The SWA fee covers investment advice, brokerage, custody, and administrative expenses, based on a percentage of your account value. The fee includes equity trade commissions and transaction fees on mutual funds and fixed income. The SWA fee does not cover mutual fund fees, short-term redemption fees, fees from other broker-dealers, custody fees on alternative investments, or fees on options trades. There is a quarterly minimum fee equal to the lesser of: (a) $1,000; or (b) the quarterly fee from applying a 1.60% APR to the total billable assets in your enrolled accounts (the “Quarterly Minimum”). Portfolios subject to the Quarterly Minimum will also be subject to a “Quarterly Maximum” APR of 1.60%.