The tools and information meant to empower individual investors come in 3 forms: 

1. Consistent Framework. System for comparing all holdings across all accounts and managers, to  identify exposures and properly understand risk-reward tradeoffs based on one’s total  investment assets. Information would include consolidated position sizes across all accounts  and managers; current investment rationales and wildcards, by security or fund; uniform  valuation metrics; and consolidated exposures by sector, investment style, or other  classifications. 

2. Attribution. Any actively managed portfolio’s performance will be driven principally by the performance of its top 10 holdings. Attribution information includes an up-to-date explanation  key investment themes, theses and risks inherent in these bets. 

3. Reality Check. A portfolio’s holdings represent a unique identity. A reality check seeks  confirmation that
• based on underlying holdings rather than the marketing message, an advisor or fund  does what it claims to do.
• given resource requirements, liquidity constraints, and market conditions, an  investment strategy is replicable in the future