Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into one more
written agreements with the Advisor.
A. Fees for Advisory Services
Wealth Management and Investment Management Services
Investment advisory fees are paid quarterly, in arrears, at the end of each calendar quarter pursuant to the terms of
the investment advisory agreement. Investment advisory fees are based on the average daily balance of portfolio
assets under management in account[s] at the end of the calendar quarter. Investment advisory fees range up to
2.00% annually based on several factors, including: the scope and complexity of the services to be provided; the level
of assets to be managed; and the overall relationship with the Advisor. Relationships with multiple objectives, specific
reporting requirements, portfolio restrictions and other complexities may be charged a higher fee.
Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into consideration the
aggregate assets under management with the Advisor. All securities held in accounts managed by Bickling will be
independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuations.
Bickling Financial Services, Inc.
35 Bedford Street, Suite 15, Lexington, MA 02420
Phone: (781) 862-9792 * Fax: (781) 674-2545
www.bickling.com
The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.
Certain legacy clients may be subject to a separate billing schedule pursuant to the terms of their investment advisory
agreement.
Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more
Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation from an
Independent Manager. The Advisor will only earn its investment advisory fee as described above. The Advisor will
allocate a portion of the advisory fee collected to the Independent Manager pursuant to the terms of the executed
agreement between the Advisor and the Independent Manager. The total blended fee, including the Advisor’s fee
and the Independent Manager’s fee, will not exceed 2.00% annually.
Financial Planning Services
Bickling offers financial planning services either on an hourly basis or a fixed engagement fee. Hourly fees range from
$250 to $400 per hour. Fixed fees range from $1,000 to $50,000. Fees may be negotiable based on the nature and
complexity of the services to be provided and the overall relationship with the Advisor. An estimate for total hours
and/or total costs will be provided to the Client prior to engaging for these services.
Retirement Plan Advisory Services
Fees for retirement plan advisory services are charged an annual asset-based fee of up to 2.00% and are billed in
arrears, pursuant to the terms of the retirement plan advisory agreement. Retirement plan advisory fees are based on
the average daily balance of portfolio assets under management in accounts at the end of the prior quarter. At the
Advisor’s discretion it may offer retirement plan advisory services for an annual fixed fee. If an annual fixed fee option
is agreed upon, the Plan will pay the Advisor the annual fee on a quarterly basis in arrears. Fixed fees for retirement
plan advisory services ranges from $10,000 to $50,000 based on the scope and complexity of retirement plan advisory
services to be provided to the Plan. Fees may be negotiable depending on the size and complexity of the Plan.
B. Fee Billing
Wealth Management and Investment Management Services
Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at the
Custodian. Certain clients that pay their investment advisory fees by check will receive an invoice for fees owed. The
Advisor shall submit fee deductions to the Custodian indicating the amount of the fees to be deducted from the
Client’s account[s]. The Custodian does not perform a verification of fees. Client accounts are charged investment
advisory fees quarterly in arrears based on the average daily balance for the previous quarter or the total market value
on the last day of the calendar quarter. Certain legacy accounts are charged quarterly in advance, based on the
average daily balance for the previous quarter. Clients are provided with a brokerage statement, at least quarterly,
from the Custodian reflecting deduction of the investment advisory fees. Clients are urged to review the Advisory fees
indicated on the custodial statement. Advisory fee statements are available to Clients upon request. Clients provide
written authorization permitting advisory fees to be deducted by Bickling to be paid directly from their account[s] held
by the Custodian as part of the investment advisory agreement and separate account forms provided by the
Custodian.
Use of Independent Managers
For Client accounts implemented through an Independent Manager, the Client’s overall fees may include Bickling’s
investment advisory fee (as noted above) plus investment management fees and/or platform fees charged by the
Independent Manager[s], as applicable. In certain instances, the Independent Manager or the Advisor may assume
responsibility for calculating the Client’s fees and deduct all fees from the Client’s account[s].
Financial Planning Services
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