Item 5 Fees and Compensation
General Fee Information
Fees paid to MCWM are exclusive of all custodial and transaction costs paid to the client's custodian,
brokers or other third party consultants. Please see Item12 – Brokerage Practices for additional
information. Fees paid to MCWM are also separate and distinct from the fees and expenses charged
by mutual funds, ETFs (exchange traded funds) or other investment pools to their shareholders
(generally including a management fee and fund expenses, as described in each fund's prospectus or
offering materials). The client should review all fees charged by investment pools, brokers, MCWM
and others to fully understand the total amount of fees paid by the client for investment and financial-
related services.
Portfolio Management Fees
The annual fee schedule, based on a percentage of assets under management, is as follows:
First $4,000,000 1.50%
Balance above $4,000,000 0.75%
The minimum portfolio value is generally set at $500,000. MCWM may, at its discretion, make
exceptions to the foregoing or negotiate special fee arrangements where MCWM deems it appropriate
under the circumstances.
Portfolio management fees are generally payable quarterly, in arrears. If management begins after the
start of a quarter, fees will be prorated accordingly. With client authorization and unless other
arrangements are made, fees are normally debited directly from client account(s).
Either MCWM or the client may terminate their Investment Management Agreement at any time,
subject to any written notice requirements in the agreement. In the event of termination, any paid but
unearned fees will be promptly refunded to the client based on the number of days that the account
was managed, and any fees due to MCWM from the client will be invoiced or deducted from the client's
account prior to termination.
General Consulting Fees
When MCWM provides general consulting services to clients, these services are generally included in
MCWM's portfolio management services. If any fee is to be assessed, it will be negotiated and agreed
upon in advance of the service.
The California Code of Regulations requires that all investment advisers disclose the following to their
advisory clients:
1. All material conflicts of interest under CCR Section 260.238(k) are disclosed regarding MCWM,
its representatives or any of its employees, which could be reasonably expected to impair the
rendering of unbiased and objective advice;
2. While MCWM endeavors at all times to offer clients its specialized services at reasonable costs,
the fees charged by other advisers for comparable services may be lower than the fees
charged by MCWM.