PAA charges an asset-based wrap fee, not impacted by trading levels. The maximum annual client fee is 3%, negotiable and tailored to services. The fee covers advisor, platform, and strategy components. Platform fees are tiered based on assets (see table). For Rep as PM accounts sub-advised by APA, a .15% fee is paid to APA. The advisory fee excludes fund expenses and other charges. Discounts on the minimum advisory fee are not generally available. Minimum account sizes: $50,000 for SMA/UMA, $25,000 for Rep as PM.