The Portfolio Solutions Program charges a quarterly fee in advance based on the average daily market value of your account. This 'wrap fee' covers administrative, commission, execution, and management expenses. Cash holdings exceeding 7.5% are excluded from the fee calculation. The standard fee schedule starts at 2.00% on the first $250,000 and decreases in tiers. Fees may be negotiable. There is generally a $250,000 minimum account size, but $275,000 if including variable annuities. IRA accounts under $25,000 may be charged an annual $35 fee.