SMHCA charges a wrap fee, which includes portfolio administration, investment advice, quarterly reporting, account service requests, brokerage commissions, transaction costs, and custody. The fee is charged quarterly, in advance, based on the market value of the account. Fees are negotiable, and multiple family accounts may be aggregated for a lower percentage fee. Clients terminating early receive a pro-rated refund. SMHCA may receive compensation from its affiliated broker/dealer, SMH Capital Investments LLC, for executing transactions and from 12b-1 fees. The wrap fee does not cover mutual fund fees, debit balances, wire transfer fees, or other taxes.