Fees and Compensation — Form ADV Part 2A (7/6/2026)
[Brochure]
ITEM 5 - FEES AND COMPENSATION
RFA’s fees are negotiated with each client and may be renegotiated for each client
project. Fees vary based on the nature, complexity, and skills needed for the client
project and may also vary in structure. RFA may charge clients a retainer fee, a fixed
fee, an hourly fee, or an hourly fee with a maximum limit pursuant to the terms and
conditions of the agreement between RFA and the client. RFA may also charge fees
based on a percentage of a client’s invested capital with or without a stated
minimum. Where applicable, hourly fees may vary depending, among other things,
on the skill level of the employee assigned to the client project and range from $110
per hour to $1000 per hour. Clients are generally billed on a monthly basis for fees
incurred during the preceding month and any other outstanding debt the client owes
to RFA. Client projects with a maximum fee or fixed fee structure may also include
a retainer fee as agreed upon by the client and as described in the client’s
agreement with RFA.
RFA may charge for project-level expenses such as data that is purchased for the
purpose of conducting the assignment. These reimbursable expenses are
negotiated by the project and specified in the client’s agreement with RFA, if
applicable. RFA is a pure consulting firm and thus does not charge or receive
payments for the sale of securities, commissions, custodial fees, brokerage fees,
finder’s fees, or any similar fees.
Consulting contracts may be canceled without penalty by giving written notice. In
the event of such termination, the client will pay RFA for services and reimbursable
expenses performed through the date of termination, and any unused retainer fee, if
applicable, will be returned (or applied to another invoice for the client with the
client’s consents).
Private Fund Fees
RFA, in its role as investment manager to the private fund Sego Echelon, LLC, may
receive certain fees in connection with the management and operation of the fund’s
investment. These fees may include an acquisition fee ranging from 0.25% to
1.50% (25 to 150 basis points) of the acquisition price of an investment. In addition,
RFA will receive an asset management fee ranging from approximately 3% to 7%
of the net operating income (“NOI”) generated by the fund’s underlying investments.
The specific fees and terms applicable to investors are set forth in the governing
documents of the fund and related offering materials.
Account Minimums and Types of Clients — Form ADV Part 2A (7/6/2026)
[Brochure]
ITEM 7 – TYPES OF CLIENTS
RFA primarily provides consulting services to pension plans. RFA’s clients include
public pension funds, a sovereign wealth fund, a family office, and an endowment
fund. In addition, RFA may provide consulting and/or advisory services to family
offices, foundations, and other institutional investors in the future.
RFA does not impose minimum requirements for opening a client account or
otherwise engaging the firm for its services. However, although RFA does not
maintain minimum account size requirements, its services may not be suitable for
every prospective client.
RFA also provides investment management services to pooled investment
vehicles, including a private fund. RFA serves as the investment adviser to Sego
Echelon, LLC, a pooled investment vehicle established for the benefit of a client
and other eligible investors. The private fund permits certain employees of RCLCO
to invest alongside the primary client, subject to applicable eligibility requirements.
RFA manages the investment activities of the private fund and serves as the
General Partner of the private fund entity.