The annual portfolio management fee is generally 1.30% of assets under management, including cash and cash equivalents. Certain legacy clients may pay 1.25%. For RPOA Direct program clients (assets of $250,000 or less), the fee is 1.85%. Fees are payable quarterly in arrears or advance, based on the account value on the last day of the preceding quarter. Accounts are also subject to an annual platform fee of 0.40%. Fees may be adjusted for deposits or withdrawals greater than $5,000.