Item 5 Fees and Compensation
PORTFOLIO MANAGEMENT SERVICES FEES
The annualized fee for Portfolio Management Services will be charged as a percentage of assets under
management, according to the following schedule:
A) JAM Individually Managed Accounts
Assets Under Management Annual Fee
First $500,000 1.25%
Next $500,000 1.0%
Next $1,000,000 .75%
$2,000,000 and over Negotiable
A minimum of $250,000 of assets under management may be required for this service. This account size
may be negotiable under certain circumstances. JAM may group certain related client accounts for the
purposes of achieving the minimum account size and determining the annualized fee.
B) JAM Fund Model Accounts
Assets Under Management Annual Fee
First $500,000 .50%
Over $500,000 .35%
A minimum of $20,000 of assets under management may be required for this service. This account size may
be negotiable under certain circumstances. JAM may group certain related client accounts for the purposes
of achieving the minimum account size and determining the annualized fee.
Fees are billed quarterly in arrears based upon the market value of the assets at the end of the preceding
quarter. If your relationship with us is begun or ended during a calendar quarter, your fee will be prorated
for the appropriate number of days completed or remaining in the quarter.
We may negotiate the amount of your fee depending upon circumstances including but not limited to
account composition and complexity, other client, employee or family relationships, etc. which may result
in different fees being charged by us for client accounts similar in composition and objectives.
You may pay your fee directly upon receipt of an invoice from us or you may authorize your custodian to
allow us to directly debit our fee from your account or accounts. If you choose the latter method, your
custodian will not confirm our fee but will pay the amount based on the fee amount communicated to the
custodian by us and send it directly to us. You will receive a periodic statement from your custodian which
will include the amount of the fee which has been sent to us. You should confirm the accuracy of our fee
calculation upon receipt of you custodian’s statement.
Reduced fees, not generally available to our advisory clients, may be offered to family members and
friends of associated persons of our firm.
The fees you pay us do not include brokerage commissions or other fees or charges associated with
securities transactions implemented with or through a brokerage firm, mark-ups or mark-downs in
principal transactions, deferred sales charges, odd-lot differentials, stock exchange fees, wire transfer or
related processing fees, transfer taxes or other charges mandated by law or regulation all of which will be
charged to you in addition to our fee. We do not receive any portion of any of the foregoing expenses or
fees. You should go to the section on Brokerage Practices in our brochure for more information related to
that process.
C) Sub-Advisory Services
For the Sub-Advisory Services, JAM receives a percentage of the annual advisory fees, which generally
range from 0.25% to 0.50%, of the market values of the client’s assets managed by WST for the services
provided and paid to JAM for its sub-advisory services. WST advisory fee schedules are disclosed in WST’s
Form ADV 2.
D) Automated Investment Program
Assets Under Management Annual Fee
First $100,000 .75%
Next $150,000 .60%
Over $250,000 .50%
As described in Item 4 Advisory Business, clients do not pay fees to SPT or brokerage commissions or other
fees to CS&Co. as part of the Automated Investment Program. Schwab does receive other revenues in
connection with the Program. Brokerage arrangements are further described below in Item 12 Brokerage
Practices.
GENERAL INFORMATION
Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either party,
for any reason upon receipt of 30 days written notice.
Mutual Fund Fees: All fees paid to JAM for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds and/or ETFs to their shareholders. These fees and expenses
are described in each fund's prospectus. These fees will generally include a management fee, other fund
expenses, and a possible distribution fee for mutual funds. If the mutual fund also imposes sales charges, a
client may pay an initial or deferred sales charge. A client could invest in a mutual fund and/or ETF directly,
without our services. In that case, the client would not receive the services provided by our firm which are
designed, among other things, to assist the client in determining which mutual fund and/or ETFs are most
appropriate to each client's financial condition and objectives. Accordingly, the client should review both
the fees charged by the funds and our fees to fully understand the total amount of fees to be paid by the
client and to thereby evaluate the advisory services being provided.
Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are subject to JAM's
minimum account requirements and advisory fees in effect at the time the client entered into the advisory
relationship. Therefore, our firm's minimum account requirements and fee schedules will differ among
clients.
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