Q2 market letter is out — what we changed in client portfolios, and what we deliberately did not.

How to read a fee schedule without a magnifying glass

Tiered, banded, blended, marginal — the words matter, and the difference between them is real money over twenty years.

A marginal tier charges each band’s rate only on the slice of assets inside it. A blended rate applies one percentage to the whole balance. On $3M the difference is not small.

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