Fees for investment advisory services vary and are agreed upon prior to engagement. Some clients pay an annual flat fee (not exceeding $600,000), while others pay a percentage of assets, ranging from 0.20% to 0.70% annually. A Present Position Analysis (PPA) fee ranges from $25,000 to $150,000. For new clients, there is generally a minimum of $10,000,000 in assets under management. Fees may be charged based on a project fee or monthly retainer. Fees are based on the complexity of the client's circumstances.