Item 5 Fees and Compensation
Depending on the services provided, BWA will charge a standard asset-based fee of 1.25% per year or fixed fee. While
BWA’s standard engagement is inclusive of all services, we may from time to time quote a fixed annual retainer for
financial planning and other services based on the scope of the engagement, with the quote provided prior to services
being rendered. BWA’s fees are exclusive of, and in addition to, charges imposed by custodians, brokers, third party
investment managers, 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. In addition, mutual funds and
exchange-traded funds charge internal management fees, which the fund discloses in its prospectus. Commissions
earned by Cerity Partners’ CP RMS services are in addition to any wealth management fees charged by BWA. BWA
will not share in any of these additional fees. Item 12 further describes the factors that BWA considers in selecting or
recommending broker-dealers for its clients’ transactions and determining the reasonableness of their compensation.
The more assets in a client’s account(s) will result in more fees, so BWA may have an incentive to recommend the
client increase the assets in their accounts.
BWA generally calculates fees quarterly in arrears and either mails an invoice to the client for payment or debits fees
directly from the client’s account. Where the fee is charged as a percentage of the assets managed by BWA, BWA will
calculate the fee based on the value of the assets in the client’s account(s), including cash and cash equivalents and
margin unless otherwise excluded in the client agreement, on the last day of the quarter or using the average daily
balance of assets as of end of day in client account(s). BWA relies on independent third-party pricing services to
calculate the value of client assets. For private investments, valuations may be provided by the investment sponsor
or general partner and may lag by a quarter. BWA will charge a prorated fee for any accounts initiated or terminated
during a calendar quarter. Upon termination of any account, any earned, unpaid fees will be due and payable and
debited directly from the client’s investment accounts.
The above represents BWA’s standard fee. In various circumstances, BWA’s standard fees are negotiated. Negotiated
fees may be lower than the standard fee. In BWA’s sole discretion, negotiated fees are based upon certain criteria,
including, but not limited to, client needs, related accounts, services required, reporting requirements, anticipated
assets to be managed, and future additional assets. Certain legacy client agreements are governed by fee schedules
different from the standard fee disclosed above and based upon prior contractual relationships or historical fee
schedules.
Additionally, certain third-party managers recommended by BWA may impose more restrictive account requirements
and use different billing practices from those of BWA. In these cases, BWA may alter its account requirements and/or
billing practices to accommodate the third-party manager.
Cerity Partners’ employees or affiliates may receive a discount in fees for the same or similar services offered to the
clients of Cerity Partners or its affiliates.