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The Invoice versus the Services SOW
Distribution fee on the invoice, and the statement of work that used to be implied.
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