SPWM Advisors LLC

Item 5 – Fees and Compensation
The 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 one or more
written agreement with the Advisor.

A. Fees for Advisory Services
Investment Management Services
Investment management fees are paid monthly in advance pursuant to the terms of the investment advisory
agreement. Investment management fees are based on the market value of assets under management at the end of
the prior month. Investment management fees range up to 1.65% annually 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 Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions and
other complexities may be charged a higher fee. In certain circumstances, Clients will also engage the Advisor for
model management services. In these instances, investment management fees range up to 1.90% annually. The
investment management fee in the first month of service is prorated from the inception date of the account[s] to the
end of the first month. 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
Stonepath Wealth Management will be independently valued by the Custodian. The Advisor will conduct periodic
reviews of the Custodian’s valuation to ensure accurate billing.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and other
related costs and expenses described in Item 5.C below, which may be incurred by the Client. However, the Advisor
shall not receive any portion of these commissions, fees, and costs.

Model Management Services
The Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more of the Advisors
model portfolios. The model management fees are 0.25% annually paid monthly in advance. Model management
fees are based on the market value of assets under management at the end of the prior month.

Use of Independent Managers
As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more
Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation from an
Independent Manager. The Advisor will only earn its investment advisory fee as described above. The Independent
Manager will allocate a portion of the advisory fee collected to the Advisor pursuant to the terms of the executed
agreement between the Advisor and the Independent Manager.

Financial Planning Services
Stonepath Wealth Management offers standalone financial planning services on an hourly basis, a fixed engagement
fee, or annual ongoing fee. Hourly fees range up to $300. Fixed fees range up to $20,000. Annual ongoing fees range
up to $20,000. Fees are negotiable based on the nature and complexity of the services to be provided and the overall
relationship with the Advisor. An estimate for total hours and/or total costs will be provided to the Client prior to
engaging for these services.

                                                   SPWM Advisors LLC
                                    134 W State Street Suite 200, Traverse City, MI 49684
                                                   Phone: (231) 668-6999

                                                  Http://stonepathwm.com

Financial Institution Consulting Services
The Advisor receives a consulting fee based on the assets under MSI’s management from Brokerage Customers
who have provided written consent to MSI to receive the investment consulting services from the Advisor. The
consulting fee is calculated from the assets under MSI’s management at the end of the calendar quarter multiplied
by the annualized rate ranging up to 1.00%. The initial fee is paid only after the completion of one full calendar quarter
period following the date of the executed agreement with MSI.

Retirement Plan Advisory Services
Fees for retirement plan advisory services are charged an annual asset-based fee of up to 1.00%, typically payable at
the end of billing period, pursuant to the terms of the retirement plan advisory agreements. Retirement plan advisory
fees may be negotiable depending on the size and complexity of the Plan.

B. Fee Billing
Investment Management Services
Investment management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
from the Client’s account[s] at the beginning of the respective month. The amount due is calculated by applying the
monthly rate to the total assets under management with Stonepath Wealth Management at the end of the prior month.
Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment
advisory fee. Clients are urged to also review the brokerage statement from the Custodian, as the Custodian does
not perform a verification of fees. Clients provide written authorization permitting advisory fees to be deducted by
Stonepath Wealth Management to be paid directly from their account[s] held by the Custodian as part of the
investment advisory agreement and separate account forms provided by the Custodian.

Model Management Services
Model management fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at
the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted
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Item 7 – Types of Clients
Stonepath Wealth Management offers investment advisory services to individuals, high net worth individuals, trusts,
estates, businesses, charitable organizations, and retirement plans. Stonepath Wealth Management generally does
not impose a minimum relationship size.