Source: http://financedocbox.com/Mutual_Funds/73356319-Investment-advisory-agreement-u-s-bancorp-investments-inc-automated-portfolios.html
Timestamp: 2019-05-19 06:19:57
Document Index: 288302809

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INVESTMENT ADVISORY AGREEMENT. U.S. Bancorp Investments, Inc. Automated Portfolios - PDF
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1 U.S. Bancorp Investments, Inc. is a registered investment adviser and broker dealer, a member of FINRA and SIPC, and a wholly owned subsidiary of U.S. Bancorp. Investment products are not FDIC insured, are not deposits of, obligations of, or guaranteed by, U.S. Bancorp Investments, Inc., U.S. Bancorp, or any of their affiliates, and involve risk, including the possible loss of the entire principal amount invested. Principal, dividends, yields, and returns may fluctuate and are not guaranteed. Past results are not necessarily indicative of future performance. The value of any investment may be higher or lower than its original purchase price. INVESTMENT ADVISORY AGREEMENT U.S. Bancorp Investments, Inc. Automated Portfolios
2 U.S. Bancorp Investments, Inc. ( USBI or Provider ) is distributing this Investment Advisory Agreement (this Agreement ) and making USBI Automated Portfolios (the Service ) available to its clients, including those persons who become clients by opening an advisory account with the Service. USBI is the investment adviser and FutureAdvisor, Inc. is the sub-adviser ( FutureAdvisor or Sub-Adviser ) to the Service. By opening an advisory account with the Service, the client, and client s spouse or spousal equivalent if jointly opening an advisory account ( Client ), hereby agrees to enter into a discretionary, automated investment advisory relationship with Provider and Sub-Adviser, which will be primarily maintained through one or more websites or mobile applications maintained by Provider or its designees (collectively, the Site ), under the terms and conditions of this Agreement, as it may be amended from time to time. THE SERVICE The Service is an electronic, algorithmic, goal-based automated investment advisory service that is intended to help Client achieve his or her financial and/or retirement goals. The Service provides personalized investment decisions and portfolio management based primarily on Client s investment objectives, the time horizon to reach Client s financial and/or retirement goals, and Client s risk tolerance level. The Service uses Client Information (as defined below) to provide projections based on Client s financial and/or retirement goals and to manage a diversified investment portfolio generally comprised of liquid asset classes. The Service generates projections and makes investment decisions using a proprietary, automated computer algorithm ( Algorithm ) developed by Sub- Adviser, in reliance on capital markets assumptions, risk categories, asset allocation targets for those categories, and eligible securities for each asset class (collectively, Investment Programs ) provided by USBI. The projections and decisions will also be based on information Client communicates to the Service regarding Client s age, financial situation, risk profile, investments, and other information supplied by or requested of Client (collectively, Client Information ). The Service will consider Client s financial and/or retirement goals based on Client Information and current investment portfolio composition, including, if applicable, account information supplied by Client or aggregated by a third party vendor engaged by Provider. Through the Service, Sub-Adviser provides regular ongoing investment management of an advisory account held at USBI (the Advisory Account ), by directing trades to USBI for execution. Provider is responsible for determining the suitability of that account for Client, for the Investment Programs that serve as Algorithm inputs, and for ongoing oversight of Sub- Adviser, but does not retain direct, day-to-day investment discretion. The Service s investment philosophy generally assumes a long-term time horizon and is guided by financial and/or retirement planning best practices. Sub-Adviser s investment decisions may include, but may not be limited to, equities, emerging markets, fixed income, and real estate, exposure to which is obtained through exchange-traded funds ( ETFs ), exchange traded notes, mutual fund shares, securities issued by real estate investment trusts ( REITs ), or other securities. Sub-Adviser, a wholly owned subsidiary of BlackRock, Inc. ( BlackRock ), will invest in mutual fund shares or ETFs, which may include U.S. ishares ETFs or mutual funds that are advised or sub-advised by BlackRock Fund Advisors or one of Sub-Adviser s other affiliates. Sub-Adviser s investment -2-
3 decisions may be driven by overall market movement, a significant change to or replacement of one or more of the securities held in the Advisory Account, changes to Client s financial and/or retirement goals, additional cash or security contributions, withdrawals, material changes to Client Information, tax conditions, changes to the Algorithm (including the Investment Programs), or other factors. The Algorithm ordinarily runs on a daily basis when U.S. markets are open. Provider may modify the Investment Programs at any time in its discretion without notifying Client. The Service does not utilize leverage in the form of margin borrowing, short selling, or securities lending arrangements. The Service s investment philosophy is disclosed in Provider s Form ADV Part 2A, Appendix 1 ( Brochure ), which has been provided to Client, and is also available on the Site, along with the Service s best practices. Both can be expected to evolve over time. The Service requires Client to transfer a minimum amount of eligible Client assets (including cash) into the Advisory Account, as specified in the Brochure, and to maintain at least that amount in the account thereafter (the Service Minimum ). If Client transfers ineligible assets to the Advisory Account, USBI will liquidate those assets or transfer them to a USBI brokerage account where they are eligible. Subject to Provider s constraints and oversight, Sub-Adviser will have full authority to supervise and direct the investment of the assets contributed by Client to the Advisory Account without prior consultation with Client, including by determining those trade orders to submit to USBI for execution in order to manage that account. The Service does not allow Client to specify securities in which the Advisory Account may not invest or to specify different investment objectives, goals, or risk tolerance levels for different portions of that