The purpose of the Client Return Summary report is to quickly and clearly summarize the standing of a client’s aggregate of accounts. It gives a simple breakdown of the client’s asset allocation, and shows the client’s aggregate return for all of their accounts, and compares it against the primary benchmark’s returns. This report will also show each individual account’s returns verses up to three benchmarks.
To access this report, open a client and from the top menu, click on Reports, Client, and then Client Return Summary.
Click the drop-down menu and select Yes or No to include a Cover Page.
Specify a Start Date for the report. The date can be typed into the field or use the drop-down calendar to select a date.
Specify an End Date for the report.
Specify the Fee Type to be included on the report. When Net of Fees is selected, the return will be calculated after Management Fees have been taken out; Gross of Fees is before the deduction of Management Fees.
Click the dropdown menu associated with the Return Type option and select Use IRR or Use TWR. Click here for more information on the IRR and TWR calculations.
Select the Primary, Secondary, and Tertiary Benchmark from the dropdown. This field defaults to the benchmarks set at the client level under Client Default Settings, Benchmarks section. You can assign a different benchmark for this one-time report by clicking the drop-down menu and choosing Select Benchmark.
Note: If the Client Default Settings are set to Use User Default Settings, then these will be pulled from the User Default Account Benchmark settings.
Under the Investment Graph drop-down you can choose what type of graph you would like to include on your report.
The Time Weighted Return Graph plots the client’s historical aggregate TWR against the Primary Benchmark’s TWR. The return percentage in this chart will not be annualized, it is a cumulative figure. This is a quick, visual way to compare the client’s overall performance.
The Investment Growth Chart plots the client’s historical market value against the aggregate account contributions. This is an easy way to see the fluctuations of a client’s account over time.
Select the Investment Graph from Inception Date to increase the range of your chosen Investment Graph back to the oldest account’s inception. This allows for a more complete view of the client’s history. If left unchecked, the graph will start at the selected start date.
When checked, the Do Not Show Benchmark Returns option removes the chosen benchmarks’ returns from the report.
Select the Include Inception to Date option to add an additional column that provides the return from the first transaction or the Performance Start Date located in the Account Profile, through to the report end date.
To exclude the client's aggregate return from the report and only show individual account returns, check the Exclude Client Aggregate Return Line option.
Select the Include Asset Allocation Section option to add a breakdown of each account’s asset allocation and its overall Asset %. This can be compared to the client aggregate allocation to better understand the total distribution of the accounts.
Selecting the Include Account Value Change Section option adds a second page to the report that breaks down the factors that affect individual account market values. These factors include additions and withdrawals as well as period investment gain/loss. This is a good way to gauge the activity within each account during the specified time period.
The Include Management Fee Column can only be selected as part of the Include Account Value Change section option. When selected, an extra column is added to show the management fees withdrawn from the account. This column will only include Management Fee transactions, not expenses. These transactions are not considered withdrawals, so without this column, they will not be included in the report.
Another option available within the Include Account Value Change section option is the Include Net Investment instead of Addition/Withdrawal option. When selected, this option replaces the Addition and Withdrawal columns with a single Net Investment column, which is simply an aggregate of the two.
Select Mask Account Number to limit the amount of an account number that is displayed on the report. This inserts a level of security when reports are e-mailed to clients or uploaded to the Web via the Client Web Portal. Click here to see how the masked account number will be represented (based on the number of characters in the account number).
When checked, the Hide Closed Account option will not display accounts with a Close Date added to their Account Profile.
If you choose to include a Cover Page, you can also use the option to Add disclosure to cover page. Click here for more information.
When selected along with using a cover page, the Add blank 2nd page option inserts a blank page between the cover page and first page of the report.
Click here for a report sample.
The information below describes each column of the report.
Client Return vs. Benchmark Chart - This chart compares the Client’s trailing returns to the selected primary benchmark either using TWR or IRR depending on what is selected in the Report Options. The time periods and return percentages correspond to the information in the Account Details section. If you selected to Include Inception to Date, it will also appear here and in the Account Details section.
