Thurston Springer Advisors LLC

Item 5 – Fees and Compensation
A.
If a third-party portfolio advisor is selected, the client will pay a fee in which a portion is retained by
the third-party portfolio advisor and a portion is paid to Thurston Springer as the investment advisor
firm. The advisory fee is assessed as a percentage of the assets under management according to the
third-party providers’ fee schedule. Fees that are set by the third party are normally not negotiable,
however the overall advisory fee is negotiable.

The advisory program could cost more or less than paying for transactions separately. Although
potentially lower-cost account options are available, Client acknowledges and agrees that choosing a
fee-based account is primarily based on the value of a relationship in which an advisor representative
actively manages and/or monitors Client’s account holdings.
Client’s advisory fee could be higher or lower for similar services offered by other advisor
representatives at the same firm, as well as at other investment advisor firms.
B.
The advisory account fee is automatically deducted from the client’s account each quarter. Despite the
investment allocation deployed in a client’s account, the client will never be fully invested, as Thurston
Springer will always ensure a portion of the account is available as cash to cover advisory account fees.
Where a client has multiple accounts under management and certain of those accounts do not have
the ability for fees to be withdrawn, such as an IRA or 401k, Thurston Springer will ensure that an
account which has the ability to withdraw funds without penalty or tax implications will have sufficient
free cash to cover the account fees across all client accounts under management. Thurston Springer
retains the right to liquidate positions to raise cash to ensure sufficient funds to pay the advisory fees.
Management fees will be prorated for each capital contribution and withdrawal made during the
applicable calendar quarter in which the account is established or terminated (with the exception of de
minimis contributions and withdrawals).
C.
Clients will likely pay additional fees or expenses in a third-party advisory account, and such fees and
expenses are detailed in the third-party Advisory Agreement.
Advisory account fees are exclusive of transaction fees and other related costs and expenses, which
will be incurred by the client, depending on the selected advisory program. Depending on the selected
advisory program, Clients can incur charges imposed by custodians, brokers, third parties, and fees
charged by managers.
Examples of fees you could experience, depending upon your specific activity and circumstances,
include ticket charges, annual IRA fees, postage and handling fees, wire fees, odd -lot differentials,
transfer taxes, postage and handling, electronic funds fees, cash movement fees, margin interest
charges, custody fees, internal expenses of the underlying asset, account transfer fees, closing fees,
and other fees and taxes on brokerage accounts and securities transactions. These fees change from
time to time and are calculated at the time of, and based on, your specific transaction, so a detailed
accounting of such fees is not possible here. Upon request, your advisor representative will always
provide you with the specific fee you will incur for any activity or transaction.
D.
Liquidations and Terminations: When securities are deposited into the account, they will be liquidated
at the discretion of the advisor representative/portfolio manager in order to select the investments
he/she has determined are appropriate for your Account. Standard management fees for the asset
class apply. A large position might be sold over time in an attempt to maximize the value of the
account. Realizing that the stock price might decline, Client acknowledges the risk inherent in such a
strategy.
Management fees for the Compass program will be charged in arrears and will be based on the value
of the assets under management at the end of the calendar quarter. Management fees for Wells Fargo

wrap program will be charged quarterly in advance. Either party may terminate the agreement at any
time, effective upon receipt of the written request - with pro-rata fees and any transaction charges
being deducted from the account at termination.
Generally, management fees will be prorated for each capital contribution and withdrawal made during
the applicable calendar quarter (with the exception of de minimis contributions and withdrawals).
Management fees for Compass program accounts are generated by the last day of the quarter value
and paid in arrears. Management fees for Wells Fargo program accounts are generated by using the
last day of the previous quarter value and paid in advance.
E.
In its Compass Account Program, Thurston Springer is also able to select load-waived (no sales charge)
funds and funds designed specifically for wrap accounts with no sales charge.
Clients have the ability to purchase investment products that we recommend through other brokers or
agents that are not affiliated with our firm.
Thurston Springer may also provide advice on matters not involving securities; additional charges may
apply. Thurston Springer assumes no duty for advice its gives that is not provided pursuant to an
explicit written agreement. Any discussion provided by Thurston Springer that is not securities related
and is not explicitly provided pursuant to a written agreement is to be regarded for conversational
purposes, only, and is not to be relied upon as actionable advice or counsel.
If you own or operate a business or other economic enterprise and wish to discuss this business with
your Thurston Springer Advisor Representative, Thurston Springer’s comments regarding such business
are solely for the purposes of addressing how your business may interact with your Thurston Springer
investments and accounts. Thurston Springer will not charge you for any consultation regarding your
...

Item 7 – Types of Clients
Thurston Springer’s services include providing investment advice and portfolio management services to
individuals, high net worth individuals, corporations and other business entities, corporate pension and
profit-sharing plans, charitable institutions, foundations, endowments, estates, and trusts.
Typically, managed accounts need to be valued at $25,000, or greater, however other services offered
are valued based on time, effort, expertise level, and other criteria deemed essential by the Advisor.
Thurston Springer reserves the right to make exceptions.