103 Advisory Group

Fo r m ADV Pa r t 2A: Firm Brochure It e m 1 – Co ve r Pa ge 103 Ad vis o r y Gr o u p LLC 231 S. La Sa lle Stre e t 21st Flo o r Ch ica go, IL 60604 www.103advisory.com Da te o f Disclo su re Broch u re : Se p te m b e r 2026 ___________________________________________________________________________________ Th is d isclosu re b ro ch u re p ro vid e s in form a tio n a b ou t th e q u a lifica tion s a n d b u sin e ss p ra ctice s of 103 Ad viso ry Grou p LLC (a lso re fe rre d to a s we , u s, ou r a n d 103 Ad viso ry Grou p th ro u gh o u t th is d isclosu re b ro ch u re ). If yo u h a ve a n y q u e stion s a b o u t th e con te n ts of th is d isclo su re b ro ch u re , p le a se con ta ct Rich a rd J. Milto n a t 312-543-8759 o r rm ilto n @103a d viso ry.com . Th e in fo rm a tio n in th is d isclosu re b ro ch u re h a s n o t b e e n a p p ro ve d o r ve rifie d b y th e Un ite d Sta te s Se cu ritie s a n d Exch a n ge Co m m ission o r b y a n y sta te se cu ritie s a u th o rity. Ad d itio n a l in fo rm a tion a b o u t 103 Ad viso ry Gro u p is a lso a va ila b le o n th e In te rn e t a t www.a d vise rin fo .se c.gov. You ca n vie w o u r firm ’s in fo rm a tion o n th is we b site b y se a rch in g fo r 103 Ad viso ry Grou p LLC o r ou r firm ’s CRD n u m b e r 314694. *Re gistra tion a s a n in ve stm e n t a d vise r d o e s n o t im p ly a ce rta in le ve l o f skill o r tra in in g. **Alth o u gh 103 Ad viso ry Gro u p is re fe rre d to a s we o r u s th ro u gh ou t th is b ro ch u re fo r yo u r con ve n ie n ce , p le a se u n d e rsta n d th a t a n y e n ga ge m e n t d e scrib e d u n d e r th is b ro ch u re will b e m a d e with th e le ga l e n tity of 103 Ad viso ry Gro u p LLC.  It e m 2 – Ma t e r ia l Ch a n ge s Sin ce th e firm su b m itte d its la st re q u ire d a n n u a l a m e n d m e n t wa s su b m itte d in Ja n u a ry 2026 th e re h a ve b e e n n o m a te ria l ch a n ge s m a d e to th is Disclosu re Bro ch u re . We will e n su re th a t yo u re ce ive a su m m a ry o f a n y m a te ria l ch a n ge s to th is a n d su b se q u e n t d isclosu re b ro ch u re s with in 120 d a ys a fte r ou r firm ’s fisca l ye a r e n d s. Ou r firm ’s fisca l ye a r e n d s on De ce m b e r 31, so you will re ce ive th e su m m a ry of m a te ria l ch a n ge s n o la te r th a n Ap ril 30 e a ch ye a r. At th a t tim e we will a lso o ffe r o r p ro vid e a co p y o f th e m ost cu rre n t d isclosu re b roch u re . We m a y a lso p ro vid e o th e r o n go in g d isclosu re in fo rm a tion a b o u t m a te ria l ch a n ge s, a s n e ce ssa ry. 103 Advisory Group LLC Page 2 Form ADV Part 2A Firm Brochure  It e m 3 – Ta b le o f Co n t e n t s Ite m 2 – Ma te ria l Ch a n ge s ........................................................................................................................... 2 Ite m 3 – Ta b le o f Con te n ts .......................................................................................................................... 3 Ite m 4 – Ad viso ry Bu sin e ss .......................................................................................................................... 5 In tro d u ction ............................................................................................................................................. 5 De scrip tion o f Ad viso ry Se rvice s ............................................................................................................. 5 Lim its Ad vice to Ce rta in Typ e s o f In ve stm e n ts ...................................................................................... 9 Ta ilo r Ad visory Se rvice s to In d ivid u a l Ne e d s o f Clie n ts ....................................................................... 10 Clie n t Asse ts Ma n a ge d b y 103 Ad viso ry Gro u p ................................................................................... 10 Ite m 5 – Fe e s a n d Co m p e n sa tion ............................................................................................................. 11 Asse t Ma n a ge m e n t Se rvice s ................................................................................................................. 11 Fin a n cia l Pla n n in g & Co n su ltin g Se rvice s ............................................................................................. 13 Ite m 6 – Pe rfo rm a n ce -Ba se d Fe e s a n d Sid e -By-Sid e Ma n a ge m e n t ....................................................... 15 Ite m 7 – Typ e s of Clie n ts ............................................................................................................................ 15 Min im u m In ve stm e n t Am o u n ts Re q u ire d ............................................................................................ 15 Ite m 8 – Me th o d s of An a lysis, In ve stm e n t Stra te gie s a n d Risk o f Lo ss .................................................. 15 Me th o d s o f An a lysis ............................................................................................................................... 15 In ve stm e n t Stra te gie s ............................................................................................................................ 17 Prim a rily Re co m m e n d On e Typ e o f Se cu rity ....................................................................................... 18 Risk o f Lo ss ............................................................................................................................................. 18 Ite m 9 – Discip lin a ry In fo rm a tio n ............................................................................................................. 20 Ite m 10 – Oth e r Fin a n cia l In d u stry Activitie s a n d Affilia tio n s ................................................................. 20 Ite m 11 – Cod e o f Eth ics, Pa rticip a tion in Clie n t Tra n sa ctio n s a n d Pe rso n a l Tra d in g ........................... 