The annual fee for investment supervisory services is 1% of the market value of the client's account, charged quarterly in arrears. A minimum account size of $1,000,000 is generally required, but may be waived at the firm's discretion. Fees are generally not negotiable, but the firm has the right to reduce or waive the management fee. When SL Advisors recommends investment companies for SMA accounts, for which it serves as portfolio manager, it does not charge a separate management fee for the SMA assets allocated to the investment companies. SL Advisors’ compensation comes from the investment company.