Over the next few months, we will be updating our Advisory Agreement documentation. The current version is now about 15 years old, so there are a few things that need updating.  

Our goals are to improve clarity and make inflation-driven adjustments to our fees, while giving you plenty of time to understand the impact of the changes. For many clients, there will be no difference in costs. Nevertheless, all clients will need to sign the new document which will be effective January 1, 2024. 

What will be different?

1. We are adjusting our standard fee schedule. While the initial rate increases, we have accelerated the balance at which point a lower rate begins to apply. Please note that client portfolios of $1,500,000 or more will not be impacted by this change.

2. We are increasing our minimum annual fee from $5,000 to $7,500.

3. We are modifying some family household discounts to better reflect the services provided. (This applies only to family members who are NOT minors such as parents or adult children.) 

4. We are adding language to clarify which accounts are subject to our fees, and which are not.

Key Dates

November 3rd (or before) - We will be sending out a personal communication to every client household. In it, we will review how the changes impact each client personally (if at all).

December 15th (or before) - We anticipate sending the new Advisory Agreements to every client for review.

December 31st - We hope to have all Agreements signed!

January 1, 2024 - The new Advisory Agreements will take effect.

Late March, 2024 - The first fees based on the new agreement will be charged.

Before signing, we want to make sure all your questions are answered. Please let your Advisor know what clarity you need – we're here to help!