Termination of Services Clients may terminate their investment advisory agreement within five business days of its execution. Thereafter, clients may terminate the account at any time, in writing, and fees will be prorated through termination date. Upon termination, securities will be delivered in kind at no charge; however, for clients wishing to liquidate securities and distribute cash the client will be required to pay transaction costs and possibly a $50.00 fee to close IRA accounts at Charles Schwab. Because fees are billed quarterly in advance, the termination of an account will usually result in the client receiving a refund equal to the unused portion of the quarterly fee.