Thomas Haskell Maccowatt

For our wealth management and investment management services, we charge an investment advisory fee that is based on a percentage of the value of the assets in your managed portfolio account. The more assets there are in your account and the higher the value of those assets, the more you will pay to us in fees. Our firm may therefore have an incentive to encourage you to increase the assets in your account. Our fees are listed in our client agreements and described in greater detail under Item 5 of our Form ADV Part 2A brochure.

A private investment fund we manage, HBF, pays us a quarterly management fee. These fees are described in greater detail under Item 5 of our Form ADV Part 2A brochure, and in the private offering memorandum for the fund.

In addition to our fees, you will be responsible for other fees and expenses associated with the investment of your assets. Such other fees and expenses may include brokerage commissions and other transaction costs, fees charged by your custodian, exchanges, and taxes. You will also pay the fees and expenses associated with investment advice provided by third parties, including management and performance fees and expenses charged by private investment funds, advisory fees charged by third‐party managers, and fees and expenses of mutual funds and exchange‐ traded funds in which you invest. For additional information, see Item 5 of our Form ADV.

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying

When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means.

We have “soft dollar” arrangementswith certain broker‐dealers underwhichwe execute securities transactions through the broker‐dealers, and, in exchange, the broker‐dealers provide us with research products or services. Broker‐dealer custodians that we recommend to clients, and with whom we have an institutional relationship provide us, without cost or at a discount, support services or products. We pay one of the custodians we recommend to clients, Schwab, a participation fee to participate in the Schwab Adviser Network, which is Schwab’s adviser referral program.

For additional information about these conflicts and how we address them, please refer to Items 5 and 12 of our Form ADV Part 2A brochure.

Our Firm’s financial professionals are compensated through salary and bonus or a share of the Firm’s profits. A portion of that compensation is correlated to the amount of client assets they service, the revenue our Firm earns from the financial professional’s services and/or whether the financial professional has been successful in increasing amount of client assets under the Firm’s management. Some financial professionals may be compensated by our indirect parent company, Focus Financial Partners, LLC (or one of its affiliates), based on our firm’s revenues or earnings. This gives the financial professional an incentive to encourage you to increase the size of your investment account and to maintain your investment account with us. For additional information, please refer to Item 5 of your financial professional’s ADV Part 2B Brochure Supplement. Compensation of our Firm’s financial professionals is unrelated to the type of product client assets are invested in.