Herold Advisors Inc

Item 5 – Fees and Compensation
     A. All management fees charged are subject to negotiation with each client. Fees for each client are
        documented in the Investment Advisory Agreement completed by each client at the inception of the
        client relationship with Herold. Herold generally charges 1% of the market value of the assets
        placed under Herold’s management.
     B. The specific manner in which fees are charged by Herold is established in a client’s Investment
        Advisory Agreement with Herold. Herold will generally bill its fees on a quarterly basis. Clients are
        billed in advance each calendar quarter. Clients may also elect to be billed directly for fees or to
        authorize Herold to directly debit fees from client’s accounts. Management fees may be prorated for
        each capital contribution made during the applicable calendar quarter depending on the nature and
        size of the contribution. Management fees will not be prorated for withdrawals made during the
        applicable quarter unless the management agreement has been terminated.
     C. Herold’s managed account program fees are exclusive of brokerage commissions, transaction fees,
        and other related costs and expenses which shall be incurred by the client. Clients may incur certain
        charges imposed by custodians, brokers, third party investment and other third parties such as fees
        charged by managers, custodial fees, 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. Mutual fund and exchange traded funds also charge internal management
        fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive
        of and in addition to Herold’s fee. Herold does not receive any portion of these commissions, fees
        and costs. Herold does not charge a management fee for assets invested in open end mutual funds
        except for advisor class shares. In certain instances client funds may be kept or placed in a A, B or C
        class shares of a mutual fund that pay 12(b)1 fees to Herold & Lantern Investments, Inc. where a
        different class of shares of the same fund managing the same portfolio exists that does not have
        12(b)1 fees but, since Herold Advisors does not charge a management fee on these shares, affected
        clients are benefitted by the 12(b)1 fee being less than the management fee that would otherwise
        apply. Also, in certain circumstances switching funds out of class A, B or C shares may be a taxable
        event.
        Herold & Lantern Investments, Inc. an affiliate broker‐dealer receives marketing assistance payments
        from most of the market sweep program offerings made available on our brokerage and advisory
        platforms. The amount of payment depends on the aggregated dollars invested in money market funds
        over a given month and can range from zero to 0.00043 of the monthly balance. Money market sweep
        programs that do not pay marketing assistance are also available to Herold & Lantern Investments, Inc.,
        and Herold Advisory brokerage and advisory platforms respectively. Use of sweep offerings that pay
        market assistance have a negative impact on performance results of the money market platform.
        Amounts received from these market assistance programs are used to contain cost across Herold &
        Lantern Investments, Inc. product offerings, which Herold Advisors, Inc. may utilize. These arrangements
        present a conflict of interest when it comes to selecting or recommending a money market sweep option
        in that Herold has an incentive to recommend that clients select a money market sweep option because
        it pays more compensation to Herold & Lantern Investments, Inc. Herold Advisors may margin a customer
        position based on request. Herold & Lantern Investments, Inc may receive a portion of the margin expenses
        from their clearing firm based on this transaction, which poses a conflict of interest in that Herold has an
        incentive to recommend the use of margin because it pays more compensation to Herold & Lantern
        Investments, Inc. Amounts received from these participation programs are used to contain cost across
        Herold & Lantern Investments, Inc. product offerings, which Herold Advisors, Inc. may utilize.

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   Herold Advisors, Inc. Managed Account Firm Brochure
     D. We do charge a management fee on assets invested in closed end mutual funds and exchange
        traded funds (ETFs). Herold & Lantern Investments, Inc. is a participant in Pershing’s FundVest
        ticket charge program. This program offers clients no‐load mutual funds with no transaction fees.
        Through formal agreements Herold & Lantern Investments, Inc. is eligible to receive revenue
        sharing participation for assets that are held within these programs. Restrictions may apply in
        certain situations.
        Item 12 further describes the factors that Herold considers in selecting Herold & Lantern Investments,
        Inc. for client transactions and in determining the reasonableness of their compensation (e.g.
        commissions).
     E. As described in Item 5 B above, clients will be charged a quarterly fee in advance. Upon termination
        of any account any prepaid unearned fees will be promptly refunded, and any earned unpaid fees will
        be due and payable. Unearned fees will be computed based on the number of days that have
        expired in the quarter.
     F. Supervised persons receive fee‐based compensation from Herold based on the fee stipulated in
        the clients’ Investment Advisory Agreement.

Item 7 – Types of Clients
   Herold provides portfolio management services to individuals, business entities, trusts, estates, pension
   and profit‐sharing plans, foundations and charitable organizations and other U.S. institutions. Herold does
   not require an annual minimum fee or asset level for portfolio management services.