Fees are based on a standard fee schedule according to the investment discipline selected and are negotiable on a case-by-case basis. Fees are typically charged at the end of each calendar quarter. Clients are responsible for advisory fees regardless of investment gains or losses. PCA also manages certain accounts on pre-existing legacy fee schedules. When PCA serves as a sub-adviser, the primary adviser compensates PCA directly. Minimum account size is generally $10 million, but may be negotiated.