Item 5: Fees and Compensation
A. Fee Schedule
Portfolio Management Fees For SMAs
Total Assets Under Management Annual Management Fee
All Assets 1.50% or lower
Alpha uses the total value of the account as of the last business day of each calendar quarterly billing
period, after taking into account deposits and withdrawals (with the exception of de minimis capital
contributions and withdrawals), for purposes of determining the market value of the assets upon which
the annualized advisory fee is based.
These fees are paid quarterly in arrears, they are generally negotiable based on the client’s total assets
under our Investment Advisory Contract (IAC) agreement, and the final fee schedule is attached as
Schedule B of the IAC itself. Alpha sends quarterly invoices to clients reflecting the fees due or already
paid after the end of each calendar quarter as per the IAC terms. Clients may terminate the agreement
without penalty and with a full refund of any fees charged within five business days of signing the IAC.
Thereafter, either party may terminate the IAC immediately upon written notice, including written
electronic notice. Any fees earned by Alpha on an SMA prior to receipt of the client’s termination notice
will not be refunded. Since we bill in arrears, if an SMA is terminated before the end of a calendar
quarter, the pro rata fee calculated for the days elapsed until that date in the calendar quarter will be
billed in order to correctly complete the IAC termination process.
Alpha is a fee-only investment advisor. We are not a financial institution like your broker-dealer, your
securities custodian, or your bank. We are hired and compensated independently by you: our client.
We are able to work with any financial institution you and your family use to manage your savings.
Alpha’s fee is exclusive of brokerage commissions, transaction fees, and other related costs and
transactions that may be incurred by you. Clients may incur charges imposed by custodians, brokers,
and other third parties, including —but not limited to— sales charges, transfer taxes, wire transfer fees,
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etc. Underlying funds to which Alpha may allocate client capital (including —but not limited to— mutual
funds and exchange traded funds) also charge their own various management and operating fees and
expenses that are disclosed in the respective underlying fund’s prospectus. To the extent a client
invests in an underlying fund, such client will bear the pro rata portion of the fees and expenses of the
underlying fund. Such other charges, fees, taxes, costs, and commissions are exclusive of, and in
addition to, Alpha’s fee. Alpha does not receive any portion of these other charges, fees, taxes, costs,
and commissions. Clients should consult such underlying funds’ prospectuses for a complete
description and understanding of all their fees and expenses.
B. Payment of Fees
Payment of SMA Portfolio Management Fees
Asset-based management fees for SMAs are debited directly from client accounts quarterly in arrears.
C. Client Responsibility For Third Party Fees
SMA clients are responsible for the payment of all third party fees (e.g., custodian fees, brokerage fees,
mutual fund fees, transaction fees, and any other fees not charged by Alpha). Those fees are separate
and distinct from the fees charged by Alpha. Please see Item 12 of this brochure regarding broker-
dealers/custodians for more information on this.
D. Prepayment of Fees
Alpha collects the annualized SMA management fees quarterly in arrears. We do not ask for or accept
prepayment of our fees. This management fee for our work is subject to the Alpha policy for refunds
within five business days of signing the IAC, as explained in section A above and in the IAC agreement.
E. Outside Compensation For the Sale of Securities to Clients
Neither Alpha nor its supervised persons accept any compensation for the sale of investment products,
including commissions, asset-based sales charges, or service fees from the sale of mutual funds.