retirement plan fiduciary services
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Disciplined solutions for your serious money
ABC CorporationPrepared for
January 22, 2010
1 Disciplined solutions for your serious money
Areté Investment ConsultingPursuit of the highest excellence
• Formed in 2009• Investment Consulting Services
Retirement PlansIndividual Investors
• Product Neutral• Investment Fiduciary
• Improve Account Performance• Remove Unnecessary Costs• Manage Unwanted Risks
Who we are
Why Areté?
Brian A. Roberts, CFA
• President
• 23 years of experience
• $20+ billion
• American Funds®
Retirement pricing models
Retirement portfolios
• Davidson College
Honors in Economics
2 Disciplined solutions for your serious money
Retirement Plan Services Independent and objective
Cost BenchmarkingAreté provides cost benchmarking services to uncoverunnecessary plan expenses. When a plan is over-compensatingits providers, Areté assists plan sponsors with recovering these expenses. "Excess revenues" are redirected to defray other plan-related expenses. In some instances "excess revenues" may bereturned to participant accounts to reduce plan investment expenses.
Provider SearchesWhen a plan outgrows or wants to replace its current provider,Areté assists plan sponsors by conducting provider searches. The search process begins with an assessment of plan needs and then continues with a request for proposals. Areté summarizes provider responses to facilitate comparisons. Finalists are invited to present their proposal to an organization’s decision-
Investment MonitoringAreté serves as a co-fiduciary by working alongside plan sponsors to develop and implement the investment criteriaused to select and monitor its investment choices. Quarterly performance reporting is provided to monitor a plan's investment lineup. Investment manager searches are conducted when investment options fail to meet the minimum quality standards established by a plan.
Participant AdviceWhen participants want more than investment education, Areté offers an optional fee-based investment advice service that provides participants with specific investment recommen-dations. The service includes wealth forcasting studies, asset allocation studies, investment manager searches for non-plan assets and annual performance reviews. Areté serves as a
fiduciary to plan participants who choose this service. making group.
3 Disciplined solutions for your serious money
Investment MonitoringHigh quality, defensible choices
4 Disciplined solutions for your serious money
Manager SearchesRigorous and disciplined
5 Disciplined solutions for your serious money
Quarterly Reportsolor-coding fund reviews
Cost BenchmarkingUncovering unnecessary expenses
6 Disciplined solutions for your serious money
Investment Advisor or Broker
Recordkeeper andPlan Administrator
Investment Manager
• x.xx% of assets• $ xx,xxx
• x.xx% of assets• $ xx,xxx
• x.xx% of assets• $ xx,xxx
Is the amount reasonable ?
Yes or No
Yes or No
Yes or No
• Investment selection and monitoring
• Participant education
• Participant Services (800#, internet access, etc.)
• Plan sponsor services (compliance and legal services)
• Investment Management
1
2
3(1) Amounts should include both direct and indirect compensation.
How much are they receiving for
their services? (1)Who is the plan
paying?What are they being
paid to do?
ABC Corporation Retirement Plan
Plan Revenue and Payments Analysis
Fund Expenses Plan Revenue Sources Plan Paid Expenses Arete's Fees
Plan Investments Assets as of
Fund
Expense
Ratio
Total Annual
Cost
Total Plan
Receipts
Plan
Revenue
Credits 12b-1 fees
Record-
keeping
Revenue
Advisor
Payment
Ratio
