SIMC charges an asset-based fee ("Advice Fee") on the value of assets under management, paid quarterly in arrears. In certain cases, a flat fee may be charged for advice. Fees increase with the amount of assets in the account. MAS fees include most transaction costs and custodian fees, making them higher than typical asset-based advisory fees. Certain transaction costs and product fees (like for proprietary funds and ETFs) are not included in the MAS fee. Clients may be required to custody assets at an affiliated custodian and pay them a fee. Administrative fees may also apply to certain MAS strategies, paid quarterly in arrears.