Partners Capital Services Inc

Item 5       Fees and Compensation
                    INVESTMENT SUPERVISORY SERVICES
      INDIVIDUAL PORTFOLIO MANAGEMENT FEES/PORTFOLIO MANAGEMENT
                             SERVICES FEES

Partners Capital Services, Inc. utilizes the fee-based services of RBC Clearing and
Custody (RBC C&C) for portfolio management through PCS. The first program is the
Advisory Account, which is a non-discretionary customer directed fee-based account.
The fee is calculated as a percentage of the assets under management. The second
program is the Unified Portfolio Program which is a unified managed account program
that allows clients to bring their investments together in one account. The third program
is Consulting Solutions, which is a wrap-fee program that gives clients access to private
account managers from top institutional money managers. The fourth program is
Unbundled Managed Account Solutions which offers PCS the operational systems to
facilitate certain third-party fee-based account programs for our clients. PCS also
utilizes outside sub-advisory services of a third-party registered investment adviser to
provide investment management services with respect to client accounts, based on the
client’s investment objectives, policies and restrictions. The Customer is advised that
a portion of the negotiated fee being charged for their services goes directly to RBC or
the sub-advisor.

Our fees for Investment Supervisory Services are based upon a percentage of assets
under management, services provided, whether the portfolio is managed by a third party
and generally range from 0.75% to 2.50% annually. Fees will be deducted directly from
the client's account generally at the beginning of the quarter or billed quarterly
depending on the needs of the client. For example, a 1.0% fee could consist of a 0.25%
fee for a third party portfolio manager and 0.75% for the advisor. Accounts will also
incur annual fees from the broker-dealer if the account does not meet the broker-

dealer’s threshold for fee waiver. Certain accounts depending on their program may
incur per trade ticket charges.

Partners Capital Services, Inc. has a suggested minimum account size of $5,000 for the
Individual Portfolio management (managed by Partners Capital Services, Inc./Agents)
and a suggested minimum account size of $100,000 for the Portfolio Management
Service (Third Party/Selection of Advisor and monitor) such as the Consulting Solutions
Program. We may group certain related client accounts for the purposes of achieving
the minimum account size and determining the annualized fee.

Partners Capital Services, Inc. utilizes the Wealth Management Platform offered
through RBC Clearing and Custody. As stated above, the first program will consist of
the Advisory Account, which is a customer directed fee-based account calculated as a
percentage of the assets under management. Clients participating in the Advisor
Program are charged one fee, negotiated with the customer, which includes RBC's
Clearing Broker Service Fee (that is determined by the amount of assets under
management) and PCS' advisory fee.

The remaining programs will manage the portfolio for a fee calculated as a percentage
of the assets under management. Clients participating in the programs are charged one
fee that includes any RBC's Clearing and Custody fees, Broker Service fees, PCS'
advisory fees, and any third-party manager fees. RBC has participating Money
Managers for various strategies such as Large Cap Growth, Small Cap Value, Global
and International Equities as well as Fixed Income portfolios along with a vast array of
network eligible fund families.

Clients participating in these programs are charged a management fee, which is a
portion of the PCS' management fee. The fees are negotiated with the client.

Limited Negotiability of Advisory Fees: Partners Capital Services, Inc. retains the
discretion to negotiate alternative fees on a client-by-client basis. Client facts,
circumstances and needs will be considered in determining the fee charged. These
include the complexity of the client, assets to be placed under management, anticipated
future additional assets; related accounts; portfolio style, account composition, reports,
among other factors. The specific annual fee will be identified in the contract between
the adviser and each client.

We may group certain related client accounts for the purposes of achieving the
minimum account size requirements and determining the annualized fee.
Discounts, not generally available to our advisory clients, may be offered to family
members and friends of associated persons of our firm.

Other Revenue

Management personnel and other related persons of our firm are licensed as registered
representatives of a broker-dealer and, acting in that capacity, they can implement

transactions for our advisory clients in the clients’ commission-based account(s) held at
American Capital Partners LLC. In so doing, these individuals will earn separate
compensation in the form of commissions and/or 12b-1 fees (trail fees earned from the
sale of mutual funds and/or ETFs).
While these individuals endeavor at all times to put the interest of the clients first as part
of Partners Capital Services, Inc.’s fiduciary duty, clients should be aware that the
receipt of additional compensation itself creates a conflict of interest and may affect the
judgment of these individuals when making recommendations. Clients, however, are not
under any obligation to engage these individuals when considering the implementation
of advisory recommendations.

Management personnel and other related persons of our firm are licensed insurance
agents, in which capacities each of them may receive compensation from the sale of
insurance products.

The activities of management personnel and other related persons of our firm as
insurance product agents represent a conflict of interest. They each have an incentive
...

Item 7      Types of Clients

Partners Capital Services, Inc. provides advisory services to the following types of
clients:
  •   Individuals
  •   High net worth individuals
  •   Small Businesses
  •   Corporations
  •   Trusts
RBC has established certain initial minimum and maintenance account requirements,
based on the nature of the service(s) being provided. For a more detailed understanding
of those requirements, please review the disclosures provided for each applicable
service.