Dougherty & Associates Financial Advisors Inc

Item 5 Fees and Compensation
Portfolio Management Services
Our fee for portfolio management services is based on a percentage of your assets we manage as set
forth in the following fee schedule:

      Assets Under Management                   Maximum Annual Fee
$0 up to $4,999,999                                   1.50%
$5,000,000 - $9,999,999                               1.00%
Over $10,000,000                                      .080%
*fees are negotiable

Our annual portfolio management fee is billed and payable quarterly in advance based on the value of
your account on the last business day of the previous calendar quarter. The initial fee will be due when
you sign the Advisory Agreement, although exceptions may be made. For example, the initial fee may
be waived until asset transfer is complete. If the portfolio management agreement is executed at any
time other than the first day of a calendar quarter, our fees will apply on a pro rata basis, which means
that the advisory fee is payable in proportion to the number of days in the quarter for which you are a
client. Our advisory fee is negotiable, depending on individual client circumstances. We will send you
an invoice for the payment of our advisory fee.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when you have given our firm written authorization
permitting the fees to be paid directly from your account. We will send you an invoice showing the
amount of the fee. Further, the qualified custodian will deliver an account statement to you at least
quarterly. These account statements will show all disbursements from your account. You should review
all statements for accuracy.

You may terminate the portfolio management agreement upon 30-days' written notice to our firm. You
will incur a pro rata charge for services rendered prior to the termination of the portfolio management
agreement, which means you will incur advisory fees only in proportion to the number of days in the
quarter for which you are a client. If you have pre-paid advisory fees that we have not yet earned, you
will receive a prorated refund of those fees.

Financial Consulting Services
We charge a fixed fee ranging between $25 and $5,000. The service provided may be one time or
ongoing. Our fee is negotiable and will be detailed in the agreement you sign with our firm. The
scope of the services will determine the applicable fee and is dependent upon the facts and
circumstances of your financial and tax situation, as well as the complexity of the services requested.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
please refer to the "Brokerage Practices" section of this brochure.

Compensation for the Sale of Securities or Other Investment Products
Persons providing investment advice on behalf of our firm are registered representatives with
Independent Financial Group, LLC, a securities broker-dealer, and a member of the Financial Industry
Regulatory Authority and the Securities Investor Protection Corporation. In their capacity as registered
representatives, these persons receive compensation in connection with the purchase and sale of
securities or other investment products, including asset-based sales charges, service fees or 12b-1
fees, for the sale or holding, of mutual funds. Compensation earned by these persons in their
capacities as registered representatives is separate and in addition to our advisory fees. This practice
presents a conflict of interest because persons providing investment advice to advisory clients on
behalf of our firm who are registered representatives have an incentive to recommend investment

products based on the compensation received rather than solely based on your needs. Persons
providing investment advice to advisory clients on behalf of our firm can select or recommend, and in
many instances will select or recommend, mutual fund investments in share classes that pay 12b-1
fees when clients are eligible to purchase share classes of the same funds that do not pay such fees
and are less expensive. This presents a conflict of interest. You are under no obligation, contractually
or otherwise, to purchase securities products through any person affiliated with our firm who receives
compensation described above.

We have a fiduciary duty to act in our client's best interest including the duty to seek best execution.
Therefore, our mutual fund selection and recommendation process takes into consideration several
factors in order to meet this requirement. See the Brokerage Practices section for additional
information on our mutual fund share class selection process.

Persons providing investment advice on behalf of our firm are licensed as independent insurance
agents. These persons will earn commission-based compensation for selling insurance products,
including insurance products they sell to you. Insurance commissions earned by these persons are
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Item 7 Types of Clients
We offer investment advisory services to individuals, pension and profit sharing plans, trusts, estates,
charitable organizations, corporations, and other business entities.

In general, we do not require a minimum dollar amount to open and maintain an advisory account;
however, we have the right to terminate your Account if it falls below a minimum size which, in our sole
opinion, is too small to effectively manage.