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NAV is defined as total assets minus total liabilities and is also reported on a per share basis. But we've also had a number of transactions or investments that we were actively executing on in due diligence and legal documentation that just, for one reason or another, slipped away. The Motley Fool has a disclosure policy.
Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities. Examine FeeStructures Understanding the feestructure of wealth management services is crucial to choosing the right advisor. Tax Considerations Be mindful of tax implications related to your goals.
While it is possible to sell a business without a lawyer, there are many legal considerations to keep in mind, and having a trusted legal professional by your side can make the process smoother and less stressful. Having a lawyer to manage this process can ensure that everything is in order and that the closing goes smoothly.
Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities. Examine FeeStructures Understanding the feestructure of wealth management services is crucial to choosing the right advisor. Tax Considerations Be mindful of tax implications related to your goals.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. As you've heard us say in the past, we always have to get through due diligence and legal documentation, so things can always change. Some of it may end up moving into the fourth quarter. The economy can also change. That's all for me.
Legal Considerations Considering legal requirements is essential while analyzing employee needs. Sponsoring a 401(k) paves the way for business owners to reduce personal tax liability, enjoy available tax credits and increase business tax deductions. This includes a study of your company culture.
We believe that by peering offerings and simplifying our feestructure, we're going to incentivize our clients to deepen their relationships with us. I want them focused on delivering to our clients, engaging with our clients and also managing their responsibilities of the legal entities. So we just don't need replace them.
However, we're not contemplating changes to our feestructure right now. I think we did a really great job with moving to the 10% platform fee. Things like legal, things like logos for marketing and sales, other things like that are actually showing good, nice, healthy growth dynamics in Q4.
But in a partial victory for fund groups which opposed the rules, the Securities and Exchange Commission did not proceed with proposals that would have expanded funds' legalliability and outright banned arrangements that allow some investors special terms. In fact, there is already legal pushback from the industry.
And I wouldn't over-index on their feestructure at this point. We'd rather offer low fees and due to our investments in technology and infrastructure operate at larger scale than our competitors. But we don't have any specific -- I think it's premature to talk about like the specific changes to the feestructure at this point.
G&A costs, including SBC expense, declined 2% year over year in Q4 and 2 points as a percent of revenue to 12% as legal and professional fees declined by $11 million year over year. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thanks a lot.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. However, to be clear, we did not make any material changes to our feestructure in Q4. Paul Grewal -- Chief Legal Officer Thank you, Alesia. On to expenses.
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