Blog · Wallet share and penetration · Wealth managers
The complete held-away and share of wallet calculation on five wealth clients, small enough to check by hand: assets here from the custody record, the held-away figure from a fact-find with its date or estimated from the norm, the source grade per client, the stale fact-find that is treated as an estimate, total investable, share of wallet, the consolidation list of clients whose plan the firm writes, the norm from the two fully-held clients of similar profile, and the assertion that assets here sum to the custody ledger, so a reader can reproduce every figure and then run it on their own client master.
Held-away assets are the denominator the firm does not hold, and on five clients the three source grades, the stale rule and the share can be worked by hand. This page works assets here, held away with source, the norm, share, the consolidation list and the assertion. Today: 17 September 2026. Stale after 24 months.
| Client | Adviser | Age band | Income band | Assets here | Fact-find held-away | Fact-find date | Plan by the firm? |
|---|---|---|---|---|---|---|---|
| A | AD-1 | 55 to 64 | High | $1.4m | $3.1m | Jan 2026: 8 months | Yes |
| B | AD-1 | 55 to 64 | High | $0.9m | none | No | |
| C | AD-2 | 55 to 64 | High | $3.0m | $4.0m | May 2023: 40 months | Yes |
| D | AD-2 | 55 to 64 | High | $4.6m | $0.2m | Mar 2026 | Yes |
| E | AD-1 | 55 to 64 | High | $5.1m | $0.3m | Feb 2026 | Yes |
| Total | $15.0m |
Custody ledger for the five: $15.0m. Assertion holds.
D and E hold nearly everything with the firm: total investable $4.8m and $5.4m.
Norm, total investable for the band = median(4.8, 5.4) = $5.1m
| Client | Held away | Source | Grade |
|---|---|---|---|
| A | $3.1m | Fact-find, 8 months | Stated |
| B | 5.1 − 0.9 = $4.2m | Norm | Estimate |
| C | $4.0m | Fact-find, 40 months | Stated-stale: treated as estimate |
| D | $0.2m | Fact-find, 6 months | Stated |
| E | $0.3m | Fact-find, 7 months | Stated |
Share = assets here ÷ (assets here + held away)
| Client | Total investable | Share | Grade |
|---|---|---|---|
| A | $4.5m | 31% | Stated |
| B | $5.1m | 18% | Estimate |
| C | $7.0m | 43% | Estimate: stale |
| D | $4.8m | 96% | Stated |
| E | $5.4m | 94% | Stated |
Consolidation: large held-away, stated and fresh, plan by the firm.
| Rank | Client | Held away | Plan | Conversation |
|---|---|---|---|---|
| 1 | A | $3.1m, stated 8 months ago | Yes | Consolidation: the firm already advises on it |
Refresh: stated-stale.
| Client | Fact-find age | Held away then |
|---|---|---|
| C | 40 months | $4.0m; refresh before any conversation |
Fact-find needed: estimate only, no plan.
| Client | Estimate | Plan |
|---|---|---|
| B | $4.2m | No: a fact-find first |
| Adviser | Clients | Fact-find under 24 months | Data quality |
|---|---|---|---|
| AD-1 | A, B, E | 2 of 3 | 67% |
| AD-2 | C, D | 1 of 2 | 50% |
Held away never a number. A's $3.1m in the file; in no report.
C's fact-find read as current. A $4.0m consolidation call on a three-year-old balance sheet.
B's estimate shown as their figure. "You have $4.2m elsewhere" to a client who may not.
Consolidation without the plan flag. B and A ranked together; one is a conversation and one is a fact-find.
The same three grades per client, the same stale rule, the norm per band from every fully-held client, the same three lists per adviser. Covirage runs it on the client master, the custody record and the fact-find extract every quarter. The held-away assets guide covers the measure, and the stated and estimated guide covers the grades.
Because a balance sheet from three years ago describes a different client: a sale, an inheritance, a divorce may have happened since. Past the stated age of twenty-four months, the figure is shown as stated-stale, weighted as an estimate, and the client is on the refresh list before the consolidation list.
At five it is two; on a real book it is every fully-held client in the age and income band, as a median, with the count shown. The two here, D and E, have a plan and a recent fact-find showing nearly everything with the firm, and their total investable is the norm for the band.
Because a client whose plan the firm writes has already disclosed the held-away assets and trusts the adviser with the whole picture. Consolidation there is a conversation, not a sale. A client with a large estimate and no plan is a fact-find first.