account. However, Client may, through the Site, impose restrictions on the sale of certain equity securities currently held in the Advisory Account. Such restricted equity securities may not, in the aggregate, exceed 10% of Client s Advisory Account balance. Sub-Adviser will implement the foregoing restrictions and limitations in its sole discretion and subject to its operating processes. For mutual funds held in your Advisory Account and advised by Provider, we generally utilize an advisory share class, if available. In certain circumstances, we may utilize a different mutual fund share class if no equivalent advisory share class is available to Provider. Additionally, on a periodic basis, we will review your Advisory Account for any mutual fund positions and convert existing mutual fund shares to advisory share class shares, when available, without further notification to Client. Client s Advisory Account will include one or more designated USBI brokerage accounts (collectively, the Brokerage Account ). If necessary, Client will be required to open a new Brokerage Account and sign USBI s Brokerage Account Agreement (the Brokerage Agreement ). If Client designates an existing Brokerage Account in connection with his or her opening an advisory account, Client will forfeit direct trading, margin trading, short selling, and option trading abilities in that account (as applicable); Client must satisfy in full any existing margin loan or USBI will liquidate assets to do so prior to initial account rebalancing. Client s other USBI brokerage accounts will not be affected. USBI or its designee will act as the brokerdealer and custodian for Client s Brokerage Account, performing the execution of purchase and sale orders directed to it by Sub-Adviser, including orders that rebalance Client s investment portfolio, as dictated by the Algorithm. Order execution will occur in accordance with USBI s internal trade processes and procedures. In connection with Client s Brokerage Account opening, he or she will be enrolled in USBI s sweep program, which automatically sweeps -3-
4 uninvested cash balances (i.e., balances for which no interest is otherwise earned or paid) in that account into one or more money market mutual funds ( Money Market Funds ) until such balances are invested by the Service as a result of portfolio rebalancing or are otherwise needed to satisfy Service-related obligations. Money Market Funds will be mutual funds that are managed by third parties unaffiliated with Provider and Sub-Adviser. In addition to the foregoing services, the Service will provide Client with periodic s containing financial and/or retirement planning best practices, market commentary, alerts, evaluations, and other relevant information. On an annual basis, Provider will contact Client by to initiate a review of Client s Advisory Account and confirm that Client Information has not changed and Client does not wish to impose permitted restrictions on certain Advisory Account securities or modify existing permitted restrictions. If Client does not respond to Provider s review initiation within a specified time period, Provider will conduct the review with the information available to it at such time. If Provider determines that such a review is inadequate and may adversely affect its ability to continue offering the Service to Client, or the Service is otherwise unsuitable for Client, Provider may, at is discretion, terminate Client s Advisory Account and this Agreement. At all times, Client will retain sole authority over the liquidation and withdrawal of securities and cash from the Advisory Account, except as otherwise may be permitted by this Agreement for payment of Service-related fees and expenses. Such liquidation and withdrawal requests may result in Client s Advisory Account not trading or its balance falling below the Service Minimum. Client may also transfer additional eligible assets into his or her Advisory Account at any time, in his or her sole discretion, and/or cancel existing or enroll additional Brokerage Accounts to the Service. All references to Client s Brokerage Account in this Agreement should be understood to include all such currently enrolled accounts. As part of Client s use of the Service, Client will not retain access to the USBI Portfolio Analysis Tool (the Tool ). If Client opened an advisory account jointly with his or her spouse or spousal equivalent (i.e., Client s spouse is a second Service client), spouse or spousal equivalent will only have access to the Tool and not the Service unless he or she converted or opened a joint Advisory Account, and the Tool will only consider his or her individual assets for its suggested guidance. Similarly, the Service s performance reports will not reflect spouse s individual assets. Other Tool features and functionality may also differ for spouse. At all times, Client s use of the Tool will be governed by its Terms and Conditions of Use and not this Agreement. FEES AND EXPENSES Client pays Provider a quarterly advisory fee ( Advisory Fee ) as compensation for offering the Service. The Advisory Fee is generally based on an annualized rate of 0.50% (the Advisory Fee Rate ), but may be discounted for certain Service clients, as described below. The Advisory Fee is generally billed to Client and collected by the Service in four quarterly installments, in advance, but will be subject to proration for the first and final quarter an Advisory Account is open. For each Advisory Account and quarter, the Advisory Fee will ordinarily be (a) calculated by multiplying the Advisory Fee Rate, the Average Daily Assets (as defined below) during the previous quarter (or portion thereof that the Account was open), and the number of calendar days in the quarter, and dividing the result by 365 and (b) paid to Provider -4-
