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SAMPLE REPORTS

HELPFUL TIPS

USEFUL LINKS


 

SAMPLE REPORTS

The SFS Profit and Loss Analysis is derived from data found in an account's transaction history, primarily monthly statements, and trade confirmations. The P&L reports provide a comprehensive review of an investment portfolio's activity during a particular time frame.

Further analysis of an account is possible with Customized Analyses which take a more focused look into a particular segment of an account, offering a target approach to damages review.

A sample profit and loss analysis and the entire range of additional account analysis reports will be sent to you free-of-charge upon request. The packed will be sent via Federal Express, so please include a street delivery address and contact telephone number.

You can also view a PDF of each report on this website at the links above.

If you have questions or concerns regarding the SFS P&L, please contact us:

Phone: 888-729-1700 toll free (Monday - Friday, 9:00 am - 5:00 pm)
Email:


 

HELPFUL TIPS

Missing Statements: Available Options to Consider

P&L Report: Case Summary vs. Total Investment Summary

P&L Analysis: Determining Gains or Losses for a Shortened Time Period

P&L Report: ‘Assumed’ Transactions

P&L Analysis: Annuities

 

 

Missing Statements: Available Options to Consider

What do you do when you need an account analysis but are not in possession of the complete set of monthly statements and documentation? There are a couple of options: You may choose to suspend work on your P&L analysis until all statements are available. Or, you may choose to proceed using the data currently available. Regardless of which option you choose, there are a few things you should consider.

If you prefer that progress on your case be suspended until all documents are in hand, we can place all relevant materials in secure storage until such time as the complete set of documentation reaches our office. While this is the ideal situation, we understand there are situations where the analysis must go forward to meet immovable deadlines.

If you wish to proceed without the missing documents, the P&L analysis can be done but will be incomplete until the missing data is received. Continuing with the analysis using various assumption guidelines may result in a useful analysis; however, the accuracy of the analysis may be compromised since the report is produced using assumed or omitted data rather than factual information. In addition, proceeding with the analysis using various assumptions can often be time consuming, adding additional analyst time and costs to the project.

An alternative to using assumptions might be to divide an account into two separate time frames to eliminate the missing range of data if the data set is consecutive. For example, if the monthly statements between April and June are missing, the analysis might run January-March and July-December.

Either way, missing data is problematic and ought to be avoided whenever possible. But, if necessary, the Profit and Loss analysis can proceed as long as the extra time involved and compromised data are considered an acceptable part of the project.

For more information about missing statements, call toll free: 888-729-1700.
Or, .

 

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P&L Report:
Case Summary vs. Total Investment Summary

If a P&L is provided for more than one account, a Case Summary report will be the first report you will see for these accounts. The Case Summary displays the losses in each account on separate, easy-to-read lines. This is very useful when you have cases involving multiple accounts. You can zero in on the one or more accounts that show the most Loss and focus time and energy in that direction. Additionally, the Case Summary provides the overall Gain or Loss across multiple accounts. This can be extremely helpful to case defense by showing the accounts that had Gains are able to cushion the accounts that had Losses.

For each account P&L, you will see the Total Investment Summary. This single-page report illustrates the break-down of the Gains or Losses in the account. The TIS provides plenty of details regarding Net-Out-of-Pocket (NOP) for one account only while the Case Summary shows NOP for each account without detail.

 

 

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P&L Analysis:
Determining Gains or Losses for a Shortened Time Period

There are actually two methods to determine gains or losses for a specific time period for a single account.

First method: Using the printed Monthly P&L report.

1. Identify the desired starting and ending periods on the Monthly P&L report.

2. Determine the cumulative P&L as the month before the desired starting point. This data will be found in the column titled Cum P&L.

3. Determine the cumulative P&L as of the desired ending point, in the column titled Cum P&L.

4. Subtract result in step #2 from result in step #3 to obtain the truncated P&L value.


 

Second method: Using the Portfolio Perspective Interactive Editionsoftware.

1. Import the desired account using the .ppie files from SFS. The Buy/Sell Matching process will begin automatically.

2. When the Buy/Sell Matching process is complete and "Ready for Reports" blinks on the screen, close the Buy/Sell Matching window, then click on Select Account under the File Menu.


Either way, finding gains or losses within different time ranges is very easy to do once the initial P&L has been done.

 

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P&L Report: ‘Assumed’ Transactions

If we receive an incomplete set of statements for an account (i.e. there are one or more months for which we did not receive statements), it may be necessary for us to make ‘assumptions’ for missing account activity to reconcile the cash and/or share quantities in the account.

