HealthEquity Advisors LLC

Item 5. Fees and Compensation

Our advisory fees for model portfolio management and portfolio consulting services are charged as described
below.
Fees in General
For non-employer-based subscriptions to our AutoPilot and GPS Programs, our fees are not negotiable.
Fees for employer-based subscriptions to these programs, whether paid by the employer or the individual
client, are negotiable by the employer based on factors such as the estimated or actual number of enrolled
employees and anticipation of future business.

Under no circumstances will we earn fees in excess of $1,200 more than six months in advance of services
rendered.

AutoPilot Program
For non-employer-based subscriptions our annual fee for this program is 0.60% per year (i.e. 0.05% per
month) of assets under our management calculated as the average daily balance for the prior month, subject
to a maximum of $15.00 per month per client. The fee is directly debited from the client’s HSA on a monthly
basis, in arrears. For employer-based subscriptions we charge the client a percentage of assets under our
management or we charge the employer a fee that varies based on either the estimated number of
employees to be included on the platform, actual employees included on the platform in the recent past, or
the total invested assets of the employer’s HSA participants. The amount of the actual fees to be paid by the
client are provided during the client enrollment process and are available on the client’s profile page in the
web portal. In cases where we charge the client for employer-based subscriptions, the fee is directly debited
from the client’s HSA on a monthly basis, in arrears. If there is insufficient cash in a client’s HSA account to
pay for the monthly AutoPilot program fee or to pay for any overdrawn amounts or deficits accrued in
connection with the client’s HSA account and/or investment account, HQY will liquidate investments in the
client’s investment account (and decide which investments to liquidate) to pay for such fees, overdrawn
amounts, or deficits.

GPS Program
For non-employer-based subscriptions our annual fee for this program is 0.60% per year (i.e. 0.05% per
month) of assets under our management calculated as the average daily balance for the prior month, subject
to a maximum of $15.00 per month per client. The fee is directly debited from the client’s HSA on a monthly
basis, in arrears. For employer-based subscriptions we charge the client a percentage of assets under our
management or we charge the employer a fee that varies based on either the estimated number of
employees to be included on the platform, actual employees included on the platform in the recent past, or
the total invested assets of the employer’s HSA participants. The amount of the actual fees to be paid by the
client are provided during the client enrollment process and are available on the client’s profile page in the
web portal. In cases where we charge the client for employer-based subscriptions, the fee is directly debited
from the client’s account on a monthly basis, in arrears. If there is insufficient cash in a client’s HSA account
to pay for the monthly GPS program fee or to pay for any overdrawn amounts or deficits accrued in
connection with the client’s HSA cash account and/or investment account, HQY will liquidate investments in
the client’s investment account (and decide which investments to liquidate) to pay for such fees, overdrawn
amounts, or deficits.
HealthEquity Advisors, LLC |Form ADV Part 2A                                                                   8

Investment Consulting and Research Services
HEA receives fees from HQY and from HQY Partners for selecting and monitoring HEA Investment
Lineups made available to HSA beneficiaries. These are flat fees and are negotiated on a periodic
basis.

Account Termination
Clients have the right to terminate their agreements by providing us with a written notice through our web-
based portal. In addition, HQY has the right to terminate a client’s investment account if the client engages in
any abusive or manipulative trading practices (as determined by HQY in its sole discretion). In that case, HQY
may liquidate the client’s investments and terminate the client’s investment account, with the proceeds of
such liquidation to be placed in the client’s HSA cash account.

Mutual Fund Fees and Expenses
All fees paid to us for investment advisory services are separate and distinct from the fees and expenses that
the mutual funds in which our clients invest charge their shareholders. Clients who invest in mutual funds
through our platform will thus incur fees and expenses at the mutual fund level that are in addition to the fees
and expenses charged by HQY and its affiliates. These mutual fund fees and expenses are described in each
fund's prospectus. These fees generally include a management fee, other fund expenses, and, in some cases,
possible distribution fees, also known as “12b-1” fees. Clients can invest in mutual funds and other products
without the advisory services of HEA, but in doing so will not receive our recommendations as to which
mutual funds (or other products) HEA believes are most appropriate for their accounts based on their financial
condition and objectives.

Accordingly, to evaluate the advisory services we provide, clients should review both the fees charged by the
funds, as well as the fees charged by HEA to fully understand the total amount of fees being paid for the
services being provided.

Administration Fees and Other Compensation
HealthEquity Trust Company (“HETC”), a Wyoming-chartered trust company and wholly owned subsidiary of
HQY, serves as custodian of mutual fund investment assets held in HSAs administered by HQY and serves as
“qualified custodian” (as such term is defined in Rule 206(4)-2 under the Investment Advisers Act of 1940, as
amended) of all investments as to which HEA provides investment advice. HETC has engaged Charles Schwab
...

Item 7. Types of Clients
HEA provides advisory services to natural person clients who are HSA beneficiaries and provides investment
advice (primarily in the form of Investment Lineups) to HQY and certain HQY Partners.

HSA beneficiaries are subject to an HSA cash balance threshold set by HQY to subscribe to HEA’s services and are
only eligible to invest HSA balances above the threshold. If a client’s HSA cash balance falls below the applicable
threshold, HQY will direct the sale, on a pro rata basis, of the investments held in the client’s account in an
amount sufficient for the cash balance of the client’s HSA to exceed the threshold.
In addition, clients who use the AutoPilot program are subject to a $25.00 investment minimum. HEA reserves
the right, in its sole discretion, to increase the investment minimum, up to a maximum of $100.00, or decrease
the investment minimum. Subject to certain exceptions, if the client’s account balance falls below the investment
minimum, HEA will automatically stop managing and rebalancing the client’s portfolio until the account balance
exceeds the investment minimum.