Sanders Morris LLC

Sanders Morris LLC is a registered investment adviser offering the Managed Asset Program (MAP), a wrap fee program providing advisory services through Investment Adviser Representatives and third-party Portfolio Managers. The program includes five platforms: Elite, Elite Choice, Elite Trade, Elite Lockwood Investment Strategies, and Elite Lockwood Asset Allocation Portfolios. Clients can select Portfolio Managers to manage their assets on a discretionary basis, with varying minimum account values. The Total Program Fee, payable quarterly, compensates Sanders Morris, the Representative, and Lockwood, with fees ranging from 0.20% to 0.75% per year based on the platform and total assets. Lockwood's fees for Elite LIS and Elite LAAP are included in the Total Program Fee. Fees are deducted from the account and detailed on client statements. Clients may impose restrictions on account management, and SM does not charge performance-based fees or engage in side-by-side management. The firm uses various methods of analysis and investment strategies, with client accounts reviewed periodically to ensure alignment with objectives. SM has a Code of Ethics, and employees may trade in securities recommended to clients, with safeguards in place to prevent conflicts of interest. The firm has disclosed disciplinary information and financial stability, affirming its ability to meet client commitments.