David Sanders question, finds out after a week audit that only 20% of the bloomberg terminal is used for investment decision making. 80% is for other purposes. The answer states that 20% of the cost can be allocated to client brokerage, as 20% is used for investment decision making. BUT. CFAI Page 150 (the bottom) “Second, the IM must have determined that the primary use of the product or service will directly assist the IM in the Investment Decision-Making Process rather than in the management on the investment firm”. Doesn’t it need to be used >50% for it to be qualified as “Research”? The case study transactions (Page 154 and on) seem to suppoer this. I.e. Trading room television :"…may qualify as Research if the primary use of the service is to directly aid the investment manager in its Investment Decision-Making process" My contention: If potential “Research” is not for the PRIMARY use of investment decision making, then we can’t allocate ANY client brokerage to it. Any clarification would be much appreciated!
Please ignore, wrong forum.