Investment advisory fees are agreed upon in each client's investment advisory agreement and are generally charged quarterly in arrears based on the daily net assets in the client account. For clients participating in the non-discretionary "alternative investment program," the fee is typically based on the value of each alternative asset invested in during the preceding calendar quarter, or it may be a flat fee. The Adviser charges a maximum annual fee of 2.0% of the client’s assets under management, quarterly in arrears. These fees are negotiable. Reporting Services fees can reach up to 1.00% of reported assets and are generally expected to be charged quarterly in arrears.