This can be a challenging question for the wealth management CFO.  You can tell what happened in one portfolio, but you have thousands of portfolios!  On the general ledger, revenues – fees, fund fees, etc. were recorded as lump sums.  There is no detail.  We’ve heard a manager say, “nobody knows, so I make something up.”

The key to our fee change reporting is that we calculate the changes in every portfolio, and we use all portfolios to produce reports.  We have restored the detail.  You can drill down and see everything – new accounts, closed accounts, the impact of additions, distributions, changes due to market swings, deal better, deal worse, the impact of market-value-for-fee staggered 1,2, or more months, etc.  And our changes foot to the change in your revenue.  You will never be surprised again.