Not startedReading · 12 min

The Invoice versus the Services SOW

Distribution fee on the invoice, and the statement of work that used to be implied.

Reading · 12 min

Fee-for-service unbundled what used to be a hidden margin in the buy-side. The invoice is cleaner. The SOW is where the argument moved.

Trade teams that only read the fee miss the services they are now paying for a second time — or not receiving.

Key takeaways

  • Unbundled is not simpler
  • Read the SOW
  • Fees migrated, they did not vanish
Next lesson