Am I correct in my understanding that an RIA may not charge contingency fees ? That that can only be done withing a hedge fund structure? I've been using a very intensive trading strategy for myself for the last few years (3 to be exact) that has served my well through all this mess we've gone through. I'm convinced it could serve my clients as well but I've been reticent to deploy it with my clientele due to concerns about the rules of churning. From my understanding and reading on the matter (and look up in SEC regulations), any very frequent trading (more than 50% turnover of portfolio) is considered churning regardless of whether transactions are profitable for customer or not. Is that accurate? My strategy would seem to generate returns of 15-25% per year net of fees to my clientele but the fees would represent a very high percentage of AUM.I know that as an RIA with a wrap account I could simply charge a fee, say 3%, thereby avoiding this issue. The problem is, to do this strategy right, requires enormous time and research and management. Unless I had hundreds of large accounts deploying exactly the same strategy - that would not be profitable. Right now I'd only have about 20 mid-size accounts interested in this.Appreciate any ideas, inputs, critiques.