Conrad Siegel Investment Advisors Inc

Item 5. Fees and Compensation
CSIA offers its services on a fee basis, which may include hourly and/or fixed fees, as well as fees
based upon assets under management.
Fees for Financial Planning, Consulting, Educational and Fiduciary Oversight Services
CSIA typically charges a fixed fee and/or hourly fee for financial planning, consulting, educational
and fiduciary oversight services. These fees are negotiable, but generally range from $1,000 to
$100,000 on a fixed fee basis and/or from $100 to $415 on an hourly rate basis, depending upon
the level and scope of the services and the professional rendering the services. A fee of $500 is
generally charged for one-time financial planning services offered to retirement plan participants.
For its educational services where the retirement plan is an advisory client of CSIA, the Firm typically
will not charge an additional fee for the first eight (8) hours of educational services and meeting
time provided to the retirement plan’s participants. Thereafter, CSIA typically bills the plan sponsor
for any additional time at the same hourly rate as its financial planning and consulting services.
Prior to engaging CSIA to provide any of the above services, the client is required to enter into a
written agreement with CSIA setting forth the terms and conditions of the engagement.
Investment Management Fees
CSIA provides investment management services for an annual fee based upon a percentage of
the market value of the assets being managed by CSIA. CSIA’s annual fee is exclusive of, and in
addition to brokerage commissions, transaction fees, and other related costs and expenses which
are incurred by the client. CSIA does not, however, receive any portion of these commissions, fees,
and costs.
CSIA’s annual fee is prorated and charged quarterly, in arrears, based upon the market value of
the assets being managed by CSIA on the last day of the previous quarter. For certain clients,
CSIA’s annual fee is prorated and paid either annually or semi-annually in arrears, based upon the
market value of the assets on the last day of the year or the semi-annual period, as applicable.
The annual fee varies depending upon the market value of the assets under management and the
type of investment management services to be rendered. For individual clients, the fee ranges up
to 90 basis points (0.90%). For the Pooled Employer Plan the fee is 35 basis points (0.35%). For all
other clients, the fee schedule is as follows:

                                    Defined Benefit Plan Clients:
                      First $5,000,000 ................................................................... 0.30%
                      Next $10,000,000 ................................................................ 0.15%
                      Next $35,000,000 ................................................................ 0.10%
                     Remaining assets above $50,000,000...........................0.05%

                                 Defined Contribution Plan Clients:
                      First $5,000,000 ................................................................... 0.40%
                      Remaining assets above $5,000,000............................ 0.10%
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                                 Corporate and Endowments Clients:
                      First $1,000,000 ................................................................... 0.60%
                      Next $2,000,000 .................................................................. 0.40%

                      Next $2,000,000 .................................................................. 0.20%
                      Next $5,000,000 …………………………………………………..0.15%
                      Remaining assets above $10,000,000 ......................... 0.10%

In addition, CSIA may charge an additional fee of up to $3,000 to provide investment management
services and/or advice regarding securities that are not on the Firm’s recommended list of
investments. The Firm also charges an additional hourly or flat fee should the client request
additional services, such as (but not limited to) specialized investment research, preparation of
participant retirement kits, and additional meetings or portfolio reviews with the client. The fees
for these services are set forth in the Agreement with the client.
Where the Parent Company, an affiliated pension consulting firm in Harrisburg, Pennsylvania,
provides actuarial services to defined benefit plans, CSIA will assess a flat fee with annual increases
in CPI rather than an asset-based fee. This serves to mitigate a potential conflict of interest where
CSIA benefits from increased plan contributions which increases the underlying assets and
therefore the asset-based fee received by CSIA.
Fee Discretion
CSIA, in its sole discretion, may negotiate to charge a lesser management fee based upon certain
criteria (i.e., anticipated future earning capacity, anticipated future additional assets, dollar amount
of assets to be managed, related accounts, account composition, pre-existing client, account
retention, pro bono activities, etc.).
Siegel Select Portfolios Fees
CSIA offers investment management services through SSP for an annual asset-based management
fee. This management fee is 25 basis points (0.25%), subject to a minimum annual fee of $240 per
account. The annual fees are charged quarterly, in advance, based upon the market value of the
assets being managed by CSIA on the last day of the previous billing period. If SSP clients want
additional services, they can engage CSIA for financial planning services. These fees would be
quoted to cover time charges. If SSP clients want regular meetings (1-2 times a year, for example)
to review portfolios, the Firm will charge a retainer-type flat fee. Betterment charges an asset-
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Item 7. Types of Clients
CSIA provides its services to individuals, pension and profit sharing plans, trusts, estates, charitable
organizations, corporations, endowments, business entities, and state or municipal government
entities.
Minimum Fee
As a condition for starting and maintaining a relationship, CSIA generally imposes a minimum
annual fee based on the type of client, as follows: $6,000 to $9,000 for individual clients, $4,500
for defined benefit plans, $6,000 for corporations and endowments, and $9,000 for defined
contribution plans. This minimum fee can have the effect of making CSIA’s service impractical for
certain clients, particularly those individuals with portfolios less than $600,000, defined benefit
plans with portfolios less than $450,000, corporations and endowments with portfolios less than
$600,000 and defined contribution plans with portfolios less than $900,000.
CSIA, in its sole discretion, may waive its minimum annual fee based upon certain criteria including
anticipated future earning capacity, anticipated future additional assets, dollar amount of assets to
be managed, related accounts, account composition, pre-existing client, account retention, and
pro bono activities. The Firm only accepts clients with less than the minimum portfolio size if, in
the Firm’s sole opinion, the smaller portfolio size will not cause a substantial increase of investment
risk beyond the client’s identified risk tolerance. In certain cases, CSIA has aggregated the
portfolios of clients and their affiliates to meet the minimum annual fee.
The foregoing minimum requirements do not apply to Siegel Select Portfolios (“SSP”). All accounts
under management through SSP are subject to a minimum annual fee of $240.

There is no minimum annual fee for the Pooled Employer Plan (PEP).

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