The L Warner Companies Inc

5. Fees and Compensation
Investment supervisory fees are based on a maximum annual fee of 1.5% of assets under
management and are negotiable. TWC may also bill using an agreed upon flat fee or tiered schedule
for services provided. This fee may, if agreed by client, include financial planning and investment
management services combined or may be only for investment management. All investment
management fees and financial planning fees are negotiable.

Investment management fees are generally billed on a quarterly basis and are billed forward for the
period of one quarter. The fee is determined by dividing the annual fee by four and then charging
this resulting fee percentage against the closing balance of the managed portfolio at the end of the
most recent quarter. Upon request, we can bill accounts on a monthly basis if that is the client’s
preference. Pro rata adjustments will be computed for assets received or withdrawn from

The L. Warner Companies, Inc.                                                   IARD/CRD No.: 108001
Form ADV Part 2A                                                                   SEC File No.: 56965
Brochure                                                                                   March 2026

management, between billing dates, and adjusted on the subsequent billing statement. These fees
will generally be debited from each account respectively, although other arrangements are possible.
If no cash is available for fees, securities can be liquidated to cash in the account(s) to provide for
the fees. If the client does not wish the fees to be debited from their account, we will send an
invoice.

Financial planning fees will typically range from $1,000 to $25,000 for financial planning services,
and will be negotiable at management’s discretion. Fees will be based on the complexity of the
analysis and time required to complete such analysis. For larger or more complicated engagements,
the fees charged will be negotiated and may exceed $25,000. Advisory services vary from
representative to representative.

Fees for written financial plans generally are paid in two installments (half is due when the contract
is signed and the balance is due when the written plan is presented to the client), although in some
circumstances this may be altered on a case-by-case basis. The contract is considered completed
when the written plan is presented to the client. The client may terminate the contract at any time
and in this event all prepaid, unearned fees will be refunded. The client is not obligated to
implement the plan through the advisory representative.

Fees are not collected for services to be performed more than six months in advance.

The fee charged by TWC as noted in the Client Services Agreement may include a charge for
insurance advice. Insurance advice may be given but only in the advisory representative’s capacity
as a licensed insurance agent and/or insurance advisor. Commissionable insurance products may
be purchased through associated persons of TWC in their separate capacities as insurance agents or
brokers. If a separate fee for insurance advice is charged, and if the appropriate state prohibits
licensed insurance agents from receiving such a fee and then placing subsequent insurance business
with that client, the agent will refrain from doing so. Alternatively, general financial plans may
contain basic information regarding a client’s insurance policies, and in that case the fee charged
should not prohibit the agent from placing subsequent business.

Advisory fees charged by TWC are separate and distinct from management fees and other expenses
charged by mutual funds or other investments which may be recommended to advisory clients.
These fees are described in the individual funds’ prospectuses or offering documents. In addition,
clients may bear trading costs and custodial fees, as set by the account custodian.

If the client terminates the investment advisory relationship at any time, the unused balance of fees
will be refunded to the client. This refund is determined by dividing the total quarterly fee by the
number of days in the quarter and then by multiplying this result times the number of unused days
left in the quarterly billing cycle. The unused amount will then be credited to the client.

The investment adviser will not be compensated on the basis of a share of capital gains upon or
capital appreciation of the funds or any portion of the funds of the client.

The fees in corporate or deferred compensation administration engagement will be negotiable based
on the specific services offered. In general, there may be a component for plan design and setup,

The L. Warner Companies, Inc.                                                  IARD/CRD No.: 108001
Form ADV Part 2A                                                                  SEC File No.: 56965
Brochure                                                                                  March 2026

another component that is based on the number of participants in the plan, and a third component
based on the potential assets under advisement within the plan.

7. Types of Clients
TWC primarily provides customized investment management and financial planning services to
high-net-worth individuals and associated trusts, estates, and pension and profit sharing plans.
Additionally consulting services, benefit plan design and administration services are provided to
corporations, non-profits and other business entities.

TWC’s minimum account size is generally $500,000, but this amount is negotiable.