Guardian Wealth Partners LLC

5. Fees and Compensation
Fees paid to Park Avenue Investment Advisory are based on the value of the assets within your account and
may be individually negotiated by the client. At its discretion, PAA pays a portion of the fee it receives to IARs.
Fees earned by an IAR vary by Program. Therefore, an IAR has an incentive to recommend one Program
over another.

There is no guarantee that the PAA investment advisory services offered will result in the client’s goals and
objectives being met. Nor is there any guarantee of profit or protection from loss. The fees and expenses in
connection with these advisory services may be higher than the cost of similar services offered through other
financial firms, or the fees associated with other financial services. Use of asset- based fee or “wrap fee”
programs may result in the payment of fees by clients in excess of the combined total of separate advisory fees
and brokerage commissions paid on an individual transaction basis. In investment advisory accounts, the PAA
IAR is not paid a sales commission or trail commission. Please note that a client may be able to purchase
recommended no-load mutual funds outside of a PAA Program at little or no transaction cost and without the
payment of advisory fees; however, the client will not receive the benefit of the investment advice and other
services that PAA provides to clients participating in its advisory programs.

In general, compensation payable to PAA in connection with investment advisory services is comparable to
compensation charged by other full-service firms for the same services. In some cases, similar services may be
available from other sources at lower fees and charges (which may have the effect of lowering the cost to the
customer and/or increasing the return on the product). Often, but not always, firms that offer such products and
services (which include, among others, discount brokers and direct marketers) do not provide the same level of
personalized advice and/or service as PAA seeks to provide.

PAA IARs may also provide advisory services to retail clients via other PAA programs. You should
carefully review the description of each program and the related fees and consider which program may
be more appropriate. If you want a description of all advisory programs, please contact Park Avenue
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Investment Advisory or, alternatively, you may go to https://adviserinfo.sec.gov/ or to
https://www.parkavenuesecurities.com/pas-investment-advisory to view all this Firm Brochure and the
PAA Wrap Fee Brochure.

PAA is conscious of these potential conflicts. Overall, where we are providing fiduciary services, the
goal of our policies and procedures is to act in good faith and to treat all client accounts in a fair and
equitable manner over time, regardless of their strategy, fee arrangements or the influence of their
owners or beneficiaries. These policies include those addressing the fair allocation of investment
opportunities across client accounts and the best execution of all client transactions.

Advisory Fees

The maximum annual Client Fee is 3%. The Client Fee is stated in your proposal. Fees are negotiable and
tailored to the specific types of services provided to each client. You and your IAR may select from a standard
fee schedule applicable to the program selected. Discounts on the minimum advisory fee that PAA may charge
are not generally available to clients but are made in very limited situations. The advisory fee for PAA Programs
is based on the average daily balance of assets in your account during the previous calendar quarter and is
payable in advance for the following quarter. You will pay one total fee for the services provided in the program
selected. If your account was not open for the entire quarter, then the fee will be prorated.

Your Total Client Fee consists of the following components:
    An Advisor Fee for the advisory services provided by your IAR.
    A Platform Fee for the technology related services and/or custodial/operational services provided by Park
      Avenue Investment Advisory and its vendors.
    A Strategy Fee for the advisory services provided by Investment Managers (as applicable).

The total Client Fee can change over time due to changes in your selected PAA Program(s), changes in the
third-party investment manager you have selected within the Program(s), and as well as the amounts allocated
to each, the amount of the assets in your account, and the investment performance. These changes could
result in a higher or lower fee being charged against your program assets. More specifically, the Platform Fee is
based on a tiered grid in which the level of assets in your account determines the rate of your Platform Fee.
The Platform Fee listed in your Proposal is based on the initial level of assets within your account. However, the
Platform Fee will change over time if the assets in your account move above or below the tiered rates. The
higher the level of assets in your account the lower the fees and vice versa. The Platform Fee grid is provided
below for your reference so you can determine the different rate which will be charged in the event your
account(s) move above or below the tiered rates based on your selected Program(s).

                                            Tiered Platform Fee
   Assets Under Management           SMA/UMA Program        Representative as Portfolio Manager Program
          $0-$100,000                     0.23%                                0.20%
      $100,000 - $250,000                 0.21%                                0.18%
      $250,000 - $500,000                 0.18%                                0.15%
     $500,000 - $1,000,000                0.16%                                0.13%
    $1,000,000 - $2,000,000               0.13%                                0.10%
...

7. Types of Clients and Account Requirements
Park Avenue Investment Advisory provides investment advisory services to available to individuals, high net-
worth individuals, corporations and other business entities, trusts, foundations, and endowments.

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For account minimums in the PAA Wrap Fee programs, please refer to the applicable wrap fee brochure.