The annual advisory fee for discretionary managed accounts is generally 1.00% of assets under management. Fees are payable quarterly in arrears based on the average daily balance. Clients also pay custodian service fees and brokerage commissions. The minimum amount required to establish a managed account is generally $25,000 for dynamic asset allocation account portfolios and $50,000 for index portfolios. The company may accept accounts opened with less than the minimum amount at its discretion.