¹ NPF fees are estimated based on the standard fee schedule rate of 0.90% on the first $2 million of assets under management. We have not included an additional layer of fund costs because we typically manage stock and bond portfolios that do not include the use of funds. We do offer management of funds in limited circumstances, when it is in the best interests of the client to do so. NPF fees do not include transaction costs, but most of our clients pay $0 commissions when using a broker that we recommend, and therefore most of our clients pay no transaction costs.

² Estimated competitor costs are based on two separate studies performed by independent researchers. The 2020 Study of Pricing & Profitability conducted by Investment News reported that 275 firms voluntarily reporting data for the study charge an average of 0.89% for accounts with $2 million of assets under management. These firms collectively manage total assets of $261 billion and represent a variety of business models, including registered investment advisors, broker-dealers, and hybrid advisor/broker businesses. The 2019 U.S. Fund Fee Study conducted by Morningstar reported that the asset-weighted average expense ratio paid by investors in publicly-traded mutual funds and exchange-traded funds was 0.45% in 2019. Fees paid by fund investors vary widely depending on whether the fund is active or passive, the type of investments owned by the fund, and the fund manager or fund family.