The firm charges annual fees based on assets under management. For new accounts, equity and balanced portfolios are charged 1.00% annually on the first $5 million, 0.80% on the next $5 million, and 0.60% on all additional amounts, with a $10,000 minimum annual fee. Fixed income portfolios are charged 0.50% annually on the first $10 million, 0.35% on the next $20 million, and 0.25% on all additional amounts, with a $10,000 minimum annual fee. Cash portfolios are charged 0.20% annually on the first $50 million, 0.15% on the next $50 million, and 0.10% on all additional amounts, with a $10,000 minimum annual fee. Wealth management accounts are charged 1.20% annually on the first $5 million, 0.80% on the next $5 million, and 0.60% on all additional amounts, with a $10,000 minimum annual fee. Managed Account Programs fees generally fall within a range of 0.10% to 1.50% per annum. Options trading services are charged an annual flat fee, billed quarterly, and negotiated between the firm and the client. Fees may be negotiable in certain circumstances. Investments in affiliated funds are excluded from the AUM used to calculate fees.