Item 5: Fees and Compensation
A. Fee Schedule
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Asset-Based Fees for Portfolio Management
CA generally charges individuals, high-net-worth individuals, business entities, insurance companies, and
certain charitable organizations an advisory fee based on the following fee schedule:
Discretionary Advisory Relationship Annual Fee
$0 - $1,000,000 1.20%
$1,000,001 - $5,000,000 1.00%
$5,000,001 - ABOVE 0.90%
CA charges an annual advisory fee of 0.25% on certain accounts held by the Crewe Endowment Foundation,
a 501(c)(3) charitable organization. These accounts are composed of certain charitable contributions that
have in effect been pooled by the Crewe Endowment Foundation and invested based on a particular
investment strategy. Please see Item 10 for more information regarding the Crewe Endowment
Foundation.
CA uses an average of the daily balance in the client’s account throughout the billing period, after taking
into account deposits and withdrawals, for purposes of determining the market value of the assets upon
which the advisory fee is based.
Clients may terminate the agreement without penalty for a full refund of CA’s fees within five (5) business
days of signing the Investment Advisory Contract. Thereafter, clients may terminate the Investment
Advisory Contract upon written notice. Relationships or accounts terminated prior to the quarter-end will
be assessed a pro rata asset-based fee for the number of days during the quarter in which assets were
managed. These fees will be debited from the accounts or clients will be invoiced for the balance. Fees
may be negotiated. The final fee schedule is attached as Exhibit II of the Investment Advisory Contract.
Fees for the Management of the Funds
An affiliate of CA acts as the manager of the Funds and generally charges investors in the Funds a
management fee and performance fee. However, pursuant to arrangements with clients of CA that have
invested in the Funds, the management fee and performance fee payable to the manager for the Funds
have been waived for those investors. Instead, CA includes the assets of the Funds as part of the client’s
assets under management and charges the client’s regular fee schedule on those assets. As a result,
although clients of CA will not be charged the performance fee, certain clients may be paying an advisory
fee to CA that may be higher or lower than if they had invested directly in the Funds, which is a potential
conflict of interest. Clients of CA investing in a Fund will also still be required to pay their portion of the
Fund’s expenses, including the investor’s portion of management fees and performance fees payable to
managers and general partners of any fund investment by the Fund.
Financial Planning Fees
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The negotiated fixed rate for creating client financial plans is between $6,000 and $150,000. Fees are
charged 100% in advance, but never more than six months in advance of receiving Financial Planning
services.
The negotiated hourly fee for Financial Planning services is between $250 and $500. Hourly fees are
charged in arrears upon completion.
Clients may terminate the agreement without penalty for a full refund of CA’s fees within five (5) business
days of signing the Comprehensive Planning Agreement. Thereafter, clients may terminate the
Comprehensive Planning Agreement generally upon 30-days written notice.
B. Payment of Fees
Payment of Asset-Based Portfolio Management Fees
Asset-based portfolio management fees are withdrawn directly from the client's accounts with client's
written authorization on a quarterly basis, or may be invoiced and billed directly to the client on a quarterly
basis. Clients may select the method in which they are billed. Fees are paid in arrears.
Payment of Financial Planning Fees
Financial Planning fees are paid via check, client authorized account transfer or wire.
Fixed Financial Planning fees are paid 100% in advance, but never more than six months in advance of
receiving Financial Planning services.
Hourly Financial Planning fees are paid in arrears upon completion.
C. Client Responsibility for Third-Party Fees
In addition to the advisory fees paid to CA, clients may also incur certain charges imposed by other third
parties, such as broker-dealers, custodians, trust companies, banks and other financial institutions. These
additional charges may include securities brokerage commissions, transaction fees, custodial fees,
management and performance fees charged by the Independent Managers, margin costs, charges imposed
directly by a mutual fund or ETF in a client's account, as disclosed in the fund's prospectus (e.g., fund
management fees and other fund expenses), deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities
transactions.
Thus, with respect to separately managed accounts (SMAs) with a third-party manager as well as
investments in private funds, mutual funds, ETFs, and other pooled investment vehicles, it is important for
clients to understand that they are directly and indirectly paying two levels of advisory fees: one layer of
fees and expenses at the fund or independent manager level and one layer of advisory fees to CA. It may
be possible to purchase such investments directly, without using the services of CA and without incurring
our advisory fees.
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D. Prepayment of Fees
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