I've always been surprised how so many reefers say that water changes are enough for trace element replenishment. Maybe that could be true for fish only, or maybe softies and LPS, (because maybe they don't need them?), but I'm convinced that for SPS (which is all I've had for many years) water changes won't suffice. As Randy alluded to, if you perform a 10% water change, you are only replacing the lost trace elements in 10% of the water.
I have a fairly elaborate system for adding trace elements every day, and I tweak the amounts every few months with ICP. If I didn't supplement them, my levels would drop to dangerously low levels (for SPS).
In recent years, I stopped water changes and just depended on ICP and supplementation but recently, with the introduction of the Oceamo Organo-MS test, I found that I had a very high level of plasticizers. This reminded me that the reason for water changes is not only to replenish trace elements but also to get rid of harmful compounds that accumulate. Some of these compounds can be tested for, but who knows how many others cannot be.
(I will soon post a thread on my "plasticizers experience," what I think might be the culprit, and what I am doing about it).