I know this will vary depending on a lot of different factors, but does anyone know what a typical RIA's margins are? For example, say you have $1B AUM. If you take, say, 1.25% and are paying for referrals and everything maybe you wind up with 80 bps net and then maybe 40 bps for salaries/expenses. Leaving you with $4 MM pretax. Are these pretty fair assumptions?