Thomas Huang, CFA, is an investment advisor for Newline Partners (NP). NP has an agreement with brokerage firm Ridge Capital (RC). Huang refers clients to RC in exchange for compensation. RC pays a cash fee to NP for referrals. Before entering into formal agreements for services, Huang makes the following disclosure to NP's clients: "Please note that Newline Partners receives an annual cash percentage fee from Ridge Capital for the referral of clients." Huang omits disclosure of the estimated dollar value of the referrals. Has Huang violated the Standards?