5 during the first month of the quarter (i.e., January, April, July, and October). However, for each Advisory Account, the Advisory Fee for (i) the portion of the first calendar quarter the Account is open will be (1) calculated by multiplying the Advisory Fee Rate, the Average Daily Assets during only the first calendar month (or portion thereof) the Account is open (and no other month), and the number of calendar days in the first calendar quarter the Account is open that remain before the end of the quarter, and dividing the result by 365; and (2) paid to Provider during the month directly following the first month the Account is open; and (ii) the quarter the Account is terminated will be (I) calculated by multiplying the Advisory Fee Rate, the Average Daily Assets used to determine the Advisory Fee for the quarter, and the number of calendar days in the quarter that have elapsed prior to the Account termination, and dividing the result by 365; and (II) netted against any Advisory Fee already paid for the quarter, with any excess Advisory Fee amount rebated to Client s Brokerage Account or, if that Account has been terminated, remitted to Client directly during the month directly following the month the Account is closed. For purposes of determining Client s Advisory Fee, the Average Daily Assets of Client s Advisory Account for a particular period is the average daily fair market value of that Account s assets during that period, including cash, dividends, and accrued interest, determined by aggregating all of the assets across all of the Brokerage Accounts Client has enrolled in the Service and valuing those assets, according to the procedures described below, during that period. There may be instances in which specific account holdings are excluded from billing by Provider. These holdings are still managed and will also be included for reporting purposes. There may also be instances in which specific holdings are ineligible for trading and continue to be held in the Advisory Account. These holdings are not managed, reported, or billed on by Provider. From time to time, Provider may offer promotions in the form of Advisory Fee waivers where Client can receive some de minimis reward or reduced Advisory Fee for a period of time, including a zero Advisory Fee Rate. Such promotions may run indefinitely or for a limited period of time. However, Provider s offering a promotion for one Client for some period will not obligate it to do so as to any other Client or to continue offering such promotion for any other period. Provider may, in its sole discretion, subject to notice to Client, revise the timing and applicable period for the payment terms that apply at the time Client opens an advisory account, or cancels or enrolls a Brokerage Account. Provider reserves the right, in its sole discretion, and to the extent required by applicable law, to waive or offset fees for clients, including clients who are employees of Provider and Provider affiliates. Client hereby authorizes Provider or its designee to automatically deduct any Advisory Fee due and payable from the Advisory Account on each Advisory Fee payment date or, if the Advisory Account has insufficient assets, from any other taxable USBI account in Client s name. This is the only method of billing that the Service supports and Client may not select an alternative method. Provider or its designee has the authority to place Brokerage Account trades to make cash available for Advisory Fee payment without prior Client notification. Client s Advisory Fee obligations may limit Client s ability to sell or otherwise liquidate securities in or to withdraw cash or securities from the Advisory Account. -5-
6 Provider or its designee will value Advisory Account assets for Advisory Fee calculation purposes. In so doing, Provider or its designee will value securities listed on a national securities exchange at their closing prices on the principal exchange or market on which such securities are regularly traded. Any other securities and property in the Advisory Account will be valued in a manner Provider or its designee determines in good faith to reflect their fair market value. The Advisory Fee does not cover, and, if warranted, Client will be responsible and charged for the following items, which may include but are not limited to: (i) interest on debit account balances; (ii) the entire public offering price (including underwriting commissions or discounts) on securities purchased from an underwriter or dealer involved in a security distribution; (iii) exchange fees, regulatory transaction fees, transfer taxes, and other fees required by applicable law, regulations, or rules; (iv) a per-trade liquidation fee for non-cash assets transferred to an Advisory Account; (v) electronic fund and wire transfer fees; (vi) trust service charges; (vii) fees for the redemption of mutual fund shares; and (viii) transaction fees for liquidation of ineligible assets transferred to an Advisory Account. Client may also incur certain charges imposed by other third-parties in connection with investments made by the Service, including among others: (a) mutual fund 12b-1, shareholder servicing, and sub-transfer-agent fees; (b) ETF and/or mutual fund management, administrative servicing, sales, and other fees or expense allowances; (c) certain deferred sales charges on previously purchased mutual funds; and (d) individual retirement account and qualified retirement plan fees. Notwithstanding the foregoing, during the term of this Agreement, Advisory Accounts will be credited with any 12b- 1 fees Provider receives. Other parties may receive a portion of the third-party fees described in this paragraph. Client is discouraged from transferring mutual funds into the Advisory Account on which Client has paid a sales load within the past 24 months. Pursuant to an agreement between Provider and FutureAdvisor, Provider generally pays a portion of each Advisory Fee to FutureAdvisor equivalent on an annualized basis to 0.125% of the aggregate assets in Client s Advisory Account (including cash, dividends, and accrued interest), in addition to certain development costs and other licensing and platform fees for maintaining the proprietary technology platform on which the Service operates, including the Site. Promotions offered by Provider may affect the aggregate Advisory Fees paid to FutureAdvisor. FutureAdvisor will invest Brokerage Account assets in mutual funds, registered investment companies, and ETFs advised or sub-advised by BlackRock Fund Advisors or one of Sub-Adviser s other affiliates (collectively, BlackRock Products ), which generate fees and/or other compensation for BlackRock affiliates. Provider pays licensing fees to Aggregation Vendor (as described below) for its aggregation services pursuant to an agreement between Provider and Aggregation Vendor. USE OF AFFILIATES Provider may rely on guidance from its affiliates with respect to the Investment Programs that serve as inputs to the Algorithm. If it does so, it pays those affiliates a flat annual fee for those services; however, this fee is not passed through to clients. In addition to offering the Service and other investment management services, Provider may offer insurance and investment products through USBI and affiliates. In addition, Provider refers -6-
