Item 5. Fees and Compensation
Advisory Fee Billing
Our annual fees are based upon a percentage of assets under management starting at 1.00% and tiering
down based on total asset size. The maximum annual fee charged for investment management will not
exceed 1.25%. The current minimum for assets under management is $500,000.
Cedar Capital Annual Fee Schedule for Assets Under Management:
1.00% of the first $1,000,000
0.75% of the next $2,000,000
0.50% of the remaining balances
Both the minimum assets under management and advisory fees are negotiable. Fees for investment
management services will typically be billed quarterly (in advance or arrears, as negotiated) based on the
asset value of the portfolio as reflected in the electronic data transmitted by the custodian. These fees will
be assessed pro rata in the event the investment advisory agreement is executed at any time other than the
first day of a billing period. If an investment advisory agreement is terminated prior to a quarter-end, any
unearned fees will be refunded to the client.
Cedar Capital sends an invoice for the payment of the advisory fee, or, when given written authority, the
Firm may deduct the fee directly from an account through the qualified custodian holding the funds and
securities. The qualified custodian will deliver an account statement to the client at least quarterly. Cedar
Capital encourages clients to review the statement(s) received from the qualified custodian. If information
within the statement(s) received from the qualified custodian is inaccurate, please call the number located
on the cover page of this Brochure.
Advisory fees payable to the Firm do not include the fees a client will pay when the Firm purchases or sells
securities for client accounts. These fees or expenses are paid directly by the client to third parties, whether
a security is being purchased, sold, or held in a client account. The fees are paid to broker-dealers,
custodians, or the mutual fund or other investment held by the client. The fees may include but are not
limited to the following: transaction fees, exchange fees, custodial fees and brokerage commissions. For
certain of its strategies, Cedar Capital seeks to achieve its investment objectives by purchasing exchange-
traded funds (“ETFs”), which have embedded expenses. As a shareholder, the client bears these expenses
through the net asset value of the ETF. Clients should consult the funds’ prospectuses for a complete
description of all fees and expenses.
Financial Planning and Ongoing Advisory Services
Cedar Capital offers comprehensive financial planning and ongoing advisory services for a fixed annual
fee. The fee is determined based on the nature of the services to be provided and the complexity of each
client’s financial circumstances. All fees are negotiable, agreed upon in advance, and documented in a
written agreement between Cedar Capital and the client.
The annual fee for comprehensive financial planning and ongoing advisory services typically begins at
$8,000 and may be higher depending on the client’s specific needs, level of complexity, and overall
financial situation. In certain cases, Cedar Capital may provide limited-scope planning services for a
lower fixed fee.
The annual planning fee is generally paid in full upon execution of the advisory agreement and covers
services provided over a 12-month advisory relationship. In the event the advisory agreement is
terminated prior to the end of the service period, any unearned portion of the fee will be refunded to the
client on a pro-rata basis.
Fees may vary among clients based on factors such as the scope of services, complexity of the
engagement, and overall client relationship.