United Capital Financial Advisors LLC

Item 5 — Fees and Compensation
United Capital is generally compensated through Financial Planning fees and/or Investment Management fees that are
charged to clients, along with other fees that may be charged by affiliates. Clients are also responsible for third-party
fees and charges, as described in more detail below.

Investment Management Fees
Advisory fees are agreed upon with each client and confirmed in writing, which may be amended from time to time.
United Capital typically charges an annual percentage-based fee for investment management. The fee is calculated
based on the fair market value of the last day of the calendar quarter. Fees are annualized and applied quarterly in
advance based on the number of calendar days of the quarter unless previously agreed upon that the fee will be paid
in arrears. If a client terminates during the quarter, the pro-rated unearned fee will be returned to their Advisory
Accounts. Account values are obtained from reliable sources when calculating the management fee. United Capital’s
annual investment management fees (between negotiable and 1.5%) are generally as follows:

                 Market Value of Portfolio                                            % of Assets
                       $0-$500,000                                                      1.50%
                  $500,000 - $2,000,000                                                 1.25%
                 $2,000,000 - $5,000,000                                                1.15%
                 $5,000,000 - $10,000,000                                               1.00%
                     Over $10,000,000                                                   0.85%

Though this is United Capital's general fee schedule, in their sole discretion, United Capital can charge a different
percentage-based fee, a tiered rate or a flat dollar fee. The fee will be agreed upon and signed off by the client. Clients
generally pay, as applicable, (i) an annual advisory fee that compensates United Capital for providing investment
advisory services and Financial Planning (sometimes referred to as “Financial Guidance”) in connection with the client’s
account; (ii) fees that compensate the underlying managers of each portfolio model in the client’s account (“Managed
Strategy Fees”); (iii) operational costs, including reporting, model maintenance, platform fees and other operational
costs; and (iv) custody and Execution Charges.

Unless expressly excluded, we calculate our management fee against all assets in the investment account. Therefore,
fee calculations include cash balances, cash balances invested in money market funds, short-term investment funds,
ETFs, mutual funds, the entire market value of margined assets and short positions (if any), alternative investments (if
any), and all other investment holdings. Your advisory fee may sometimes exceed the money market yield, specifically
during low-yield environments.

The market value of the client's account will be increased to the extent that margin is employed in managing the client’s
investment portfolio. Therefore, the corresponding fee payable by the client to United Capital will increase because

margin is included in the balance of the client’s overall management fee calculation. As a result, in addition to
understanding and assuming the additional principal risks associated with the use of margin, clients authorizing margin
are advised of the conflict of interest between United Capital and the client whereby we may recommend the use of
margin, which will also increase the management fee payable to United Capital. This affects clients with a margin balance
at the time of billing.

Minimum balances or minimum fees are modified and/or waived at the sole discretion of United Capital or their
affiliates, as applicable. Certain clients may have access to strategies or products that may not be available to other
clients and pursuant to different fee schedules or fee structures. Certain strategies may be available to United Capital’s
affiliates, or employees of United Capital and their affiliates, at lower rates than those available to clients. The same
strategy or product can be subject to different fee schedules based on the Financial Advisor’s management of the
Advisory Account or the client’s agreement with the Advisor on a particular advisory strategy.

The advisory fee may be negotiated and/or customized and will vary depending on a number of factors. The advisory
fee is generally determined at the time of initial investment; subsequent increases or decreases in investment size do
not result in an adjustment to the advisory fee, unless specifically negotiated. United Capital Advisory Accounts fees
are subject to change and the fees United Capital charges some clients will be different from the fees charged to other
United Capital Advisory Accounts. A client may pay more or less than another client invested in similar strategies, asset
classes or products, or where a client moves to United Capital from a United Capital Financial Advisor’s prior firm or
from an affiliate. Further, fees may vary depending on the custodian chosen by the client.

With respect to Retirement Accounts, United Capital’s ability to collect certain fees and other compensation, to engage
in certain transactions (including principal trades) and provide certain services may be limited by ERISA or the IRC and
the regulations promulgated thereunder.

United Capital has acquired certain client relationships through its business acquisitions and recruiting efforts. To
accommodate such transitions, the fees United Capital charges these clients are typically determined by the prior
investment advisor relationship. Based on arrangements accompanying the transitions, some clients pay higher or lower
rates than United Capital’s current general advisory fee rate. Through the acquisition of such firms, their billing practices
...

Item 7 — Types of Clients
Investment Management
United Capital generally provides Investment Management to corporate pension and profit-sharing plans; corporations,
government entities; individuals, high net worth individuals, who invest directly, as individuals, or through private
investment vehicles, such as privately held corporations, partnerships or limited liability companies; profit sharing plans;
trusts; estates; endowments; public charities; private foundations; and charitable organizations. United Capital also
provides Investment Management services to institutional clients and charitable organizations. In addition, United
Capital provides investment advice to unaffiliated investment advisors.

To open or maintain an Advisory Account with United Capital, clients are required to sign an Investment Management
Agreement that, among other things, describes the nature of the Investment Management authority granted to United
Capital. The agreements may be different depending on a number of factors including the products and services for
which the client may be contracting and the Financial Advisor and/or custodian that the client selects.

United Capital generally accepts discretionary authority to manage accounts with minimum assets of at least $500,000.
The United Capital Financial Advisor has discretion to make exceptions to the minimums, as the Financial Advisor deems
it appropriate. United Capital generally requires institutional clients to have assets under management with United
Capital of at least $2,000,000 to receive Investment Management services. United Capital may waive account minimums
for institutional clients in its sole discretion.

If at any time the client’s account is less than the account minimum and/or household size designated, pursuant to the
Investment Management Agreement, the account is subject to termination by their Financial Advisor after formal written
notice is provided to the client.

When a Financial Planning client or a Related Party elects to also receive Investment Management services through
United Capital, Financial Advisors are responsible for analyzing the financial needs of each particular client and
determining the suitability of the Investment Management services.

Financial Planning and Guidance
Financial Planning only is typically provided to individuals who enter into Financial Planning agreements directly with
United Capital. On a limited basis, United Capital provides Financial Planning directly to trusts pursuant to an agreement
entered into directly by the trust. The client is responsible for effecting any changes to their portfolios as recommended
by United Capital. However, it is up to the client whether to implement the recommendation that is provided since
United Capital would not have discretion to make the changes.