Doyenne Wealth Advisors LLC

Item 5: Fees and Compensation

Annual Fees

The Firm charges an annual fee for its financial counseling services, including its continuous
and non-continuous advisory services. Annual fees are typically calculated as a percentage of
client assets in addition to consideration of a variety of factors, which may include, but are
not limited to, the market value of assets subject to investment advisory and financial
counseling services, the scope and complexity of financial counseling services provided, and
the nature of the client relationship.

Base Fee Schedule

The following fee schedule is provided as a guideline:

Assets Subject to Financial Counseling Services Annual Advisory Fee

First $20 million                                    50 basis points (0.50%)

Next $30 million                                     40 basis points (0.40%)

Over $50 million                                     30 basis points (0.30%)

Over $100 million                                    Negotiable

The Firm generally maintains a minimum annual advisory fee of $50,000.

Negotiability of Fees

Advisory fees are negotiated on a client-by-client basis based on a variety of factors, including
asset levels, the scope and complexity of services provided, and the nature and duration of
the client relationship. As a result, similarly situated clients, including newer and

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long-standing clients, may pay different advisory fees. All fee arrangements are documented
and agreed upon in writing in the client’s Financial Counseling Agreement.

Aggregation of Assets

For purposes of determining the applicable fee schedule, the Firm may aggregate related
client assets, such as assets held by members of the same household or related entities.
Aggregation is used solely to determine the appropriate pricing tier and does not result in a
maximum fee or fee cap unless expressly agreed to in writing.

Fee Changes

The Firm’s annual advisory fee may be changed upon written agreement between the Firm
and the client. In addition, the Firm reserves the right to adjust fees in response to changes in
inflation, asset levels, market values, the scope of services provided, or other factors affecting
the Firm or the client. Any such changes are communicated to the client in advance and
documented in writing. The Firm reserves the right to terminate our services at any time in
accordance with the Financial Counseling Agreement.

Other Fee Arrangements

Fees for project-based, episodic, or other types of advisory services are negotiated separately
in advance and agreed upon in writing in advance with the client.

Billing

We typically charge fees quarterly in advance in January, April, July, and October for one-
quarter the amount of the annual fee. You can pay our fee by:

   ▪      authorizing the Firm to deduct fees directly from your Charles Schwab custodian
          account(s) or

   ▪      sending payment via check or wire transfer.

We may require fees to be deducted automatically at certain fee levels. To authorize a fee
deduction, you must execute a Charles Schwab written fee payment withdrawal
authorization (“Withdrawal Authorization” or “Authorization to Pay Fees to Investment
Advisors”), which will authorize withdrawal of the agreed-upon fee and permit you to
terminate the fee deduction authorization at any time. Charles Schwab will provide you with
a statement at least quarterly indicating separate line items for all amounts disbursed from
your account(s).

Our fees are billed in advance. As a result, in the event you terminate your relationship with
us, we will refund a pro-rated portion of your fees paid for the period. Your refund will be pro-
rated for the number of days of service during that final period, based on a 365-day year.

Except for our client fees, Doyenne does not charge or accept any other form of
compensation or revenue of any kind.

Other Expenses

You may incur other fees and expenses depending on services and investments utilized.
Expenses may include, but are not limited to, transaction fees, IRA fees, third party manager

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fees and expenses, and any custodian expenses such as alternative investment fees or
platform fees. Typically, there will be a transaction fee or commission involved in purchasing
or selling investments. In addition, mutual funds, exchange-traded funds and private
investment vehicles often include embedded expenses such as management fees,
performance fees, administrative expenses, trading costs and other fees. These fees are
required to be disclosed in greater detail in each mutual fund and exchange-traded fund
prospectus and statement of additional information and each private investment fund’s
offering documents. Because we are not affiliated with any custodian or broker, clients can
choose their custodian or broker in order to reduce transaction costs.

Item 7: Types of Clients

We provide personalized financial counseling and investment advisory services on a fee-only
basis to high net worth and ultra-high net worth individuals, related party individuals, senior
corporate executives and their trusts, estates, private foundations, and endowments. Client
advised assets also include related entities such as charitable funds, foundations, and special
trusts when applicable.

Generally, Doyenne offers ongoing advisory relationships to clients with at least $10 million in
assets subject to ongoing advisory services. However, under certain circumstances, this
minimum asset level may be waived or lowered. Doyenne may, in its sole discretion, accept
clients with smaller asset levels based upon certain criteria, including anticipated future
earning capacity, anticipated future additional assets, related accounts and pre-existing
client relationships. Legacy clients have assets below the $10 million minimum.