Item 5 Fees and Compensation
The investment advisory fee is a fixed percentage based on assets under management and may be
negotiable.. Negotiated fees may be less than, but may not exceed the fees shown in the schedule
below. Negotiated fees for new clients may only be offered to Client or Employee family members or
members of affinity groups. Some fees may differ from (but may not exceed) those shown in the
Schedule below for Clients whose fees were negotiated prior to the effective date of this fee schedule.
FEE SCHEDULES
Home Office Advisors
Quarterly Fee Annualized Fee
0.75% 3.00%
Affiliated Advisors
Quarterly Fee Annualized Fee
0.50% 2.00%
If a specialized investment strategy managed by Yellowstone's Investment Committee is used in
Client's account(s), the following manager fee will be charged in addition to the stated Advisory Fee
schedule above:
Yellowstone Strategy Quarterly Fee Annualized Fee
Mutual funds and ETFs 0.0625% 0.25%
Fixed Income 0.0875% 0.35%
Equities 0.1875% 0.75%
Annual fees will be charged quarterly and paid in advance by the Client based upon the total asset
value of client's account at the end of the previous quarter. The fee will be calculated as follows:
• The value of the Client's account on the last day of the previous quarter is multiplied by the
annual fee;
• The product is then divided by 365 (days); and,
• Finally, the quotient is multiplied by the number of days in the quarter.
Such fees shall become due and payable on the first day of the month following the close of the prior
quarter. Fees will be automatically deducted from the Client's account and paid to the Advisor by the
Custodian.
The foregoing disclosures will be made and explained to Clients in discussions with Yellowstone
Partners, LLC associates to ensure that Client understands the risks of Yellowstone Partners
investment strategy and in order that Yellowstone can determined whether a particular strategy is
suitable for the Client's overall investment program.
Financial Planning Fees
Clients who wish to develop a financial plan are charged a one-time fee of $3,500. Thereafter if they
desire to have Yellowstone review, maintain and manage the created financial plan going forward, a
quarterly fee of $437.50 will be paid to Yellowstone totaling $1,750 annually. Fees for financial plans
may be paid by check. Clients are under no obligation to have Yellowstone implement and/or manage
the plan.
FEES DEDUCTED FROM CLIENT ACCOUNT
Advisory fees are typically deducted directly from the Client account by the Custodian. At the client's
request, however, Yellowstone allows for management fees to be paid by check. This must be
requested from the client in writing.
OTHER FEES
In addition to the management fees described above in Item 5, Section A, clients may also be charged
additional fees such as but not limited to custodian fees and mutual fund expenses. Clients will also be
charged transaction costs for any trades placed at the individual custodians.
Management fees for most Clients are billed quarterly in advance at the beginning of each quarter.
Some legacy clients may be billed in arrears.
In addition to the Advisory Fee, unaffiliated third parties may impose certain charges. These charges
may include, but are not limited to, custodial fees, brokerage commissions, transaction fees, charges
imposed directly by an exchange traded fund and wire transfer and electronic fund fees. For our
clients' accounts, the Custodian generally does not charge you separately for custody services.
Clients must also be made aware that to the extent they invest in ETF securities, they will pay two
levels of advisory compensation - advisory fees charged by Yellowstone Partners plus any
management fees charged by the issuer of the ETF. This scenario may cause a higher advisory cost
(and potentially lower investment returns) than if a client purchased the ETF directly.
An ETF typically includes embedded expenses that may reduce the fund's net asset value, and
therefore directly affect the fund's performance and indirectly affect a client's portfolio performance or
an index benchmark comparison. Expenses of the fund may include investment advisor management
fees, custodian fees, brokerage commissions, and legal and accounting fees. ETF expenses may
change from time to time at the sole discretion of the ETF issuer. ETF tracking error and expenses
may vary. Yellowstone Partners discloses each ETF's current information, including expenses, on the
website.
ACCOUNT TERMINATION
Clients will have a period of five (5) business days from the date of signing Yellowstone's advisory
agreement to unconditionally rescind the agreement and receive a full refund of all fees. In the event a
client is charged for advisory fees in advance and then terminates the investment contract with the
firm, a pro-rata refund will be deposited into the clients account based on the following:
• the fee charged for the quarter divided by the number of days in the same period
• multiplied by the number of days in the quarter after the effective date of the termination.
Otherwise, the Investment Advisory Agreement between Yellowstone and the Client will continue in effect
until terminated by either party in accordance with the terms of the Investment Advisory Agreement.
Yellowstone or the Client may terminate a Client relationship if we believe a Client is in breach of the
Investment Advisory Agreement.