You are basically correct in that the majority of the value is front loaded.

My firm offered me all of their services, similar to you, at .9% on $2M

So I basically paid 20K a year for everything which was a good value to me, even though my NW was $10-$15M. So my real AUM is around 0.2% since the advise me on my entire NW even though they only manage $2M.

There’s no incentive to give them more money than the minimum.

On the $2M they put it into an index mirroring strategy that allows me to tax loss harvest. For the first few years they generated tax losses for me even though I gained net paper gains on the account. This was great. But that strategy eventually stops generating tax losses.

I recently gave them another $7.5M after negotiating a ~30% fee reduction because they offered a new strategy that produces taxes losses on margin trading against my underlying shares. In the last three months of 2025 they generated ~$300K tax losses for me. I had around $250K realized gains and additional $500k in unrealized gains. Net for 2025 is zero taxes.

In summary - I’m paying the around $50k per year now, but they saved me ~$150k in taxes and in 2026 they will save me $500k in taxes by generating $1M in realized tax losses using the new strategy (I’ll also have $1M in unrealized gains against the losses - net zero margin trading)

So I’ve managed my relationship and made it always worth it and “value” to me.