Advisor
Revenue
Advisor
Payment
Ratio Advisor Revenue
MFS Value A 584,307$ 1.00% $5,843 2,337$ 0.15% 0.25% $876 0.25% 1,461$ 0.16% 935$
Davis NY Venture A 55,360$ 0.85% $471 304$ 0.30% 0.25% $166 0.25% 138$ 0.16% 89$
Maxim S&P 500 Indes 591,378$ 0.60% $3,548 2,070$ 0.35% 0.00% $2,070 0.25% 1,478$ 0.16% 946$
Growth Fund of America R3 1,553,449$ 0.94% $14,602 10,097$ 0.15% 0.50% $2,330 0.25% 3,884$ 0.16% 2,486$
Perkins Mid Cap Value S 247,463$ 1.34% $3,316 1,237$ 0.50% 0.00% $1,237 0.25% 619$ 0.16% 396$
First Eagle Overseas A 182,073$ 1.15% $2,094 546$ 0.05% 0.25% $91 0.25% 455$ 0.16% 291$
Columbia Small Cap Value A 21,607$ 1.30% $281 108$ 0.25% 0.25% $54 0.25% 54$ 0.16% 35$
Maxim Index 600 Portfolio 389,738$ 0.60% $2,338 1,364$ 0.35% 0.00% $1,364 0.25% 974$ 0.16% 624$
Alger Small Cap Growth Instl 92,965$ 1.27% $1,181 465$ 0.50% 0.00% $465 0.25% 232$ 0.16% 149$
Oppenheimer Developing Mkts Y 406,521$ 0.95% $3,862 1,016$ 0.25% 0.00% $1,016 0.25% 1,016$ 0.16% 650$
American Funds Europacific R3 1,380,657$ 1.11% $15,325 8,974$ 0.15% 0.50% $2,071 0.25% 3,452$ 0.16% 2,209$
Columbia Real Estate Equity Z 60,178$ 1.04% $626 150$ 0.25% 0.00% $150 0.25% 150$ 0.16% 96$
T Rowe Price Retirement 2010 Adv 377,237$ 0.83% $3,131 1,509$ 0.40% 0.00% $1,509 0.25% 943$ 0.16% 604$
T Rowe Price Retirement 2020 Adv 712,920$ 0.98% $6,987 2,852$ 0.40% 0.00% $2,852 0.25% 1,782$ 0.16% 1,141$
T Rowe Price Retirement 2030 Adv 164,719$ 1.03% $1,697 659$ 0.40% 0.00% $659 0.25% 412$ 0.16% 264$
T Rowe Price Retirement 2040 Adv 178,827$ 1.04% $1,860 715$ 0.40% 0.00% $715 0.25% 447$ 0.16% 286$
T Rowe Price Retirement 2050 Adv 450,914$ 1.04% $4,690 1,804$ 0.40% 0.00% $1,804 0.25% 1,127$ 0.16% 721$
PIMCO Mortgage Back Sec Adm 1,362,016$ 0.75% $10,215 3,405$ 0.25% 0.00% $3,405 0.25% 3,405$ 0.16% 2,179$
PIMCO Total Return Adm 49,890$ 0.71% $354 125$ 0.25% 0.00% $125 0.25% 125$ 0.16% 80$
Key Guaranteed Portfolio 2,269,325$ 0.84% $19,062 19,062$ 0.84% 0.00% $19,062 0.25% 5,673$ 0.16% 3,631$
Totals 11,131,544$ 101,482$ 58,801$ 30,972$ 27,829$ 17,810$
- Wtd. Avg. Expense 0.91% Expected Costs 14,950$ 17,810$
Expected Cost Savings 16,022$ 10,018$
Total Expected Cost Savings 0.23% 26,041$
Recordkeeping and Administration Costs
# of Plan Participants 130
Recordkeeping/Admin. Cost Ranges Actual Recordkeeping/Admin. Costs Arete Fee Schedule
Areas of Costs
Costs
(High)
Est. Annual
Cost (High)
Costs
(Low)
Est. Annual
Cost (Low) Fee Type
Dollar
Amount
Blended
Rate Plan Size
Recordkeeping 80$ 10,400$ 65$ 8,450$ Plan Recordkeeping Revenue 30,972$ 0.25% 1,000,000$
Plan Administration 20$ 2,600$ 10$ 1,300$ Billed Recordkeeping Fees -$ 0.25% 5,000,000$
Relationship Management 30$ 3,900$ 5$ 650$ Billed Plan Administration Fees -$ 0.18% 10,000,000$
Sales Support 15$ 1,950$ 5$ 650$ Billed - Other Fees -$ 0.15% 15,000,000$
Total Costs 145$ 18,850$ 85$ 11,050$ Total Costs 30,972$ 0.14% 20,000,000$
Expected Costs (Avg) 14,950$ Custom $ >25,000,000
8
Cost Allocation Methods
Disciplined solutions for your serious money
for participant investment education
Pre-Pension Protection Act Post-Pension Protection Act
(1) The Pension Protection Act of 2006 created 404(c) protection under ERISA for plan sponsors when participant accounts are defaulted to a Qualified DefaultInvestment Alternative (QDIA).
(2) Requires a minimum of 30 days advance notice and an opt out provision for participants.(3) The Pension Protection Act of 2006 created a new category of plan service provider, a “fiduciary adviser,” that exempts providing investment advice to plan
participants from ERISA’s prohibited transaction provisions provided the compensation received does not vary based on an advisor's recommendations.
