SEI has launched a new costs and charges reporting service for wealth managers today (19 June).

The service is part of the SEI Wealth Platform, and was created with FinoComp, a wealth management software company.

The reporting service lets wealth managers using the platform deliver compliant reporting to their clients, particularly in light of MiFID II disclosure rules requiring firms to report costs and charges as cash amounts, as well as percentage figures.

The service makes use of the wealth platform’s open architecture, which is then transferred to FinoComp for disclosure calculation and production.