Keystone Financial Services

ITEM 5 - FEES AND COMPENSATION

INVESTMENT MANAGEMENT FEES AND COMPENSATION
Keystone Financial charges a fee as compensation for providing Investment Management services to your
account. These services include advisory and consulting services, trade entry, investment supervision, and
other account maintenance activities. The custodian may charge custodial fees, transaction costs,
redemption fees, retirement plan and administrative fees or commissions. See Additional Fees and
Expenses below.
The fees for portfolio management are based on an annual percentage of your assets that we manage.
The advisory fees are billed monthly, in arrears, based upon the average daily balance of the account(s).
The relevant fee and billing method is defined and agreed to by the firm and you in the executed
Investment Advisory Agreement. The initial advisory fee will be based on the average daily balance for
the initial partial month your assets are under our management. This fee will be debited directly from
your investment account. Fees are assessed on all assets under management, including securities, cash,
and money market balances. Margin debit balances do not reduce the value of assets under management.
Our maximum annual fee is 1.5% and we have a minimum annual fee of $7,500 for our services. This
minimum is typically satisfied through the investment advisory fees charged on assets under management
and is not an additional fee. If the total annual investment advisory fees do not meet the $7,500 minimum,
the client is responsible for paying the difference. Fees may vary based on the size of the account, the

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complexity of the portfolio, the extent of activity in the account or other reasons agreed upon by us and
you as the client. In certain circumstances, our fees and the timing of the fee payments may be
negotiated. Our employees and their family related accounts may be charged a reduced fee for our
services.
Our annual fee is reasonable in relation to (1) the services provided and (2) the fees charged by other
investment advisers offering similar services/programs.
We will aggregate asset amounts in advisory accounts from your same household together to determine
the advisory fee for all your accounts. For example, we may do this where we also service accounts on
behalf of your minor children, individual and joint accounts for a spouse, and/or other types of related
accounts. This consolidation practice is designed to allow you the benefit of an increased asset total,
which could potentially cause your account(s) to be assessed a reduced advisory fee based on the asset
levels available in our fee schedule. Certain less active accounts may be charged a lower fee and may not
be aggregated.
Additional fees and expenses you may incur are brokerage commissions, principal markups and discounts,
SEC fees, mutual fund/ETF expense ratios, mutual fund 12B-1 fees, tax withholding on certain foreign
securities, postage fees, wire fees, bank charges, and other administration fees as authorized by you.
Please refer to Section 12 for information on brokerage fees and services.
When applicable, and noted in Appendix of the Investment Management Agreement, legacy positions will
also be excluded from the fee calculation.
The independent and qualified custodian holding your funds and securities will debit your account directly
for the advisory fee and pay that fee to us. When establishing a relationship with Keystone Financial, you
provide written authorization permitting the fees to be paid directly from your account held by the
qualified custodian. Further, the qualified custodian agrees to deliver an account statement to you on a
monthly basis, or quarterly if no account activity, indicating all the amounts deducted from the account
including our advisory fees. See Item 15 for details. You are encouraged to review your account
statements for accuracy.
Either Keystone Financial or you may terminate the management agreement by telephone and confirmed
in writing to the other party. The management fee will be pro-rated to the date of termination, for the
month in which the cancellation notice was given, and any unearned fees will be refunded to you. Upon
termination, you are responsible for monitoring the securities in your account, and we will have no further
obligation to act or advise with respect to those assets. In the event of your death or disability, Keystone
Financial will continue management of the account until we are notified of your death or disability and
given alternative instructions by an authorized party.
In no case are Keystone Financial fees based on, or related to, the performance of your funds or
investments.

FINANCIAL PLANNING FEES
Typically, financial planning is included in our investment management fees. From time to time, we may,
by request, engage with a client to create a one-time, customized financial plan. Generally, our fees are
charged on a fixed fee basis between $1,500 - $15,000 depending on breadth of service and the
complexity of the client’s situation. Before commencing financial planning services, the client must enter
into an agreement outlining the fees that will be charged.
Typically, we complete and present a plan to you within 120 days of the contract date, if you have provided
us all information needed to prepare the financial plan. Your billing method is agreed to in advance of

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performing services and is agreed to and acknowledged in the Financial Planning Agreement executed by
you and our firm. Fees can be paid via check to Keystone Financial or can be invoiced and processed
through a third-party nonaffiliated service, AdvicePay. You will be asked to set up your bank account or
credit card at AdvicePay to enable credit card or ACH payments. While AdvicePay allows firms like
Keystone Financial to receive payments directly from your credit card or bank account, it does not give
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ITEM 7 - TYPES OF CLIENTS
We provide investment advice to individuals, families, employer sponsored retirement plans, trusts, and
broker dealer.
We do not have a minimum account balance requirement in order to receive our services.