26 Anya Harmon, CFA, is an account manager at a wealth management firm. The client fees are calculated based on the average daily balance of assets in each client's account. The firm is switching to a new fee calculation method using end-of-billing-cycle balances, thus reducing fees for most clients. Harmon discloses the new method only to new clients.

According to the Standards, is Harmon required to disclose the new fee calculation method to existing clients?