][ ][Charge Everyone• Regardless of use
(Disproportionate cost sharing)
Charge No One• Offer limited support
(Potential liabilities under ERISA)
• Default Assets to a QDIA(1) (2)
• Provide optional investment advice for participants(3)
Charge No One
9 Disciplined solutions for your serious money
Adantages/Benefits to restructuring cost allocation
Lower Investment Expenses
Reduced Fiduciary Liability
"Better" Long-Term Investment Decsions
Advice, Not Education
Less Work
10 Disciplined solutions for your serious money
Participant Advice ...more than investment education
Wealth Forecasting Studies
Asset Allocation Studies
Investment Manager Searches (for non-plan assets)
Account Monitoring and Rebalancing
Annual Portfolio Reviews
Ibbotson Wealth Forecasting Engine™ Projects the impact of different saving, spending and asset allocation decisions
IMPORTANT: This is a visual interpretation of confidence intervals resulting from a hypothetical Monte Carlo simulation and does not reflect actual investment results, and is not a guarantee of future results. Results may vary over time and with each simulation.
$10 mil
1 mil
100k
10k
65 Years old 70 75 80 85 90 95 100
• 50% confidence level • 75% confidence level • 90% confidence level
2007
11.6
9.9
5.5
4.7
–5.2
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
8.1% 37.6 23.0 33.4 28.6 29.8 21.5 22.8 17.8 60.7 20.7 14.0 26.9
3.9 34.5 17.6 22.8 20.3 27.3 5.9 3.8 1.6 39.2 18.4 7.8 16.2
3.1 31.7 6.4 15.9 13.1 21.0 –3.6 3.7 –13.3 28.7 10.9 5.7 15.8
1.3 1 1.6 5.2 5.3 4.9 4.7 –9.1 –11.9 –15.7 1.4 8.5 4.9 4.8
–7.8 5.6 –0.9 2.1 –7.3 –9.0 –14.0 –21.2 –22.1 1.0 1.2 3.0 1.2
Asset-Class Winners and Losers Uncertain returns underscore the case for diversification
Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009
Highest return
Lowest return
• Small stocks • Large stocks • International stocks • Long-term government bonds • Treasury bills
2008
25.9
1.6
–36.7
–37.0
–43.1
Reduction of Risk Over Time 1926–2008
Past performance is no guarantee of future results. Each bar shows the range of compound annual returns for each asset class over the period 1926–2008. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009
Small stocks Large stocks Government bonds Treasury bills
–60
–30
0
30
60
90
120
150%
1-year Holding period
5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year
Compound annual return: 11.7% 9.6%
5.7% 3.7%
Maximize the Risk versus Return Tradeoff 1970–2008
Past performance is no guarantee of future results. Risk and return are measured by standard deviation and arithmetic mean, respectively. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009
12% Return
11
10
9
Maximum risk portfolio: 100% Stocks
60% Stocks, 40% Bonds 50% Stocks, 50% Bonds
100% Bonds
Minimum risk portfolio: 25% Stocks, 75% Bonds
11 12 13 14 15 16 19 17 18 10% Risk
80% Stocks, 20% Bonds
More Funds Do Not Always Mean Greater Diversification Duplication is NOT Diversification
Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009
Equity portfolio B
Deep-value Core-value Core Core-growth High-growth
Mic
ro
Sm
all
Mid
La
rge
Gia
nt
Equity portfolio A
Deep-value Core-value Core Core-growth High-growth
Mic
ro
Sm
all
Mid
La
rge
Gia
nt
16 Disciplined solutions for your serious money
Retirement Plan Fees Clearly defined and product neutral
Investment Monitoring
• First $5,000,000 in plan assets 0.25%• Next $20,000,000 in plan assets 0.10%
(Custom quotes for plans greater than $25,000,000)
Services include:• Development of an Investment Policy Statement (IPS)• Quarterly Performance Reporting (QPR)• Investment Manager Searches (IMS)• Cost and Revenue Discussions with current vendors• Two days of on-site educational meetings per year
Additional Services:• Extra days of on-site educational meetings• Investment Education Webinars (IEW)
Cost Benchmarking Studies (optional)
• Based on the number of provider responses included in the study.
