North Berkeley Wealth Management LLC

Item 5: Fees & Compensation
The Client will pay North Berkeley for investment management and financial planning service by paying a single
percentage of the average daily balance of the Assets as valued by the custodian at the end of each calendar quarter
unless that valuation is not available. If not available, compensation will be based on the Assets as valued by the
custodian as of the last business day at the end of each calendar quarter.

Clients authorize the Custodian of the Client assets to deduct from the Client Account the amount of North Berkeley’s
fee and to remit the fee to North Berkeley, Sub-Adviser and/or SMA. The amount of the fee and the calculation basis
will be shown on an invoice sent to the Client at the end of each calendar quarter so that Client can verify the amount
deducted is correct.

For any sub-advisory or SMA services rendered, the fee assessed will be distributed between our firm and the chosen
Sub-Adviser or SMA. Fees may be deducted wholly by our firm, or by both our firm and the chosen Sub-Adviser or
SMA. Generally, the fee charged by the third-party manager will be paid for by North Berkeley. If the fee is in addition
to North Berkeley’s advisory fee, the exact amount will be disclosed on the executed advisory agreement.

North Berkeley offers investment advice to Clients including advice on retirement assets in retirement plans sponsored
by Client’s employer or former employer. North Berkeley specifically includes these Accounts in the Assets under
management for Client and agrees that the fees related to those Assets may either be deducted from Client’s non-
retirement Accounts or billed for payment to Client.

Each Client executes an Advisory Agreement (“Agreement”) at the time they become a Client, and the Agreement
specifies the compensation structure. There may be Clients at the firm with differing compensation schedules
depending on when they contracted services with the firm, or other specific variations as noted in their Agreement.
All fees are negotiable.

FE ES CA LCU LAT I O N

     Assets Under Management	                        Quarterly Rate	                         Annual Rate
     Up to $3 million	                                  0.25%	                                  1.00%
     $3 -$5 million	                                    0.1875%	                                0.75%
     $5 - $10 million	                                  0.125%	                                 0.50%
     Over $10 million	                                  0.0875%	                                0.35%

If Asset value is or becomes less than $1,000,000, North Berkeley requires a minimum quarterly fee of $2,500, which
shall be effective beginning with the quarter in which Client assets under management are below $1,000,000. North
Berkeley may have some Clients for whom this minimum is waived.

Fees, including minimum fees, will be prorated for partial quarters and will be paid at the end of each calendar quarter,
in arrears, based either on the average daily balance of the assets for the partial quarter, or on the market value of the
Assets on the last business day of the quarter if the average daily balance is not available. Unless otherwise noted in
writing, our firm bills on cash.

Hourly Fees
Hourly services are only offered to existing clients with assets under management, and only when the scope
of work required is above and beyond the typical financial planning and/or investment services included in our
comprehensive services.

Hourly financial planning services will be charged at the hourly rate of $295.

Client and North Berkeley will jointly determine an estimate of time needed and a “not to exceed” maximum each time
a new project is undertaken.

North Berkeley Wealth Management                                                   Firm Brochure: Part 2A of Form ADV | 6

Other Fees
Mutual Fund Management Fees
Client will also incur investment advisory fees and expenses charged by mutual fund and exchange traded funds at
the fund level (e.g. management fees and other fund expenses). These will be disclosed in the summary and statutory
prospectuses and statements of additional information of the mutual funds which will be delivered or made available
by North Berkeley to the Client either on-line or in paper form if requested by the Client. Whenever required to facilitate
trades in Client’s account, Client authorizes North Berkeley to take delivery of prospectuses on Client’s behalf.

Ticket Charges & Other Fees Levied by Custodian
Trading charges for transactions in Client account are paid to Charles Schwab (“Schwab”) as custodian; North Berkeley
is not compensated as a result of these charges. The current schedule of charges is publicly available to clients on
Schwab’s website. Fees for North Berkeley’s Clients will not be higher than those listed on this schedule and in some
cases may be lower. my529 does not levy transaction charges, it only charges asset-based fees that are publicly
available to clients on my529’s website. There may also be other account maintenance or administrative fees levied by
Schwab and my529 from time to time, which, if any, will be charged directly to Client.

Clients may also pay holdings charges imposed by the chosen custodian for certain investments, charges imposed
directly by a mutual fund (as mentioned above), index fund, or exchange traded fund, which shall be disclosed in the
fund’s prospectus (e.g., fund management fees, distribution fees, surrender charges, variable annuity fees, IRA and
qualified retirement plan fees, mark-ups and mark-downs, spreads paid to market makers, fees for trades executed
away from custodian, wire transfer fees and other fees and taxes on brokerage accounts and securities transactions).
Our firm does not receive a portion of these fees.