20 Co d e o f Eth ics Su m m a ry ....................................................................................................................... 20 Affilia te a n d Em p lo ye e Pe rson a l Se cu ritie s Tra n sa ctio n s Disclo su re ................................................. 21 Ite m 12 – Bro ke ra ge Pra ctice s .................................................................................................................. 21 Bro ke ra ge Re co m m e n d a tio n s .............................................................................................................. 22 Dire cte d Broke ra ge ................................................................................................................................ 23 So ft Do lla r Be n e fits ................................................................................................................................ 23 Blo ck Tra d in g Po licy ............................................................................................................................... 24 Age n cy Cro ss Tra n sa ction s .................................................................................................................... 24 Ite m 13 – Re vie w of Accou n ts ................................................................................................................... 24 Accou n t Re vie ws a n d Re vie we rs ........................................................................................................... 24 Sta te m e n ts a n d Re p o rts ........................................................................................................................ 25 Ite m 14 – Clie n t Re fe rra ls a n d Oth e r Co m p e n sa tion .............................................................................. 25 Ite m 15 – Cu sto d y ...................................................................................................................................... 25 Ite m 16 – In ve stm e n t Discre tion ............................................................................................................... 26 Ite m 17 – Vo tin g Clie n t Se cu ritie s ............................................................................................................. 27 Ite m 18 – Fin a n cia l In fo rm a tio n ................................................................................................................ 27 103 Advisory Group LLC Page 3 Form ADV Part 2A Firm Brochure  Cu sto m e r Priva cy Po licy No tice ................................................................................................................ 28 Fo rm ADV Pa rt 2B: Bro ch u re Su p p le m e n t - Rich a rd J. Milto n , CFA ........................................................ 30 Fo rm ADV Pa rt 2B: Bro ch u re Su p p le m e n t - Joh n A. Ma risca lco , CFA ..................................................... 33 103 Advisory Group LLC Page 4 Form ADV Part 2A Firm Brochure  It e m 4 – Ad vis o r y Bu s in e s s 103 Ad viso ry Gro u p wa s a p p ro ve d a s a re giste re d in ve stm e n t a d viso r with th e U.S. Se cu ritie s a n d Exch a n ge Co m m ission in Ap ril 2022. Th e firm is a lim ite d lia b ility co m p a n y (LLC) fo rm e d u n d e r th e la ws of th e Sta te of Illin o is. • Rich a rd J. Milto n is th e Ma n a gin g Me m b e r a n d m a jo rity o wn e r o f 103 Ad viso ry Grou p . Fu ll d e ta ils of h is e d u ca tion a n d b u sin e ss b a ckgrou n d a re p ro vid e d a t Item 19 of th is Disclo su re Bro ch u re . 103 Ad viso ry Gro u p wa s in itia lly a p p rove d a s a Re giste re d In ve stm e n t Ad vise r in Ju n e 2021. • Introduction Th e in ve stm e n t a d viso ry se rvice s of 103 Ad viso ry Grou p a re p ro vid e d to you th ro u gh a n a p p ro p ria te ly lice n se d in d ivid u a l wh o is a n in ve stm e n t a d vise r re p re se n ta tive of 103 Ad viso ry Grou p (re fe rre d to a s you r in ve stm e n t a d vise r re p re se n ta tive th ro u gh ou t th is b ro ch u re ). Description of Advisory Services Th e fo llo win g a re d e scrip tio n s o f th e p rim a ry a d viso ry se rvice s o f 103 Ad viso ry Grou p . Ple a se u n d e rsta n d th a t a writte n a gre e m e n t, wh ich d e ta ils th e e xa ct te rm s o f th e se rvice , m u st b e sign e d b y yo u a n d 103 Ad viso ry Grou p b e fo re we ca n p rovid e yo u th e se rvice s d e scrib e d b e lo w. As s e t Ma n a ge m e n t Se r vice s – 103 Ad viso ry Gro u p o ffe rs a sse t m a n a ge m e n t se rvice s, wh ich in vo lve s 103 Ad viso ry Grou p p ro vid in g yo u with con tin u ou s a n d o n go in g su p e rvision ove r yo u r sp e cifie d a cco u n ts. You m u st a p p o in t ou r firm a s yo u r in ve stm e n t a d vise r of re co rd o n sp e cifie d a cco u n ts (co lle ctive ly, th e “Accou n t”). Th e Acco u n t co n sists on ly o f se p a ra te a ccou n t(s) h e ld b y q u a lifie d cu sto d ia n (s) u n d e r yo u r n a m e . Th e q u a lifie d cu sto d ia n s m a in ta in p h ysica l cu sto d y o f a ll fu n d s a n d se cu ritie s o f th e Accou n t, a n d yo u re ta in a ll righ ts of o wn e rsh ip (e .g., righ t to with d ra w se cu ritie s o r ca sh , e xe rcise o r d e le ga te p roxy vo tin g a n d re ce ive tra n sa ctio n con firm a tion s) of th e Accou n t. Th e Accou n t is m a n a ge d b y 103 Ad viso ry Grou p b a se d on you r fin a n cia l situ a tio n , in ve stm e n t o b je ctive s a n d risk to le ra n ce . We a ctive ly m o n ito r th e Accou n t a n d p ro vid e a d vice re ga rd in g b u yin g, se llin g, re in ve stin g o r h o ld in g se cu ritie s, ca sh o r oth e r in ve stm e n ts o f th e Acco u n t. We will n e e d to o b ta in ce rta in in fo rm a tio n fro m yo u to d e te rm in e you r fin a n cia l situ a tion a n d in ve stm e n t ob je ctive s. You will b e re sp o n sib le fo r n o tifyin g 103 Ad viso ry Gro u p o f a n y u p d a te s re ga rd in g you r fin a n cia