Does Mercer Advisors participate in referral programs sponsored by custodians?

Yes, Mercer Global Advisors (“Mercer Advisors”) participates in the Schwab, Fidelity, and Goldman Sachs referral programs. These custodians can refer prospective new clients to Mercer Advisors in exchange for referral fee compensation.  These referral arrangements present a conflict of interest because Mercer Advisors recommends that clients establish custodial relationships with these custodians.