Marshfield's fees for separately managed accounts are based on a percentage of assets under management. For accounts with more than 60% allocated to equity securities, the fee is 1.25% for accounts from $1 million to $10 million, and 1.00% for accounts of at least $10 million. For accounts with 60% or less allocated to equity securities, the fee is 1.00% for accounts from $1 million to $10 million, and 0.90% for accounts of at least $10 million. The minimum account size is $1 million, but this may be waived at Marshfield's discretion. Fees may be negotiated based on client circumstances. Wrap fee program fees are negotiated with the program sponsor, not individual participants.