Silver Grove Financial Group Inc

​Item 5 – Fees and Compensation​

T​ he​ ​following​ ​paragraphs​​detail​​the​​fee​​structure​​and​​compensation​​methodology​​for​​services​​provided​​by​​the​​Advisor.​​Each​​Client​​engaging​​the​
 ​Advisor for services described herein shall be required to enter into a written agreement with the Advisor.​

​A.​ ​Fees for Advisory Services​

I​ nvestment Management Services​
 ​Investment​​advisory​​fees​​are​​paid​​either​​monthly​​or​​quarterly​​(“Billing​​Period”),​​in​​arrears​​or​​in​​advance,​​pursuant​​to​​the​​terms​​of​​the​​agreement.​
  ​Investment​​advisory​​fees​​are​​calculated​​according​​to​​the​​Billing​​Period​​security​​valuations​​as​​provided​​by​​the​​Client’s​​designated​​Custodian,​​either​
   ​based​​on​​the​​fair​​market​​value​​of​​portfolio​​assets​​under​​management​​in​​the​​Account​​at​​the​​end​​of​​the​​Billing​​Period​​or​​based​​on​​the​​average​​daily​
    ​balance​ ​of​ ​the​ ​Account.​ ​Silver​ ​Grove’s​ ​investment​ ​advisory​ ​fees​ ​range​ ​from​ ​0.0%​ ​to​ ​2.00%​ ​annually​ ​based​ ​on​ ​several​ ​factors,​ ​including:​ ​the​
     ​complexity​​of​​the​​services​​to​​be​​provided,​​the​​level​​of​​assets​​to​​be​​managed,​​and​​the​​overall​​relationship​​with​​the​​Advisor.​​Silver​​Grove’s​​fees​​are​
      ​negotiable,​ ​and​ ​Silver​ ​Grove’s​ ​advisory​ ​fee​ ​will​ ​be​ ​set​ ​forth​ ​in​ ​its​ ​advisory​ ​agreement​ ​with​ ​the​ ​client.​ ​As​ ​described​ ​below,​​when​​Independent​
       ​Managers​​are​​selected​​for​​client​​accounts,​​the​​client​​will​​also​​pay​​advisory​​fees​​to​​the​​Independent​​Manager.​​The​​total​​advisory​​fee​​will​​be​​set​​forth​
        ​in the account application of the advisory program selected for the client.​

I​nvestment​​advisory​​fees​​in​​the​​first​​Billing​​Period​​of​​service​​are​​prorated​​from​​the​​inception​​date​​of​​the​​account[s]​​to​​the​​end​​of​​the​​first​​Billing​
 ​Period.​ ​Fees​ ​may​ ​be​ ​negotiable​ ​at​ ​the​ ​sole​ ​discretion​ ​of​ ​the​ ​Advisor.​ ​The​ ​Client’s​ ​fees​ ​will​ ​take​ ​into​ ​consideration​ ​the​​aggregate​​assets​​under​
  ​management​ ​with​ ​the​ ​Advisor.​ ​All​ ​securities​ ​held​ ​in​ ​accounts​ ​managed​ ​by​ ​Silver​ ​Grove​ ​Advisory​ ​Services​ ​will​ ​be​ ​independently​​valued​​by​​the​
   ​designated Custodian. Silver Grove Advisory Services will not have the authority or responsibility to value portfolio securities.​

T​ he​​Advisor’s​​fee​​is​​exclusive​​of,​​and​​in​​addition​​to,​​brokerage​​fees,​​transaction​​fees,​​and​​other​​related​​costs​​and​​expenses,​​which​​may​​be​​incurred​
 ​by the Client. However, the Advisor shall not receive any portion of these commissions, fees, and costs.​

​ se of Independent Managers​
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​For​​Clients​​referred​​by​​the​​Advisor​​to​​an​​Independent​​Manager,​​the​​Client’s​​fee​​will​​be​​separately​​billed​​and​​deducted​​from​​the​​Client’s​​account[s]​
 ​by​​the​​Independent​​Manager.​​The​​total​​fee​​charged​​by​​Silver​​Grove​​Advisory​​Services​​and​​the​​Independent​​Manager​​shall​​not​​exceed​​3%​​annually.​
  ​The​ ​fees​ ​of​ ​the​ ​Independent​ ​Manager​ ​are​ ​set​ ​forth​ ​in​ ​the​ ​ADV​ ​Part​ ​2​​of​​the​​program​​sponsor​​(LPL,​​SEI,​​Betterment,​​Orion​​Portfolio​​Solutions,​
   ​AssetMark,​​or​​LVZ,​​Inc.)​​or​​of​​ADV​​Part​​2​​of​​the​​Independent​​Manager​​which​​is​​provided​​to​​the​​client.​​The​​total​​advisory​​fee​​including​​Silver​​Grove’s​
    ​advisory fee and the Independent Manager’s fee will be set forth in the account application of the program selected for the client.​

