Waverly Advisors is a fee-only firm. Clients pay an advisory fee based on assets under management. Assets invested in certain affiliated private funds are included in the AUM calculation, but may not be subject to separate fund fees. HS Select I, LLC is an exception and is not included in the AUM calculation. Certain clients invested in BT Select Fund I, LP may not be subject to an advisory fee, but instead a management and performance fee. A 0.25% flat fee is applicable to Promus Access investments. Performance-based fees may apply to Promus Realty investments. The firm also advises on unaffiliated private funds, with the AUM fee in addition to the fund's fees.