Client reporting standards: a good idea?

I am in Philadelphia for a couple days, hosting PMAR IX. Yesterday we heard from Beth Kaiser about a CFA Institute initiative to possibly develop reporting standards for clients. I must confess that I have mixed feelings about this.

There are two main concerns that I have:

1. Where is the problem? The FAF standards, which became the AIMR-PPS(R) standards, and (arguably) the GIPS(R) standards, were developed to solve a problem and a need for improved and ethical representation of past performance for prospective clients. But where is the problem in client reporting? Granted, some firms often want ideas, but is this the way to provide solutions? Unclear to me.
2. Will this be GIPS II? By this I mean, will this be another standard that firms will be required to comply with, possibly meaning additional costs?

On the other hand, I have witnessed cases where some individuals want to see guidance, and so perhaps this idea might be a good one. I will keep an open mind, and encourage you to be mindful of what is occurring, as it will no doubt be of interest to all in our industry.

A few yeas ago, the EIPC (European Investment Performance Council) developed guidance for reporting, and this will no doubt be used during this process. If you are interested in seeing a copy of what they developed, please let me know, and I'll send it along.

By the way, we will address this topic again next month, at PMAR Europe II in London.