Smith Bruer Advisors LLC

Item 5 Fees and Compensation
Portfolio Management Services
Our fee for portfolio management services is based on a percentage of the assets, including cash
balances, in your account and is set forth in the following annual fee schedule set forth below. Our
annual portfolio management fee is typically billed and payable quarterly in advance, based on the
account balance at the end of the prior calendar quarter, however, we may negotiate other fee paying
arrangements depending on your individual circumstances.

Assets Under Management                       Annual Fee
First $1,000,000                              1.25%
Next $1,500,000                               0.90%
Next $2,500,000                               0.75%
Over $5,000,001                               0.50%

Where we provide portfolio management services to employee benefit plans and their fiduciaries, our
advisory fee is based on a percentage of plan assets. In certain circumstances we may negotiate other
fee paying arrangements. Our fees and terms of payment will be clearly set forth in the executed
agreement for services. Typically, asset based fees are deducted by the custodian on a quarterly basis
in arrears, based on the account balance at the end of the calendar quarter, unless other payment
arrangements are agreed to in writing. The fee schedule below represents the maximum annual fee
that would be assessed for clients on a tiered fee schedule as set forth below.

Assets Under Management                        Annual Fee
$500,000 - $999,999                            0.75%
$1,000,000 - $4,999,999                        0.50%
$5,000,000 - $9,999,999                        0.40%
$10,000,000 - $19,999,999                      0.30%
Over $20,000,000                               0.20%

If the portfolio management agreement is executed at any time other than the first day of a calendar
quarter, our fees will apply on a pro rata basis, which means that the advisory fee is payable in
proportion to the number of days in the quarter for which you are a client. At our discretion, we may
combine the account values of family members living in the same household to determine the
applicable advisory fee. For example, we may combine account values for you and your minor
children, joint accounts with your spouse, and other types of related accounts. We will deduct our fee
directly from your account through the qualified custodian holding your funds and securities.

We will deduct our fee directly from your account through the qualified custodian holding your funds
and securities. We will deduct our advisory fee only when the following requirements are met:

    • You provide our firm with written authorization permitting the fees to be paid directly from your
      account held by the qualified custodian.
    • We send you an invoice showing the amount of the fee, the value of the assets on which the
      fee is based, and the specific manner in which the fee was calculated.
    • The qualified custodian agrees to send you a statement, at least quarterly, indicating all
      amounts dispersed from your account including the amount of the advisory fee paid directly to
      our firm.

We encourage you to reconcile the statement(s) you receive from the qualified custodian. If you find
any inconsistent information from the qualified custodian, please call our main office number located
on the cover page of this brochure. You may terminate the portfolio management agreement upon 30
days written notice. You will incur a pro rata charge for services rendered prior to the termination of the
portfolio management agreement, which means you will incur advisory fees only in proportion to the
number of days in the quarter for which you are a client. We will refund any unearned fee.

Pension Consulting Services
Our advisory fees for these customized services will be negotiated with the plan sponsor or named
fiduciary on a case-by-case basis.

You may terminate the pension consulting services agreement upon 30 days written notice to our firm.
You will incur a pro rata charge for services rendered prior to the termination of the agreement, which
means you will incur advisory fees only in proportion to the number of days in the quarter for which you
are a client. If you have pre-paid advisory fees that we have not yet earned, you will receive a prorated
refund of those fees.

Additional Fees and Expenses
As part of our investment advisory services to you, we may invest, or recommend that you invest, in
mutual funds and exchange traded funds. The fees that you pay to our firm for investment advisory
services are separate and distinct from the fees and expenses charged by mutual funds or exchange
traded funds (described in each fund's prospectus) to their shareholders. These fees will generally
include a management fee and other fund expenses. You will also incur transaction charges and/or
brokerage fees when purchasing or selling securities. These charges and fees are typically imposed by
the broker-dealer or custodian through whom your account transactions are executed. We do not
share in any portion of the brokerage fees/transaction charges imposed by the broker-dealer or
custodian. To fully understand the total cost you will incur, you should review all the fees charged by
mutual funds, exchange traded funds, our firm, and others. For information on our brokerage practices,
refer to the Brokerage Practices section of this brochure.

Unaffiliated Insurance Agents
Persons associated with our firm are Unaffiliated Insurance Agents, as required by the State of Florida
in order to provide insurance counseling as a fee-only registered investment adviser. In Florida, an
"Unaffiliated Insurance Agent" means a licensed insurance agent who practices as an independent
consultant in the business of analyzing insurance policies, providing insurance advice or counseling, or
...

Item 7 Types of Clients
We offer investment advisory services to individuals including, but not limited to, high net worth
individuals and pension and profit sharing plans, charitable organizations and corporations or other
businesses.

In general, we require a minimum of $1,000,000 to open and maintain an advisory account that
includes portfolio management services. At our discretion, we may waive this minimum account size.
For example, we may waive the minimum if you appear to have significant potential for increasing your
assets under our management.

We may also combine account values for you and your minor children, joint accounts with your
spouse, and other types of related accounts to meet the stated minimum.