Item 5. Fees and Compensation
AWM offers services on a fee basis. Certain of the Firm’s Supervised Persons, in their individual capacities,
may offer insurance products under a separate commission-based arrangement.
Managed Account Fees
Management Fees
Participants in the Program pay a single annualized fee based on assets under management (the “Program
Fee”). The Firm offers wealth management services for an annual “wrap” fee for financial advice, financial
planning, liability management and comprehensive wealth organization. Fees are based on managed and
supervised assets as well as secured lending balances. Such fees reflect the unique demands and
characteristics of the advisory services provided to each family relationship. Program Fees range between
0.20% and 1.50% per annum. Retirement Plan Consulting fees will vary (between 0.25% and 1.00% per
annum) based on the scope of services to be rendered and the amount of assets to be managed.
Disclosure Brochure | March 2024
The Program Fee is charged quarterly, in advance. If assets are deposited into or withdrawn from an account
after the inception of a billing period, the fee payable with respect to such assets is adjusted to reflect the
interim change in portfolio value. For the initial period of an engagement, the fee is calculated on a pro rata
basis; if the Advisory Agreement is terminated, the Program Fee for the final billing period is prorated
through the effective date of the termination and the outstanding or unearned portion of the fee is charged or
refunded to the client, as appropriate.
AWM assists clients with obtaining financing for capital needs, not to leverage investments managed by the
Firm. Amounts borrowed by the client are considered assets under management for purposes of calculating
the Program Fee where the Firm assisted with obtaining such financing. Lending fees are charged quarterly
in arrears. Additionally, for asset management services the Firm provides with respect to certain client
holdings (e.g., held-away assets, accommodation accounts, alternative investments, etc.), AWM may
negotiate a fee rate that differs from the range set forth above.
Additional Fees and Expenses
In addition to advisory fees paid to AWM, clients may incur certain charges imposed by third parties, such as
broker-dealers, custodians, trust companies, banks and other financial institutions (“Financial Institutions”).
Such charges include securities brokerage commissions, transaction fees, custodial fees, margin and other
borrowing costs, charges imposed directly by a mutual fund or ETF in a client’s account, 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. The Firm’s brokerage practices are described at length in Item
12, below. Many of these additional fees and expenses are included in the Firm’s fee through the Program, as
disclosed in the Wrap Brochure.
The Firm expects that the vast majority of client relationships will run through its Program. Brokerage
commissions and transaction costs are absorbed by the Firm through the Program. Additional information
about the Program is available in AWM’s Wrap Brochure.
Fee Discretion
AWM may, in its sole discretion, negotiate to charge a lesser fee based upon certain criteria, such as
anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to be
managed, related accounts, account composition, pre-existing/legacy client relationship, account retention and
pro bono activities.
Managed Account Direct Fee Debit
Clients provide AWM with the authority to directly debit their accounts for payment of the investment
advisory fees. The Financial Institutions that act as the qualified custodian for client accounts, from which the
Firm retains the authority to directly deduct fees, have agreed to send statements to clients not less than
quarterly detailing all account transactions, including any amounts paid to AWM.
Disclosure Brochure | March 2024
Managed Account Additions and Withdrawals
Clients may make additions to and withdrawals from their account at any time, subject to the Firm’s right to
terminate the account. Additions may be in cash or securities, though AWM reserves the right to liquidate
any such securities or decline to accept particular securities into an account. Clients may withdraw assets
from their account on notice to the Firm, subject to the usual and customary securities settlement procedures.
Portfolios are designed as long-term investments, however, and the withdrawal of assets may impair the
achievement of a client’s investment objectives. AWM may consult with its clients about the options and
implications of transferring securities. Clients are advised that when transferred securities are liquidated, they
may be subject to transaction fees, fees assessed at the mutual fund level (e.g., contingent deferred sales
charge) and/or tax ramifications. AWM reserves a reasonable amount of time to execute based on market
conditions, availability resources and other factors.
Consulting Fees
Retirement Plan Consulting Fees
AWM may charge a fixed project-based fee to provide clients with retirement plan consulting services. Each
engagement is individually negotiated and tailored to accommodate the needs of the individual plan sponsor,
as memorialized in the Agreement. These fees vary, based on the scope of the services to be rendered and the
amount of assets to be managed. The annual asset-based fee will range between 25 and 100 basis points
(0.25% – 1.00%).
Access Fund Fees
Management Fees
Each limited partner shall be assessed a separate fee for management services provided by the Investment
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