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Tool & Text Verification and Prospectus Auditing Services

We verify the accuracy of online calculators, prospectus fee tables, and share class text. We guarantee our work and provide attestation letters from a CPA, CFA, and securities lawyer.

Our math powers several regulatory tools. So, we are in a unique position to help you. Think we can't, or that there's no risk? Take our quick quiz and then decide.


Tool and Text Verification Services

Most online mutual fund, savings, retirement, and RMD calculators are flawed. Errors stem from a na?ve understanding of complex issues like LOI, ROA, tax accrual, tolling, and turnover impact. So, proper methods are not applied to the tools.?

We found and fixed these errors. Clients received a written report, text and numeric revisions, and truing algorithms. 

Inaccurate Mutual Fund Cost Calculator: The A-share load was forgotten. Also, returns and expenses were improperly calculated. The results for this share class were all wrong.


Inaccurate Share Class Suitability Calculator: CDSCS were improperly tolled and the B-to-A and C-to-A conversions were forgotten. The results for these shares were totally wrong.


Mis-Labeled ?Retirement? Tool: This was just a basic future value applet that did not properly compound return. In fact, nothing concerned future savings, tax deferral, or tax deductions.?


Prospectus Auditing Services

Most fund prospectuses contain serious math or text errors. As a result, investors use shares or accounts that are unsuitable for their situation. Boards are told that all is well. But buried deep in the math, problems persist that compromise the document. Here are actual examples:

Misleading Prospectus Tax Text: Descriptions of taxation were wrong for several share classes. The document did not describe accurately that each share carries a different tax burden. This omission led readers to underestimate the burden on institutional shares and, thus, over-promote their merit. THIS ERROR EXISTS IN MOST PROSPECTUSES.


Inaccurate Prospectus Fee Table: ?The B-to-A ?flip? was forgotten. So, displayed costs were far too high. The share looked uncompetitive. In reality, it was often best for small trades.?


Inaccurate Performance Table: Annual returns were not properly linked. Summary results in the table were entirely wrong in several prospectuses.?


Transposed Text: Stock and bond pay scales were transposed in 25 prospectuses. Moreover, a sales brochure stated: ?In the long-term A-shares almost always outperform."? This was true for the firm's stock funds, but not its bond funds.

For each prospectus, we issue a comprehensive report and three audit letters: CFA attestation related to accuracy, CPA determination letter related to consistency, and a legal opinion concerning relevancy. As needed, we suggest text, numeric, and/or policy changes.

The aim is to identify if:

a) Conflicts of interest exist at the advisor, B/D, or fund firm levels;

b) Fee and performance tables are accurate and consistent with SAI text; and if

c) Textual rationales per suitability are consistent with the math; and if

Click here to see exactly how we can help you.





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