Efficient Frontier Advisors LLC

Fees and Compensation

                                                                             Form ADV Part 2A, Item 5

INITIAL FEE
Efficient Frontier Advisors LLC charges an initial fee for: the series of consultative meetings at the
onset, the investment policy (asset-allocation design), specific investment recommendations, and the
initial written report detailing the investment strategy and implementation plan. This fee ranges from
$10,000 to $30,000, depending on the size and complexity of the portfolio, payable at the time of
signing the advisory contract. The client may rescind the investment advisory contract within five
business days of signing and receive a full refund, less $300 per hour for advisory services already
rendered. The initial fee is negotiable solely at the advisor’s discretion.

ANNUAL MANAGEMENT FEE
The advisor charges an annual management fee of 0.32% on the first $10 million in assets plus 0.20%
on the next $40 million in assets plus 0.15% on all assets above $50 million. (The exact fee schedule
has varied slightly over the years; the foregoing is the most recent one.) The annual management fee is
payable in arrears in four quarterly installments: at the end of each quarter, the advisor bills an amount
equal to one-quarter of the calculated annual fee with a minimum quarterly fee of $8,000. Any partial
quarters are pro-rated. The advisor deducts quarterly management fees from client accounts. Advisory
fees are negotiable solely at the advisor’s discretion. Efficient Frontier Advisors LLC will not be
compensated on the basis of a share of capital gains or capital appreciation of client funds.

OTHER COSTS

In addition to fees paid to Efficient Frontier Advisors LLC, the client will incur transaction fees and
the usual expenses charged by mutual funds and ETFs.

ONE-TIME CONSULTATION FEE
EFA had occasionally provided one-time consultation services. The advisor has not done so since
2002 and has no plans to resume such a service.

TERMINATION OF MANAGEMENT FEE
Either party may terminate the investment advisory contract at any time by sending a written
communication. The ongoing basic management fee will cease at the termination point, and the
advisor will bill the client for that portion of the quarter already elapsed. The advisor will offer the
client 30 days notice, but the client need not give notice.

Efficient Frontier Advisors LLC                                                     IARD/CRD No: 111895
Form ADV Part 2A                                                                   SEC File No.: 801- 60450
Brochure                                                                                  February 25, 2025

SALES COMMISSIONS
The advisor does not receive any compensation for the sale of securities or other investment products,
including asset-based sales charges or transaction fees from the purchase or sale of mutual funds,
ETFs, Treasuries, CDs, or any other investment vehicles.

Efficient Frontier Advisors LLC                                              IARD/CRD No: 111895
Form ADV Part 2A                                                            SEC File No.: 801- 60450
Brochure                                                                           February 25, 2025

                       Performance-Based Fees and Side-By-Side Management

                                                                   Form ADV Part 2A, Item 6

Not Applicable (None).

Efficient Frontier Advisors LLC                                                     IARD/CRD No: 111895
Form ADV Part 2A                                                                   SEC File No.: 801- 60450
Brochure                                                                                  February 25, 2025

Types of Clients

                                                                          Form ADV Part 2A, Item 7

CLIENTS
The types of clients which the firm currently advises are: individuals, trusts, foundations, and other
charitable entities.

MINIMUM PORTFOLIO SIZE

The minimum portfolio size for initial management is $25 million, negotiable solely at the advisor’s
discretion. Due to the limited number of clients the advisor intends to work with, Efficient Frontier
Advisors LLC will consider prospective clients vis-à-vis their rapport with the principals, a match in
investment philosophy, and overall fit between the prospective client’s needs and the firm’s services.
The firm is not accepting new clients and will be retiring the practice at the end of July 2025.

Efficient Frontier Advisors LLC                                                         IARD/CRD No: 111895
Form ADV Part 2A                                                                       SEC File No.: 801- 60450
Brochure                                                                                      February 25, 2025

                     Methods of Analysis, Investment Strategies and Risk of Loss

                                                                              Form ADV Part 2A, Item 8

ANALYSIS METHODS
Efficient Frontier Advisors LLC manages equity investments primarily with no-load mutual funds and
exchange-traded funds (ETFs). The method of analysis and selection is based on the cumulative
investment experience and research of the partners, but can best be summarized as follows:
After determining the appropriate target allocations of cash, bonds, and equity investments for a
client’s portfolio, the advisor selects specific funds within the asset and sub-asset classes. Factors
include:

           A conservative and realistic appraisal of the expected future returns of the
            asset classes employed.

           The fund’s fee structure. The advisor seeks funds with low annual expense
            ratios. The advisor endeavors to construct a portfolio of funds with an average
            expense ratio under one-half of one percent.

           Passive management. The advisor makes selections based on fund expenses,
            turnover, tracking error, and overall level of experience in this area.

           Active management. In the rare instance of using an actively managed fund,
            the advisor seeks managers that have had long, venerable careers. In addition,
            the advisor looks for continuity of management with the given fund.

           The fund’s track record. The advisor analyzes the fund’s track record,
            especially under the fund manager currently in place.

           The advisor does not restrict selections to only pure asset-class funds.

Efficient Frontier Advisors LLC                                                        IARD/CRD No: 111895
Form ADV Part 2A                                                                      SEC File No.: 801- 60450
Brochure                                                                                     February 25, 2025

Efficient Frontier Advisors LLC manages fixed-income investments using a combination of no-load
bond funds (tax-exempt and treasury), individual U.S. Treasuries including TIPS, an ultra-short
treasury ETF or mutual fund, and a custodian-sweep money-market fund. If the client already owns
individual tax-exempts, the advisor will rely on ratings services (Standard & Poor’s, Moody’s, etc.)
and will recommend keeping only AA or AAA-rated municipal bonds unless the maturity is no more
than a few years. Treasuries and FDIC-insured CDs (within the limits of coverage) are assumed to be
free of default risk and are not analyzed.

INVESTMENT STRATEGIES
Efficient Frontier Advisors LLC will recommend an initial allocation of assets (among stocks, bonds,
and cash) based on client objectives, time horizon, risk tolerance, restrictions (if any) and, within
certain limits, client preferences. The approach favors a wide range of globally-diversified assets,
using modern portfolio theory to assess the optimal characteristics of a portfolio for each client’s
unique financial circumstances.
The equity strategy involves long-term investments (held at least five years and ideally ten years or
longer) in no-load equity mutual funds and ETFs. The advisor believes the securities markets to be
generally efficient, that few active managers reliably exceed benchmark returns in the long run, and
that it is nearly impossible to identify in advance those few who will provide returns in excess of the
benchmark. Efficient Frontier Advisors LLC thus endeavors to use passively managed funds wherever
possible.

The advisor selects a combination of large-cap, small-cap, international, and, to a lesser extent, hybrid
and core funds; the selection has a bias toward low multiples of book, earnings, and cash-flow
aggregate values. In determining portfolio design, the advisor considers the amount of assets being
invested, the client’s particular circumstances, and how each asset affects overall portfolio behavior.
Occasionally, the advisor will keep an actively managed fund in a new client’s portfolio if substantial
capital gains would be involved in selling the position.

Portfolio rebalancing is part of the overall investment strategy. In tax-sheltered accounts, individual
asset classes are generally rebalanced when allocations exceed certain limits, based on a proprietary
method involving asset-class volatility, expected return, and covariance with the remainder of the
portfolio. In taxable accounts, tax issues constitute an important part of the rebalancing decision.
Efficient Frontier Advisors LLC manages fixed-income investments within the portfolio using no-load
bond funds (tax-exempt and treasury), U.S. Treasuries including TIPS, an ultra-short treasury ETF or
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