7 Clients who request trust and banking services to USBI affiliates. Client will incur additional charges for such other services provided by affiliates. The Service may not cause Client s Advisory Account to invest in First American Money Market or closed-end funds advised by U.S. Bancorp Asset Management, Inc. ( USBAM ) or any other mutual funds distributed by Quasar Distributors, LLC ( Quasar ), as USBAM and Quasar are USBI affiliates. In order to offer the Service, Provider must be able to share Client Information with its affiliates and designees. If Client objects to such sharing, Provider will be unable to continue offering the Service and will terminate this Agreement. RISK FACTORS The Service is subject to a variety of risk factors, which are more fully described in the attached Exhibit A. ACCOUNT AGGREGATION As an input into the Client Information used by Sub-Adviser to generate financial and/or retirement projections and investment decisions, the Service will automatically aggregate Client s investment portfolio information ( Account Information ) as it relates to all of Client s financial accounts held at USBI and USBI s affiliates, in addition to joint accounts, linked accounts, and other accounts over which Client has legal title or power of attorney. To authorize Provider (or its designee) to aggregate those and other Client accounts held at third party financial institutions, Client will need to enter on the Site the User ID, Password, and other login information and credentials (collectively, Access Information ) necessary to access Account Information for such accounts. Client can disable the aggregation of any and all Account Information, including automatically aggregated accounts held at USBI and USBI affiliates, at any time, through the Site. The Service will not automatically aggregate accounts held solely in the name of Client s spouse or spousal equivalent. Client acknowledges that none of Provider, Provider s affiliates, or Sub-Adviser store Client s Access Information. Provider (or its designee) has engaged a third party vendor ( Aggregation Vendor ) to serve as a conduit between the financial institutions and the Service where Client s Account Information is housed. Aggregation Vendor serves as a conduit between financial institutions and Provider (or its designee) in respect of Account Information. Client further acknowledges that he or she has previously accepted and agreed to the terms and conditions for account aggregation by Aggregation Vendor (the Aggregation Terms ) through the U.S. Bank online banking platform ( Online Banking ) and that by opening an Advisory Account, Client reaffirms such acceptance of, and agreement to be bound and to abide by, those terms and conditions. The Aggregation Terms are available for review through the Site. In the future, Provider (or its designee) may retain a different third party vendor for account aggregation purposes. Subject to the privacy commitments set forth in this Agreement and the Aggregation Terms, Client is licensing to Provider (and its designees) and Aggregation Vendor any information, data, passwords, usernames, other log-in information, materials, or other content (collectively, Aggregation Information ) Client supplies through the Service, and Provider (and its designees) -7-
8 and Aggregation Vendor may use, modify, display, distribute, and create new material using such Aggregation Information without the payment of any fees to Provider (or its designees) or Aggregation Vendor and without any time limitation. Client understands and agrees that while Provider (or its designee) believes it has exercised reasonable care in Aggregation Vendor s selection, Provider (or its designee) makes no representation or warranty of any kind, express or implied, that Aggregation Vendor s services will operate uninterrupted or will be error-free. Provider (or its designee) is not responsible for and does not guarantee the accuracy of Account Information, nor is it obligated to validate such information. Provider (or its designee) may not be able to foresee or anticipate technical or other difficulties that may result in failure to obtain Account Information, including from Provider affiliates. Client understands that the Service will typically not refresh Account Information more than once per day, but may do so less often for a variety of reasons, including connectivity issues and access restrictions imposed by third parties. Provider (or its designee) assumes no responsibility for the timeliness, accuracy, deletion, nondelivery, or failure to store Account Information, or the loss of Account Information, communications, or personalization settings. Client must periodically confirm the accuracy of Account Information through sources independent of the Service. BROKERAGE AND RELATED MATTERS Because the brokerage and investment advisory services provided by USBI pursuant to this Agreement are related, the rights and protections Client grants to USBI under the Brokerage Agreement executed in connection with this Agreement are fully integrated with those rights and protections Client grants hereunder ( Integrated Rights ) and will extend and apply to the Brokerage Agreement and govern aspects of Client s brokerage relationship with USBI. The Brokerage Agreement may or may not contain its own similar terms and conditions in respect of some Integrated Rights and may contain other terms and conditions that are inconsistent with those terms and conditions contained herein. Whether similar terms and conditions are included or inconsistent terms and conditions are present will not, however, be interpreted to limit the extension or applicability of Integrated Rights to the Brokerage Agreement. Therefore, in the case of any Integrated Rights for which there are inconsistent terms and conditions in the Brokerage Agreement, the terms of this Agreement will always be interpreted to control. Client s Brokerage Account will be established with USBI as broker-dealer. In such capacity, USBI will have the authority to execute the purchase and sale orders directed to it by Sub- Adviser, and also provide associated custody, clearance, administrative, and recordkeeping services. As custodian, USBI will have access to all monies in the Brokerage Account. In the future, USBI may designate another affiliated or unaffiliated entity to serve as broker-dealer for the Brokerage Account, including Sub-Adviser. Provider s brokerage and best execution practices are disclosed in Provider s Brochure. If Client s Brokerage Account is closed for any reason, Provider will terminate Client s Advisory Account and this Agreement. Subject to the terms and conditions herein, to enable Provider or its designee to act as brokerdealer and custodian for the Brokerage Account, Client hereby appoints Provider or its designee as Client s agent and attorney-in-fact with full power and authority to invest and reinvest all assets in the Brokerage Account, and any proceeds or contributions, as directed by Sub-Adviser, without prior consultation with Client. This authority includes, without limitation, the power to -8-
