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

Our associates are required to hold the Financial Industry Regulatory Authority, Inc. (FINRA) Series 7 and Series 66 and have at a minimum a high school diploma. These FINRA licenses allow our associates to discuss investment securities, execute securities transactions for clients and qualify these associates to serve as Investment Adviser Representatives (IARs). 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 T. Rowe Price mutual funds or ETFs in which you invest. These fees and expenses (also referred to as the expense ratio) vary by T. Rowe Price Fund and are detailed in the T. Rowe Price mutual fund prospectuses and T. Rowe Price 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 T. Rowe Price 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 T. Rowe Price Funds' prospectuses for more information.

Advisory fees.  We do not charge a separate fee for our non-discretionary advisory services. In addition to the T. Rowe Price 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 T. Rowe Price Retirement Advisory Service (Service). For this Service, we charge a gross advisory fee of up to 0.90%, which will be reduced by the amount of the expense ratios for the T. Rowe Price Funds held in the client’s account, resulting in a net advisory fee. The average net advisory fee for this Service, using all primary T. Rowe Price 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 T. Rowe Price 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 T. Rowe Price Retirement Advisory Service Part 2A of Form ADV Brochure (PDF) (T. Rowe Price Retirement Advisory Service Brochure). For more information about the fees and expenses of the T. Rowe Price Funds, please see the funds' prospectuses.  

As noted in the Form CRS, the affiliation between us and T. Rowe Price Associates, Inc., the investment adviser for the T. Rowe Price mutual funds and the T. Rowe Price ETFs, and our other affiliates (collectively, T. Rowe Price) creates the potential for conflicts between the interests of clients and the interests of T. Rowe Price. For example, T. Rowe Price has an incentive for you to choose the discretionary service(s) for which we or our affiliate charge(s) an advisory fee (TRP Fee-based Advisory Services) because T. Rowe Price will receive additional compensation through this fee.

In addition, one of several factors that are considered when evaluating our financial professional's performance (which helps determine their bonus, salary increase and/or promotion opportunities) is the professional's efforts to support the growth and development of one or both of the TRP Fee-based Advisory Services. For example, certain financial professional's performance evaluations considers the successful enrollment and retention of clients in TRP Fee-based Advisory Services.

Other factors used to evaluate our financial professionals' performance include, but are not limited to, providing quality client service, engaging in accurate and compliant client interactions, referrals, and the acquisition or retention of client assets. Compensation for our financial professionals does not include commissions based on sales of or transactions in specific products, e.g., T. Rowe Price mutual funds or ETFs. For more information about how these financial professionals are compensated, please see the T. Rowe Price Retirement Advisory Service Brochure. You can also ask the financial professional with whom you are interacting how they are compensated.

We address these conflicts through disclosure in the T. Rowe Price Advisory Services’ Part 2A of Form ADV: Firm Brochure (T. Rowe Price Advisory Services Firm Brochure) and the T. Rowe Price Retirement Advisory Service Brochure and by adopting internal policies and procedures that require us and our 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.

T. Rowe Price 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 T. Rowe Price Advisory Services, the investment adviser who offers these advisory services to retail investors. This person is also a representative of T. Rowe Price 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 T. Rowe Price Advisory Services associate.

T. Rowe Price 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, our affiliate, T. Rowe Price Advisory Services provides advice about T. Rowe Price mutual funds and ETFs; please see the T. Rowe Price 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, mutual funds, or ETFs you may want to choose a firm that provides these services.

Our brokerage associates are required to hold the Financial Industry Regulatory Authority, Inc. (FINRA) Series 7 and Series 63. The Series 7 license allows brokerage associates to discuss investment securities and effect securities transactions for clients. 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.

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 T. Rowe Price Investment Services representative. Please refer to the Commission and Fee Schedule (PDF) 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.

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 also incur commissions or other trading costs. Please see our Commission and Fee Schedule (PDF) for more information. T. Rowe Price Investment Services does not charge a commission on trades in T. Rowe Price ETFs.  

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

As described in the Form CRS, we have an incentive for you to transact in your brokerage account as we receive compensation when you do. We also have an incentive for you to invest in the T. Rowe Price mutual funds, ETFs and/or Private Funds because when you do, we and our affiliates receive investment management, administrative and shareholder services fees from  our mutual funds, all-in investment management fees from our ETFs and management fees and/or performance-based compensation and certain operating expenses from certain Private Funds. 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 (PDF) for more information.

In addition, one of several factors that are considered when evaluating our financial professionals’ performance (which helps determine their bonus, salary increase and/or promotion opportunities) is the acquisition and retention of client assets. Certain financial professionals’ performance evaluations also consider the successful enrollment and retention of clients in one or both of the TRP Fee-based Advisory Services. Compensation for our financial professionals does not include commissions based on sales of or transactions in specific products, e.g., T. Rowe Price mutual funds or ETFs. If you want to know how the financial professional with whom you are interacting is compensated, please ask him or her.

We address these conflicts by adopting internal policies and procedures that require us and our associates to provide education on T. Rowe Price products and services so clients can make informed decisions about which products and/or services may be appropriate for them.

Yes, T. Rowe Price 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, T. Rowe Price Investment Services. When the associate is discussing our mutual funds, ETFs, business development companies or Private Funds, they are acting as a broker-dealer representative. When the associate is discussing or assisting you with advisory services offered by T. Rowe Price Advisory Services or T. Rowe Price Associates, they are acting in their capacity as an advisor representative.

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 T. Rowe Price Investment Services associate.