Item 5 Fees and Compensation
INVESTMENT SUPERVISORY SERVICES ("ISS")
INDIVIDUAL PORTFOLIO MANAGEMENT FEES
Our annualized fee for Investment Supervisory Services is charged as a percentage of assets under management,
according to the following schedule:
1.00% on the first $15 Million
0.875% on the next $15 Million
0.75% on the next $15 Million
0.625% on the next $25 Million
0.50% on the balance
Fees are charged quarterly in advance based on the assets under management on the last day of the quarter
immediately preceding the date of the bill.
Limited Negotiability of Advisory Fees
Although Roanoke has established the aforementioned fee schedule(s), we retain the discretion to negotiate
alternative fees on a client-by-client basis. Client facts, circumstances and needs are considered in determining
the fee schedule. These include assets to be placed under management, anticipated future additional assets;
related accounts; portfolio style, account composition, and reports, among other factors. The specific annual fee
schedule is identified in the contract between Roanoke 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.
GENERAL INFORMATION
Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either party, for
any reason upon receipt of 30 days written notice. As disclosed above, certain fees are paid quarterly in advance
of services provided. Upon termination of any account, any prepaid, unearned fees will be promptly refunded.
In calculating a client's reimbursement of fees we will prorate the reimbursement according to the number of
days remaining in the billing period.
Mutual Fund Fees: All fees paid to Roanoke for investment advisory services are separate and distinct from the
fees and expenses charged by mutual funds and/or ETFs to their shareholders. These fees and expenses are
described in each fund's prospectus. These fees will generally include a management fee, other fund expenses,
and a possible distribution fee. If the fund also imposes sales charges, a client may pay an initial or deferred
sales charge. A client could invest in a mutual fund directly, without our services. In that case, the client would
not receive the services provided by our firm which are designed, among other things, to assist the client in
determining which mutual fund or funds are most appropriate to each client's financial condition and objectives.
Accordingly, the client should review both the fees charged by the funds and our fees to fully understand the
total amount of fees to be paid by the client and to thereby evaluate the advisory services being provided.
Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees and
expenses charged by custodians and imposed by broker dealers, including, but not limited to, any transaction
charges imposed by a broker dealer with which an independent investment manager effects transactions for the
client's account(s). Please refer to the "Brokerage Practices" discussion in Item 12 of this Brochure for
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additional information.
Grandfathering of Minimum Account Requirements: Pre-existing advisory clients are subject to Roanoke's
minimum account requirements and advisory fees in effect at the time the client entered into the advisory
relationship. Therefore, our firm's minimum account requirements will differ among clients.
ERISA Accounts: Roanoke is deemed to be a fiduciary to advisory clients that are employee benefit plans or
individual retirement accounts (IRAs) pursuant to the Employee Retirement Income and Securities Act
("ERISA"), and regulations under the Internal Revenue Code of 1986 (the "Code"), respectively. As such, our
firm is subject to specific duties and obligations under ERISA and the Internal Revenue Code that include,
among other things, restrictions concerning certain forms of compensation.
Advisory Fees in General: Clients should note that similar advisory services may (or may not) be available from
other registered (or unregistered) investment advisers for similar or lower fees.
Limited Prepayment of Fees: Under no circumstances do we require or solicit payment of fees in excess of
$1,200 more than six months in advance of services rendered.