Exposure and Concentration

Per-household pricing often costs more than the reporting itself. A firm licence with unlimited seats means the whole ops team can log in without a seat argument. Exposure is the same idea. One book. The limits you already wrote down.

What the book shows

What the exposure view shows:

• Issuer look-through across Schwab SMAs, Fidelity funds, Pershing accounts, and the private book.
• Flags against the policy limits your firm set. We do not invent a limit and we do not call a flag advice.
• Name rule - unresolved names stay flagged instead of being guessed
• Look-through plan - a household sheet that names the SMA and the fund behind each line
• Look-through across SMAs, funds, and separately held lots on one household line
• Issuer concentration against the household limit you wrote. No score. No recommendation.

How look-through is reported

Every Exposure and Concentration engagement follows the same three-phase structure, led by a senior operator at each stage:

1. Weights come from you. If a fund look-through file is missing, the flag says missing. The view does not guess the rest of the book.
2. Stack. The same issuer across SMAs and funds lands on one line. If a look-through file is missing, the flag says missing. The view does not guess the rest of the book.
3. When look-through is on, your ops lead gets a household sheet that names the SMA and the fund behind each line. If a name does not resolve, the report flags it. You can take that sheet into a concentration conversation without rebuilding the look-through by hand.

Look-through puts the SMA and the fund on the same household line. If a name does not resolve, the report flags it. We do not fill the gap.

Who uses these views

Most firms that buy Exposure and Concentration already know a household sits in more than one SMA. They are not looking for a risk score. They need the look-through printed in the same book as the custodian lines.

It is built for:

• Ops teams that currently rebuild look-through in a spreadsheet before every quarterly meeting
• Advisers who cannot show a household the same name across Schwab, Fidelity, and a fund line
• Technology and data teams that know what they want to build but need external validation and sequencing
• Firms that need concentration printed without a rating or a recommendation attached

We work closely with your internal engineering and data teams throughout - and have a strong track record of producing strategies that internal teams can actually execute, without the friction that comes from recommendations made without understanding the existing stack.