Lake Street Advisors Group LLC

ITEM 5 - FEES AND COMPENSATION
CALCULATION AND METHOD OF PAYMENT FOR ADVISORY FEES
LSA’s fees may be based on a percentage of client’s assets under management or may be a fixed annual fee. Fees are
typically calculated annually using the valuations as of September 30 of each year and presented to the client for review
and approval. Fees are generally payable quarterly in advance and deducted directly from the client’s account(s) assets
held at a broker-dealer or qualified custodian. LSA will only deduct advisory fees from the qualified custodian account(s)
with prior written permission granted by the client in the Investment Advisory Agreement. LSA will provide the client an
informational invoice showing the fee amount charged to the client account(s) unless the client provides us with
instructions not to send it. LSA will confirm that the qualified custodian is sending quarterly statements to each client or
notifying clients that statements are available on the custodian’s web portal.

LSA fees and fee payment terms will be defined in the Investment Advisory Agreement. If an Investment Advisory
Agreement is entered into at any time other than the first day of a calendar quarter, LSA’s fee will be calculated on a pro-
rata basis meaning the fee will be based on the proportional number of days the client’s assets are under LSA’s
management.

Clients are advised to carefully review the annual calculation of the advisory fees, the quarterly informational invoices LSA
sends to clients when deducting fees directly from the client’s account(s), and to compare each LSA informational invoice
to the statement received from the qualified custodian to ensure the amounts are consistent and as agreed.

For certain clients, we charge an advisory fee for services provided to the held-away accounts mentioned above in Item
4, just as we do with client accounts held at our primary custodian(s). The specific fee schedule charged by us is provided
in the client’s investment advisory agreement with us. Other clients’ fees and fee payment arrangements may differ from
those described above.

Other advisers will charge a separate management fee, which may include performance-based fees and incur other
expenses, as mutually agreed upon between LSA and the client prior to LSA hiring any other adviser. LSA does not receive
any compensation from third party money managers we recommend to our clients.

LSA may, when Lake Street deems appropriate, in its discretion, combine the account values of household members to
determine the advisory fees which may result in paying a reduced fee based on the available breakpoints in our
investment management fee schedule described below.

INVESTMENT MANAGEMENT FEES
Investment Management fees will generally be calculated based on total investment assets under management, typically
subject to a minimum annual fee of $120,000 according to the following schedule:

                0.75% on the first $25 million

                0.50% on the next $25 million

                0.40% on the next $50 million

                0.35% on assets above $100 million

LSA will present the fee calculation to the client for approval at the inception of the relationship and annually thereafter.
Fees are payable quarterly in advance. The client’s account(s) at a qualified custodian will be automatically debited and
an informational invoice sent to the client. Investment assets under management is generally the value of all financial
assets including assets managed by LSA and assets managed by the other advisers selected, excluding: tangible personal
property; residential real property; employer stock, stock options, and other employer restricted stock (before its
liquidation); and any other assets that LSA and the client agree in writing to exclude. Lake Street bills on cash unless it

decides not to in its sole discretion. Quarterly fees pulled paid to LSA may be rounded up or down to the nearest whole
dollar or may be to the penny.

Clients may choose to pay a fixed or flat fee if it’s mutually agreeable to LSA and the client. Fixed fees will generally be
similar to what a client might pay under an asset-based fee calculation. The range is expected to be between $100,000
and $750,000 per year. Fees will be determined on a case-by-case basis and will depend on the complexity and resources
needed to meet the client’s needs. There may be circumstances where a fee higher than the range presented is warranted.
Fees may be negotiable, and clients may pay different fee rates than other similar clients. LSA may lower or waive
minimum fees on a case-by-case basis. Clients paying the minimum fee may be “paying up” for services in certain cases.

Clients choosing to use margin accounts will be billed based on the assets under management which is not reduced for
the indebtedness of the margin account. This situation creates a conflict of interest where LSA has an economic incentive
to recommend clients use margin accounts so that LSA has more assets that are included in our fee calculations resulting
in a higher fee paid by the client to LSA. To address this conflict, LSA discloses it here to clients and monitors the use of
margin in client accounts. Clients are given the opportunity to review and approve their annual fee calculations before
any such fees are imposed by LSA.

FINANCIAL PLANNING FEES
Financial planning services are generally included when a client enters into an Investment Advisory Agreement with LSA
and may incur an additional fixed amount or flat fee depending on the complexity of the financial planning services
needed.

Financial planning services may be done as a stand-alone service for a flat fee and may be provided under the terms of an
Engagement Letter mutually agreed to by LSA and a client. Fees will be determined on a case-by-case basis and will
depend on the complexity and resources needed to meet the client’s planning needs.

REASONABLENESS OF ADVISORY FEES
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ITEM 7 - TYPES OF CLIENTS
LSA primarily serves high net worth individuals, high-wealth families, trusts, estates, family partnerships (LLCs), charitable
organizations, foundations, and ERISA plans (ERISA Plan services is no longer applicable since October 2022). LSA generally
works with accredited investors, qualified purchasers, and sophisticated clients having $20 million or more in assets. Lake
Street engages certain emerging wealth clients anticipating liquidity events from selling a business they own a substantial
interest in.