JSF Financial LLC

Item 5     Fees and Compensation

              INVESTMENT SUPERVISORY SERVICES (PORTFOLIO MANAGEMENT)

                           THIRD PARTY MANAGER ACCOUNT PROGRAM
                             RETIREMENT PLAN ADVISORY SERVICES
                                WEALTH MANAGEMENT SERVICES
Our current annualized advisory fee for these services is generally no more than 1.00% of the value of a
client’s assets under management.
Based on the size of the client’s account, the make-up of the client’s portfolio, overall service
requirements as well as the complexity of the client’s financial situation, negotiable fee schedules
include the following arrangements:
          1- A set asset-based fee of a negotiated percentage
          2- A pro-rated/tiered fee in respect of specific assets
Any of the above fee arrangements can also include a separately defined fee in respect of specifically
designated assets within a larger account. A minimum account size of $250,000 of assets under
management is generally required for JSF services. This account size is negotiable on a case-by-case
basis. JSF can group certain related client accounts for the purposes of achieving the minimum account
size and determining the annualized fee. At its discretion, JSF can consider a client’s request for an
alternative fee arrangement. In addition, JSF reserves the right to change its fee schedule for all clients
or selected clients and under certain circumstances, the fee schedule can be waived.
The advisory fee for the first billing period after a client engages JSF is generally based on the initial
deposit into the client’s account, including cash, cash equivalents, and accrued interest and will be
prorated to the end of the calendar quarter. Thereafter, the advisory fee will be payable quarterly in
advance at the beginning of the quarter and is based on the market value of the account at the end of
the quarter, including cash and cash equivalents, as well as accrued interest and dividends. The fee will
equal the rate multiplied by the market value of the account at the end of the quarter, which is then
divided by 365 days (or 366 in any leap year) and multiplied by the number of days in the quarter. For
accounts with margin, the fee will be calculated using the full market value of securities, cash and cash
equivalents, and include any margin balance. This creates a conflict of interest. In addition, margin
accounts carry risks. Please refer to “Margin Loans” below for important information.
Fees on deposits of cash or securities into any account made during any calendar quarter (including
during the initial billing quarter) that are equal to or greater than $50,000 will be prorated from the date
of deposit to the end of the calendar quarter. Client must authorize the Custodian to deduct the fee from
the account and pay such fee directly to JSF unless the client requests otherwise. In the course of
managing investments for clients, JSF can choose to take a defensive position and increase cash
positions based upon perceived or anticipated market conditions. All cash positions (money markets,
etc.) are generally included as part of assets under management for purposed of calculating the firm’s
advisory fees.
For mutual fund Class A, Class C, and infrequently other positions, which are deposited into a new
account opened during the calendar quarter, advisory fee billing for this account will generally
commence on the first day after such assets have been deposited into the account and converted to a
lower cost share class. Any mutual fund positions which are subject to a contingent deferred sales

charge ("CDSC") and cannot yet be converted to a lower-priced share class in a JSF advisory account,
will be held in the account and will not be assessed an advisory fee until the quarter following such time
that the CDSC period has passed and the shares are converted to the lower-cost share class. See
Mutual Fund and ETF Fees below for more information. If an investment management agreement is
terminated, the client will receive a pro rata refund representing the period of time from the effective
date of the termination until the end of the quarter. No refunds will be made due to a partial withdrawal
of funds from the account by the client.
Limited Negotiability of Advisory Fees: Although JSF has established the aforementioned fee
schedule(s), we retain the discretion to negotiate alternative fees on a client-by-client basis. Client facts,
circumstances and needs are considered in determining the fee schedule. These include the complexity
of the client, assets to be placed under management, anticipated future additional assets, related
accounts, portfolio style, account composition, reports, among other factors. The specific annual fee
schedule is identified in the contract between the adviser and each client. JSF does have clients that
have different fee schedules/arrangements than the ones reflected in this Disclosure Brochure.
Discounts, not generally available to our advisory clients, are offered to family members and friends of
associated persons of our firm. JSF also reserves the right to waive fees for friends and family
members.
Third Party Manager Account Fees: In addition to the advisory fee charged by our firm, clients that
participate in JSF’s Third Party Manager Account Program also pay an investment management fee to
the selected TPM(s). Generally, JSF and the manager each debit their respective fees directly from the
client account.
The fees charged by the TPMs will differ in the amount and the timing of billing. For example, one TPM
may charge a flat percentage of account assets and bill quarterly in advance, while a separate TPM
may charge a tier percentage fee based on total client assets under management and bill monthly in
arrears.
In evaluating such an arrangement, the client should consider that, depending upon the level of the fee
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Item 7     Types of Clients
JSF provides advisory services to the following types of clients:
   •   Individuals (other than high net worth individuals)
   •   High net worth individuals
   •   Trusts
   •   Charitable Organizations
   •   Pension and profit-sharing plans (other than plan participants)
   •   Corporations, partnerships or other businesses not listed above
As previously disclosed in Item 5, Fees and Compensation, our firm has established certain initial
minimum account requirements, based on the nature of the service(s) being provided. For a more
detailed understanding of those requirements, please review the disclosures provided in each applicable
service.
If a client’s account is a pension or other employee benefit plan governed by the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), JSF Financial will be a fiduciary to the plan. In
providing our investment management services, the sole standard of care imposed upon us is to act
with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man
acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims. JSF Financial will provide certain required disclosures to the “responsible
plan fiduciary” (as such term is defined in ERISA) in accordance with Section 408(b)(2), regarding the
services we provide and the direct and indirect compensation we receive by such clients. Generally,
these disclosures are contained in this Form ADV Part 2A, the Client Agreement and/or in separate
ERISA disclosure documents and are designed to enable the ERISA plan’s fiduciary to: (1) determine
the reasonableness of all compensation received by us; (2) identify any potential conflicts of interests;
and (3) satisfy reporting and disclosure requirements to plan participants.”
When JSF provides investment advice to our clients, we are deemed a fiduciary under certain federal
regulations, and, when applicable within the meaning of Title I of the Employee Retirement Income
Security Act (“ERISA”) and/or the Internal Revenue Code of 1986 (the “Code”), which are laws

governing retirement accounts. The way we make money creates some conflicts with our clients’
interests. However, as a fiduciary, JSF and our supervised persons are required to always act in our
clients’ best interests, which means we must, at a minimum, take the following steps:
• Meet a professional standard of loyalty and care when making investment recommendations.
• Always put our clients’ interests ahead of our own when making recommendations and providing
services.
• Disclose all conflicts of interest and how the Firm addresses such conflicts.
• Adopt and follow policies and procedures designed to help ensure that we give advice and provide
services that remain in each client’s best interest.
• Charge an advisory fee that is reasonable for our services.
• Not provide, or withhold, any information that could render our advice and/or services misleading.
In addition, when recommending to a prospect or client a rollover of their retirement account (e.g., 401K
to an IRA). JSF will perform an analysis to determine whether such a recommendation is in the prospect
or client’s best interest based on applicable facts and circumstances at the time of the recommendation.
If the analysis shows it to be in a prospect or client’s best interest, then we will provide a document to
the prospect or client outlining the reasons the rollover would be in their best interest.