For missing cash activity, we use year-to-date summaries in conjunction with Bloomberg online dividend data.

  • A money market dividend or margin interest charge is derived from year-to-date summaries. These transactions will have “PER YTD SUMM” in the comment field of our reports.
  • A cash dividend, interest payment or cash-in-lieu payment might be an example of an assumed transaction based on data made available by Bloomberg. These transactions will have "BLOOMBERG CONFIRMED" in the comment field of our reports.
  • Any unreconciled cash for which we cannot make a confirmed assumption will appear in our reports as a "MISSING STATEMENT ADJUSTMENT" with the month we are missing listed in the comment field.

If it is apparent that we are missing trade activity due to a missing statement, we can make assumptions to reconcile all shares into and out of the account.

  • We can derive trade transactions from information usually available in the portfolio, gain/loss summary, or trade confirmations. These assumed transactions will have “PER MM/YY COST BASIS”, “PER G/L SUMM” OR “CONFIRM” in the comment field of our reports.
  • When the above are not available we will assume transfer activity with valuation based on Bloomberg historic pricing data. Assumed transfers will have “BLOOMBERG CLOSE; ASSUMED” in the comment field of our reports.

If more than two consecutive months are missing, we would be unable to make the "PER YTD SUMM" assumptions as described above. The larger the number of missing consecutive months, the more inaccurate the analysis will be. If there are too many months missing, analysis would be impossible.

If every other month is missing, then we can still prepare an analysis by making assumptions and closely approximate the activity within the account.

As a result of making assumptions on a case with missing account statements, your Profit and Loss reports will say DRAFT on each page to let you know that analysis is incomplete. Additionally, every transaction that was not present in the data provided will have the word ASSUMED printed next to it in each report. As an alternative, we might put the project on hold until the missing statements are received. If there is a large date range of missing data, we will consider splitting the account into two sections on either side of the gap.

While we understand there are situations where missing statements are unavoidable, a project with missing statements can mean extra time and expense. We encourage you to send us a project in as complete condition as possible, so we can process and prepare your case as efficiently and cost effectively as possible. Whatever the situation, you can be confident that your case will be handled by a knowledgeable team of analysts who will keep you informed throughout the process and provide you with the most useful work product possible.

 

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P&L Analysis: Annuities

Accurately representing annuity activity in the Profit and Loss analysis is extremely important for ultimate successful case outcome.

While most brokerage account statements include month-end values for annuity products, they do not always include the regular distributions paid from the policy. This is especially true when the cash from the distribution is going directly to the client and not back into the brokerage account. If monthly distributions are being paid from the policy without being reported in the brokerage statements, the policy will incorrectly appear to diminish in value. For this reason, it is important to include annuity statements for any policies purchased by the broker.

Secure Financial Services provides you with options when it comes to including annuity activity in your P&L:

Option 1: Include the general annuity policy in the brokerage account's standard P&L. Data will be added to the analysis to show monthly distributions and the change in market value. This step will conform the data and present a true picture of total account performance as reflected in the Annualized Rate of Return, Turnover, and Cost to Equity Ratio reports.

Option 2: Prepare a standard P&L on the internal investments of the annuity. In this scenario, we would traack the performance of the underlying investments that make up the policy, including all systematic rebalances, 1035 exchanges, and policy fees.

Annuity cases can be complex and generally take more analytical time to complete. However, these steps are necessary to gain a true picture of damages in a case.

 

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USEFUL LINKS

Websites

Association of Corporate Counsel
Financial Industry Regulatory Authority (FINRA)
NASDAQ Stock Market
New York Stock Exchange (NYSE)
Securities Docket
Securities and Exchange Commission (SEC)
Securities Industry and Financial Markets Association (SIFMA)
Stanford Securities Class Action Database
U.S. Commodity Futures Trading Commission


Blogs

Financial Institution
Jim Hamilton's World of Securities Regulation
SEC Actions
Securities Law
Securities Law Prof

 

Secure Financial Services, Inc. cannot be responsible for information provided by other companies and activities that take place on their websites. While the above list links to reputable institutions, we encourage our visitors to surf safely. Be aware of a site's privacy policy before giving out sensitive personal information.

 


To find out more about the Investment Analytical Services available from Secure Financial Services, Inc., please contact us.

Phone: toll free 888-729-1700 (Mon - Fri 9:00 am to 5:00 pm EST)
Email:

 

 

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