Boenning & Scattergood Inc

FEES AND COMPENSATION
Individual Customized Portfolios
We base our fees on a percentage of assets under management. The initial total assets under management
are determined from the amount indicated on the investment advisory agreement and/or by the initial
funding of the advisory account. The annual fee is based on a percentage of investable assets according to the
following schedule:
>$1,000,000.00                                     1.55%
$500,000.00 to $1,000,000.00                       1.75%
< $500,000.00                                      1.95%
This fee is negotiable between you and the Firm.
Households of greater than $10 million in combined advisory assets may be charged a flat fee which gets
deducted on an annual basis.
Certain employees and/or their family members have accounts which pay a fee lower than that of some of our
clients.

Financial Planning

                                                   1914 Advisors

Financial plans are priced according to the degree of complexity associated with your situation. The maximum
fee charged will not be more than 2% of your total assets or if greater, 2% of your current total net worth. If
you elect to open an Advisory account to implement your financial plan, you will also pay a separate, additional
fee for ongoing advisory services pursuant to the schedule above.

Wrap Fee Programs
Fees associated with Wrap Fee Programs are based on a percentage of assets under management and vary by
program offering type. Please review the corresponding Wrap Fee Program Brochure for more information.

Referrals to Third Party Money Managers
We are paid by third party money managers when we refer you to them and you decide to open a managed
account. Third party money managers pay us a portion of the investment advisory fee that they charge you for
managing your account. Fees paid to us by third party money managers are generally ongoing. Third party
money manager programs’ annual fees vary by program type and usually consist of an Advisory Firm Fee (a
fee covering the services performed by 1914 Advisors and/or your FA), a third party money manager fee (a fee
relating to services performed or provided by the third party advisor including investment management
services, communications to you and your FA, marketing activities and services provided a middle-office
provider, when applicable), and any clearing and transaction fees, as per each program’s descriptions. If you
choose to use Boenning as your broker-dealer (directed broker) as part of a third-party money manager
program, commissions may be charged to your account depending on your agreement with the money manager
and your FA. You can obtain more information about the individual third-party money manager program by
asking your FA for the programs’ brochures which will have the individual program’s descriptions.

All fees are negotiable. Negotiated fees will differ based upon a number of factors, including, but not limited to,
the size of the Client’s account, the historical or projected nature of trading for the Client’s account, and the extent
of supplemental advisory and Client-related services to be provided by your FA.

FEE BILLING
Individual Customized Portfolios
You will pay 1914 Advisors a fee for services based on the amount of assets under management. Related
accounts may be aggregated for billing purposes. Accounts opened during a quarter will be assessed a pro-
rated fee at either the inception of the account or at the end of the quarter, depending on whether the
account is billed in advance or arrears. 1914 Advisors charges different accounts in different manners.
Accounts may be charges in advance or arrears. Similarly, certain accounts are charged based on assets under
management on the last day of the quarter while others are charged based on the average of the previous three
(3) months’ ending market value. Please see the language in your advisory contract or any subsequent billing
change notifications to confirm your exact billing methodology. The fee for each account includes Investment
Advisory services, custody fees (unless you direct brokerage to a firm other than Boenning or you have
chosen a different custodian to hold your assets), performance monitoring, rebalancing and ongoing
oversight.
For most advisory accounts, quarterly advisory fees are automatically deducted directly by your account
custodian, which in the majority of instances will be Wells Fargo Clearing Services, LLC. (dba First Clearing).
Clients may also arrange to pay the quarterly fee directly to the Firm.
If your account is billed in advance certain large deposits made during a quarter may, at the discretion of your
Financial Advisor, be assessed a prorated fee at the time of deposit.
In our sole discretion, we will waive a fee and/or charge a lesser investment advisory fee based upon certain
criteria (e.g., historical relationship, type of assets, anticipated future additional assets, dollar amounts of
assets to be managed, related accounts, account composition, negotiations with clients, etc.).

Referrals to Third Party Money Managers
Third party money managers establish and maintain their own separate billing processes over which we have
no control. In general, they will bill you directly and describe how this works in their separate written
disclosure documents.

                                                      1914 Advisors

OTHER FEES AND CHARGES
Custodians charge reporting fees for the sales of securities and transaction fees on purchases or sales
of certain mutual funds and exchange-traded funds. These charges are usually small and incidental to the
purchase or sale of a security.

Mutual Funds
Mutual funds and Exchange Traded funds generally charge a management fee. This management fee, along
with other charges, is included in the “expense ratio” of the security. For example, an expense ratio of 0.50
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TYPES OF CLIENTS

DESCRIPTION
We provide investment advice to individuals, banks and thrift institutions, investment companies, pension
and profit- s h a r i n g plans, trusts, estates, charitable organizations, corporations, business entities, and
others not mentioned here.
Client relationships vary in scope and length of service.

ACCOUNT MINIMUMS
As of November 15, 2010, the minimum initial investment for an Individual Customized Portfolios managed
account is $100,000.00 per account or $250,000.00 per household. Accounts opened prior to November 15,
2010 that are less than $100,000.00 are grandfathered into the existing Advisory platform.

We have the discretion to waive the account minimum. In limited cases, accounts of less than $100,000.00 or
households less than $250,000.00 are accepted when we anticipate that a client will add additional funds to
the account(s) and bring the total assets to the stated minimums within a reasonable time. At times, and at
our discretion, we also grant minimum account size exceptions to our employees and their relatives, or
relatives of existing clients.

For Wrap Fee Programs provided by WFA as described above (see Types of Advisory Services: Wrap Fee
Programs) Wells Fargo may impose minimum account sizes less than the 1914 Advisors investment minimum.
In these cases, the 1914 Advisors minimum is waved in favor of the WFA minimum account size. Their
minimums are as follows: Asset Advisor ($50,000), Custom Choice ($25,000), FundSource ($25,000), Private
Investment Management ($50,000), Allocation Advisors ($25,000), Personal UMA Blends
($150,000/$250,000), Wells Fargo Compass ($50,000-$250,000 depending on style), Masters ($100,000),
Private Advisor Network ($100,000), and Customized Portfolios (FIST:$2,000,000 and GDP: $50,000).

METHODS OF ANALYSIS AND INVESTMENT STRATEGIES