Williams & Novak Wealth Management LLC

Item 5: Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for investment
management. You are required to sign an IMA with WNWM which details the fees payable to each.

WNWM Investment Management and Advisory Account Fees
Investment Advisory Fees (“Fees”) are paid monthly, in arrears, pursuant to the terms of the IMA or IAA,
unless otherwise agreed to in writing by you and WNWM. Fees are generally determined by the Financial
Advisors and are based upon the market value of all the assets subject to an IMA or IAA (“Assets”).
WNWM’s billing is in arrears, and the Fee is based on the average daily balance of the Assets held for
the period in which the fee is charged.

Investment Management and Advisory Account Fees are charged 2.25% annually. Account fees are
negotiated with you depending on the type and complexity of the investment management strategy
employed as well as the size of your account(s). Generally, larger accounts, or accounts with less
complexity may be offered a lower Fee relative to fees generally assessed by a Financial Advisor. Certain
accounts may have a higher (not to exceed 2.25% annually) Fee based on complex situations, including,
but not limited to, accounts with multiple investment objectives, multiple underlying registrations, or
aggressive growth strategies and/or accounts which require active trading to achieve your objectives.
Fees may be negotiable at the discretion of Financial Advisors. Fees vary among Financial Advisors.
Some Financial Advisors establish minimum Fees. In these cases, the total Fee cannot be in excess of
2.25% annually, depending upon the market value of the Assets and the amount of the minimum annual
fee. Please refer to your IMA or IAA and Fee Schedule for details about your Fees.

Because the Firm charges asset-based fees, the Firm has an incentive to encourage clients to increase
the amount of assets under management, including recommending the rollover of retirement assets or
consolidation of accounts.

Clients with margin accounts are subject to Fees on the additional amount of assets resulting from the
use of margin, if any. For example, an account with a value of $100,000 before margin that later uses
margin of $20,000, would be subject to a Fee on $120,000. The use of margin creates a conflict of
interest since we receive a Fee on the entire balance. In addition, unless specifically excluded from Fees
by you or your Advisor Representative, all Assets are included in the Fee charged, including cash and
cash equivalents.

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All securities held in accounts managed by WNWM and Financial Advisors are independently valued by
the custodian or other third-party pricing services. WNWM does not have the authority or responsibility to
value portfolio securities. WNWM relies upon third-party sources for account data to determine the
calculation of fees to be charged. While WNWM or a delegate review and periodically samples the data
to ensure it is accurate, there may be cases where the account data does not match the source of the
data. In these cases, the Fees charged may be different than expected. If WNWM discovers, is made
aware of, or is advised by clients of differences, then any bills generated and Fees collected will be
updated, if necessary.

Fees are deducted from your account(s) by the custodian as requested by WNWM. You provide written
authorization permitting WNWM to bill your accounts directly from the custodian when you execute an
IMA or IAA and separate account forms required by the custodian. If billed quarterly, the Fee due is
calculated by applying the quarterly rate (annual rate divided by 4) to the total market value of your
Assets as of the end of preceding quarter. If billing is in arrears, the Fee will be based on the average
daily balance of your Assets held during the billing period.

Fees can be primarily structured in one of the following ways:

        1. Blended Management Fee: Total Fee is calculated based upon sum of Asset value multiplied
           by the fee percentage in all asset ranges;
        2. Breakpoint Management Fee: Total Fee is calculated based upon total Asset value multiplied
           by the fee percentage of highest total asset value range applicable for Assets in the account(s);
           or
        3. Flat Management Fee: Total Fee is calculated based upon sum of Asset value multiplied by
           the fee percentage.

If your Assets are billed in advance, Fees in the initial quarter of service are prorated to include the
number of days in the previous quarter your account(s) was managed. Additional contributions to
accounts may be charged a prorated fee pursuant to your IMA. If your Assets are billed in arrears, the
Fee is based on the average daily balance of the Assets held during the billing period. You may request
a Fee Statement showing the Fees charged by account and the annual Fee used to calculate your
Fees. You should also receive, at least quarterly, a statement from the custodian reflecting the
deduction of the Fees (please note: usually this is coded as a “management fee” by the custodian). It is
your responsibility to verify the accuracy of any fees listed on the custodian’s brokerage statement as
neither the custodian nor WNWM assume this responsibility. You should immediately notify your
Financial Advisor or WNWM if you are not receiving statements from custodians, or if you have
questions about Fees.

Clients utilizing AssetMark and / or Altruist programs will incur fees charged by AssetMark / Altruist in
addition to the Firm’s advisory fee. These fees are separate from and in addition to the Firm’s advisory
fee and will increase the total cost paid by the client. AssetMark / Altruist fees typically include portfolio
management, trading, custody support, and administrative services, and are generally calculated as a
...

Item 7: Types of Clients

Investment Advisory Services
WNWM, through Financial Advisors, offers investment advisory services to individuals, high net worth
individuals, trusts, estates, charitable organizations, pension plans, profit sharing plans, businesses and
other investment advisors who sponsor investment management programs. WNWM generally does not
impose a minimum account size for establishing a relationship, however, some Financial Advisors may
require minimum total client assets to establish a relationship.

ERISA Clients
If a client’s account is a pension or other employee benefit plan governed by the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), WNWM is a fiduciary to the plan. In providing our
investment management services, the sole standard of care imposed upon us is to act with the care, skill,
prudence and diligence under the circumstances then prevailing that a prudent man acting in a like
capacity and familiar with such matters would use in the conduct of an enterprise of a like character and
with like aims.

When we provide investment advice to you regarding your retirement plan or individual retirement
account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act
and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The

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way we make money creates some conflicts with your interests, so we operate under a special rule that
requires us to act in your best interest and not put our interest ahead of yours.

WNWM will provide certain required disclosures to the “responsible plan fiduciary” (as such term is
defined in ERISA) in accordance with Section 408(b)(2), regarding the services we provide and the direct
and indirect compensation we receive by such clients.

Generally, these disclosures are contained in this Form ADV Part 2A, the client agreement and/or in
separate ERISA disclosure documents and are designed to enable the ERISA plan’s fiduciary to: (1)
determine the reasonableness of all compensation received by WNWM; (2) identify any potential conflicts
of interests; and (3) satisfy reporting and disclosure requirements to plan participants.