Increasingly, clients are finding incremental levels of performance inadequate and are challenging the status quo to find ways to maintain their market leadership.

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It is a huge margin to find in development and each incremental gain in performance tends to become more difficult as diminishing returns set in.

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One way to avoid having to take dramatic action is to monitor the performance environment closely and to make earlier, incremental adjustments.

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Which would you rather attach to your company: A new set of wheels to help shift gears with incremental improvements, or a set of wings that elevates performance by addressing the threats and opportunities of an interconnected and morally interdependent world?

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Based on management's expense guidance, there are at least 50% incremental margins on each additional dollar of base revenue, and performance fees offer additional outsized leverage.

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"Even where these have had positive effects, progress has been too slow and incremental, and fundamental concerns remain about the competitive structure and performance of these markets, " he said.

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