l situ a tion , risk to le ra n ce o r in ve stm e n t ob je ctive a n d wh e th e r you wish to 103 Advisory Group LLC Page 5 Form ADV Part 2A Firm Brochure  im p o se o r m o d ify e xistin g in ve stm e n t re strictio n s; h o we ve r we will co n ta ct yo u a t le a st a n n u a lly to d iscu ss a n y ch a n ge s o r u p d a te s re ga rd in g you r fin a n cia l situ a tion , risk to le ra n ce o r in ve stm e n t o b je ctive s. We a re a lwa ys re a so n a b ly a va ila b le to con su lt with you re la tive to th e sta tu s of yo u r Accou n t. You h a ve th e a b ility to im p o se re a son a b le re strictio n s o n th e m a n a ge m e n t o f you r a ccou n ts, in clu d in g th e a b ility to in stru ct 103 Ad viso ry Grou p n o t to p u rch a se ce rta in se cu ritie s. It is im p o rta n t th a t you u n d e rsta n d th a t we m a n a ge in ve stm e n ts fo r o th e r clie n ts a n d m a y give th e m a d vice o r ta ke a ction s fo r th e m o r fo r ou r p e rson a l a ccou n ts th a t is d iffe re n t fro m th e a d vice we p ro vid e to yo u o r a ctio n s ta ke n for yo u . We a re n o t o b liga te d to b u y, se ll o r re co m m e n d to you a n y se cu rity o r o th e r in ve stm e n t th a t we m a y b u y, se ll o r re co m m e n d fo r a n y o th e r clie n ts o r fo r ou r o wn a ccou n ts. Co n flicts m a y a rise in th e a llo ca tion of in ve stm e n t o p p o rtu n itie s a m on g a cco u n ts th a t we m a n a ge . We strive to a llo ca te in ve stm e n t o p p ortu n itie s b e lie ve d to b e a p p ro p ria te fo r yo u r a ccou n t(s) a n d o th e r a ccou n ts a d vise d b y o u r firm a m o n g su ch a cco u n ts e q u ita b ly a n d con siste n t with th e b e st in te re sts o f a ll a ccou n ts in vo lve d . Ho we ve r, th e re ca n b e n o a ssu ra n ce th a t a p a rticu la r in ve stm e n t o p p o rtu n ity th a t co m e s to o u r a tte n tio n will b e a llo ca te d in a n y p a rticu la r m a n n e r. If we o b ta in m a te ria l, n on -p u b lic in form a tio n a b ou t a se cu rity o r its issu e r th a t we m a y n o t la wfu lly u se o r d isclose , we h a ve a b so lu te ly n o o b liga tio n to d isclose th e in fo rm a tio n to a n y clie n t o r u se it fo r a n y clie n t’s b e n e fit. Su b -Ad vis o r y Se r vice s – 103 Ad viso ry Gro u p p rovid e s in ve stm e n t a d vice , re co m m e n d a tio n s a n d u tilize th e in ve stm e n t stra te gie s o f Ou tsid e In ve stm e n t Ma n a ge rs (“Ma n a ge rs”) th ro u gh a su b - a d vise r re la tio n sh ip . Se le cte d Ma n a ge rs a re e va lu a te d b y u s fo r u se in a clie n t’s a ccou n t. Clie n t will gra n t 103 Ad viso ry Grou p d iscre tion a ry a u th o rity (with ou t first con su ltin g with Clie n t) to e sta b lish a n d /o r te rm in a te a re la tio n sh ip with a Su b -Ad vise r fo r p u rp o se s of m a n a gin g th e Accou n t o r a p o rtio n of th e Accou n t d e te rm in e d b y u s. Clie n t a lso gra n ts th e Su b-Ad vise r se le cte d b y 103 Ad viso ry Grou p with th e d iscre tio n a ry a u th o rity (in th e so le d iscre tion o f th e Su b -Ad vise r with ou t first co n su ltin g with Clie n t) to m a ke a ll d e cision s to b u y, se ll o r h o ld se cu ritie s, ca sh o r o th e r in ve stm e n ts fo r su ch p o rtio n o f th e Accou n t m a n a ge d b y th e Su b-Ad vise r. Ma n a ge rs se le cte d b y u s m a y o ffe r m u ltip le stra te gie s. Ou r Firm will to m o n ito r Ma n a ge rs to e n su re th a t it a d h e re s to th e p h ilo so p h y a n d in ve stm e n t style fo r wh ich it wa s se le cte d a n d to e n su re th a t its p e rfo rm a n ce , p o rtfo lio stra te gie s, a n d m a n a ge m e n t re m a in a lign e d with th e clie n t’s o ve ra ll in ve stm e n t go a ls a n d o b je ctive s. We will re ta in d iscre tio n a ry a u th o rity to h ire a n d fire th e Ma n a ge r. Ou r o n go in g re vie w in clu d e s, b u t is n o t lim ite d to , a sse ssm e n t of th e Ma n a ge r’s d isclosu re b roch u re , p e rfo rm a n ce in fo rm a tion , m a te ria ls, p e rson n e l tu rn o ve r, a n d re gu la to ry e ve n ts. Wh e n we e n ga ge a Ma n a ge r to in ve st a se p a ra te ly m a n a ge d a ccou n t (“SMA”), th e SMA will b e tra d e d b y e ith e r th e Ma n a ge r (e xte rn a lly-tra d e d ) o r b y o u r Firm (in te rn a lly-tra d e d ). In b o th ca se s, a ll re se a rch , in ve stm e n t se le ction s a n d p o rtfo lio d e cisio n s a re th e re sp on sib ility o f th e Ma n a ge r, n ot b y 103 Advisory Group LLC Page 6 Form ADV Part 2A Firm Brochure  o u r Firm . Pe rfo rm a n ce re p o rtin g will b e th e p ro vid e d b y th e Ma n a ge r. Su ch p e rfo rm a n ce re p o rts will b e p ro vid e d q u a rte rly to th e clie n t. Ou r Firm h a s e n te re d in to a gre e m e n ts with va riou s in d e p e n d e n t Ma n a ge rs. Un d e r th e se a gre e m e n ts, we o ffe r clie n ts va riou s typ e s o f p rogra m s sp o n so re d b y th e se Ma n a ge rs. All th ird-p a rty Ma n a ge rs to wh om we will re fe r o r e n ga ge fo r clie n ts will b e lice n se d a s re giste re d in ve stm e n t a d vise rs b y th e ir re sid e n t sta te a n d a n y a p p lica b le ju risd ictio n s o r re giste re d in ve stm e n t a d vise rs with th e U.S. Se cu ritie s a n d Exch a n ge Com m ission (“SEC”). Th ird -p a rty m a n a ge d p ro gra m s ge n e ra lly h a ve a ccou n t m in im u m re q u ire m e n ts th a t will va ry fro m in ve stm e n t a d vise r to in ve stm e n t a d vise r. Acco u n t m in im u m s a re ge n e ra lly h igh e r on fixe d in co m e a ccou n ts th a n e q u ity-b a se d a ccou n ts. A co m p le te d e scrip tio n of th e Ma n a ge r’s se rvice s, fe e sch e d u le s a n d a cco u n t m in im u m s will b e d isclose d in th e Ma n a ge r’s Fo rm ADV o r sim ila r Disclo su re Bro ch u re wh ich will b e p ro vid e d to clie n ts a t th e tim e a n a gre e m e n t fo r se rvice s is e xe cu te d a n d a ccou n t is e sta b lish e d . Fin a n