Funny you should ask that question. Just moments ago I was cruising the Schwab website, checking out their "private client" section. My assets have reached the point where I can actually afford some of the minimums now, so I wanted to see if I was missing anything. All of the strategies they offer charge somewhere in the neighborhood of 1%. And almost every one of those strategies underperformed its respective benchmark over the 3, 5, 10 yr, and life-of-strategy time periods.
Nothing to see here.