Form CRS ("Customer Relationship Summary")

Consider our advisory services if you need help with investing for retirement or other goals. We have industry-leading investment experts who oversee the investment advice. You can choose from a range of services including having our experts manage your account on your behalf to point-in-time advice where you make the final decision. You can find more information about these services here. If you would prefer to create your own asset allocation and select your investments, an investment advisory service may not be right for you.

We work with you to evaluate your personal financial goals, time horizon and risk tolerance. We then match an asset allocation that is appropriate for these considerations. This may be in the form of a specific asset allocation model or one or more individual mutual funds and/or ETFs, depending on the advisory service you selected.

We currently only select and recommend TRPI mutual funds and/or TRPI exchange-traded funds (TRPI ETFs) (collectively, TRPI Funds) in our advisory programs and services, and do not select or recommend any other types of investments. The TRPI Funds are managed by TRPI professionals consistent with their investment objectives. Our recommendations will be consistent with your goals, risk tolerance and time horizon. Our mutual funds and ETFs are monitored for performance, style consistency and sub-asset class exposure. TRPI investment professionals may make changes to the list of recommended TRPI Funds over time. 

TRPI Advisory Services associates are required to hold the Series 7 and Series 66 and have at a minimum a high school diploma. This allows TRPI Advisory Services associates to discuss investment securities and effect securities transactions for clients. In addition, some of our associates have CRPC, CFP, CIMA, CFA, or CPWA professional designations, in addition to additional FINRA licensing. If you have questions about the licenses, education, or qualifications of the T. Rowe Price associate who is assisting you, please ask him or her.

Mutual fund and ETF fees. For all of our advisory services, you will pay the fees and expenses of the TRPI mutual funds or ETFs in which you invest. These fees and expenses (also referred to as the expense ratio) vary by TRPI Fund and are detailed in the TRPI mutual fund prospectuses and TRPI ETF prospectuses. These fees and expenses are taken out of a fund’s assets and lower the return to a fund’s investors – they are not deducted from the amount of your investment. So, if you were to invest $10,000 in a TRPI Fund, $10,000 would be invested in shares of that fund. If the fund’s expense ratio was 1%, for example, that would equal $100 of expenses per year. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged a $20 annual fee, which is deducted directly from your account. ETFs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold and may incur additional transaction costs. Please see the TRPI Funds' prospectuses for more information.

Advisory fees.  We do not charge a separate fee for our non-discretionary advisory services. In addition to the TRPI Fund fees described above, we charge an ongoing advisory fee based upon the value of assets in a client’s account for one of our discretionary advisory services, the TRPI Retirement Advisory Service (Service). For this Service, we charge a gross advisory fee of up to 1%, which will be reduced by the amount of the expense ratios for the TRPI Funds held in the client’s account, resulting in a net advisory fee. The average net advisory fee for this Service, using all primary TRPI Funds, is approximately 50 basis points (0.50%), but the actual net advisory fee for a client’s account will vary depending on the recommended portfolio and the specific mix of TRPI Funds held in a client's account and their expense ratios. So, for example, if you had $250,000 (the minimum amount required for this Service) in assets under management, you would pay $1,250 in annual advisory fees, assuming the net advisory fee was 50 basis points (0.50%). For more information about the fees and expenses of this Service, please see Item 5 in the TRPI Retirement Advisory Service Part 2A of Form ADV Brochure (TRPI Retirement Advisory Service Brochure). For more information about the fees and expenses of the TRPI Funds, please see the funds' prospectuses.  

The affiliation between TRPI Advisory Services, TRPI Associates, the investment adviser for the T. Rowe Price mutual funds and the TRPI ETFs, and its other affiliates creates the potential for a conflict between the interests of clients and the interests of TRPI Advisory Services and its affiliates. TRPI Advisory Services addresses this conflict through disclosure in the TRPI Advisory Services Form ADV and the TRPI Retirement Advisory Service Brochure and by adopting internal policies and procedures that require TRPI Advisory Services and its associates to provide investment advice that is appropriate for advisory clients based upon the information provided by such clients and the characteristics of the advisory service in which the client has enrolled.

