The annual investment advisory fee is based on a percentage of the market value of assets managed. The standard fee is 0.65% on the first $50 million and 0.50% on the balance over $50 million. Balances over $100 million are customized. A $50 million asset level is generally required, equating to a minimum annual fee of $325,000. Clients with less than $50 million in assets under management will pay more than 0.65%. Clients also incur separate fees paid to broker-dealers and custodians, as well as management and performance fees charged by third-party managers.