The asset totals as of the end of each year don’t fully reflect the  change in average asset levels during the year. The asset-based  fees we earn are primarily based on average asset levels during  each quarter. Average assets under advisement and management  (calculated based on available quarterly or monthly data) were  approximately $102.3 billion in 2010, up about 35% from $78.6 bil- lion in 2009. In 2009, average asset levels declined from substantially  higher levels in 2008. Average assets under advisement and man- agement were $103.9 billion in 2008. Retirement Advice was the main driver of the revenue increase in  2010. We primarily earn license-based fees for the advice and guid- ance services we provide through our Retirement Advice platform.  Revenue for these services increased in 2010 primarily from Advice  by Ibbotson, after declining in 2009 because of several smaller  client non-renewals. Investment Consulting and Managed Portfolios  also contributed to the revenue increase in 2010, but to a lesser  extent. Higher revenue from Investment Consulting in 2010 was  partially offset by a client non-renewal that occurred in the fourth  quarter of 2009. The revenue increase in 2010 represented a positive change from  trends in 2009. In 2009, Investment Management revenue was down  17.4%, driven by two Investment Consulting non-renewals. In 2009,  Investment Consulting, which was a leading contributor to revenue  growth in previous years, accounted for about three-fourths of the  segment’s revenue decline. One client did not renew its contract  when it expired in the fourth quarter of 2008 and another client did  not renew its contract in May 2009. Combined, these contracts  represented about $17 million of revenue in 2008. Acquisitions  contributed $3.7 million to segment revenue in 2009, partially  mitigating the revenue decline. We had approximately $67.7 million in revenue from asset-based  fees in 2010, an increase of approximately 21% compared with $56.0  million in 2009. In 2008, revenue from asset-based fees was $66.6  million. Revenue from asset-based fees made up approximately  12% of consolidated revenue in both 2010 and 2009, down slightly  from 13% in 2008. Within the Investment Management segment,  revenue from asset-based fees made up approximately 60% of seg- ment revenue over the past three years. We provided Investment Consulting advisory services on approxi- mately $107.2 billion in assets as of December 31, 2010, compared  with approximately $61.4 billion as of December 31, 2009 and  approximately $66.2 billion as of December 31, 2008. The asset  totals include relationships for which we receive basis-point fees,  including consulting arrangements and other agreements where  we act as a portfolio construction manager for a mutual fund or  variable annuity. We also provide Investment Consulting services  for some assets under management for which we receive a flat fee;  we do not include these assets in the total reported above. Excluding  changes related to new contracts and cancellations, changes in the  value of assets under advisement can come from two primary  sources: gains or losses related to overall trends in market perfor- mance, and net inflows or outflows caused when investors add to  or redeem shares from these portfolios. As mentioned above, assets  under advisement as of December 31, 2010 includes approximately  $39 billion related to a new fund-of-funds program that began in  May 2010 for an existing Morningstar Associates client. Excluding  assets from the new fund-of-funds program, assets under advise- ment for Investment Consulting increased slightly over 2009, mainly  reflecting positive market performance partially offset by a client  non-renewal that occurred in the fourth quarter of 2009. Total assets under advisement and management were $132.9 billion  as of December 31, 2010, an increase from $82.6 billion as of  December 31, 2009 and $78.8 billion as of December 31, 2008. About  $39.0 billion of the total assets as of December 31, 2010 reflects a  new fund-of-funds program that began in May 2010 for an existing  Morningstar Associates client. Previously, Morningstar created  model portfolios for the same client, so the increase in assets rep- resents incremental growth for an existing revenue stream. Excluding  assets from the new fund-of-funds program, total assets under  advisement and management increased, mainly reflecting positive  market performance. Total assets under advisement also include  approximately $3.4 billion from the Intech acquisition in July 2009. Morningstar, Inc. 2010 Annual Report 85 Assets under Advisement for Investment Consulting Assets under advisement for As of December 31 Investment Consulting ($ billions)  2010  2009   2008 Ibbotson Associates  $ 46.4 $ 39.9  $ 36.6 Morningstar Associates  60.8  21.5   21.5 Total  $ 107.2 $ 61.4  $ 66.2