cia l Pla n n in g & Co n s u lt in g Se r vice s - 103 Ad viso ry Gro u p o ffe rs fin a n cia l p la n n in g se rvice s, wh ich in vo lve p re p a rin g a writte n fin a n cia l p la n co ve rin g sp e cific o r m u ltip le to p ics. Wh e n p rovid in g fin a n cia l p la n n in g a n d con su ltin g se rvice s, o u r ro le is to fin d wa ys to h e lp yo u u n d e rsta n d yo u r o ve ra ll fin a n cia l situ a tion a n d h e lp yo u se t fin a n cia l o b je ctive s. We a lso p rovid e m o d u la r writte n fin a n cia l p la n s wh ich on ly co ve r th o se sp e cific a re a s o f con ce rn m u tu a lly a gre e d u p on b y yo u a n d 103 Ad viso ry Gro u p . A m o d u la r writte n fin a n cia l p la n is lim ite d o r se gm e n te d a n d d o e s n o t in vo lve th e cre a tion o f a fu ll writte n fin a n cia l p la n . You sh o u ld b e a wa re th a t th e re a re im p o rta n t issu e s th a t m a y n o t b e ta ke n in to con sid e ra tion wh e n you r in ve stm e n t a d vise r re p re se n ta tive d e ve lo p s h is o r h e r a n a lysis a n d re co m m e n d a tio n s u n d e r a m o d u la r writte n fin a n cia l p la n . Writte n fin a n cia l p la n s p re p a re d b y 103 Ad viso ry Gro u p d o n o t in clu d e sp e cific re co m m e n d a tio n s o f in d ivid u a l se cu ritie s. We a lso o ffe r co n su lta tion s in o rd e r to d iscu ss fin a n cia l p la n n in g issu e s wh e n you d o n ot n e e d a writte n fin a n cia l p la n . We a lso offe r “a s-n e e d e d ” con su lta tio n s, wh ich a re lim ite d to con su lta tion s in re sp on se to a p a rticu la r in ve stm e n t or fin a n cia l p la n n in g issu e ra ise d o r re q u e st m a d e b y yo u . Un d e r a n “a s-n e e d e d ” con su lta tio n , it will b e in cu m b e n t u p on yo u to id e n tify th o se p a rticu la r issu e s fo r wh ich you a re se e kin g o u r a d vice o r con su lta tio n on . Ou r fin a n cia l p la n n in g a n d co n su ltin g se rvice s d o n o t in vo lve im p le m e n tin g a n y tra n sa ction o n yo u r b e h a lf o r th e a ctive a n d on go in g m on ito rin g o r m a n a ge m e n t o f yo u r in ve stm e n ts o r a cco u n ts. Yo u h a ve th e so le re sp on sib ility fo r d e te rm in in g wh e th e r to im p le m e n t ou r fin a n cia l p la n n in g a n d con su ltin g re co m m e n d a tio n s. To th e e xte n t th a t you wou ld like to im p le m e n t a n y o f o u r in ve stm e n t re co m m e n d a tio n s th ro u gh 103 Ad viso ry Grou p o r re ta in 103 Ad viso ry Gro u p to a ctive ly m o n ito r a n d m a n a ge yo u r in ve stm e n ts, yo u m u st e xe cu te a se p a ra te writte n a gre e m e n t with 103 Ad viso ry Grou p fo r ou r a sse t m a n a ge m e n t se rvice s. 103 Advisory Group LLC Page 7 Form ADV Part 2A Firm Brochure  Retirement Plan Rollover Recommendations - Wh e n 103 Ad viso ry Grou p p ro vid e s in ve stm e n t a d vice a b o u t you r re tire m e n t p la n a cco u n t or in d ivid u a l re tire m e n t a ccou n t (“IRA”) in clu d in g wh e th e r to m a in ta in in ve stm e n ts a n d /o r p ro ce e d s in th e re tire m e n t p la n a cco u n t, ro ll ove r su ch in ve stm e n t/p ro ce e d s from th e re tire m e n t p la n a ccou n t to a IRA o r m a ke a d istrib u tion fro m th e re tire m e n t p la n a cco u n t, we a ckn o wle d ge th a t 103 Ad viso ry Grou p is a “fid u cia r y” with in th e m e a n in g o f Title I o f th e Em p lo ye e Re tire m e n t In com e Se cu rity Act (“ERISA”) a n d /o r th e In te rn a l Re ve n u e Co d e (“IRC”) a s a p p lica b le , wh ich a re la ws gove rn in g re tire m e n t a cco u n ts. Th e wa y 103 Ad viso ry Grou p m a ke s m o n e y cre a te s co n flicts with yo u r in te re sts so 103 Ad viso ry Grou p o p e ra te s u n d e r a sp e cia l ru le th a t re q u ire s 103 Ad viso ry Grou p to a ct in yo u r b e st in te re st a n d n ot p u t o u r in te re st a h e a d o f yo u . Un d e r th is sp e cia l ru le ’s p ro vision s, 103 Ad viso ry Grou p m u st a s a fid u cia ry to a re tire m e n t p la n a ccou n t o r IRA u n d e r ERISA/IRC: • Me e t a p ro fe ssion a l sta n d a rd o f ca re wh e n m a kin g in ve stm e n t re co m m e n d a tio n s (give p ru d e n t a d vice ); • Ne ve r p u t th e fin a n cia l in te re sts of 103 Ad viso ry Gro u p a h e a d o f you wh e n m a kin g re co m m e n d a tio n s (give lo ya l a d vice ); • Avo id m isle a d in g sta te m e n ts a b o u t con flicts of in te re st, fe e s, a n d in ve stm e n ts; Fo llo w p o licie s a n d p ro ce d u re s d e sign e d to e n su re th a t 103 Ad viso ry Grou p give s a d vice • th a t is in yo u r b e st in te re st; • Ch a rge n o m o re th a n is re a so n a b le for th e se rvice s o f 103 Ad viso ry Grou p ; a n d • Give Clie n t b a sic in fo rm a tio n a b ou t con flicts of in te re st. To th e e xte n t we re co m m e n d you ro ll o ve r you r a ccou n t fro m a cu rre n t re tire m e n t p la n a cco u n t to a n in d ivid u a l re tire m e n t a cco u n t m a n a ge d b y 103 Ad viso ry Gro u p , p le a se kn ow th a t 103 Ad viso ry Grou p a n d we h a ve a con flict of in te re st. We ca n e a rn in cre a se d in ve stm e n t a d viso ry fe e s b y re co m m e n d in g th a t you ro ll o ve r you r a ccou n t a t th e re tire m e n t p la n to a n IRA m a n a ge d b y 103 Ad viso ry Gro u p . We will e a rn fe we r in ve stm e n t a d viso ry fe e s if yo u d o n o t ro ll o ve r th e fu n d s in th e re tire m e n t p la n to a n IRA m a n a ge d b y 103 Ad viso ry Grou p . Th u s, ou r in ve stm e n t a d vise r re p re se n ta tive s h a ve a n e con o m ic in ce n tive to re co m m e n d a ro llo ve r o f fu n d s from a re tire m e n t p la n to a n IRA wh ich is a con flict o f in te re st b e ca u se o u r re co m m e n d a tio n th a t you o p e n a n IRA a ccou n t to b e m a n a ge d b y o u r firm ca n b e b a se d o n ou r e con o m ic in ce n tive a n d n o t b a se d e xclu sive ly on wh e th e r o r n ot m o vin g