Denver PWM LLC

ITEM 5 – FEES AND COMPENSATION

INVESTMENT MANAGEMENT FEES AND COMPENSATION

We charge a fee as compensation for providing Investment Management services on your account. These
services include advisory and consulting services, trade entry, investment supervision, transaction costs, and
other account maintenance activities. Our custodian may charge custodial fees, redemption fees, retirement
plan and administrative fees or commissions. See Additional Fees and Expenses below for additional details.
In addition, some mutual fund assets deposited in your accounts may have been subject to other mutual fund
annual management and administrative fees as described in the funds’ prospectuses. These fees are
independent of our fees and should be disclosed by the custodian or contained in each fund’s prospectus. You
should also note that fees for comparable services vary and lower fees for comparable services may be available
from other sources.
The fees for portfolio management are based on an annual percentage of assets under management and are
applied to the account asset value on a pro-rata basis and billed quarterly in advance. The initial fee will be
based upon the date the account is accepted for management by execution of the advisory agreement or when
the assets are transferred through the last day of the current calendar quarter. Thereafter, the fee will be based
at each previous quarter’s last business day. The market value will be determined as reported by the Custodian.
Fees are assessed on all assets under management, including securities, cash and money market balances. There
may be a possibility for price or account value discrepancies due to quarter-end transactions in an account.
Dividends or trade date settlements may occur, and our third-party billing software may report a slight difference
in account valuation at quarter end compared to what is reported on your Statement from the Custodian. Our
Firm has the ability to produce billing summaries, which can be provided upon request.

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Our maximum investment advisory fee is 1.5%.
The specific advisory fees are set forth in your Investment Advisory Agreement. Fees may vary based on the
size of the account, complexity of the portfolio, extent of activity in the account or other reasons agreed upon
by us and you as the client. In certain circumstances, our fees and the timing of the fee payments may be
negotiated.
At our discretion, we will aggregate asset amounts in accounts from your same household together to determine
the advisory fee for all your accounts. We may do this, for example, where we also service accounts on behalf of
your minor children, individual and joint accounts for a spouse, and/or other types of related accounts. This
consolidation practice is designed to allow you the benefit of an increased asset total, which could potentially
cause your account(s) to be assessed a lower advisory fee based on the asset levels available in our fee schedule.
The independent qualified custodian holding your funds and securities will debit your account directly for the
advisory fee and pay that fee to us. You will provide written authorization permitting the fees to be paid directly
from your account held by the qualified custodian. Further, the qualified custodian agrees to deliver an account
statement at least quarterly directly to you indicating all the amounts deducted from the account including our
advisory fees. See Item 15 for details. At our discretion, you may pay the advisory fees by check. You are
encouraged to review your account statements for accuracy.
Either party may terminate the management agreement thirty (30) days upon written notice. The management
fee will be pro-rated to the date of termination, for the quarter in which the cancellation notice was given and
refunded to you. The advisor will instruct the custodian to credit the account, or if the advisory account is closed,
the firm will issue a check to the client in the amount of the refund. Upon termination, you are responsible for
monitoring the securities in your account, and we will have no further obligation to act or advise with respect to
those assets.

FINANCIAL PLANNING FEES

Our Firm will negotiate the planning fees with you. Fees may vary based on the extent and complexity of your
individual or family circumstances and the amount of your assets under our management. We will determine
your fee for the designated financial advisory services based on a fixed fee arrangement described below.
Under our fixed fee arrangement, any fee will be agreed to in advance of services being performed. The fee will
be determined based on factors including the complexity of your financial situation, agreed upon deliverables,
and whether or not you intend to implement any recommendations through our Firm. Under our fee
arrangement, fees for initial financial plans range from $2,000 to $5,000.
Typically, we complete a plan within a month and will present it to you within 90 days of the contract date,
provided that you have provided us all information needed to prepare the financial plan. Fees are billed in two
ways: (1) One hundred percent (100%) up front or (2) one half (50%) of the estimated fee will be due and payable
at the time you enter into the financial planning agreement, with the balance due and payable at the time the
financial plan is delivered. Typically, fees $500 or less will be billed with 100% upon entering the Agreement
with our firm. You may terminate the financial planning agreement by providing us with written notice. Upon
termination, fees will be prorated to the date of termination and any unearned portion of the fee will be refunded
to you based on an hourly rate of $200.00. Services provided up to date of termination but not yet paid to our
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ITEM 7 – TYPES OF CLIENTS

 We provide investment advice to individuals, high-net-worth individuals, families, small businesses, pensions,
 foundations, trusts and estates. Our minimum initial account value is $500,000; however, we may accept
 accounts for less than the minimum at our sole discretion.

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