Newly formed RIA and was interested in hearing what the range of AUM fees are out there.  I've mostly seen in the 1-2% range but was curious if there are others that are getting 3+%.  

Hypothetically, if you were actively managing a portfolio that netted +20%/yr (conservatively) after transaction costs, what would you ask?  There is no set fee range listed in the IA Act of '40 so was curious what our limitations are in this area.  Thanks in advance!