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 funds in which to invest, 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, depending on the advisory service you selected.

We currently only select and recommend T. Rowe Price mutual funds in our advisory programs and services, and do not select or recommend any other types of investments, including T. Rowe Price exchange-traded funds (T. Rowe Price ETFs) that have comparable investment strategies to T. Rowe Price mutual funds and lower expense ratios than certain mutual fund share classes. The T. Rowe Price mutual funds are managed by T. Rowe Price professionals consistent with their investment objectives. Our recommended mutual fund(s) or asset allocation model will be consistent with your goals, risk tolerance and time horizon. Our mutual 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 funds over time. 

TRP Advisory Services associates are required to hold the Series 7 and Series 66 and have at a minimum a high school diploma. This allows TRP 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 fees. For all of our advisory services, you will pay the fees and expenses of the T. Rowe Price mutual funds 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 T. Rowe Price fund 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 mutual fund, $10,000 would be invested in shares of that mutual 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. Please see the funds’ prospectuses for more information about the funds’ fees and expenses.

Advisory fees.  We do not charge a separate fee for our non-discretionary advisory services. In addition to the mutual 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. 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 Service funds held in the client’s account, resulting in a net advisory fee. The average net advisory fee for this Service, using all primary 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 Service 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 TRP Retirement Advisory Service Part 2A of Form ADV Brochure (TRP Retirement Advisory Service Brochure). For more information about the fees and expenses of the Service funds, please see the funds' prospectuses.  

The affiliation between TRP Advisory Services, TRP Associates, the investment adviser for the T. Rowe Price mutual funds and the T. Rowe Price ETFs, and its other affiliates creates the potential for a conflict between the interests of clients and the interests of TRP Advisory Services and its affiliates. TRP Advisory Services addresses this conflict through disclosure in the TRP Advisory Services Form ADV and the TRP Retirement Advisory Service Brochure and by adopting internal policies and procedures that require TRP 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.

TRP 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 TRP Advisory Services, the investment adviser who offers these advisory services to retail investors.

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 TRP Advisory Services associate.

Our brokerage services are designed for self-directed investors who want to make their own decisions about which individual securities, mutual funds, or ETFs to trade. If you want recommendations regarding individual securities, mutual funds, or ETFs, you may want to choose a firm that provides this service.

Brokerage associates within TRP 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 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 TRPIS representative and will be deducted from your account. Please refer to the commission and fee schedule for specific costs associated with each transaction. If you invest in mutual funds, you will also pay the fees and expenses of the specific fund 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 fund’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, $10,000 would be invested in shares of that mutual fund. If the fund’s expense ratio was 1%, for example, that would equal $100 of expenses per year.

If you invest in ETFs, you will also pay the fees and expenses of the specific ETF in which you invest. These fees and expenses (also referred to as the ETF's expense ratio) vary by ETF and are detailed in the ETF's prospectus. These fees and expenses are taken out of an ETF's assets and lower the return to an ETF's investors  - they are not deducted from the amount of your investment. So, if you were to invest $10,000 in an ETF, $10,000 would be invested in shares of that 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. TRP 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.

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 T. Rowe Price mutual funds or T. Rowe Price ETFs because when you do, our affiliates receive investment management, administrative and shareholder services fees from the T. Rowe Price mutual funds and all-in investment management fees from the T. Rowe Price 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, TRP 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, TRP 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 TRP Investment Services associate.