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NAV is defined as total assets minus total liabilities and is also reported on a per share basis. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
And so as Stuart mentioned, having a very fixed feestructure against that recurring income and cash flow, I think will accomplish the goal that we're trying to, one of the goals that we're trying to accomplish. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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.
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. What I mean there is we lowered the base management fee so that, you know, that change in the percentage will reduce the base management fees we get. The Motley Fool has no position in any of the stocks mentioned.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. And to be able to deliver that different asset class with, you know, best-in-class feestructure, we think that's going to be a positive outcome. Bryce Rowe -- Analyst Got it. That's all for me. Appreciate the time.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. The question there is, I think, you've discussed it before, one of the possibilities eventually could be a fee cut there in connection with other things. Dwayne Hyzak -- Chief Executive Officer Sure, Robert. Thanks for the question.
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This was driven by margin enhancement following cloud business restructuring, emerging high-quality revenues, including video accounts e-commerce technology service fee, structural shift toward high-margin products within fintech services, and our efficiency initiatives. Gross margin for fintech and business services was 43.9%, up 10.3
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' legal liability and outright banned arrangements that allow some investors special terms. The industry manages around $20 trillion in assets.
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.
So there's kind of an incentive feestructures with these providers and given how low origination margins are in the industry, the repurchase of the MSR back at a discount is effectively assuming that origination. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Obviously, this was stronger than our guidance of a dollar in accretion and reflects very favorably on the performance of the MSRs we acquired as well as limited exposure to contingent liabilities after extensive diligence. Now, let's turn to Slide 12. Kyle Joseph -- Jefferies -- Analyst Hey, good morning. Thanks for taking my questions.
Sponsoring a 401(k) paves the way for business owners to reduce personal tax liability, enjoy available tax credits and increase business tax deductions. When was the last time these retirement plan fees were plainly explained to you, or your fees were actually reduced? This includes a study of your company culture.
Offsetting these improvements was higher interest-bearing liability cost, which increased 263 basis points to 4.04% and reduced net interest margin by 215 basis points. I'm just wondering with respect to that, is it -- I guess how does it -- is that at the point now where it affects volumes overall and feestructures and that margins overall?
The first thing on your increase on the earnings on the fee rate. And to a lesser extent, volume coming from certain customers that may have a different feestructure in there. And yes, we do think that will continue going forward that fee rate. A lot of that is driven by our inflationary escalators that are coming in.
And then, when looking at the quarter, we see about an 80 basis-point increase for shipping fees within the take rate. How you are thinking about the feestructure? Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Curious what's driving that?
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And we recently announced the Silicon Valley 12 transaction.
Of course, DoorDash makes the delivery fee that's embedded in their feestructure. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. And so, for all those reasons, we've decided to add this capability. We think it's going to be a nice add for us.
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. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Upwork.
So, would you guys fall into that camp, and is that 20 million that you called out just from the fee changes that have been announced, assuming that you actually have to pay them for these changes? Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thanks a lot.
We believe that by peering offerings and simplifying our feestructure, we're going to incentivize our clients to deepen their relationships with us. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Wealth revenues have stabilized and were up slightly.
Could you talk about some of the drivers behind it, where you're investing some of the impacts of the feestructure, contra revenue, and you have restaurants flowing through the business? And that can be how do we think about our feestructures. We then look at opportunities, as I mentioned, within transaction revenue.
And now you see much more of that in the private credit world that has an asset-liability match. And part of that is that fees are just determined by supply and demand. But it’s not a great match for the underlying liquidity of those debt instruments. It’s much more appropriate for the underlying assets.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The other driver of affordability for us is obviously our own feestructure. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool recommends Instacart. The Motley Fool has a disclosure policy.
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