The middle graph displays either the Cumulative Client Return (Time Weighted) or Investment Growth Chart, depending on your selection when choosing the report options.
The Cumulative Client Return (Time Weighted) chart displays the client's return compared to the primary benchmark over time. This chart only uses TWR. The return percentage will not be annualized, as it is a cumulative figure. The time period on the graph will correspond to the date range of the report unless you selected to include the Investment Graph from Inception Date option; then it will display from the client's earliest account inception.
The Investment Growth Chart compares the client’s total market value to their cumulative contributions over time. The time period on the graph will correspond to the date range of the report unless you selected to include the Investment Graph from Inception Date option; then it will display from the client's earliest account inception.
Asset Allocation Chart - This pie chart looks at the asset-weighted composition of all of the holdings in the client’s portfolio for which there is underlying composition data. This is a quick way to look at the asset breakdown of the client’s entire portfolio. It also compares the allocation breakdown to the primary benchmark. Note: Holdings without composition information are grouped into the Not Classified sector. If an account contains any User Defined Securities, or if you do not agree with the classification Morningstar provides, you may want to reclassify them in order to get accurate composition data.
The Account Details section looks at individual account performance, as well as the client aggregate.
Account Name - The client's name and aggregate totals for the client's portfolio are listed in bold. The selected benchmarks and each individual account name are also displayed in this column.
Account Number - The account number associated with the client or portfolio. When the Mask Account Number option is turned on, some values within the account number are replaced with asterisks. Masking the account number inserts a level of security when reports are e-mailed to clients or uploaded to the Web via the Client Web Portal.
(Start Date) Value - The market value of each portfolio as of the report's start date.
(End Date) Value - The market value of each portfolio as of the report's end date.
Net Investment - The total of all additions minus withdrawals made to the portfolios between the report's start and end dates. Transactions that contribute to additions are Deliver-ins, out of pocket Deposits, and out of pocket Buys. Withdrawals include Deliver-outs, out of pocket Withdrawals, out of pocket Distributions, Tax Withheld, Sell to Pay Expense, out of pocket Sells and Expenses. These numbers can be proofed by running the Portfolio Cash Flows Report aggregated for the same date range as this report and comparing the individual cash transactions.
Period Return % - The IRR or TWR return for the period of the report. All returns will be annualized for periods greater than one year.
3 months % - The trailing return for the 3 months prior to the report end date.
YTD % - The return from January 1st of the year of the report to the end date of the report.
1 Year % - The trailing return for the year prior to the report end date.
3 Year % - The trailing return for the three years prior to the report end date.
5 Year % - The trailing return for the five years prior to the report end date.
Inception % - Return of the portfolios since their inception to the report end date. All returns are annualized for periods greater than one year.
The Account Value Change section is an optional add-on and looks at the factors that affect the accounts’ market value over time.
Account Name - The client's name and aggregate totals for the client's portfolio are listed in bold. The selected benchmarks and each individual account name are also displayed in this column.
Account Number - The account number associated with the client or portfolio. When the Mask Account Number option is turned on, some values within the account number are replaced with asterisks. Masking the account number inserts a level of security when reports are e-mailed to clients or uploaded to the Web via the Client Web Portal.
(Start Date) Value - The market value of each portfolio as of the report's start date.
Additions - All cash flows into the account. Transactions that contribute to additions are Deliver-ins, out of pocket Buys, and out of pocket Deposits.
Withdrawals - All cash flows out of the account. Transactions that contribute to withdrawals are Deliver-outs, out of pocket Withdrawals, Tax Withheld, out of pocket Distributions, out of pocket Sells, Sell to Pay Expense, and Expenses.
Note: The Additions and Withdrawals columns can be aggregated into one Net Investment column in the report options.
Management Fees - This optional column breaks down all management fees taken from the account during the reporting period.
Period Investment Gain/Loss - This column shows the realized and unrealized gain/loss of all securities held in the accounts based on market values at the end of the day before the first date of the report. For purchases made during the reporting period, the gain/loss is based on cost basis of those purchases.
(End Date) Value - The market value of each portfolio as of the report's end date.