Hanover Square Wealth Advisors LLC

Item 5. Fees & Compensation

The following sections describe the fees charged by the Firm for its services as well as additional expenses
to be borne by clients in connection with services rendered.

Investment Management and Wealth Management Fees

HSWA offers investment management and wealth management services for an annual fee based on the
amount of assets under the Firm’s management. This fee varies among clients and can be up to 1.25% of
assets under management per year for investment management services and 1.50% of assets under
management per year for wealth management services, depending upon, among other things, the size
and composition of a client’s portfolio and the type and scope of services rendered to such client. The
Firm may charge clients an equivalent or lower rate for assets advised by the Firm that are held away from
the primary custodian.

Fees for investment management and wealth management services are billed monthly in arrears based
on the average daily balance of the client’s assets managed during such month.

At our discretion, we may agree to “household” certain client accounts for purposes of fee billing
arrangements, which could lower the fees of those clients whose accounts are aggregated for fee billing
purposes. All fee arrangements are subject to negotiation, and fees for similarly situated clients may differ
for a variety of reasons.

The Firm may enter into fee arrangements with clients on terms that may vary from those described above
including fees charged on a different basis (i.e., not based on assets under management), fees charged at
different times or frequency, or fees based on different valuations of assets.

In general, clients grant the Firm authority to deduct fees for investment management and wealth
management services directly from the accounts under the Firm’s management. However, clients can be
invoiced for such services as well if agreed upon by the Firm.

Financial Planning Fees

The firm offers stand-alone financial planning services for a fixed one-time amount, typically between
$2,500 and $25,000. The financial planning fee will depend on the nature of the services and the
professionals rendering the services. Clients are billed directly for financial planning services. Financial
planning service fees are payable upon receipt of the invoice which is issued upon delivery of the
completed financial plan.

Investment Consulting Fees

For its investment consulting services, the Firm generally charges clients an annual retainer ranging from
$500 to $10,000. Fees are paid quarterly in arrears and are prorated for partial quarters.

Business Consulting Fees

For its business consulting services, the Firm generally charges clients an annual retainer ranging from
$1,000 to $50,000, depending on the nature and complexity of services provided as well as the
professional providing such services. Fees are paid quarterly in arrears and prorated for partial quarters.

Retirement Plan Service Fees

HSWA charges an asset-based fee or a flat fee for its retirement plan investment consulting services. This
fee varies based on the services offered and other factors deemed relevant by the Firm and is negotiated
with the plan sponsor. Fees are charged quarterly in arrears based on the market value of the plan assets
as of the end of the quarter.

Fees are either invoiced to the plan sponsor or deducted from the account being managed by way of
instruction to the retirement plan’s recordkeeper.

Fee Discretion

HSWA can, in its sole discretion, negotiate to charge lesser fees based upon certain criteria, such as the
overall scope of services to be provided to the client, anticipated future earning capacity, anticipated
future additional assets, dollar amount of assets to be managed, related accounts, account composition,
pre-existing/legacy client relationship, account retention, and pro bono activities.

Termination of Advisory Relationship

In the event that a client terminates its Advisory Agreement prior to the end of a billing period or the end
of an engagement, the Firm’s fees will be prorated, and any fees paid in advance but unearned will be
refunded to the client and any fees that have not yet been charged for services rendered will be billed to
the client upon termination. For financial planning engagements that are terminated prior to the delivery
of a written financial plan, the Firm will charge a fee calculated by multiplying the number of hours spent
on the engagement times the hourly rate of the individual who provides the services.

Additional Fees and Expenses

In addition to the advisory fees paid to HSWA, clients also incur certain charges imposed by third parties,
such as fees payable to third-party managers, fund managers, broker-dealers, custodians, trust
companies, banks, and other financial institutions (collectively “Financial Institutions”). These additional
charges include, among others, securities brokerage commissions; other transaction costs; custodial fees;
reporting charges; charges imposed directly by a mutual fund, ETF, or other fund in a client’s account, as
disclosed in the fund’s prospectus (e.g., fund management fees, distribution fees, and other fund
expenses); fees and expenses of third-party managers, deferred sales charges; odd-lot differentials;
transfer taxes; wire transfer and electronic fund fees; and other fees and taxes on brokerage accounts
and securities transactions.

Types of Clients

HSWA offers investment management services to individuals, high net worth individuals, families, trusts,
estates, businesses, and retirement plans.

Minimum Account Requirements

Generally, the Firm requires clients to have at least $1,000,000 in combined assets under management
and assets subject to investment consulting services in order to initiate and maintain an investment
advisory relationship with the Firm. Nonetheless, the Firm reserves the right to reduce or waive the
minimum relationship requirement at its discretion.