Item 5. Fees and Compensation
Portfolio Management Fees
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Our fees for Portfolio Management Services are based upon a percentage of assets under our
management, in accordance with the following fee schedule:
Assets Under Management Maximum Annual Fee
First $1 million 1.00%
Next $2 million 0.90%
Next $2 million 0.85%
Next $4 million 0.65%
Next $6 million 0.50%
Next $15 million 0.40%
We bill our discretionary and non-discretionary clients on a quarterly basis and fees are paid
in advance using a fee schedule clearly described in each client’s investment advisory
contract. AWP, in its sole discretion, may charge a lesser investment management fee and/or
reduce or waive its portfolio minimum based upon certain criteria (i.e. anticipated future
earning capacity, anticipated future additional assets, dollar amount of assets to be managed,
related accounts, account composition, negotiations with client, etc.). The fee will equal the
applicable percentage of the market value of the assets in client account(s) on the last
business day of the preceding calendar quarter (e.g., billing for the quarterly period January
through March will be based on December's ending market value). In the event that the
relationship is commenced or dissolved in the midst of a billing period, the fees will be pro-
rated on a daily basis for the period outstanding, and paid/refunded accordingly. Generally,
AWP has the authority to deduct fees from client accounts, however, some clients pay by
check.
Financial Planning Fees:
AWP may provide financial planning services to investment management clients at no
additional cost as dictated by the complexity of their situation. Some clients may pay AWP
for the services of our professional personnel at our then-current hourly rate of $250 per
hour. Our rates are subject to periodic revision. We may charge for the time our professional
personnel spend on client accounts, including time spent in meetings with clients and others,
time spent on telephone calls and other communications, and time spent on study, planning,
analysis, preparation of reports and other work done by our professional personnel.
Payments not included in the advisory fee charged, are payable within 30 days after receipt of
our invoice. Clients may also authorize AWP to debit the fee from their account.
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Fees in General:
Household Aggregation: We may group certain related client accounts for the purposes of
determining the account size and/or annualized fee.
Administrative services and investment consultation fees: As compensation to Forte for
administrative services and investment consultation services provided to AWP, a portion of
the client’s advisory fee paid to AWP is remitted to Forte for those services. In the event that
Forte (or another investment adviser) is retained as a sub-adviser, a portion of the client’s
advisory fee paid to AWP is remitted to Forte (or another investment adviser) for its sub-
advisory services.
Certain client agreements may be governed by fee schedules different from those listed above.
Account Termination and Refunds:
Clients may terminate the advisory agreement by providing us with a 30-day notice at our
principal place of business. This notice requirement may be waived at our discretion. If you
notify your account’s custodian that you’re terminating the custodial account linked to your
separately managed account with our firm, we will consider this to constitute a notice of
termination.
Upon termination of an account, any prepaid, unearned fees will be promptly refunded, and any
earned, unpaid fees will be due and payable.
We will have no obligation to recommend or take any actions with regard to the securities,
cash or other investments in a terminated account, but we may, at our discretion, assist you in
liquidating assets and in effecting the transfer of assets to a new custodian designated by you.
Mutual Fund and ETF Fees and Expenses: All fees paid to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds and
ETFs to their shareholders. These fees and expenses are described in each fund's prospectus.
These fees will generally include a management fee, other fund expenses, and a possible
distribution fee. A client could invest in a mutual fund or an ETF directly, without the
services of our firm. In that case, the client would not receive the services provided by us
which are designed, among other things, to assist the client in determining which mutual fund
or funds or ETFs are most appropriate to each client's financial condition and objectives.
Accordingly, the client should review both the fees charged by the funds and ETFs and the
fees charged by us to fully understand the total amount of fees to be paid by the client and to
thereby evaluate the advisory services being provided.
Brokerage, Custodial and Other Transaction Fees
In addition to advisory fees paid to our firm, clients will also be responsible for all transaction,
brokerage, trade-away and custodial fees incurred as part of their account management. Please
see Item 12 of this Brochure for important disclosures regarding our brokerage practices.
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