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We have calculated stationary models for accretion disks around super-massiveblack holes in galactic nuclei. Our models show that below a critical mass flowrate of ~3 10**-3 M_Edd advection will dominate the energy budget while abovethat rate all the viscously liberated energy is radiated. The radiationefficiency declines steeply below that critical rate. This leads to a cleardichotomy between AGN and normal galaxies which is not so much given bydifferences in the mass flow rate but by the radiation efficiency. At very lowmass accretion rates below 5 10**-5 M_Edd synchrotron emission andBremsstrahlung dominate the SED, while above 2 10**-4 M Edd the inverse Comptonradiation from synchrotron seed photons produce flat to inverted SEDs from theradio to X-rays. Finally we discuss the implications of these findings for AGNduty cycles and the long-term AGN evolution.Comment: 7 pages, 5 figures, accepted for publication in A&

Where have all the black holes gone?