S​ election of Other Advisors​
 ​Clients​​will​​not​​be​​charged​​a​​separate​​fee​​for​​the​​selection​​of​​other​​advisers​​through​​a​​solicitor​​arrangement.​​Silver​​Grove​​will​​share​​in​​the​​advisory​
  ​fee​​paid​​by​​the​​Client​​directly​​to​​the​​other​​advisor,​​which​​we​​shall​​refer​​to​​as​​a​​Third-Party​​Money​​Manager​​(TPMM).​​The​​referral​​fee​​Silver​​Grove​
   ​receives from each TPMM is as follows:​

      ​●​ ​Howard​ ​Capital​ ​Management,​ ​Inc.:​ ​The​ ​annual​ ​maximum​ ​combined​ ​advisory​ ​fee​ ​will​ ​be​ ​no​ ​higher​ ​than​ ​2.00%​​of​​AUM.​​The​​TPMM's​
            ​ ortion​​of​​the​​total​​fees​​ranges​​from​​0.25%​​to​​0.99%​​of​​assets​​under​​management​​and​​our​​portion​​of​​the​​fee​​ranges​​from​​0.25%​​to​​0.99%​
            p
            ​of assets under management.​

​ e​​believe​​that​​the​​fees​​for​​both​​Silver​​Grove​​and​​the​​recommended​​third​​party​​are​​competitive,​​but​​clients​​should​​be​​aware​​that​​lower​​fees​​for​
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​comparable services may be available from other sources.​

T​ he​​advisory​​fee​​you​​pay​​to​​the​​TPMM​​is​​established​​and​​payable​​in​​accordance​​with​​the​​brochure​​of​​the​​TPMM​​to​​whom​​the​​Client​​is​​referred.​​At​
 ​the​​time​​of​​referral,​​TPMM's​​brochure​​will​​be​​delivered​​to​​the​​Client.​​Fees​​may​​be​​negotiable​​at​​the​​sole​​discretion​​of​​the​​TPMM,​​based​​on​​several​
  ​factors,​​including:​​the​​scope​​and​​complexity​​of​​the​​services​​to​​be​​provided;​​the​​level​​of​​assets​​to​​be​​managed;​​and​​the​​overall​​relationship​​with​​the​
   ​TPMM.​​Please​​refer​​to​​the​​TPMM's​​brochure​​for​​their​​policy​​regarding​​their​​advisory​​fees​​being​​negotiable.​​Additionally,​​each​​TPMM​​maintains​​its​
    ​own​​policy​​on​​refunding​​advisory​​fees​​in​​the​​event​​of​​early​​termination.​​The​​TPMM​​will​​provide​​the​​Client​​and​​Silver​​Grove​​a​​report​​itemizing​​the​
     ​fee,​ ​including​ ​the​​calculation​​period​​covered​​by​​the​​fee,​​the​​account​​value​​and​​the​​methodology​​used​​to​​calculate​​the​​fee.​​Refer​​to​​the​​TPMM's​
      ​disclosure​ ​brochure​ ​for​ ​information​​on​​the​​TPMM's​​fee​​schedule,​​policy​​on​​the​​negotiability​​of​​its​​advisory​​fee,​​and​​refund​​policy.​​Silver​​Grove’s​
...

​Item 7 – Types of Clients​

S​ ilver​​Grove​​Advisory​​Services​​offers​​investment​​advisory​​services​​to​​individuals,​​high​​net​​worth​​individuals,​​trusts,​​estates​​and​​other​​businesses​​in​
 ​the​ ​State​ ​of​ ​New​ ​York​ ​and​ ​other​ ​states.​ ​Silver​ ​Grove​ ​Advisory​ ​Services​ ​generally​ ​does​ ​not​ ​impose​ ​a​ ​minimum​ ​account​ ​size​ ​for​ ​establishing​ ​a​
  ​relationship.​