Cain Watters & Associates LLC

Fees and Compensation - Item 5

CWA charges fixed fees, hourly charges and a percentage of assets under management for its advisory
services. At the sole discretion of CWA these fees are negotiable.

Business and Personal Financial Planning Fees
The fee for full, comprehensive planning services performed up to and including the initial consultation
meeting is $10,000 for a one-professional household or $12,000 for a two-professionals household. A
deposit of up to 50% will be due and payable to CWA at the time the Agreement is signed, with the balance
due and payable the day of the initial consultation meeting. If the client wishes to cancel the initial
consultation meeting after it has been scheduled, the deposit will be returned, pro-rated based on any
work already performed on the client’s behalf.

Client’s on-going planning relationship will begin on the first day of the month following 30 days after the
date of the initial consultation meeting, if applicable. In exchange for these ongoing services and updates,
and for a year end annual consultation, CWA’s annual fee for financial planning services range from $3,300
up to $15,600 for a one-professional household, depending on the types and level of planning services
selected, or up to $15,600 plus an additional $3,060 for additional businesses owned within the same
household (the “Annual Fee”). Fees may be paid in monthly payments or quarterly payments. Payments
may be made by check or credit card.

We may recommend other professionals in the financial industry to assist the client in the implementation
of the financial plan and to carry out its objectives. The fees or charges for their services are paid directly
by the client to the professional. These professionals may include third party pension administrators,
attorneys, financial institutions, and healthcare practice consultants.

Cain, Watters & Associates, LLC
Form ADV Part 2A
Page | 12

In some cases, the client may need services outside of the scope of work specified in the effective Financial
Planning Services Agreement. In such cases, additional hourly fees will be charged at a rate of $500 per
hour. CWA will provide the Client with an estimated number of hours to complete the out-of-scope work,
and an upfront retainer of 50% shall be due in advance and the remainder of out-of-scope hourly fee
balance to be due within 30 days of Client’s receipt of the balance due invoice. These additional out-of-
scope services will be discussed with the client prior to billing and the Client will be required to sign an
amendment and supplement to their existing agreement.

Basic ERISA Plan Services Fee
If the individual client is a trustee/sponsor of established pension plan or becomes one during the course
of an engagement, the annual on-going business and personal financial planning program and fee
described below applies.

Fees related to Basic Pension and Retirement Plan Services are based on the number of trustees,
fiduciaries and/or sponsors of the Plan (the “Plan Representative”). For each such person comprising the
Plan Representative, the fee is $300.00 annually (the “Flat Fee”). The Flat Fee will be payable in monthly
payments of $25.00 and will begin the month following the Client’s decision to establish a Plan, but not
sooner than the beginning of the on-going services. If Plan is already established at the time of execution,
the Flat Fee will begin at the same time as monthly billing for the Annual Fee.

Recommended Investment Program Fees for ERISA and Other Retirement Plans

Pooled Investment Program
Trustee Directed Plan Fees (T Bank and Schwab UMA)
For global services to trustee directed pension and retirement plans, CWA receives an annual fee of 0.20%
of assets under management, out of the 0.65% investment program fee charged by the custodian to the
account under the terms of the custodian’s custody agreement with the plan trustee. The total investment
management fee is broken down as follows:

        CWA Fee: 0.20% (This fee is deducted by Tectonic as a paying agent for CWA)
        Tectonic Fee: 0.34%
        T Bank Custodial Fee (for T Bank plans): 0.11%
        Total Fee: 0.65%

This fee is based on the most recent valuation of investments and assets of the Plan, which the Plan owns,
and holds in the investment program. This fee will be billed and collected monthly, in arrears, based on
monthly average daily balance, adjusted for contributions and withdrawals. Plan trustees authorize the
fee to be paid from plan assets.

Clients invested in the Unified Managed Account Program (UMA) should refer to the UMA program fee
description below for information about their fees.

Participant Directed Plan Fees (T Bank)
For Participant Directed Plans, CWA receives an annual fee of 0.20% of assets under management, out of
the 0.65% investment program fee charged by the custodian to the account under the terms of the
custodian’s custody agreement with the plan trustee. The total investment management fee is broken
down as follows:

Cain, Watters & Associates, LLC
Form ADV Part 2A
Page | 13

        CWA Fee: 0.20% (This fee is deducted by Tectonic as a paying agent for CWA)
        Tectonic Fee: 0.34%
        T Bank Custodial Fee: 0.11%
        Total Fee: 0.65%

This fee is based on the most recent valuation of investments and assets of the Plan, which the Plan owns,
and holds in the investment program. This fee will be billed and collected quarterly, in arrears, based on
average daily balance, adjusted for contributions and withdrawals. For client relationships established
prior to April 1, 2024, the CWA fee is payable by the Plan Sponsor. For client relationships established
after April 1, 2024, the CWA fee is deducted from each participant’s account(s). The CWA Fee calculation
does not take into account assets that are not invested through the T Bank Program, such as investments
in self-directed brokerage accounts.
...

