The standard advisory fee is 1.00% annually on the first $5 million, 0.75% on the next $5 million, and 0.50% on amounts over $10 million. Fees are payable quarterly in arrears and are based on the account value at quarter-end. For clients in wrap programs, management fees vary from 0.25% to 0.75% of assets managed, payable in advance or arrears depending on the custodian and service rendered. Commission-based clients may incur custodial and/or broker fees for trades.