In conducting an AAA, IPEX can start with a clean slate, or at the client's preference, can incorporate some aspects of the account's current investment program. If IPEX is working with a clean slate, then the account's current configuration of asset classes and investment styles would have no bearing on the analysis. In addition, all of the analysis would be based upon the long-term historical investment performance of generic investment products, as reflected in generally accepted style specific indices. The analysis would not be impacted by any particular money managers. Consequently the recommendations provided by IPEX would also focus exclusively on asset classes and investment styles; no specific money managers would be referenced in the analysis. 

Conversely, if a client is seriously interested in retaining certain portions of their current program, i.e., a specific money manager, then that money manager would be included automatically in the asset allocation. 

As a prelude to conducting the AAA, IPEX would examine the historical return patterns of any money managers that the client wished to retain, in order to define their investment styles. Throughout this analysis, IPEX would utilize the actual return numbers, to the extent that they are available, for these specific managers, rather than more generic numbers from indices that merely reflect the money managers' investment style. This approach should provide the client with a more meaningful analysis.

In designating a current money manager for consideration, the client might or might not indicate a specific percentage of the account's assets to be allocated to that manager. If the client did not specify a percentage, then the AAA would address this issue. In either case, the analysis would focus on how best to deploy the remaining portion of the account's assets in order to try and complement that money manager, while helping the client to realize their overall investment objectives. 

Should the client request, IPEX can also offer a direct comparison between asset allocations that include one or more of the account's current money managers with allocations that do not include any current managers. Based upon the analysis, IPEX would be able to determine whether retaining any of the existing money managers is likely to help or hinder the client in achieving their investment goals. An AAA can be an excellent tool in helping clients to reassess the value that many of their long-term money managers are adding to their investment program.