Morris & Wells Wealth Management

Item 5                 Fees and Compensation
         A.   Morris & Wells charges each client a quarterly fee of 0.25% of the amount of
              their assets being managed that does not exceed $5,000,000 and 0.125% of the
              amount of their assets being managed that does exceed $5,000,000. Under certain
              circumstances, clients negotiate the above fee.
         B.   Morris & Wells clients either have fees deducted from their assets or receive a bill
              from the firm. Morris & Wells either deducts fees or bills clients quarterly.
         C.   Morris & Wells clients will also incur transaction costs associated with each trade
              for their accounts. The majority of Morris & Wells clients use Charles Schwab
              (Schwab) as the custodian and broker for their assets. Currently Schwab charges,
              on average, $0 per trade. If Morris & Wells purchases any ETF’s or mutual funds
              on behalf of a client, the client will incur the fees charged by the given investment
              instrument.
         D.   Morris & Wells clients must pay quarterly fees in advance. If the client terminates
              his/her relationship with Morris & Wells prior to the end of the quarter, the client
              will receive a fee refund, prorated for the number of days remaining in the quarter.
         E.   Neither Morris & Wells nor any supervised persons accept compensation for the
              sale of securities or other investment products, including asset-based sales charges
              or service fees from the sale of mutual funds. (see item 12 for the firm’s

Item 7                 Types of Clients
Morris & Wells manages portfolios for individuals and families, as well as, corporate retirement
plans, trusts, estates and foundations.