You'll pay an annual bundled fee (called a "Wrap Fee") that covers investment advice, introducing brokerage services, and clearing, custody, and execution services. The fee varies depending on the amount of cash and securities you place under management. For example, the fee is 1.67% on the first $99,999, 1.62% on the next $400,000, and 1.52% on the remaining $100,001 for a client with $600,000. The Wrap Fee is negotiable. The minimum account size to open a PAA is $25,000, and each Strategy has a minimum investment requirement of $25,000, $50,000 or $75,000.