Schwab’s and my529’s current fee schedules can be found by following these links:
Schwab: schwab.com/legal/schwab-pricing-guide-for-advisor-services
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Item 7: Types of Clients
North Berkeley provides financial consultation to individuals, retirement plans, trusts, estates, charitable organizations,
and business entities.

Account Minimums
North Berkeley generally requires a minimum amount of assets under its management to be $1,000,000 with a
minimum annual fee for new Clients of $10,000, billed quarterly. Legacy clients may have different agreements with
North Berkeley.

Account minimums may be waived by North Berkeley.

Item 8: Methods of Investment Analysis, Strategies
& Risk of Loss
Methods of Analysis and Investment Strategies
At North Berkeley, our core philosophy is deeply rooted in the belief that being invested in well-managed companies
held for the long term is the best way to build wealth. In order to achieve this, we work with each client to determine
their liquidity needs, risk tolerance, and financial goals and then make a recommendation for a diversified portfolio that
aligns with these considerations.

When managing client portfolios, North Berkeley primarily uses institutional mutual funds and exchange-traded funds
to implement their strategies, including a blend of passive and active strategies. Although the factors may change
based on market conditions and asset class, general considerations are risk and return metrics, expense ratios, fund
size, firm size, performance history, compensation practices, and style biases. We often utilize mutual funds that we
can buy without sales charges and due to our significant asset base, generally have access to institutional share
classes when available which may have trading costs, but typically also have lower internal fees.

An important feature of our investment management for clients is regular rebalancing of Client portfolios. This process
allows us to add to asset classes when they are more attractively priced, as well as to sell or take gains in assets
classes where valuations are relatively high. This systematic approach helps us to stay disciplined through unexpected
economic events as well as the regular ups and downs of the market cycle, while also smoothing out performance by
incrementally “buying low” and “selling high.”

Many clients express a preference for additional ESG screening criteria to be included in their portfolio management.
For these clients, we currently offer a strategy with a general ESG screen as well as a strategy with an environmental
screen focused on limiting carbon extraction. The fund managers in these strategies are evaluated on the same set of
risk and return criteria as our unscreened managers, plus an additional set of metrics focused on measurable impact
and reporting.

We use a total-return approach to achieve Client’s stated investment return goals, meaning account growth will come
from dividends and interest as well as appreciation of the underlying securities. We aim to provide a real return after
accounting for inflation, taxes, and fees.

In specific situations, and when appropriate based on individual circumstances, the firm also utilizes other investment
strategies, including private investments, sub-managers, or stock options on a limited basis.

Market & Securities Risks
The investment strategies used by North Berkeley for Client portfolios involve direct and indirect investment in
securities markets. Depending on the composition of their portfolio, Clients may face the following risks, either through
direct ownership of the securities, or indirect ownership via mutual funds or other pooled investment vehicles:
  •	 Interest Rate Risk. Fluctuations in interest rates may cause investment prices to fluctuate. For example, when
     interest rates rise, yields on existing bonds become less attractive, causing their market values to decline.
  •	 Market Risk. The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible
     events and conditions. This type of risk is caused by external factors independent of a security’s particular
     underlying circumstances or value.
  •	 Inflation Risk. When any type of inflation is present, a dollar today will not buy as much as a dollar next year,
     because purchasing power is eroding at the rate of inflation.

North Berkeley Wealth Management                                                    Firm Brochure: Part 2A of Form ADV | 8

  •	 Currency Risk. Overseas investments are subject to fluctuations in the value of the dollar against the currency
     of the investment’s originating country. This is also referred to as exchange rate risk.
  •	 Reinvestment Risk. This is the risk that future proceeds from investments may have to be reinvested at a
     potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities.
  •	 Business Risk. These risks are associated with a particular industry or a particular company within an industry.
     For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can
     generate a profit. They carry a higher risk of profitability than an electric company, which generates its income
     from a steady stream of customers who buy electricity no matter what the economic environment is like.
  •	 Liquidity Risk. Liquidity is the ability to readily convert an investment into cash. Generally, assets are more
     liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid,
     while real estate properties are not.
  •	 Financial Risk. Excessive borrowing to finance a business’ operation increases the risk of profitability, because
     the company must meet the terms of its obligations in good times and in bad. During periods of financial stress,
     the inability to meet loan obligations may result in bankruptcy and/or a declining market value for the securities
     issues by such companies.

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