The formula used to devise the management fee is based on the average balance multiplied by the annual rate, divided by 365 (days in year- 366 in a leap year), multiplied by the days in the billing period.
For example, a $100,000 average account balance with an annual fee of 1% over a 30 day period would be calculated as follows:
($100,000 X .01) / 365 X 30 = $82.19
A detailed fee calculation will be provided to Clients upon request.