Effective April 1st, 2022 assets designated as “Protected Cash” on the Illuminations platform and those in a “Holding Money Market” account at SEI, will not be included in the advisory fee calculation for those programs.
“PROTECTED CASH” AND “HOLDING MONEY MARKET”
The ESI Illuminations platform allows advisors to designate a “Protected Cash” position, which effectively removes the designated assets from management and excludes them from the invested assets. This also excludes the assets from rebalancing trades. Accordingly, assets designated as Protected Cash are non-managed, and are excluded from billing.
Likewise, SEI permits assets to be designated to a Holding Money Market account. Such assets are also effectively non-managed and are excluded from billing.
QUESTIONS
Questions regarding this policy may be directed to Tom Longfellow at tlongfellow@nationallife.com. Questions regarding Envestnet platform usage and/or capabilities may be directed to Sandy Colvin (scolvin@nationallife.com) or Mike Chiarella (mchiarella@nationallife.com).
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