. Our rate for new clients typically starts at 0.85% of AUM and steps down at higher tiers — the full schedule is in our ADV Part 2A. No transaction fees, no performance fees, no surprises.
Is there a minimum to work with you?
We work best with clients who have at least $1.5M in investable assets, or significant equity compensation approaching a liquidity event. If you're earlier-stage, we'll tell you honestly — and point you toward someone who's the right fit for where you are now.
How often will we actually speak?
In the first year: monthly. After that: quarterly meetings, plus ad-hoc calls whenever something changes — a new grant, a vest, a job offer, a tax question. You reach James directly. Not a team, not a CRM sequence. A real conversation when you need one.
Can you work with my existing CPA and attorney?
Yes — and we prefer it. The best outcomes happen when your advisors are aligned. We coordinate directly with your CPA on tax planning and with your estate attorney on plan documents. We're not trying to replace them; we're trying to make sure everyone's working from the same picture.
What actually makes Valacour different from a large firm?
Scale, in reverse. A large firm manages thousands of relationships — which means your situation gets templated. We manage 62. Every client gets a plan built for their specific equity comp structure, tax position, and timeline. The quarterly letter alone is something most firms can't operationally afford to do.
Ask any advisor
1
Are you a fiduciary 100% of the time?
Some advisors are fiduciaries only in certain contexts. A fee-only RIA is a fiduciary in every interaction, no exceptions.
2
How do you earn income from the funds you recommend?
Commission-based advisors may earn undisclosed fees from fund companies. Ask for all forms of compensation, in writing.
3
Can I see your Form ADV Part 2A right now?
Any registered advisor can produce this immediately. It discloses fees, services, conflicts, and disciplinary history. Hesitation is a red flag.
4
What happens to my account if you leave the firm?
At large firms, your account belongs to the firm — not the advisor. At a boutique RIA, you can follow your advisor or choose a successor.
5
How many clients do you personally advise?
A portfolio of 80–150 clients per advisor suggests genuine engagement. Above 200, the math doesn't work for personalized service.
6
Do you specialize in equity compensation?
ISO vs. NQSO treatment, AMT exposure, 10b5-1 planning, and concentrated stock reduction require specific expertise.
7
What will you actually send me, and how often?
Ask to see a sample client letter. The format tells you whether the advisor communicates for clients or for compliance.
8
What's one thing you've done for a client in the last 90 days outside the original scope?
Good advisors go beyond the plan. If they can't name something specific, the relationship is more transactional than advisory.
12 · Contact
One conversation to find out if we're the right fit.
45 minutes. No agenda except to understand your situation honestly. If we're a fit, you'll know it by the end of the call. If we're not, I'll say so — and I can usually point you toward someone who is.
“I started Alacour after raising a small real estate fund of my own. The data room I built to win investors did more than any pitch could — and it made the gap obvious: independent advisors have rare expertise and materials that rarely show it. Alacour Studio closes that gap.”
Jord van den Hooff
Founder and Design Lead at Alacour Studio
Former BCG consultant and Design Director at Razorfish.