th e IRA to ou r m a n a ge m e n t p ro gra m is in yo u r ove ra ll b e st in te re st. 103 Advisory Group LLC Page 8 Form ADV Part 2A Firm Brochure  We h a ve ta ke n ste p s to m a n a ge th is con flict o f in te re st. We h a ve a d o p te d a n im p a rtia l co n d u ct sta n d a rd wh e re b y ou r in ve stm e n t a d vise r re p re se n ta tive s will (i) p ro vid e in ve stm e n t a d vice to a re tire m e n t p la n p a rticip a n t re ga rd in g a ro llo ve r of fu n d s fro m th e re tire m e n t p la n in a cco rd a n ce with th e fid u cia ry sta tu s d e scrib e d b e lo w, (ii) n o t re co m m e n d in ve stm e n ts wh ich re su lt in 103 Ad viso ry Grou p re ce ivin g u n re a son a b le co m p e n sa tio n re la te d to th e ro llove r o f fu n d s from th e re tire m e n t p la n to a n IRA, a n d (iii) fu lly d isclose co m p e n sa tion re ce ive d b y 103 Ad viso ry Gro u p a n d o u r su p e rvise d p e rson s a n d a n y m a te ria l co n flicts o f in te re st re la te d to re com m e n d in g th e ro llove r o f fu n d s from th e re tire m e n t p la n to a n IRA a n d re fra in fro m m a kin g a n y m a te ria lly m isle a d in g sta te m e n ts re ga rd in g su ch ro llo ve r. Wh e n p ro vid in g a d vice to a re tire m e n t p la n a ccou n t o r IRA, we will a ct with th e ca re , skill, p ru d e n ce , a n d d ilige n ce u n d e r th e circu m sta n ce s th e n p re va ilin g th a t a p ru d e n t p e rso n a ctin g in a like ca p a city a n d fa m ilia r with su ch m a tte rs wou ld u se in th e con d u ct of a n e n te rp rise of a like ch a ra cte r a n d with like a im s, b a se d on th e in ve stm e n t o b je ctive s, risk, to le ra n ce , fin a n cia l circu m sta n ce s, a n d a clie n t’s n e e d s, with ou t re ga rd to th e fin a n cia l o r o th e r in te re sts o f 103 Ad viso ry Grou p o r o u r a ffilia te d p e rson n e l. Fin a n cia l In s t it u t io n Co n s u lt in g 103 Ad viso ry Gro u p a lso p ro vid e s b u sin e ss d e ve lop m e n t con su ltin g se rvice s to fin a n cia l in stitu tion s. Ou r Bu sin e ss De ve lo p m e n t co n su ltin g se rvice s in clu d in g: • Bu sin e ss d e ve lo p m e n t a n n u a l b u d ge tin g with Se n io r Ma n a ge m e n t • Bu sin e ss d e ve lo p m e n t id e a s fro m n on -co m p e tin g tru st d e p a rtm e n ts. • Pro sp e ct tra ckin g (CRM) d e ve lo p m e n t • Cro ss se llin g co a ch in g • Ce n te rs of in flu e n ce ca m p a ign • Co m m u n ity m e ssa gin g • Ma rke tin g m a te ria ls re vie w a n d su p p ort • Mon th ly Bu sin e ss De ve lop m e n t ca ll with Ba n k Office rs a n d Tru st Profe ssio n a ls. • Pe rio d ic visits to clie n t’s office • An n u a l Pre se n ta tion to Ba n k Ad viso ry Bo a rd Limits Advice to Certain Types of Investments 103 Ad viso ry Gro u p p rovid e s in ve stm e n t a d vice on th e fo llowin g typ e s of in ve stm e n ts: • Mu tu a l Fu n d s • Exch a n ge Tra d e d Fu n d s (ETFs) 103 Advisory Group LLC Page 9 Form ADV Part 2A Firm Brochure  • Exch a n ge -liste d Se cu ritie s • Se cu ritie s Tra d e d Ove r-th e -Cou n te r • Co rp o ra te De b t Se cu ritie s • Co m m e rcia l Pa p e r • Ce rtifica te s of De p osit • Mu n icip a l Se cu ritie s • US Go ve rn m e n t Se cu ritie s • Op tio n s Co n tra cts on Se cu ritie s Alth o u gh we ge n e ra lly p ro vid e a d vice o n ly on th e p ro d u cts p re vio u sly liste d , we re se rve th e righ t to o ffe r a d vice o n a n y in ve stm e n t in stru m e n t th a t m a y b e su ita b le fo r e a ch clie n t’s sp e cific circu m sta n ce s, n e e d s, goa ls a n d o b je ctive s. It is n ot o u r typ ica l in ve stm e n t stra te gy to a tte m p t to tim e th e m a rke t, b u t we m a y in cre a se ca sh h o ld in gs m od e stly a s d e e m e d a p p ro p ria te b a se d on yo u r risk to le ra n ce a n d o u r e xp e cta tio n s o f m a rke t b e h a vio r. We m a y m o d ify o u r in ve stm e n t stra te gy to a cco m m o d a te sp e cia l situ a tio n s su ch a s lo w b a sis stock, stock o p tio n s, le ga cy h o ld in gs, in h e rita n ce s, clo se ly h e ld b u sin e sse s, co lle ctib le s, o r sp e cia l ta x situ a tion s. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information.) Tailor Advisory Services to Individual Needs of Clients 103 Ad viso ry Gro u p ’s a d viso ry se rvice s a re a lwa ys p ro vid e d b a se d o n yo u r in d ivid u a l n e e d s. Th is m e a n s, fo r e xa m p le , th a t wh e n we p rovid e a sse t m a n a ge m e n t se rvice s, yo u a re give n th e a b ility to im p o se re striction s on th e a ccou n ts we m a n a ge for yo u , in clu d in g sp e cific in ve stm e n t se le ctio n s a n d se cto rs. We wo rk with you o n a o n e -on -on e b a sis th rou gh in te rvie ws a n d q u e stion n a ire s to d e te rm in e yo u r in ve stm e n t o b je ctive s a n d su ita b ility in fo rm a tion . Ou r fin a n cia l p la n n in g a n d con su ltin g se rvice s a re a lwa ys p rovid e d b a se d o n yo u r in d ivid u a l n e e d s. We will n o t e n te r in to a n in ve stm e n t a d vise r re la tion sh ip with a p ro sp e ctive clie n t wh o se in ve stm e n t o b je ctive s m a y b e con sid e re d in co m p a tib le with ou r in ve stm e n t p h iloso p h y o r stra te gie s o r wh e re th e p rosp e ctive clie n t se e ks to im p o se u n d u ly re strictive in ve stm e n t gu id e lin e s. Client Assets Managed by 103 Advisory Group As of De ce m b e r 31, 2025 , 103 Ad viso ry Gro u p h a s $257,249,739 o f clie n t a sse ts u n d e r m a n a ge m e n t. All a sse ts a re m a n a ge d on a d iscre tion a ry b a sis. 103 Advisory Group LLC Page 10 Form ADV Part 2A Firm Brochure  It e m 5 – Fe e s a n d Co m p e n s a t io n In a d d ition to th e in fo rm a tio n p rovid e d in Item 4 – Advisory Business, th is se ctio n p ro vid e s a d d itio n a l d e ta ils re ga rd in g ou r firm ’s se rvice s a lo n g with d e scrip tio n s o f e a ch se rvice ’s fe e s a n d com p e n sa tion a