Item 5 – Fees and Compensation
The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written
agreement with the Advisor.
A. Fees for Advisory Services
The Firm is generally compensated for its investment management services on an annual basis. The
advisory fee will be pro-rated, and paid quarterly, in advance, based upon the market value of the assets on
the last day of the previous quarter in accordance with the following fee schedule:
Assets Under Management ($) Annual Rate (%)
Up to $2,500,000 1.00%
the next $2,500,001 to $10,000,000 0.75%
Over $10,000,000 0.50%
Unless Lansing Street agrees otherwise, in writing, Lansing Street shall debit the account directly for its advisory
fee. In the event of termination, Lansing Street shall refund any unearned portion of the advanced fee paid based
upon the number of days remaining in the billing quarter. For existing clients, the Firm’s policy is to treat intra-
quarter account additions and withdrawals equally (i.e., does not charge or reimburse for intra-quarter additions
or withdrawals) unless indicated to the contrary on the Firm’s Wealth Management Agreement executed by the
client.
The wealth management fee in the first quarter of service is prorated from the inception date of the account[s] to
the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will
take into consideration the aggregate assets under management with the Advisor. Wealth management fees also
include financial planning services as discussed in Item 4 above. All securities held in accounts managed by
Lansing Street will be independently valued by the Custodian. Lansing Street will not have the authority or
responsibility to value portfolio securities.
The Advisor’s fee is exclusive of, and in addition to, brokerage fees, transaction fees, and other related costs and
expenses, which may be incurred by the Client. However, the Advisor shall not receive any portion of these
commissions, fees, and costs.
Use of Independent Managers
For Client account[s] implemented through an Independent Manager, the Client’s overall fees will include Lansing
Street’s investment advisory fee (as noted above) plus advisory fees and/or platform fees charged by the
Independent Manager[s], as applicable. The Independent Manager may assume responsibility for calculating the
Client’s fees and deduct all fees from the Client’s account[s]. In such instances, Lansing Street charges its fee
separately on those assets.
Lansing Street may specifically direct clients to Black Rock Investment Management (“Black Rock”). The annual
fee schedule is as follows:
Assets Under Management Black Rock’s
($) Fee
Up to $1,000,000 0.35%
Next $2,000,000 0.30%
Next $2,000,000 0.25%
Next $5,000,000 0.22%
Next $10,000,000 0.20%
Over $20,000,000 0.15%
Lansing Street also uses Hamilton Lane Fund as a private equity manager for some clients. There is a 1.5%
non-leveraged management fee and a 12.5% performance fee charged at the Deal Level with a preferred return
of 6% on all co-investment direct credit investments and an 8% preferred return on all other investments.
Financial Planning Services Fees
The fixed rate for creating client financial plans is up to $10,000, depending upon the complexity of the plan. The
fees are negotiable, and the final fee schedule will be included in the Wealth Management Agreement.
Lansing Street will charge 1% AUM fee to the Lansing Street Real Estate Fund LLC. Lansing Street Advisors
does not charge an advisor fee on top of the Lansing Street Real Estate Fund fee.
Custodian Charges – Additional Fees. As discussed below at Item 12 below, when requested to recommend a
broker-dealer/custodian for client accounts, Lansing Street generally recommends that Schwab serve as the
broker-dealer/custodian for client investment management assets. Broker-dealers such as Schwab charge
brokerage commissions, transaction, and/or other type fees for effecting certain types of securities transactions
(i.e., including transaction fees for certain mutual funds, and mark-ups and mark-downs charged for fixed income
transactions, etc.). The types of securities for which transaction fees, commissions, and/or other type fees (as
well as the amount of those fees) shall differ depending upon the broker-dealer/custodian. While certain
custodians, including Schwab, generally (with the potential exception for large orders) do not currently charge
fees on individual equity transactions (including ETFs), others do. Please Note: there can be no assurance that
Schwab and/or Fidelity will not change their transaction fee pricing in the future. Please Also Note: Schwab may
also assess fees to clients who elect to receive trade confirmations and account statements by regular mail rather
than electronically. Lansing Street’s Chief Compliance Officer, Mike Topley, remains available to address any
questions that a client or prospective client may have regarding the above.
B. Fee Billing
Wealth Management Services.
Wealth management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian at the start of each quarter (in advance of each quarterly billing period). The Advisor shall send
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