Investment management fees are calculated quarterly based on a percentage of assets under management. There are different fee schedules depending on the investment strategy used. For example, Equity strategies have a minimum annual fee of $1,250, while Systematic Relative Strength strategies have minimums of $2,000 or $2,500. The minimum account sizes and annual fees are negotiable. Clients also pay fees on mutual funds and ETFs held in their accounts. Research and subscription services have separate fees as described in Item 4.