rra n ge m e n ts. It sh ou ld b e n o te d th a t lo we r fe e s for co m p a ra b le se rvice m a y b e a va ila b le fro m o th e r sou rce s. Th e e xa ct fe e s a n d o th e r te rm s will b e o u tlin e d in th e a gre e m e n t b e twe e n yo u a n d 103 Ad viso ry Gro u p . Asset Management Services Fe e s ch a rge d fo r o u r a sse t m a n a ge m e n t se rvice s a re ch a rge d b a se d on a p e rce n ta ge of a sse ts u n d e r m a n a ge m e n t, b ille d in a rre a rs (a t th e e n d of th e b illin g p e rio d ) o n a m o n th ly ca le n d a r b a sis a n d ca lcu la te d b a se d o n th e fa ir m a rke t va lu e of yo u r a cco u n t a s o f th e la st b u sin e ss d a y o f th e cu rre n t b illin g p e rio d . Fe e s a re p ro ra te d (b a se d o n th e n u m b e r of d a ys se rvice is p ro vid e d d u rin g th e in itia l b illin g p e rio d ) fo r yo u r a ccou n t o p e n e d a t a n y tim e oth e r th a n th e b e gin n in g of th e b illin g p e rio d . If a sse t m a n a ge m e n t se rvice s a re co m m e n ce d in th e m id d le o f th e b illin g p e rio d , th e n th e p ro ra te d fe e fo r th a t b illin g p e rio d will b e b ille d in a rre a rs a t th e e n d of th a t b illin g p e rio d . Th e a sse t m a n a ge m e n t se rvice s con tin u e in e ffe ct u n til te rm in a te d b y e ith e r p a rty (i.e ., 103 Ad viso ry Grou p o r you ) b y p ro vid in g writte n n o tice o f te rm in a tion to th e o th e r p a rty. Wh e n fe e s a re b ille d in a rre a rs, 103 Ad viso ry Grou p will p ro ra te th e fin a l fe e p a ym e n t b a se d on th e n u m b e r o f d a ys se rvice s a re p ro vid e d d u rin g th e fin a l p e rio d . Th e a m o u n t of clie n t a sse ts o n th e te rm in a tion d a te will b e u se d to d e te rm in e th e fin a l fe e p a ym e n t. Fe e s ch a rge d fo r o u r a sse t m a n a ge m e n t se rvice s a re n e go tia b le b a se d on th e typ e o f clie n t, th e co m p le xity of th e clie n t's situ a tion , th e co m p o sitio n o f th e clie n t's a ccou n t (i.e ., e q u itie s, m u tu a l fu n d s, fixe d in co m e ), th e p o te n tia l fo r a d d itio n a l a ccou n t d e p o sits, th e re la tion sh ip o f th e clie n t with th e in ve stm e n t a d vise r re p re se n ta tive , a n d th e to ta l a m o u n t o f a sse ts u n d e r m a n a ge m e n t fo r th e clie n t. Fo r o u r a sse t m a n a ge m e n t se rvice s, clie n ts will b e ch a rge d a n a n n u a l fe e b a se d u p on th e a m ou n t of a sse ts u n d e r m a n a ge m e n t. Ea ch a sse t tie r sh a ll b e a sse sse d a fe e p e rce n ta ge in a cco rd a n ce with th e sch e d u le sh own b e low. Th e cu m u la tive fe e p e rce n ta ge fo r th e a ccou n t sh a ll b e a b le n d e d ra te b a se d on th e fe e p e rce n ta ge s a p p lie d to e a ch a sse t tie r: As s e t s Un d e r Ma n a ge m e n t An n u a l Fe e s First $2,500,000 1.000% Ne xt $7,500,000 0.500% Ne xt $15,000,000 0.400% Th e re a fte r Ne go tia b le 103 Advisory Group LLC Page 11 Form ADV Part 2A Firm Brochure  (Th is is a b le n d e d fe e sch e d u le . Th is m e a n s th a t th e a sse ts in a clie n t’s a cco u n t will b e b ille d a t d iffe re n t le ve ls a cco rd in g to th e fe e sch e d u le a b o ve . Fo r e xa m p le , if a clie n t h a d a n a ccou n t va lu e o f $25,000,000 th e n th e fo llo win g e q u a tion wou ld b e u se d to ca lcu la te th e ir m o n th ly fe e : ($2,500,000 x 1%) + ($7,500,000 x .5%) + (15,000,000 x.4%) = $122,500 /12 = $10,208.33) Th e re is a m in im u m a ccou n t size of $1,000,000. Th e m in im u m a cco u n t size is n e go tia b le a t th e d iscre tio n of 103 Ad viso ry Gro u p . Th e re is a m in im u m a n n u a l fe e of $2,500.00. 103 Ad viso ry Gro u p b e lie ve s th a t its a n n u a l fe e is re a so n a b le in re la tio n to : (1) se rvice s p ro vid e d a n d (2) th e fe e s ch a rge d b y o th e r in ve stm e n t a d vise rs offe rin g sim ila r se rvice s/p ro gra m s. Howe ve r, ou r a n n u a l in ve stm e n t a d visory fe e m a y b e h igh e r th a n th a t ch a rge d b y o th e r in ve stm e n t a d vise rs o ffe rin g sim ila r se rvice s/p ro gra m s. In a d d itio n to ou r co m p e n sa tio n , you m a y a lso in cu r ch a rge s im p o se d a t th e m u tu a l fu n d le ve l (e .g., a d viso ry fe e s a n d o th e r fu n d e xp e n se s). Th e in ve stm e n t a d viso ry fe e s will b e d e d u cte d from yo u r a ccou n t a n d p a id d ire ctly to ou r firm b y th e q u a lifie d cu sto d ia n (s) o f you r a ccou n t. You will a u th o rize th e q u a lifie d cu sto d ia n (s) o f yo u r a ccou n t to d e d u ct fe e s fro m yo u r a cco u n t a n d p a y su ch fe e s d ire ctly to ou r firm . You sh ou ld re vie w yo u r a cco u n t sta te m e n ts re ce ive d fro m th e q u a lifie d cu sto d ia n (s) a n d ve rify th a t a p p ro p ria te in ve stm e n t a d viso ry fe e s a re b e in g d e d u cte d . Th e q u a lifie d cu sto d ia n (s) will n o t ve rify th e a ccu ra cy o f th e in ve stm e n t a d viso ry fe e s d e d u cte d . Bro ke ra ge e xp e n se s a n d /o r tra n sa ctio n fe e s ch a rge d b y th e q u a lifie d cu sto d ia n a re b ille d d ire ctly to yo u b y th e q u a lifie d cu sto d ia n . 