Customer Relationship Summary (CRS)

Shearman, Ralston Inc. is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and is a member of FINRA and SIPC. Our firm is also a state-registered investment adviser. Brokerage and investment advisory services and fees differ, and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.

We are providing this summary to you to explain our brokerage services; if you want detailed information on our investment advisory services, please visit: https://adviserinfo.sec.gov/ to see our Form ADV Part 2A Brochure, or contact us at 203-489-3902 to request information or a copy of the Form ADV Brochure.

We offer brokerage services to retail investors. Here is what we do or do not do:

• We recommend buying or selling securities after considering your investment profile, and we execute the transactions you decide to make based on our recommendations. We also recommend different account types, such as retirement accounts.
• We execute transactions for you that you request, that are not based on our recommendations.
• We buy and sell securities, including stocks, bonds, options, money market funds, mutual funds, exchange-traded funds (ETFs), CD's, and other publicly traded securities investments.
• We do not offer discretionary accounts, meaning, we always get your approval before trading in your account.
• We do not monitor your account or your investments.
• We do not offer products that are proprietary to our firm; we do not offer access to IPO's.
• We do not impose a minimum account size or a minimum investment amount, but we do charge a minimum commission on each trade executed by you and we charge annual fees for certain accounts. See the information below about our fees.

All recommendations will be made to you as a broker-dealer unless we explicitly state otherwise. If you have an investment advisory account with us, we will orally tell you that we are acting as advisor when making recommendations regarding your advisory account.

Before and after you become a customer, we will disclose other material information about our services, fees, conflicts, investment philosophy, and our relationship; those disclosures will be made orally or in various documents, such as those that describe the specific characteristics and risks of different products (like prospectuses) and our New Account Form. Some information will be provided to you by our clearing firm.

 The principal, and most common, fees that you will pay for brokerage services are transaction-based commissions, sales fees and mark ups or mark downs:

• Buy and sell transactions are charged a commission each time you buy or sell a security; the commissions you pay differ depending on the size of the transactions and the product purchased. Our firm charges a minimum commission per transaction.
• Mutual funds charge a sales fee for each buy transaction, and the mutual fund company pays us a portion of that fee. The fund also pays us 12b-1 fees (trails) on that investment while it is held in your account. We charge a fee when you sell your mutual fund.
• If we buy a security like a bond or CD from you or sell a security to you from our account as "principal" we may mark the price up or down respectively, resulting in a profit to us. This is in lieu of charging a commission.

If you have an account with us that is inactive, we may charge a flat annual fee. There are additional fees that may be charged, including interest on debit balances, sweep account fees, maintenance and termination fees, and fees for holding foreign securities. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.

Your financial professional will provide you with specific costs when discussing securities transactions, and you will see commission, fee, or mark up disclosures on trade confirmations, in prospectuses and on our fee schedule. For additional information about our fees please visit http://www.shearmanralston.com/fees.

 When we provide you with a recommendation, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they affect the recommendations we provide you. Here are some examples to help you understand what this means.

• Margin interest on debit balances: We are paid a portion of that interest.
• Money market and FDIC deposit (“sweep”) accounts: When you are paid monthly interest, we are paid a fee for having invested your cash in these instruments.
• Principal trading. We have an incentive to mark up or mark down securities, because we make more money on principal trades.
• We make money when you buy or sell securities, as summarized on this form. We will provide you with additional information on conflicts of interest when relevant to our business with you.

 Financial professionals are all salaried employees only. Our financial professionals do not receive any compensation directly tied to the ways our firm makes money.

 No. Visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

 For additional information about our services, or for a current copy of this CRS disclosure, please call us at 203-489-3902 or visit http://www.shearmanralston.com/crs.