Fees are negotiable and may vary between investment advisor representatives. Clients may pay transaction fees in addition to advisory fees. Merit also uses a third-party platform to facilitate the discretionary management of held away accounts such as employer-sponsored retirement plan participant accounts, and Merit may pass along all or a portion of this expense to the client. Clients should be aware that the advisory fee in a wrap fee account is typically higher than a non-wrap fee account, that is not always the case.