9 buy, sell, retain, and exchange securities and other assets in the Brokerage Account and to execute trades, as directed by Sub-Adviser, on Client s behalf and at Client s risk. The authority of Provider or its designee pursuant to the foregoing power of attorney will remain in effect until this Agreement is terminated. REPRESENTATIONS AND WARRANTIES Client represents, warrants, and covenants as follows, with the understanding that Provider and its designees will rely upon the accuracy of these representations to establish compliance with federal and state securities laws, and certain other laws and regulations, as it relates to the provision of the Service to Client. Client Eligibility. Client is a natural person who is a U.S. citizen or a resident in the U.S., is at least 18 years old, and is not on any governmental sanctions list of prohibited individuals. Client will not access the Site from any jurisdiction subject to U.S. sanctions. Power and Authority; Execution and Delivery. Client has full power and authority to enter into this Agreement, which shall be binding upon Client in accordance with its terms. Client s execution, delivery, and performance of this Agreement does not violate any obligation by which the Client or its property is bound, whether arising by contract, operation of law, or otherwise. Review of Agreement. Client has carefully reviewed this Agreement, including the exhibits attached hereto, and fully understands the Service to be provided hereunder and the associated risks. Electronic Service; Communications and Alerts. The Service, including all associated brokerage services provided by USBI, is only offered through the Site. Client is expected to communicate with the Service exclusively through electronic channels. Records, documents, disclosures, and disclaimers for the Service, including all trade confirmations, Brochures, privacy notices, prospectuses, account statements and reports, tax information, and other Client records and communications (collectively, Communications ), will be delivered, and agreements, including this Agreement, will be signed, electronically, and Client understands that this is a requirement both now and in the future. Client is aware that there may be costs associated with electronic communications such as Internet access fees, phone charges, and printing costs for which Client is solely and exclusively responsible. Client must maintain an accurate and up-to-date address with the Service and ensure that he or she at all times has the ability to read, download, and retain documents and other communications received from the Service. By entering into this Agreement, Client reaffirms his or her consent to the electronic delivery of all current and future Communications delivered or provided by the Service, as given in the E- Sign Automated Investing Consent Agreement (the E-Sign Agreement ) Client accepted prior to opening an Advisory Account. Consistent with the E-Sign Agreement, Client hereby authorizes the Service to post the Communications on the Site or such other password protected website as the Service designates from time to time. Client also authorizes the Service to deliver such Communications to Client s address of record. Client agrees that all Communications provided in any of the ways described in this Agreement shall constitute good and effective delivery of those Communications to Client when posted or sent, regardless of -9-
10 whether Client actually or timely accesses, views, or otherwise retrieves the Communications. Client agrees that his or her access to the Service provided through the Site is conditioned upon his or her having consented to electronic delivery through the E-Sign Agreement, notwithstanding any other agreement Client may have entered into with USBI or its affiliates providing otherwise or opt out request to USBI or its affiliates Client may have made. If at any time Client withdraws his or her consent to accept electronic delivery under the E-Sign Agreement, has an invalid address that Client fails to cure within a certain time period, or otherwise opts out of receiving electronic communications from the Service, Provider will terminate this Agreement. As part of the Service, Client will automatically be signed up for various types of alerts. Client can customize, modify, or de-activate alerts at any time through the Site. However, the Service may send Communications as provided for in this Agreement regardless of whether Client may have de-activated certain alerts, as Communications opt outs by Client will result in Advisory Account termination. The Service may, in the sole discretion of Provider (or its designee), modify the alerts that are available or stop providing them altogether. Because alerts are not encrypted, they will never include Client s password. However, alerts may include Client s User ID and/or information about Client s financial and/or retirement projections or investments. Client acknowledges that anyone with access to Client s of record will be able to view and retrieve the content of these alerts. Client understands that alerts may be delayed or prevented by a variety of factors. Provider and its designees will endeavor to provide alerts in a timely manner but do not guarantee the delivery or accuracy of any alert. Client agrees that neither Provider nor its designees will be liable (i) for any delays in delivery or failure to deliver any alert or (ii) for any actions taken or not taken by Client or any third party in reliance on or in response to an alert. Use of Service; Limitations; Suitability. The Service is provided for Client s individual and personal use and not for any other purpose. The Service is meant to be a component of Client s overall investment strategy and not Client s sole investment strategy, nor is it intended to provide legal, tax, accounting, or financial planning advice. Client understands and agrees that the Service is only one tool that Client may use as part of a comprehensive investment strategy, that Client will not rely solely on the Service and, except as otherwise provided for in this Agreement, that Provider or Sub-Adviser will not be liable for any decisions or actions that Client takes or authorizes third parties to take on Client s behalf based on Client Information and other information provided through the Service. Client also understands and agrees that the Service is electronic in nature and is not appropriate for clients with limited or no access to technology. The Service s financial and/or retirement projections and investment decisions are based on the variables incorporated into the Algorithm and Client Information, including Client s investment objectives, the time horizon to reach Client s financial and/or retirement goals, and risk tolerance. Because the Service does not provide comprehensive financial planning, there may be other relevant factors and financial considerations (e.g., debt load or other financial obligations) that it does not take into consideration in formulating the projections and making the investment decisions. Moreover, while Provider and Sub-Adviser will exercise good faith and diligence in the execution of their respective duties to Client under this Agreement, each of Provider and Sub-Adviser has not made, and is not making, any guarantee about the future Advisory Account -10-