Participant Advice (optional)
• First $2,000,000 of personal asset 0.25%• Over $2,000,000 of personal asset 0.15%
(Minimum annual fees per user)
Services include:• Wealth Forecasting Studies (WFS)• Asset Allocation Studies (AAS)• Investment Manager Searches for non-plan assets (IMS)• Investment Monitoring for non-plan assets• Account Monitoring and Rebalancing• Annual Portfolio Reviews
Provider Searches (optional)
• Based on the number of providers includedthe search.
Impact of Fees over Time
Account Assumptions
Current Account
Value $ 11,131,544
Additional Annual
Investments $ 500,000
Investment Return
before Fees 9%
Competitor's Fees
as a % of Assets 0.91%
Arete's Fees
as a % of Assets 0.68%
Illustration only. Actual fees may vary.
Return assumption is only hypothetical.
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
5 10 15 20 25Ending Value Difference $196,875 $623,970 $1,457,854 $2,992,014 $5,708,635
Number of Years
Sample Investment Fee Analysis(Plan Participant Advice Fees)
ABC Brokerage Firm Arete Investment Consulting Investment Expenses Investment Expenses
Mutual Funds Assets
Advisory
Fee
Fund
Expense
Ratio
Total
Investment
Fees
Total
Annual
Cost
Total
Annual
Cost
Total
Investment
Fees
Fund
Expense
Ratio
Advisory
Fee Assets Mutual Funds
T Rowe Price Small
Value Adv100,000$ 1.50% 1.09% 2.59% $2,590 $1,170 1.17% 0.92% 0.25% 100,000$ T Rowe Price Small
Value
Europacific Growth
Fund F1100,000$ 1.50% 0.84% 2.34% $2,340 $880 0.88% 0.63% 0.25% 100,000$ Europacific Growth
Fund F2
Growth Fund of
America F1100,000$ 1.50% 0.69% 2.19% $2,190 $710 0.71% 0.46% 0.25% 100,000$ Growth Fund of
America F2
Washington Mutual
Investors F1100,000$ 1.50% 0.67% 2.17% $2,170 $690 0.69% 0.44% 0.25% 100,000$ Washington Mutual
Investors F2
PIMCO Total Return
A100,000$ 1.50% 0.71% 2.21% $2,210 $710 0.71% 0.46% 0.25% 100,000$ PIMCO Total Return
Instl
Totals 500,000$ 11,500$ 4,160$ 500,000$ Totals
2.30% 0.83%
Impact of Fees over Time
Assumptions
Account Value $ 500,000
Additional Annual
Investments $ 50,000
Investment Return
before Fees 9%
Competitor's Fees
as a % of Assets 2.30%
Arete's Fees
as a % of Assets 0.83%
Illustration only. Actual fees may vary.
Return assumption is only hypothetical.
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
5 10 15 20 25Ending Value Difference $62,366 $203,345 $479,364 $981,122 $1,852,798
Number of Years
19 Disciplined solutions for your serious money
The Areté TeamKatharine
S.L. Merrill
Elizabeth Roberts
A. Williamson Beasley, Jr.
• Boston University, MS Mass Communication• Johns Hopkins University, MS Business
Marketing professional with expertise in strategy, market planning, product development and product management for such companies as VeriSign Inc, LifeMinders, Inc., and the National Journal Group
• Randolph- Macon College, BA Economics and Business Administration• Old Dominion University, MBA
Liaison between Financial Advisory community and American Funds Group;Worked with advisors to select investments to best suit client needs
• Hampden-Sydney College, BA History
Product specialist identifying client needs, matching with appropriate solutions forcompanies such as Golfdom and GVA Advantis Commercial Real Estate Services
Ending Account Values Ending Account Values
based on based on
Competitor's Fees Arete's Fees
Year Beginning Value
Annual