103 Ad viso ry Gro u p d o e s n o t re ce ive a n y p o rtio n of su ch co m m ission s o r fe e s fro m yo u o r th e q u a lifie d cu sto d ia n . In a d d itio n , you will in cu r ce rta in ch a rge s im p o se d b y th ird p a rtie s o th e r th a n 103 Ad viso ry Grou p in co n n e ction with in ve stm e n ts m a d e th rou gh you r a cco u n t in clu d in g, b u t n o t lim ite d to , m u tu a l fu n d in te rn a l e xp e n se s, va ria b le a n n u ity e xp e n se s a n d fe e s, IRA a n d q u a lifie d re tire m e n t p la n fe e s, a n d ch a rge s im p o se d b y th e q u a lifie d cu sto d ia n (s) o f you r a ccou n t. Ma n a ge m e n t fe e s ch a rge d b y 103 Ad viso ry Gro u p a re se p a ra te a n d d istin ct fro m th e fe e s a n d e xp e n se s ch a rge d b y in ve stm e n t co m p a n y se cu ritie s th a t m a y b e re co m m e n d e d to yo u . A d e scrip tio n of th e se fe e s a n d e xp e n se s a re a va ila b le in e a ch in ve stm e n t co m p a n y se cu rity’s p ro sp e ctu s. Fees For Sub-Advisory Relationships As d iscu sse d in Ite m 4 a b o ve , th e re a re o cca sion s wh e re a n u n a ffilia te d in ve stm e n t a d viso ry firm (Ma n a ge r) a cts in a su b -a d vise r ca p a city to u s. Un d e r th is a rra n ge m e n t, th e Ma n a ge r in ve sts th e a sse ts b a se d u p o n th e p a ra m e te rs p rovid e d b y 103 Ad viso ry Gro u p. De p e n d in g on th e a gre e m e n t with th e Ma n a ge r, e a ch firm will ch a rge a se p a ra te m a n a ge m e n t fe e th a t will b e co lle cte d a n d d istrib u te d b y th e cu sto d ia n . Th is to ta l fe e in clu d e s o u r p o rtion o f th e in ve stm e n t a d viso ry fe e a s 103 Advisory Group LLC Page 12 Form ADV Part 2A Firm Brochure  we ll a s th e Ma n a ge r’s fe e . Th e fe e b ille d is d e fin e d in th e re le va n t In ve stm e n t Ma n a ge m e n t Co n tra ct a s we ll a s in th e in d ivid u a l Fo rm ADV Filin g of th e re sp e ctive Ma n a ge r. Th e Ma n a ge r’s re la tion sh ip m a y b e te rm in a te d a t ou r Firm ’s d iscre tion . We m a y a t a n y tim e te rm in a te th e re la tion sh ip with a Ma n a ge r. We will n o tify you of in sta n ce s wh e re we h a ve te rm in a te d a re la tio n sh ip with a n y Ma n a ge r(s) you a re in ve stin g with . Fa cto rs in vo lve d in th e te rm in a tion o f a Ma n a ge r m a y in clu d e a fa ilu re to a d h e re to th e ir sta te d m a n a ge m e n t style o r yo u r o b je ctive s, a m a te ria l ch a n ge in th e p ro fe ssio n a l sta ff of th e su b -a d viso r, u n e xp la in e d p oo r p e rfo rm a n ce , u n e xp la in e d in con siste n cy of a cco u n t p e rfo rm a n ce , o r ou r d e cisio n to n o lo n ge r in clu d e th e Ma n a ge r on o u r a p p rove d list. Ma n a ge rs ge n e ra lly d o n ot h a ve a n y d ire ct con ta ct with ou r clie n ts. Th e y p rovid e se rvice s d ire ctly to u s a n d we a re so le ly re sp o n sib le fo r clie n t a ccou n ts. Up o n e n te rin g in to a n a gre e m e n t fo r a d viso ry se rvice s with u s, clie n ts a u th o rize u s to u se th e se Ma na ge rs to se rvice th e ir a ccou n t, in clu d in g e xe cu tin g tra d e s, b illin g a n d th e d e d u ction o f fe e s fro m clie n t a cco u n ts. Clie n ts a gre e to a llo w u s to sh a re n o n- p u b lic, p e rson a l in fo rm a tion with th e se u n re la te d th ird -p a rty se rvice p ro vid e rs fo r th e p u rp o se o f a d m in iste rin g a n d m a n a gin g th e clie n ts’ a ccou n ts. Financial Planning & Consulting Services Fe e s ch a rge d fo r o u r fin a n cia l p la n n in g a n d con su ltin g se rvice s a re n e go tia b le b a se d u p on th e typ e o f clie n t, th e se rvice s re q u e ste d , th e co m p le xity of th e clie n t's situ a tio n , th e co m p o sition o f th e clie n t's a ccou n t, o th e r a d viso ry se rvice s p ro vid e d a n d th e re la tio n sh ip o f th e clie n t a n d th e in ve stm e n t a d vise r re p re se n ta tive . Fees for Financial Planning and Consulting Services 103 Ad viso ry Gro u p p rovid e s fin a n cia l p la n n in g a n d co n su ltin g se rvice s u n d e r a fixe d fe e a rra n ge m e n t. A m u tu a lly a gre e d u p on fixe d fe e is ch a rge d fo r fin a n cia l p la n n in g se rvice s u n d e r th is a rra n ge m e n t. Th e fixe d fe e ch a rge d b y 103 Ad viso ry Gro u p fo r fin a n cia l p la n n in g a n d con su ltin g se rvice s is ge n e ra lly $7,500, Th e a m ou n t o f th e fixe d fe e fo r yo u r e n ga ge m e n t is sp e cifie d in yo u r fin a n cia l p la n n in g a gre e m e n t with 103 Ad viso ry Gro u p . Up on co m p le tion a n d d e live ry of th e fin a n cia l p la n o r co m p le tio n o f th e con su ltin g se rvice s th e fixe d fe e is con sid e re d e a rn e d b y 103 Ad viso ry Grou p a n d a n y u n p a id a m ou n t is im m e d ia te ly d u e . Th e fin a n cia l p la n n in g se rvice s te rm in a te u p o n e ith e r p a rty p ro vid in g writte n n o tice of te rm in a tio n to th e o th e r p a rty. You m a y te rm in a te th e fin a n cia l p la n n in g a n d con su ltin g se rvice s with in five (5) b u sin e ss d a ys o f e n te rin g in to a n a gre e m e n t with 103 Ad viso ry Gro u p with ou t p e n a lty o r fe e s d u e . If yo u te rm in a te th e fin a n cia l p la n n in g a n d co n su ltin g se rvice s a fte r five (5) b u sin e ss d a ys o f e n te rin g in to a n a gre e m e n t, yo u will b e re sp o n sib le fo r im m e d ia te p a ym e n t o f a n y fin a n cia l p la n n in g se rvice s 103 Advisory Group LLC Page 13 Form ADV Part 2A Firm Brochure  p e rfo rm e d b y 103 Ad visory Gro u p p rio r to th e re ce ip t b y 103 Ad viso ry Gro u p o f yo u r n o tice . Fo r fin a n cia l p la n n in g a n d con su ltin g se rvice s p e rfo rm e d b y 103 Ad viso ry Grou p u n d e r a fixe d fe e a rra n ge m e n t, yo u will p a y 103 Ad viso ry Gro u p a p ro -ra te d fixe d fe e e q u iva le n t to th e p e rce n ta ge o f wo rk co m p le te d b y 103 Ad viso ry Gro u p a s d e te rm in e d b y 103 Ad viso ry Gro u p . Other Fee Terms for Financial Planning & Consulting Services You m a y p a y th e in ve stm e n t a d viso ry fe e s o we d for th e fin a n cia l p la n n in g se rvice s b y su b m ittin g p a ym e n t d ire ctly (fo r e xa m p le , b y ch e ck) o r h a vin g th e fe e d e d u cte d fro m a n e xistin g in ve stm e n t a ccou n t. If you e le ct to p a y b y a u to m a tic d e d u ction fro m a n e xistin g in ve stm e n t a cco u n t, you will p ro vid e writte n a u th o riza tion to 103 Ad viso ry Gro u p fo r su ch ch a rge . You sh ou ld n o tify 103 Ad viso ry Grou p with in te n (10) d a ys o f re ce ip t of a n in vo ice if you h a ve q u e stion