11 performance. There may be loss or depreciation of the value of any Advisory Account investment due to the fluctuation of market values or numerous other factors, some of which are described in Exhibit A. In addition, Provider and Sub-Adviser make no guarantee or representation that Client s goals will be achieved and Client agrees that Provider and Sub- Adviser are not responsible and/or liable for any failure to achieve such goals. Notwithstanding the foregoing risks, limitations, and disclaimers, Client has made an independent assessment of the Service, including the associated costs and benefits, has carefully reviewed the Securities and Exchange Commission ( SEC ) and Financial Industry Regulatory Authority ( FINRA ) investor alert on automated investment tools, available at and has determined that the Service is suitable and appropriate based on current Client Information. Client acknowledges and agrees that if at any time he or she determines the Service is no longer suitable and appropriate, he or she will promptly terminate his or her Advisory Account as provided for in this Agreement. No Advisory Account Management Restrictions; Sole Beneficial Ownership. Client represents that (i) there are no liens, court orders, agreements, or other restrictions that would affect the management of the Advisory Account, which have not been disclosed to Provider in writing prior to the execution of this Agreement; and (ii) Client is the sole beneficial owner of all of the assets in the Advisory Account. Client agrees to promptly notify Provider if any lien, court order, or agreement described in clause (i) above arises during the term of this Agreement. Accurate Client Information. The Service relies on the accuracy and completeness of Client Information in providing projections to, and making investment decisions on behalf of, Client. Client agrees to supply the Service with any information that is requested on the Site in order to use the Service. Client is solely responsible for providing true, accurate, and complete Client Information to the Site, in any communications Client has with Provider, or as reported directly to Provider or through a third party Client has authorized to do so. Client is also responsible for promptly notifying the Service through the Site regarding any changes in Client Information that could affect Sub-Adviser s projections or decisions, or the Service s ability to communicate with Client (e.g., the addition of a new investment account, a change to Client s address, or a life-change event, such as a change that would affect Client s investment horizon). If Client supplies false, incomplete, or materially inaccurate information, the Service s ability to help Client achieve his or her goals may be materially compromised. In addition, the Service does not consider in its analysis accounts and assets that Client does not aggregate or input. Householding. If Client enables the Service s householding feature (i.e., the aggregation of accounts held by Client and Client s spouse or spousal equivalent), Client and Client s spouse or spousal equivalent acknowledge and agree that: (i) they both have the same risk tolerance and investment horizon (i.e., number of years until retirement or other financial goal); (ii) the address supplied to the Service will be associated with the primary user spouse, but will be used by Provider to communicate with all members of the household such that certain notices and other important information will be provided only once to the household; (iii) the primary user spouse will be issued a Site User ID and Password to view and access the householded accounts, but the secondary user spouse will not be provided with a separate User ID and Password; (iv) the secondary user spouse must share personal information with the primary contact/account -11-
12 holder in the household and rely upon the primary contact/account holder to share information and correspondence relating to the householded accounts; and (v) accounts held solely in the name of the secondary user will not be automatically aggregated by the Service. Annual Review; Negative Consent. The Service relies on an annual review of Client s Advisory Account to confirm that Client Information has not changed and that Client does not wish to impose permitted restrictions on certain Advisory Account securities or modify existing permitted restrictions, as such changes could affect Sub-Adviser s financial and/or retirement projections and investment decisions, as well as other personalized aspects of the Service. Client understands and acknowledges that if he or she does not respond to Provider s review initiation within the specified period and/or supply updated information, Provider may assume, based on the principle of negative consent, that there are no changes to Client Information and that, as a result, no changes to the Service should be made as to Client, including as it relates to the imposition or modification of any permitted restrictions on Client s Advisory Account securities. Notwithstanding, if Provider considers such review to be inadequate based on Client s regular non-participation in annual reviews, concludes that the Service is not suitable for Client, or otherwise determines that it cannot, for business, regulatory, or other reasons continue offering the Service to Client, Provider may, at its sole and absolute discretion, terminate Client s Advisory Account and this Agreement in accordance with its terms. Provider. Provider is an investment adviser and the Service s primary sponsor, with advisory discretion for selecting and overseeing the Service s sub-adviser, determining the suitability of the Advisory Account, and various other duties and responsibilities, including providing the Investment Programs that