James Lee Roundy

Fees and costs affect the value of your account over time. Please ask your adviser to give you personalized information on the fees and costs that you will pay. You will be charged an ongoing fee that is calculated monthly based on the value of the investments in your account. Our fees will vary depending on the value of the investments in your account (including cash balances) and the service level you choose. Depending on the amount of assets we manage for you and the level of additional services you elect to have us perform, the minimum fees for ourservices will vary. Mercer Advisors charges a minimum annual management fee of $800 for our investment management only service. In addition to investment management, additional services such as financial planning and estate planning are available with a minimum annual fee of $4,000 and a minimum annual management fee of $75,000 for ultra-high net worth clients. Our fees vary and are negotiable and will vary from client to client. Regis is a Mercer Advisors ultra-high net worth service offering for clients with $25 million or more of investible assets with Mercer Advisors. Higher minimum fees will apply.

Our incentive is to increase the value of your account over time which will increase our fees over time. The monthly fees will be automatically deducted from your account. 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.

The broker-dealer (custodian) that holds your assets can charge you a transaction fee when we buy or sell an investment for you. The broker-dealer’s transaction fees are in addition to our advisory fee for our investment advisory service. You could also pay charges imposed by the broker-dealer holding your accounts for certain investments and maintaining your account. Some investments, such as mutual funds and exchange traded funds charge additional fees that will reduce the value of your investments over time.

Some firms Mercer Advisors has acquired utilize a fee structure that combines both management and some or all of the transaction fees charged by the third-party broker-dealer (custodian). This is known as a “wrap fee”. Except for the continuation of the wrap fee arrangement for affected clients for a period post-acquisition, Mercer Advisor does not offer wrap fee programs to its clients. At some point after becoming a Mercer client, Mercer anticipates the wrap fee program clients will be transitioned to an appropriate Mercer Advisors investment offering at no higher fee than charged under the wrap program, unless additional services will be provided.

Additional information about our fees is located in Item 5 of our Firm Brochure.

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. Conflicts may arise when financial professionals recommend insurance to clients where the financial professionals have an insurance license or the selection of custodians due to our participation in referral services with the custodians we utilize. You should understand and ask us about these conflicts because they can affect the investment advice, we provide you. Additional information about our conflicts of interest can be found in Item 11 of our Firm Brochure. Here are some examples to help you understand what this means.

The firm’s revenue is derived from the advisory fees we collect from your accounts each month. Mercer Advisors receives no compensation from any fund manager or other third-party for the investments that it selects for client accounts. Mercer Advisors also offers affiliated private investment funds to qualifying clients, which funds are managed by Mercer Advisors’ affiliated SEC registered investment adviser.

Some of our firm’s financial professionals are registered representatives of either affiliated or unaffiliated broker-dealers and can offer you brokerage services through the broker-dealers or advisory services through our firm. Brokerage and advisory services are different, and the fees our firm and the broker-dealer charge for those services are different. Registered representatives receive transaction-based commission compensation each time they buy or sell a security in a brokerage account. As a result, they have an incentive to make transactions to increase their compensation.

Mercer Advisors Insurance Services, LLC (MAIS) is an affiliated company which is a wholly owned subsidiary of Mercer Advisors Inc. MAIS has entered into referral agreements with Howard Insurance Agency, Inc. (Howard), AgencyONE, Lion Street Private Client Group, IAMS, or Hub International who will provide necessary services relative to the placement and servicing of the insurance products. MAIS and Howard Insurance Agency, AgencyONE, Lion Street Private Client Group, IAMS, or HUB International will be listed as “co-agents” on the policies. While Mercer Advisors does not receive a referral fee, MAIS and the referral firms each receives a percentage of the commission revenue. The receipt of insurance commissions is in addition to any advisory fees charged by Mercer Advisors. This practice presents a conflict of interest as certain Mercer Advisors employees are officers of MAIS and MAIS is an affiliate of Mercer Advisors.

Some of our firm’s employees provide tax preparation, consulting, or estate planning services. These services are independent of Mercer Advisors’ investment advisory services and are governed under separate engagement agreements. As disclosed on its Brochure Mercer, in its discretion, can be engaged to provide divorce planning consulting services per the terms and conditions of a separate agreement and fee (the fee arrangement to be disclosed in the agreement).

Our financial professionals are employees of the firm and are paid a fixed monthly salary. They also receive bonuses related to meeting certain criteria including revenue retention, providing additional services to clients, and bringing in new client assets. Some financial professionals receive stock options. Mercer Advisors has a limited number of financial professionals licensed to provide brokerage services and receive different types of compensation when providing different types of services. When providing brokerage services, our financial professionals, in their separate capacity, are paid commissions based on the amount of securities clients buy and sell. This means your financial professional has an incentive to recommend certain products based on the compensation he or she will receive and encourage you to buy and sell assets.