Our AUM basis means any new costs come directly out of client returns — we won't do that.

"AUM costs that reduce returns are the wrong model — but tools that improve your capacity to serve clients don't come out of AUM, they come out of your practice overhead. Different category, different accounting."

"Is the AUM cost concern about how expenses are categorized, or about the actual impact on client outcomes? The answer tells me whether we're looking at an accounting question or a philosophical one."

"We can structure this as a flat practice expense — it doesn't touch client AUM or client returns. Your clients never see this cost, it sits in your practice overhead. Does that address the concern?"