serve as inputs to the Algorithm, the annual review, client communications, proxy voting, recordkeeping, and acting as the broker-dealer and custodian for the Brokerage Account. Client understands and acknowledges that, notwithstanding providing Investment Programs as inputs to Sub-Adviser s Algorithm, Provider retains no direct, day-today discretionary investment management authority over Client s Advisory Account, having delegated that authority to FutureAdvisor, as described below. Sub-Adviser. FutureAdvisor is a digital investment adviser registered with the SEC under the Investment Advisers Act of 1940 (the Advisers Act ). FutureAdvisor s fiduciary investment advisory services, which are provided through its secure website and mobile application, employ automated, goal-based asset allocation, portfolio analysis, selection, and rebalancing, and taxloss harvesting strategies. FutureAdvisor has been designated by Provider as the Service s sole sub-adviser, in which capacity it develops and provides the Algorithm that generates the Service s financial and/or retirement projections and investment decisions, which it implements on clients behalf. Subject to certain constraints and oversight by Provider, FutureAdvisor has discretion with respect to changes to investments in Client s Advisory Account, as driven by Client Information and the Algorithm, including discretion to adjust asset allocations and replace or reduce investments. Client has no discretion to designate a different sub-adviser in connection with his or her Advisory Account. FutureAdvisor also serves as the Service s technology services provider, in which capacity it maintains the proprietary technology platform on which the Service operates, including the Site. In the future, Provider may engage a different third party (or multiple third parties), or an affiliate, to perform any one or all of these functions or may designate Sub-Adviser to perform additional functions in respect of the Service. Client understands and acknowledges that FutureAdvisor s role in connection with the Service is -12-
13 limited to the foregoing and that FutureAdvisor specifically disclaims liability or responsibility under this Agreement for any services provided to Client by other unaffiliated parties, including Provider and Aggregation Vendor, in connection with the Service. Other limitations on FutureAdvisor s liability to Client and indemnification to which FutureAdvisor is entitled under this Agreement are set forth below under Exculpation and Indemnification. Client can directly obtain digital, goal-based investment advisory services from FutureAdvisor that in some respects are similar to the Service, but in other respects are different. For example, FutureAdvisor s direct-to-client services may provide automated, algorithmic investment advice, but in reliance on different Investment Programs than the Service, may review portfolios more frequently, and may require clients to use unaffiliated third parties to provide custody of advisory account assets. In addition, FutureAdvisor may not be able to offer certain investment products and services that Provider is able to offer because its advisory business is currently limited to digital investment advisory services. Client fees and expenses, along with other terms and conditions of advisory accounts, may differ materially between FutureAdvisor s direct-to-client advisory services and the Service. Most significantly, FutureAdvisor direct-to-client advisory services are not currently offered on a wrap fee-basis. As a result of the foregoing, the investment performance of FutureAdvisor s direct-to-client advisory services may differ, potentially materially, from the Service. More information about FutureAdvisor s advisory services is available in FutureAdvisor s Brochure, available at Brokerage. The Service s broker-dealer is responsible for executing trades for Client s Brokerage Account, as directed to it by Sub-Adviser, and providing custody, clearance, administrative, and recordkeeping services in respect of that account. Client understands and acknowledges that the broker-dealer, in such capacity, has no authority to make discretionary investment decisions for Client or to change, adjust, or modify those trades directed to it for execution. Fees and Expenses. Advisory Fee is a wrap fee that covers all investment advice, brokerage, and related services delivered by Provider and its designees as part of the Service. ETFs and/or mutual funds in which an Advisory Account is invested pay their own management fees and other expenses, and may pay 12b-1 fees, sales charges, and other fees to their managers, advisers, and selling agents, including BlackRock affiliates, as well as expense allowances. Notwithstanding the foregoing, Client will receive a rebate of any 12b-1 fees received by Provider. Further information regarding those charges, fees, and allowances assessed by a mutual fund or other securities sponsor that the Service may select is available in the corresponding prospectus or disclosure statement, copies of which will be furnished or made available to Client. In addition to the foregoing, ETF transactions may be subject to exchange fees, regulatory transaction fees, transfer taxes, and other fees. The Service calculates Advisory Fees based on the entire balance of Client s Advisory Account, including any cash allocation. As a result, the Advisory Fee may exceed the return on the cash portion of Client s account (i.e., the return on Money Market Funds), resulting in a net loss, or cash drag to Client. Provider pays FutureAdvisor a portion of its Advisory Fee, in addition to certain development costs and other licensing and platform fees, as compensation for its services as sub-adviser. -13-
