Item 5 - Fees and Compensation
GRPS Program Fees
The GRPS Program Fee described in this Brochure is based on the plan assets under advisement (“Program
Fee”). The Program Fee covers advisory services related to the Plans. Such services generally include
investment advice or counsel provided by BWIS Advisory Representatives, account servicing, plan program
consulting services, employee education consulting, investment consulting and performance reporting, in
addition to other standard services.
The fee that Clients pay for the GRPS Program will be expressed as a tiered fee for services based on
assets under management and covers the specific services agreed to in your Client Agreement. We may
waive or reduce minimum account requirements, which may have the effect of increasing the Program Fee
applicable to a Plan. Similarly, at our sole discretion, we may impose a higher investment minimum with
respect to certain Plans.
The GRPS Program Fee may be negotiable, and may differ from client to client, based upon a number of
factors, including, but not limited to, the total assets invested by a client, assets invested in a related account,
and the client’s overall relationship with BWIS. In negotiating the GRPS Program Fee, it is possible that not
all factors will be considered or weighted equally among clients.
All Program Fees are deducted directly from Plan assets. Each Client is required to complete paperwork with
the Plan program provider, which authorizes deduction of GRPS Program fees from Plan assets and transmittal
of those fees to BWIS. Such fee authorization shall be made consistent with the BWIS Program Fee schedule
and be based on initial plan assets.
Fee Schedule 1
The annual GRPS Program Fee for advisory services shall be calculated pursuant to the following schedule:
Annual Asset Based Fee Schedule
Below $650,000 1.00%
$650,000 - $1 Million 0.75%
$1 Million - $3 Million 0.50%
This fee schedule applies to those Plans whose providers automatically apply breakpoint discounts. Clients
whose providers do not automatically apply breakpoint discounts will be charged fees higher than set forth
in the schedule unless and until they execute the paperwork necessary to obtain a breakpoint discount and
the discount becomes effective pursuant to the providers’ procedures and timeframe.
$3 Million - $5 Million 0.35%
$5 Million - $10 Million 0.25%
$10 Million - $20 Million 0.15%
$20 Million- $50 Million 0.10%
$50 Million - $150 Million 0.05%
$150 Million and over <0.05%
How Program Fees are payable and calculated varies by Plan provider and provided as of the date of this
brochure. Periodically, the Plan Provider may modify their method of payment of fees. Please refer to your
Plan Provider paperwork for details on the fee calculation frequency and methodology applicable to your
Plan.
With respect to ongoing Program Fees, BWIS will monitor total Plan assets and compare Plan assets to the
fee breakpoints to determine if fee breakpoints have been achieved. Breakpoints are not automatically
applied. On a quarterly basis, BWIS will monitor Plan assets and notify the Client should the Plan assets
cross a successive breakpoint threshold that would allow Client to be eligible for a lower Program Fee rate.
In order to change the Program Fee rate on your account, Client will be required to execute applicable
paperwork with the Plan program provider. Adjustment of fees will not take place until the paperwork has
been completed and submitted to the Plan program provider and subsequently processed.
Additional Information Regarding Program Fees & Related Expenses
BWIS and Advisory Representative Fees. We and our BW I S A dvisory R epresentatives receive the
Program Fee paid by Clients for the services we provide.
Additional information about the compensation to BWIS, BWIS Advisory Representatives and BWIS
affiliates is discussed below.
Additional Program Fee Information. Program Fees do not include any performance fees or fees based on
a share of capital gains of Plan assets.
Clients may offer mutual funds as an investment option directly without our assistance, which may result
in lower fees. In such case, the client would not receive the services provided by us that are designed,
among other things, to assist the client in determining which products are most appropriate for the client’s
financial condition and objectives and risk tolerance. Accordingly, clients should review both the fees
charged by Plan Providers and the individual products, and the Program Fees to fully understand and
compare the fees they would pay by investing in funds without our assistance against the fees they would
pay by investing through one of the fund programs.
Bundled Services and Fees. Clients should consider that, depending upon the level of the Program Fee
charged and the value of services, w h i c h are provided under the GRPS Program, the aggregate amount
of the Program Fee, which is for bundled services, could total more or less than purchasing the services
separately. Clients are responsible for reviewing other services or investments available through BWIS
with their BWIS Advisory Representative to determine whether they may be more appropriate than the
GRPS Program offered in this Brochure. In comparing the relative costs, clients should consider various
factors, including, but not limited to:
• Client preference for an advisory or brokerage relationship;
• Client preference for a fee-based or commission-based relationship;
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