Investments
Net Return
(After fees) Ending Value
Beginning
Value
Annual
Investments
Net Return
(After fees) Ending Value
1 11,131,544$ 500,000$ 940,992$ 12,572,536$ 11,131,544$ 500,000$ 967,744$ 12,599,288$
2 12,572,536$ 500,000$ 1,057,568$ 14,130,104$ 12,599,288$ 500,000$ 1,089,861$ 14,189,149$
3 14,130,104$ 500,000$ 1,183,575$ 15,813,679$ 14,189,149$ 500,000$ 1,222,137$ 15,911,286$
4 15,813,679$ 500,000$ 1,319,777$ 17,633,456$ 15,911,286$ 500,000$ 1,365,419$ 17,776,706$
5 17,633,456$ 500,000$ 1,466,997$ 19,600,453$ 17,776,706$ 500,000$ 1,520,622$ 19,797,327$
6 19,600,453$ 500,000$ 1,626,127$ 21,726,579$ 19,797,327$ 500,000$ 1,688,738$ 21,986,065$
7 21,726,579$ 500,000$ 1,798,130$ 24,024,710$ 21,986,065$ 500,000$ 1,870,841$ 24,356,906$
8 24,024,710$ 500,000$ 1,984,049$ 26,508,759$ 24,356,906$ 500,000$ 2,068,095$ 26,925,000$
9 26,508,759$ 500,000$ 2,185,009$ 29,193,767$ 26,925,000$ 500,000$ 2,281,760$ 29,706,760$
10 29,193,767$ 500,000$ 2,402,226$ 32,095,993$ 29,706,760$ 500,000$ 2,513,202$ 32,719,963$
11 32,095,993$ 500,000$ 2,637,016$ 35,233,009$ 32,719,963$ 500,000$ 2,763,901$ 35,983,864$
12 35,233,009$ 500,000$ 2,890,800$ 38,623,809$ 35,983,864$ 500,000$ 3,035,457$ 39,519,321$
13 38,623,809$ 500,000$ 3,165,116$ 42,288,925$ 39,519,321$ 500,000$ 3,329,608$ 43,348,929$
14 42,288,925$ 500,000$ 3,461,624$ 46,250,550$ 43,348,929$ 500,000$ 3,648,231$ 47,497,159$
15 46,250,550$ 500,000$ 3,782,119$ 50,532,669$ 47,497,159$ 500,000$ 3,993,364$ 51,990,523$
16 50,532,669$ 500,000$ 4,128,543$ 55,161,212$ 51,990,523$ 500,000$ 4,367,212$ 56,857,735$
17 55,161,212$ 500,000$ 4,502,992$ 60,164,204$ 56,857,735$ 500,000$ 4,772,164$ 62,129,898$
18 60,164,204$ 500,000$ 4,907,734$ 65,571,938$ 62,129,898$ 500,000$ 5,210,808$ 67,840,706$
19 65,571,938$ 500,000$ 5,345,220$ 71,417,158$ 67,840,706$ 500,000$ 5,685,947$ 74,026,652$
20 71,417,158$ 500,000$ 5,818,098$ 77,735,256$ 74,026,652$ 500,000$ 6,200,617$ 80,727,270$
21 77,735,256$ 500,000$ 6,329,232$ 84,564,488$ 80,727,270$ 500,000$ 6,758,109$ 87,985,379$
22 84,564,488$ 500,000$ 6,881,717$ 91,946,205$ 87,985,379$ 500,000$ 7,361,984$ 95,847,362$
23 91,946,205$ 500,000$ 7,478,898$ 99,925,103$ 95,847,362$ 500,000$ 8,016,101$ 104,363,463$
24 99,925,103$ 500,000$ 8,124,391$ 108,549,494$ 104,363,463$ 500,000$ 8,724,640$ 113,588,103$
25 108,549,494$ 500,000$ 8,822,104$ 117,871,598$ 113,588,103$ 500,000$ 9,492,130$ 123,580,233$
Summary Information
Year
Competitors
Ending Value
Arete's Ending
Value
Ending Value
Difference
5 19,600,453$ 19,797,327$ 196,875$
10 32,095,993$ 32,719,963$ 623,970$
15 50,532,669$ 51,990,523$ 1,457,854$
Illustration only. Actual fees may vary. 20 77,735,256$ 80,727,270$ 2,992,014$
Return assumption is only hypothetical. 25 117,871,598$ 123,580,233$ 5,708,635$
Ending Account Values Ending Account Values
based on based on
Competitor's Fees Arete's Fees
Year Beginning Value
Annual
Investments
Net Return
(After fees) Ending Value
Beginning
Value
Annual
Investments
Net Return
(After fees) Ending Value
1 500,000$ 50,000$ 36,850$ 586,850$ 500,000$ 50,000$ 44,935$ 594,935$
2 586,850$ 50,000$ 42,669$ 679,519$ 594,935$ 50,000$ 52,691$ 697,626$
3 679,519$ 50,000$ 48,878$ 778,397$ 697,626$ 50,000$ 61,081$ 808,707$
4 778,397$ 50,000$ 55,503$ 883,899$ 808,707$ 50,000$ 70,156$ 928,864$
5 883,899$ 50,000$ 62,571$ 996,471$ 928,864$ 50,000$ 79,973$ 1,058,837$
