Investment management fees are based on a percentage of assets under management, billed quarterly in advance. The minimum annual fee is $15,000. Standalone consulting or financial planning services are available for a fixed fee or an hourly rate, with a maximum of $450 per hour. Fees are generally negotiable. Clients may pay commissions and trading fees, plus up to $35 per trade for client-directed trades. Mutual funds and ETFs have internal expenses. Some Advisory Affiliates are independently licensed to sell insurance products and may receive commissions.