14 Provider may pay USBI s affiliates a flat fee for their guidance related to the Investment Programs that serve as Algorithm inputs; however, Client will not directly bear this fee. In addition, Provider, in its sole discretion, pays all or a portion of the Advisory Fee to other parties involved in providing services to Client in connection with the Service, as permitted by law. The Advisory Fee may be higher or lower than those ongoing or up-front fees or charges Client pays in respect of its existing investment advisory accounts. The Advisory Fee may also be higher than those fees paid by Client for other USBI investment advisory or brokerage products and services, although it may be lower than the fees for others. Not all clients of the Service will pay the same Advisory Fee Rate. The fees described in this Agreement are separate from, and in addition to, any compensation that the parties hereto may receive from other existing services provided to Client. Such fees will be paid without reduction or offset for any compensation paid for other existing services provided to Client, nor will the compensation paid for such other existing services be reduced or offset by the fees paid pursuant to this Agreement. Conflicts of Interest. Provider, Sub-Adviser, and their respective affiliates and associated persons have interests that may conflict with Client s. For example, (i) Provider, Sub-Adviser, and their respective affiliates and associated persons may have an opportunity to benefit from markups, markdowns, or volume discounts on mutual funds or other securities purchased for an Advisory Account; (ii) Provider s and Sub-Adviser s associated persons may (a) buy or sell ETFs, mutual funds, or other securities identical to or different than those the Service causes Client to purchase or that Client holds in the Advisory Account, or may also be a client of Provider and/or Sub-Adviser or (b) have an interest or position in certain securities that the Service causes Client to purchase, engendering financial incentives to buy or sell such securities for the Advisory Account (although this incentive is limited because the Service is automated and algorithmic in nature); and (iii) at certain times, Provider may offer promotions such as a refer-a-friend credit or a nominal gift that rewards existing clients for referring new clients to the Service, which may cause a conflict of interest if existing clients make this referral solely to receive the credit or nominal gift. BlackRock Products. The Algorithm will utilize BlackRock Products, including U.S. ishares ETFs, which FutureAdvisor, in turn, purchases on Client s behalf. Any portion, up to 100%, of an Advisory Account, may be invested in such securities (excluding any cash allocation). Provider and FutureAdvisor believe that BlackRock Products are consistent with the Service s general investment philosophy as they offer access to many different types of asset classes and market segments on a cost-effective basis with high liquidity levels. However, as a BlackRock subsidiary, FutureAdvisor may face potential conflicts of interest in the Algorithm s utilization and its resulting purchase of BlackRock Products, as those products generate fees and/or other compensation for BlackRock affiliates, including management, administration, distribution, transfer agent, custodial, legal, audit, securities lending, and other customary fees and expenses related to operating mutual funds, registered investment companies, and ETFs. In hindsight, circumstances could be construed that utilizing BlackRock Products conferred a benefit upon the product itself or the BlackRock-affiliated investment adviser to the detriment of the Client that was invested in those products. -14-
15 Client expressly acknowledges that the Advisory Account will be invested in BlackRock Products. When holding BlackRock Products, the Advisory Account, as a fund shareholder, will bear its pro rata share of the fund s fees and expenses, which are described in the relevant fund s prospectus. Prospectuses for ishares ETFs are available at These fees and expenses may include management, administration, distribution, transfer agent, custodial, legal, audit, securities lending, and other customary fees and expenses related to operating exchange traded funds, and a portion of these fees and expenses may be paid to BlackRock Fund Advisors and other FutureAdvisor affiliates. For a summary of the BlackRock Products that FutureAdvisor may purchase on Client s behalf and their applicable expense ratios, management fees, and other types of compensation payable to BlackRock Fund Advisors and FutureAdvisor s other affiliates, please refer to the Site. By entering into this Agreement, Client represents and warrants that he or she: (i) is independent of FutureAdvisor, (ii) has received and had an opportunity to review the relevant BlackRock Product prospectuses at and the Site to the extent he or she deemed necessary, and (iii) approves, based on these disclosures and his or her review of the prospectuses, of FutureAdvisor s ability to purchase BlackRock Products on Client s behalf. With respect to purchases of BlackRock Products that are ishares ETFs held in Advisory Accounts subject to ERISA or Section 4975 of the Internal Revenue Code of 1986, FutureAdvisor intends to comply with Department of Labor Prohibited Transaction Exemption ( PTE ) or another applicable exemption from the prohibited transaction rules under ERISA. In accordance with PTE , in addition to the fees Client pays pursuant to this Agreement s terms, FutureAdvisor s affiliates will retain the fees and compensation received from ishares ETFs in which FutureAdvisor invests Client s Advisory Account. With respect to investments in BlackRock Products that are mutual funds or, to the extent that PTE is not available, ishares ETFs, FutureAdvisor and Provider intend to utilize Department of Labor Prohibited Transaction Exemption 77-4 ( PTE 77-4 ), and Provider will provide Client with an Advisory Fee credit ( Advisory Fee Credit ) in an amount representing Client s pro rata share of Advisory Fees paid on such investments to a FutureAdvisor affiliate. The Service will disclose the timing and applicable period for the payment of the Advisory Fee Credit through the Site. Performance Reporting. The Service will only report to Client the investment performance of, and best practices information related to, Client s discretionary assets (i.e., those held in Client s Advisory Account). Other Client assets will be excluded from the Service s performance reporting, including assets of Client s spouse or spousal equivalent that is a joint client of the Service, although Client s retirement assets, such as those held in 401(k) and individual retirement accounts, may be included in the financial and/or retirement projections and other estimated income information the Service generates. Client understands and acknowledges that because of the nature of the information reported by the Service, Client should consult and assimilate other information sources to obtain aggregate performance and best practices information in respect of Client s aggregate investment assets. Account Security. Client is solely responsible for all usage of the account Client creates for purposes of using the Service and accessing the Site (the Client Account ), and Client is responsible for maintaining the confidentiality of the password Client selects for the Client Account. Client will promptly notify the Service by telephone or in writing upon becoming -15-
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