Types of Clients - Item 7

We provide fee-only personal financial counseling and investment advisory services to individuals,
professional entities and trustees/plan sponsors of pension and profit-sharing plans; a majority of which
are involved either directly or indirectly with the healthcare profession, but not exclusively.

We do not require an account minimum to retain our firm for advisory services. However, certain
programs offered by our firm have their own account minimum requirements. For example, the SMA
program has a minimum investment requirement of $100,000.

                   Methods of Analysis, Investment Strategies and Risk of Loss - Item 8

As described under Advisory Services above, CWA offers Investment Management Services by referring
clients to Pooled Investment, UMA, SMA, and Participant Directed programs. We will assist our clients in
selecting an appropriate allocation and determining an investor profile. The investor profile and the entire
financial planning process will help us recommend an asset allocation strategy.

Our affiliate, Tectonic provides a variety of financial management research services to us. All investment
advice given to our clients shall be deemed to be investment advice rendered by us for the benefit of our
clients. The financial management research services and due diligence includes but is not limited to the
following:

    a. Asset allocation analysis;
    b. Research on investments and securities including alternative forms of investments (i.e.
       commodities or real estate, etc.);
    c. Due diligence research on investment, securities and asset management companies and
       managers;
    d. Periodic monitoring of investment, securities and asset management companies and managers;
    e. Assistance in selection of investment, securities and asset management companies and
       managers;
    f. Research on specific investments and securities in whatever form they may take;
    g. General research about investment, securities and asset allocation;
    h. Global investment services;
    i. Model portfolio

Cain, Watters & Associates, LLC
Form ADV Part 2A
Page | 18

In addition, Tectonic will provide due diligence and ongoing monitoring of its affiliated bank, T Bank, N.A.
(T Bank) for its Pooled Funds and other third-party providers utilized by Tectonic and/or CWA as applicable
to ensure such providers meet certain minimum qualitative and quantitative standards adopted by
Tectonic and/or CWA. This arrangement is described in further detail in Item 10 below.

The investment advice provided along with the strategies suggested by CWA will vary depending on each
client’s specific financial situation and goals. This brief statement does not disclose all of the risks and
other significant aspects of investing in financial markets. In light of the risks, clients should fully
understand the nature of the contractual relationship(s) into which they are entering and the extent of
their exposure to risk. Certain investing strategies may not be suitable for many members of the public.
Clients should carefully consider whether the strategies employed will be appropriate for them in light of
their experience, objectives, financial resources and other relevant circumstances.

General Investment Risk: All investments come with the risk of losing money. Investing involves
substantial risks, including complete possible loss of principal plus other losses and may not be suitable
for many members of the public. Investments, unlike savings and checking accounts at a bank, are not
insured by the government to protect against market losses. Different market instruments carry different
types and degrees of risk. Clients should familiarize themselves with the risks involved in the particular
market instruments they intend to invest in.

Accounts May Lose Value: There can be no assurance that a Fund will achieve its investment objectives
and past performance should not be seen as a guide to future returns. The value of investments and the
income derived may fall as well as rise, and investors may not recoup the original amount invested in a
Fund. An investment in a Fund may also be affected by any changes in exchange control regulation, tax
laws, withholding taxes, international, political and economic developments, and government, economic
or monetary policies.

Interest Rate Risk: A Fund that invests in bonds and other fixed income securities may fall in value if
interest rates change. Generally, the prices of debt securities rise when interest rates fall, and their prices
fall when interest rates rise. Longer term debt securities are usually more sensitive to interest rate
changes.

Credit Risk: A Fund that invests in bonds and other fixed income securities is subject to the risk that the
issuer(s) may not make required interest payments. An issuer suffering an adverse change in its financial
condition could lower the credit quality of a security, leading to greater price volatility of the security. A
lowering of the credit rating of a security may also offset the security's liquidity, making it more difficult
to sell. Funds investing in lower quality debt securities are more susceptible to these problems and their
value may be more volatile.

Futures and Options in Funds: Funds may invest in options and futures on securities, indices and interest
rates for the purpose of efficient portfolio management. Also, Funds may invest in futures, options or
forward foreign exchange contracts to hedge market and currency risks. Transactions in futures carry a
high degree of risk. The amount of the initial margin is small relative to the value of the futures contract
so that transactions are "leveraged" or "geared". A relatively small market movement will have a
proportionately larger impact which may work for or against the investor. The placing of certain orders
which are intended to limit losses to certain amounts may not be effective because market conditions
...