6 996,471$ 50,000$ 70,114$ 1,116,584$ 1,058,837$ 50,000$ 90,592$ 1,199,429$
7 1,116,584$ 50,000$ 78,161$ 1,244,745$ 1,199,429$ 50,000$ 102,078$ 1,351,507$
8 1,244,745$ 50,000$ 86,748$ 1,381,493$ 1,351,507$ 50,000$ 114,503$ 1,516,010$
9 1,381,493$ 50,000$ 95,910$ 1,527,403$ 1,516,010$ 50,000$ 127,943$ 1,693,953$
10 1,527,403$ 50,000$ 105,686$ 1,683,089$ 1,693,953$ 50,000$ 142,481$ 1,886,434$
11 1,683,089$ 50,000$ 116,117$ 1,849,206$ 1,886,434$ 50,000$ 158,207$ 2,094,641$
12 1,849,206$ 50,000$ 127,247$ 2,026,453$ 2,094,641$ 50,000$ 175,217$ 2,319,858$
13 2,026,453$ 50,000$ 139,122$ 2,215,575$ 2,319,858$ 50,000$ 193,617$ 2,563,475$
14 2,215,575$ 50,000$ 151,794$ 2,417,369$ 2,563,475$ 50,000$ 213,521$ 2,826,996$
15 2,417,369$ 50,000$ 165,314$ 2,632,683$ 2,826,996$ 50,000$ 235,051$ 3,112,047$
16 2,632,683$ 50,000$ 179,740$ 2,862,422$ 3,112,047$ 50,000$ 258,339$ 3,420,386$
17 2,862,422$ 50,000$ 195,132$ 3,107,555$ 3,420,386$ 50,000$ 283,531$ 3,753,917$
18 3,107,555$ 50,000$ 211,556$ 3,369,111$ 3,753,917$ 50,000$ 310,780$ 4,114,697$
19 3,369,111$ 50,000$ 229,080$ 3,648,191$ 4,114,697$ 50,000$ 340,256$ 4,504,953$
20 3,648,191$ 50,000$ 247,779$ 3,945,970$ 4,504,953$ 50,000$ 372,140$ 4,927,092$
21 3,945,970$ 50,000$ 267,730$ 4,263,700$ 4,927,092$ 50,000$ 406,628$ 5,383,721$
22 4,263,700$ 50,000$ 289,018$ 4,602,718$ 5,383,721$ 50,000$ 443,935$ 5,877,656$
23 4,602,718$ 50,000$ 311,732$ 4,964,450$ 5,877,656$ 50,000$ 484,289$ 6,411,945$
24 4,964,450$ 50,000$ 335,968$ 5,350,418$ 6,411,945$ 50,000$ 527,941$ 6,989,886$
25 5,350,418$ 50,000$ 361,828$ 5,762,246$ 6,989,886$ 50,000$ 575,159$ 7,615,045$
Summary Information
Year
Competitors
Ending Value
Arete's Ending
Value
Ending Value
Difference
5 996,471$ 1,058,837$ 62,366$
10 1,683,089$ 1,886,434$ 203,345$
15 2,632,683$ 3,112,047$ 479,364$
Illustration only. Actual fees may vary. 20 3,945,970$ 4,927,092$ 981,122$
Return assumption is only hypothetical. 25 5,762,246$ 7,615,045$ 1,852,798$
22
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can beno assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this booklet,will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio.
Due to various factors, including changing market conditions and laws, the content may no longer be reflective of current opinions or positions. Moreover,you should not assume that any discussion or information contained in this booklet serves as the receipt of, or as a substitute for, personalized investment advice or legal advice from Areté Investment Consulting, LLC. To the extent that a reader has any questions regarding the applicability of any specific legal issues that are highlighted, you are encouraged to consult with the legal advisor of your choosing.
Finally, please remember to contact Areté Investment Consulting, LLC in writing, if there are any changes in your personal/financial situation or investmentobjectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services.
A copy of our current written disclosure statement that details our advisory services and fees is available for your review upon request.
Disciplined solutions for your serious money
Disciplined solutions for your serious money
477 Goodspeed Road • Virginia Beach, VA 23451
(757) 422-2210 • Fax: (757) 422-2110 • www.areteic.com
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