TRPI Advisory Services does not have any disciplinary history but some of our financial professionals do. You can go to Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

You can consider the associate you speak with as a primary contact for the advisory interaction. This person is a representative of TRPI Advisory Services, the investment adviser who offers these advisory services to retail investors. This person is also a representative of TRPI Investment Services, Inc., an affiliated broker-dealer.

We take client concerns seriously, and you can ask to speak to a supervisor if you have concerns about an interaction you had with a TRPI Advisory Services associate.

TRPI provides educational and brokerage services designed for self-directed investors who want to make their own decisions about which individual securities, mutual funds, or ETFs to trade. We do not recommend investments except for certain funds that are not offered to the general public (i.e., privately placed funds) advised by one of our affiliates (Private Funds). We recommend Private Funds on a limited basis and only to retail investors who meet certain financial sophistication and asset requirements (generally $5 million in investments). However, TRPI Advisory Services, an affiliate of TRPI Investment Services, provides advice about TRPI mutual funds and ETFs; please see the TRPI Advisory Services Form CRS or contact us for more information. In each case, you should carefully consider the services offered, the costs and fees of the services, and any associated conflicts of interest. If you want recommendations regarding account types or securities, such as individual stocks, bonds, or mutual funds, you may want to choose a firm that provides these services.

Brokerage associates within TRPI Investment Services are required to hold the Series 7 and Series 63 and have at a minimum a high school diploma. This allows brokerage associates to discuss investment securities and effect securities transactions for clients. In addition, some of our associates have CFP, CIMA, CFA, or CPWA professional designations, in addition to additional FINRA licensing. If you have questions about the licenses, education, or qualifications of the TRPI associate who is assisting you, please ask him or her.

We do not charge a separate fee for our brokerage services. The primary costs you incur are dependent on the types of securities you trade in your account and whether you trade online or over the telephone with a TRPI Investment Services representative. Please refer to the Commission and Fee Schedule for specific costs associated with each transaction, which will be deducted from your account. Additionally, if you invest in certain types of products or vehicles, such as mutual funds or ETFs, you will also pay the fees and expenses of the specific mutual fund or ETF in which you invest. These fees and expenses (also referred to as the fund’s expense ratio) vary by fund and are detailed in the mutual fund's or ETF's prospectus. These fees and expenses are taken out of a fund’s assets and lower the return to a fund's investors – they are not deducted from the amount of your investment. So, if you were to invest $10,000 in a mutual fund or ETF, $10,000 would be invested in shares of that mutual fund or ETF. If the fund’s expense ratio was 1%, for example, that would equal $100 of expenses per year.

You may also incur commissions or other trading costs when you trade shares in ETFs. Please see our Commission and Fee Schedule for more information. TRPI Investment Services does not charge a commission on trades in TRPI ETFs.  

Please see the funds’ or ETFs’ prospectuses for more information about their fees and expenses.

We have an incentive for you to transact in your brokerage account as we, or an affiliate, receive compensation when you do. For example, we have an incentive for you to invest in the TRPI mutual funds or TRPI ETFs because when you do, our affiliates receive investment management, administrative and shareholder services fees from the TRPI mutual funds and all-in investment management fees from the TRPI ETFs; we have an incentive for you to invest in third-party funds that pay us distribution (12b-1) fees over funds that do not pay us 12b-1 fees, or those that pay us lower fees; and we have an incentive for you to maintain a margin account because when you do, we receive a portion of the margin interest paid on margin balances in your brokerage account. Please see our Commission and Fee Schedule for more information.

Yes, TRPI Investment Services and some of our financial professionals have disciplinary history. You can go to Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

You can consider the associate you speak with as a primary contact for that brokerage service-related interaction. This person is a representative of our broker-dealer, TRPI Investment Services.

We take client concerns seriously, and you can ask to speak to a supervisor if you have concerns about an interaction you had with a TRPI Investment Services associate.