Good Life Advisors LLC

Item 5: Fees & Compensation
Asset Management Services
The specific manner in which fees are charged by the firm is established in a client’s written agreement.
Clients can engage the services of Good Life Advisors on a discretionary or non- discretionary basis.

Fees are based upon various objective and subjective factors, including, but not limited to the amount of
the assets, the complexity of the engagement, the level and scope of services to be rendered as well as
the skill and credential required.

        Non-Wrap Fee Advisory Program Fees
        The investment advisor representative responsible for the client’s account negotiates, at their
        discretion, a fee with a maximum of 3.0%.
        Wrap Fee Advisory Program Fees
        The investment advisor representative responsible for the client’s account negotiates, at their
        discretion, a fee with a maximum of 3.0%.

The firm’s annual investment advisory fee shall be based upon a percentage (%) of the market value
billed quarterly in advance based on the value on the last day of the previous quarter. Additional
deposits and withdrawals will be added or subtracted from the assets, which may lead to an adjustment
of the fee.

    •     Clients may terminate the agreement without penalty for a full refund of fees within five business
          days of signing the Investment Advisory Contract.

    •     Thereafter, clients may terminate the Investment Advisory Contract generally with 30 days'
          written notice.

    •     If the advisory agreement is terminated before the end of the quarterly period, client is entitled
          to a pro-rated refund of any unearned pre-paid quarterly advisory fee based on the number of
          days remaining in the quarter after the termination date.

Good Life Advisors’ annual investment advisory fee shall include investment advisory services, and, to the
extent specifically requested by the client, financial planning and consulting services. In the event that the
client requires extraordinary planning and/or consultation services (to be determined in the sole
discretion of Good Life), we may determine to charge for such additional services, with the dollar amount
of such additional services set forth in a separate written notice to the client. Fees are deducted by the
qualified custodian in advance or in arrears on a quarterly basis and are debited from the account or paid
direct depending on the custodian selected.

Mutual Fund Share Class Disclosure and Fiduciary Duty (12b-1 Fees)
Section 206 of the Investment Advisers Act of 1940 (“Advisers Act”) imposes a fiduciary duty to act in a
client’s best interests and specifically prohibits investment advisers, directly or indirectly, from engaging
in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or
prospective client.

However, the fiduciary duty to which advisers are subject is not specifically defined in the Advisers Act or
the Commission rules but reflects a Congressional recognition “of the delicate fiduciary nature of an

investment advisory relationship” as well as a Congressional intent to eliminate, or at least expose, all
conflicts of interest which might incline an investment advisor, consciously or unconsciously, to render
advice which was not disinterested.

No 12b-1 fee paying mutual fund will be allowed within a wrap fee account where the IAR pays ticket
charges unless deemed to be in the client’s best interest. The IAR should evaluate the client’s beliefs,
trading volume and expense analytics to determine if holding a 12b-1 fee paying asset is more
advantageous to the client. An exception to allow the 12b-1 fee paying fund to remain in the account
can be completed, and if approved by the Compliance Department, the asset will be allowed to remain
in the account.

If a 12b-1 fee paying asset is transferred into a wrap fee account, the IAR has 60 days to liquidate or
convert to a lower cost share class according to a client’s best interest.

Wrap Fee Program
Advisor is the sponsor and acts as the portfolio manager of a wrap fee program – please see Appendix 1
for additional details. In particular, the fee structure of a wrap fee program warrants additional
consideration pertaining to the selection of the mutual fund share class.

Although clients do not pay a transaction charge for transactions in a wrap fee program, clients should be
aware that the IAR pays LPL transaction charges for those transactions. The transaction charges paid by the
IAR vary based on the type of transaction (e.g., mutual fund, equity, or ETF) and for mutual funds based
on whether or not the mutual fund pays 12b-1 fees and/or recordkeeping fees to LPL.

    •   Transaction charges paid by the IAR for equities and ETFs are $0 to $9.
    •   Transaction charges paid by the IAR for mutual funds range from $0 to $26.50.

Ticket charges for shares held in a wrap fee program require special consideration because the ticket
charges are included as part of the wrap fee program and paid by the IAR. Consequently, such shares do
not offer the same level of benefit to a client than they do in a non-wrap fee account.

However, a different conflict of interest is introduced because the IAR now has an incentive to not trade
as frequently to avoid the ticket charges which can compromise the active management of an advisory
account. This conflict is mitigated by an IAR’s fiduciary duty to act in a client’s best interest while also
considering the higher asset management fee charged for wrap fee accounts.

LPL Financial Sponsored Advisory Programs
Good Life Advisors offers advisory services through certain programs sponsored by LPL Financial LLC (LPL), a
registered investment advisor and FINRA/SIPC member broker-dealer. For more information regarding
the LPL programs, including more information on the advisory services and fees that apply, the types of
...

Item 7: Types of Clients
Good Life Advisors provides investment advisory services to primarily individuals and families, business
entities, trusts, estates, and charitable organizations.