Duncan Williams Asset Management LLC

Item 5– Fees and Compensation

In addition to the information in Item 4 , Advisory Business, this section provides additional details
regarding our services along with descriptions of each service’s fees and compensation arrangements.

Financial Planning Services

Financial Plans

We offer written financial plans that can be either modular or comprehensive. Financial plans take into
consideration your objectives, risk tolerances, investment knowledge, net worth, income, age, projected
retirement, unusual or material funding requirements, inheritance possibilities, pensions, Social Security,
children/relative funding issues, estate issues and living expenses expressed in today’s dollars requested
for retirement. Our investment advisor representatives (“representatives”) meet with you to gather
information and documentation needed to perform an analysis and review of your situation as well as
your objectives and goals. One or more meetings may be required in order to gather all needed
information and determine the services best suited to help meet your needs.

We rely on the information provided by you. Therefore, it is very important that the information you
provide is complete and accurate. We are not responsible for verifying the information supplied by you.
Our services do not include legal or tax advice. You are also urged to work closely with your attorney,
accountant or other professionals regarding your financial and personal situation.

After completing a review and analysis of the information and documents received, our representatives
develop their analyses and recommendations and present either a comprehensive or modular
(segmented) written financial plan, as requested. A comprehensive plan focuses on your overall financial
situation and covers several of the areas previously noted, as needed by your specific situation. A
modular (segmented) plan focuses only on one or more specific area(s) of concern, and you should be
aware that other important issues may not be taken into consideration when our representatives develop
their analyses and recommendations relative to actions and investment strategies designed to attain your
goals and objectives.

Consultations

If you do not desire a written financial plan, you can contract with us for consultations concerning any
topic(s) of interest or concern to you. This can include non-securities advice as well. Consultations can
be provided on a one-time basis or on an ongoing basis, as needed by you. You determine the length of
consultations needed.

Fees

Fees for financial planning services can be billed on either a fixed or an hourly basis. All fees are
negotiable based upon the actual services provided and your specific personal and financial situation.
The minimum fixed fee charged is $250, and the maximum generally does not exceed $5,000. We disclose
the fixed fee charge to you before providing any services. Hourly fees are charged at the rate of up
to $250 per hour with a minimum of one hour charged, with no maximum fee. We provide you with

an estimate of the hours needed to provide the requested service. If we later determine that the actual
time will exceed the estimate given, we contact you for authorization prior to providing any additional
services. Fees are due upon receipt of our detailed billing statement.

Fee Offset

If you choose to implement our recommendations through our other advisory services described in this
Disclosure Brochure, we may waive and/or reduce the financial planning fees as a result of earning
additional advisory fees. Any adjustment to the financial planning fee is at our discretion and is disclosed
to you prior to implementing any transactions or contracting for additional services.

Termination
Financial planning services terminate upon presentation of the financial plan or completion of the
consultation services. Either party may terminate services at any time by submitting written notice to all
appropriate parties. Termination is effective immediately and there are no fees due and no penalty
imposed. In addition, the entire financial planning fee due, in most circumstances, is waived if you are not
satisfied with the financial plan prepared by us. However, in these cases, we retain intellectual property
rights over the financial plan prepared and the plan must be returned to us.

Retirement Plan Services

We also offer consultation services to retirement plan sponsors. These services can include, but are not
limited to:

    •   Retirement plan evaluation/search;
    •   Development/review of investment policy statement;
    •   Investment due diligence including review and analysis of choices offered by custodian;
    •   Performance measurement and reporting;
    •   Fiduciary services
    •   Employee education; and
    •   Fee analysis.

Except for the informational employee education meetings, the available services under Non-Discretionary
Investment Advisory Services are considered fiduciary consulting services. Fiduciary consulting services
are not management services, and we do not serve as administrator or trustee of the plan. We do not act
as the custodian for any account or have access to client funds or securities. For fiduciary consulting
services, all recommendations of investment options are submitted to the plan sponsor for ultimate
approval or rejection. For retirement plan fiduciary consulting services, the retirement plan sponsor or the
plan participant who elects to implement any recommendations made by us is ultimately responsible for
implementing all transactions.
Discretionary Investment Management Services are available where we will be exercising discretionary
authority or control over assets of the Plan. We will have full power and authority to select, monitor,
remove and replace the investment options offered under the Plan.

Fees

In consideration for the above services, Client is charged a quarterly fee. The fee charged to Client is
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Item 7 – Types of Clients

We generally provide investment advice to the following types of clients:

    •   Individuals (including high-net worth individuals)
    •   Trusts and estates
    •   Endowments, foundations, and other charitable organizations
    •   Corporations or other business entities
    •   Institutional Clients
    •   Pension, retirement, and profit-sharing plans