Fees and Compensation
Advisory fees for clients are typically calculated as a percentage of assets under management. Fees are charged according
to the specific annual fee schedule identified in the client’s investment advisory agreement and billed either quarterly in
arrears or advance as directed by the client. Clients have a choice of receiving an invoice for investment advisory fees or
having the fees deducted from their custodial account. In the event a client chooses to have the fee deducted from their
custodial account, a duplicate invoice is sent to the client. Clients are encouraged to review the duplicate invoice to ensure
the proper fee calculation has been made. Clients should receive statements from their custodians at least quarterly and
should review the information provided by ICM against those statements.
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Although ICM has established the following standard fee schedule(s), we retain the discretion to negotiate alternative fees
and account minimums on a client-by-client basis. Client relationships, service requirements, and other circumstances are
considered in determining the fee schedule. Depending upon the range of services provided, the mandate requested, the
amount of assets under management, and other factors as determined in the firm’s sole discretion, fees are reduced under
certain circumstances or a “most favored nation” fee schedule will be granted. Clients pay higher investment management
fees than other clients in the same strategy.
Small Cap Value Equity Fee Schedule:
1.000% of the first $30,000,000
0.700% of the next $20,000,000
0.500% of the next $50,000,000
0.450% of the next $150,000,000
0.400% of all over $250,000,000
Account Minimum: $10,000,000
Minimum annual fee: $100,000
SMID Cap Value Equity Fee Schedule:
1.000% of the first $12,500,000
0.800% of the next $12,500,000
0.700% of the next $25,000,000
0.500% of the next $50,000,000
0.400% of all over $100,000,000
Account Minimum: $2,500,000
Minimum annual fee: $25,000
Mid-Cap Value Equity Fee Schedule:
0.750% of the first $ 30,000,000
0.650% of the next $ 20,000,000
0.550% of the next $ 50,000,000
0.450% of the next $150,000,000
0.400% of all over $250,000,000
Account Minimum: $2,500,000
Minimum annual fee: $18,750
Wrap Fee Schedule:
For clients working with ICM through a wrap sponsor, the wrap sponsor pays ICM a portion of the wrap fee collected. The
wrap fee typically includes custody, investment consultation, trading and investment advisory services. Wrap fee clients pay
brokerage fees in excess of the wrap fee where ICM trades away from the wrap program.
Model Fee Schedule:
ICM collects a fee from a sponsor for which we provide a model portfolio. Fees are calculated by the sponsor and payable
on a quarterly basis in arrears based on the value of assets using the model portfolio as determined by the platform sponsor
based on the individual sponsor’s fee schedule. ICM does not determine or have control over the sponsor’s practice with
regards to refunding client fees if they terminate the relationship during the billing period.
Clients should note that similar advisory services are available from other investment advisers for similar or lower fees.
Additional Fees and Expenses
ICM’s advisory fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which
shall be incurred by the client. Clients will incur certain charges imposed by custodians, brokers, and other third-parties such
Form ADV Part 2A: Firm Brochure Dated: 3/5/2021 5
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. Clients will generally incur
administrative and operating expenses charged by mutual funds, collective investment trusts and real estate investment
trusts. These fees are exclusive of and in addition to ICM’s fee. ICM shall not receive any portion of these commissions, fees,
and costs described above other than when services and products are paid for with client brokerage commissions (“soft
dollars”) and other than receipt of mutual fund advisory fees. Please refer to the "Brokerage Practices" section of this Form
ADV for additional information.
ICM accepts performance-based fee structures. Please refer to the Performance-Based Fees and Side-by-Side Management
sections of this Form ADV for further details.
Mutual Fund Fees
Some clients have invested at their discretion in a mutual fund under our management as part of their overall account.
Client assets held in the mutual fund are excluded from the fee calculation to avoid dual advisory fees. Clients will incur
mutual fund management and administrative fees and other fund expenses as described in the fund’s prospectus. A client
can invest in the mutual fund, without our assistance, through other brokers or agents.
A client should review both the fees charged by the mutual fund and ICM’s advisory fees to fully understand the total
amount of fees to be paid when evaluating the advisory services being provided.
Termination of Investment Advisory Agreement
A client may terminate the investment advisory agreement at any time upon written notice. If a client’s investment advisory
agreement is terminated, any fees paid in advance will be pro-rated as of the termination date and refunded to the client.
Similarly, any fees paid in arrears will be billed the pro rata portion for the period the assets were under management. ICM
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