Investing with a Financial Professional

Program fees payable for the FMAX, UMB Fund Advisor and Advisor Select Programs are calculated using a tiered fee schedule. The fee decreases at increasing intervals of the portfolio’s market value, thereby applying different fees to different portions of the portfolio, as set forth below.

As the clearing firm for UMBFSI, NFS provides certain accounting and other software to UMBFSI in connection with client securities transactions. UMBFSI compensates NFS out of the MAS Program Fee.

UMB Managed Account Solution program fees are charged in advance on a quarterly basis. When an account is opened, the fee is deducted from your account assets for the remainder of the current billing period and is based on the initial contribution. Thereafter, the deducted fee is based upon your recent account value during the previous calendar quarter. Fees may be negotiable based on the client’s total relationship with UMB. Either party has the option to close the UMBFSI client contract at any time upon receipt of written notice. If an account is closed, a prorated portion of prepaid fees will be refunded to you.

Accounts on the FMAX Platform are assessed a Platform fee that provides access to the FMAX Platform, clearing, custody and execution services. This fee varies, depending upon the selected Program and account size, is separate from the Managed Account Solutions Program fee, and only covers the Platform fees charged by the Platform Manager. Additional information about Platform fees is included in the client agreement paperwork provided when establishing a managed account.

Wire transfer fees, other miscellaneous charges and other charges imposed by law, as well as IRA account fees, are disclosed when opening an account and are not included in the fees identified above.

No initial or contingent deferred sales charges are assessed to mutual fund purchases. However, Mutual Funds remain subject to the internal expenses described in each Fund prospectus’ expense table and, depending upon the Fund, may also impose short-term redemption fees or surcharge fees. Those fund management fees are not included in the fees identified above. Investment Managers available in the MAS Program often charge manager fees, which are included as part of the Program Fee identified on a client’s Statement of Investment Selection. Please discuss all fees and costs with your Financial Advisor to identify whether a manager fee applies to your account.