Item 5 Fees and Compensation
Ashfield generally bases its wealth and investment advisory, and financial planning services fees
on assets under management or advisement. Normally our private wealth management fees start
at 100 basis points (1%) per annum on assets under management. Fees may be reduced for
larger portfolios at the Firm’s discretion.
The specific fees charged by Ashfield are established in a written agreement with Ashfield. Fees
are generally billed quarterly in advance. Clients may elect to be billed for fees or to authorize
Ashfield to directly debit fees from specified accounts. Accounts initiated or terminated during a
calendar quarter will be charged a prorated fee. Generally, either the client or Ashfield may
terminate an account upon written notice to the other party as detailed in the client contract. For
any quarterly period in which investment management services are terminated other than on
the last day of a quarter, the client is charged a prorated portion of the fee for that calendar
quarter based on the number of days elapsed in that calendar quarter. Any unearned portion of
prepaid fees will be refunded to the client.
The Firm may waive all or part of its fees, in its discretion, and may make lower fee arrangements
or otherwise negotiate different arrangements in certain circumstances. Advisory accounts of
employees and their families are generally charged a lower fee or no fee.
Ashfield’s fees are exclusive of brokerage commissions, transaction fees, and other related costs
and expenses which maybe incurred by clients. Clients may incur certain charges imposed by
custodians, brokers, and other third parties such as fees charged by managers, custodial fees,
deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund
fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual funds,
ETFs and private funds charge management fees, which are disclosed in a fund’s prospectus or
offering memorandum. Such charges, fees and commissions are exclusive of and in addition to
Ashfield’s fee, and Ashfield does not receive any portion of such fees, and costs.
As the investment adviser to Wrap Programs and SMAs, we do not determine the program fees.
Sponsors of these programs determine the program fee paid by a participant to the wrap sponsor
and the Wrap Program sponsor pays a portion of the program fee directly to Ashfield for each
participant utilizing Ashfield’s advisory services. The amount paid to Ashfield depends on
various factors, such as the arrangement with a particular sponsor and the aggregate assets.
Ashfield also provides services to sponsors of Model Account Programs such as Unified Managed
Account, or UMA programs. The sponsors of these programs determine the fee paid by
participants and the UMA program pays a portion of the program fee directly to Ashfield for each
participant utilizing Ashfield’s advisory services. The amount paid to Ashfield depends on
various factors, such as the arrangement with a particular program and the aggregate assets
Ashfield has under management with each program.
Management fees offered to those with individually managed accounts may be higher or lower
than the management fee Ashfield receives from Wrap Programs, UMA programs or as a sub-
adviser for managing similar assets.
Neither Ashfield nor any supervised person of Ashfield accepts compensation for the sale of
securities or other investments products.