s a b o u t o r d isp u te a n y b illin g e n try. To th e e xte n t 103 Ad viso ry Gro u p e n ga ge s a n o u tsid e p ro fe ssion a l (i.e . a tto rn e y, in d e p e n d e n t in ve stm e n t a d vise r o r a cco u n ta n t) wh ile p ro vid in g fin a n cia l p la n n in g a n d con su ltin g se rvice s to you , 103 Ad viso ry Gro u p will b e re sp on sib le fo r th e p a ym e n t of th e fe e s fo r th e se rvice s o f su ch a n o u tsid e p ro fe ssio n a l, a n d yo u will n o t b e re q u ire d to re im b u rse 103 Ad viso ry Gro u p fo r su ch p a ym e n ts. To th e e xte n t th a t you p e rson a lly e n ga ge su ch a n ou tsid e p ro fe ssio n a l, yo u will b e re sp on sib le fo r th e p a ym e n t of th e fe e s fo r th e se rvice s of su ch a n ou tsid e p ro fe ssion a l, a n d 103 Ad viso ry Grou p will n o t b e re q u ire d to re im b u rse Clie n t fo r su ch p a ym e n ts. Fe e s fo r th e se rvice s o f a n ou tsid e p ro fe ssio n a l (i.e . a tto rn e y, in d e p e n d e n t in ve stm e n t a d vise r o r a cco u n ta n t) will b e in a d d itio n to a n d se p a ra te fro m th e fe e s ch a rge d b y 103 Ad viso ry Gro u p , a n d yo u will b e re sp on sib le fo r th e p a ym e n t of th e fe e s fo r th e se rvice s of su ch a n ou tsid e p ro fe ssion a l. In n o e ve n t will th e se rvice s of a n o u tsid e p ro fe ssio n a l b e e n ga ge d with ou t you r e xp re ss a p p rova l. All fe e s p a id to 103 Ad viso ry Grou p for fin a n cia l p la n n in g a n d co n su ltin g se rvice s a re se p a ra te a n d d istin ct fro m th e co m m issio n s ch a rge d b y a b ro ke r-d e a le r o r a sse t m a n a ge m e n t fe e s ch a rge d b y a n in ve stm e n t a d vise r to im p le m e n t su ch re co m m e n d a tio n s. Fe e s fo r Fin a n cia l In s t it u t io n Co n s u lt in g 103 Ad viso ry Gro u p p rovid e s fin a n cia l in stitu tion con su ltin g se rvice s u n d e r a fixe d fe e a rra n ge m e n t. A m u tu a lly a gre e d u p on fixe d fe e is ch a rge d fo r se rvice s u n d e r th is a rra n ge m e n t. Th e fixe d fe e ch a rge d b y 103 Ad viso ry Grou p fo r fin a n cia l in stitu tio n co n su ltin g will ra n ge b e twe e n $15,000 a n d $50,000, Th e a m o u n t o f th e fixe d fe e fo r yo u r e n ga ge m e n t is sp e cifie d in you r a gre e m e n t with 103 Ad viso ry Grou p . 103 Advisory Group LLC Page 14 Form ADV Part 2A Firm Brochure  Th e fin a n cia l in stitu tion co n su ltin g se rvice s te rm in a te u p o n e ith e r p a rty p ro vid in g writte n n o tice of te rm in a tion to th e oth e r p a rty. It sh ou ld b e n o te d th a t lowe r fe e s fo r co m p a ra b le se rvice s m a y b e a va ila b le fro m o th e r so u rce s. It e m 6 – Pe r fo r m a n ce -Ba s e d Fe e s a n d Sid e -By-Sid e Ma n a ge m e n t Pe rfo rm a n ce -b a se d fe e s a re d e fin e d a s fe e s b a se d o n a sh a re o f ca p ita l ga in s on o r ca p ita l a p p re cia tio n o f th e a sse ts h e ld in a clie n t’s a cco u n t. Item 6 is n o t a p p lica b le to th is Disclosu re Bro ch u re b e ca u se we d o n o t ch a rge or a cce p t p e rfo rm a n ce -b a se d fe e s. It e m 7 – Typ e s o f Clie n t s 103 Ad viso ry Gro u p ge n e ra lly p ro vid e s in ve stm e n t a d vice to th e fo llo win g typ e s o f clie n ts: In d ivid u a ls • • High n e t wo rth in d ivid u a ls You a re re q u ire d to e xe cu te a writte n a gre e m e n t with 103 Ad viso ry Grou p sp e cifyin g th e p a rticu la r a d viso ry se rvice s in o rd e r to e sta b lish a clie n t a rra n ge m e n t with 103 Ad viso ry Gro u p . Minimum Investment Amounts Required 103 Ad viso ry Gro u p re q u ire s a m in im u m o f $1,000,000 in o rd e r to o p e n a n a cco u n t. To re a ch th is a ccou n t m in im u m , clie n ts ca n a ggre ga te a ll h ou se h o ld a cco u n ts. Exce p tio n s m a y b e gra n te d to th is m in im u m a t th e d iscre tion o f Ad viso r. Th e m in im u m fixe d fe e ge n e ra lly ch a rge d fo r fin a n cia l p la n n in g a n d co n su ltin g se rvice s on a fixe d fe e b a sis is $7,500. It e m 8 – Me t h o d s o f An a lys is , In ve s t m e n t St r a t e gie s a n d Ris k o f Lo s s Methods of Analysis 103 Ad viso ry Gro u p u se s th e fo llo win g m e th o d s o f a n a lysis in form u la tin g in ve stm e n t a d vice : Fu n d a m e n t a l – Th is is a m e th o d o f e va lu a tin g a se cu rity b y a tte m p tin g to m e a su re its in trin sic va lu e b y e xa m in in g re la te d e co n o m ic, fin a n cia l a n d o th e r q u a lita tive a n d q u a n tita tive fa cto rs. Fu n d a m e n ta l a n a lysts a tte m p t to stu d y e ve ryth in g th a t ca n a ffe ct th e se cu rity's va lu e , in clu d in g m a cro e con om ic fa cto rs (like th e o ve ra ll e con o m y a n d in d u stry 103 Advisory Group LLC Page 15 Form ADV Part 2A Firm Brochure  con d itio n s) a n d in d ivid u a lly sp e cific fa cto rs (like th e fin a n cia l con d itio n a n d m a n a ge m e n t o f a co m p a n y). Th e e n d go a l o f p e rfo rm in g fu n d a m e n ta l a n a lysis is to p ro d u ce a va lu e th a t a n in ve sto r ca n co m p a re with th e se cu rity's cu rre n t p rice in h o p e s o f figu rin g ou t wh a t so rt o f p o sition to ta ke with th a t se cu rity (u n d e rp rice d = b u y, o ve rp rice d = se ll o r sh o rt). Fu n d a m e n ta l a n a lysis is co n sid e re d to b e th e o p p osite of te ch n ica l a n a lysis. Fu n d a m e n ta l a n a lysis is a b o u t u sin g re a l d a ta to e va lu a te a se cu rity's va lu e . Alth ou gh m ost a n a lysts u se fu n d a m e n ta l a n a lysis to va lu e stocks, th is m e th o d o f va lu a tio n ca n b e u se d fo r ju st a b ou t a n y typ e of se cu rity. Th e risk a ssocia te d with fu n d a m e n ta l a n a lysis is th a t it is so m e wh a t su b je ctive . Wh ile a q u a n tita tive a p p ro a ch is p o ssib le , fu n d a m e n ta l a n a lysis u su a lly e n ta ils a q u a lita tive a sse ssm e n t o f h o w m a rke t fo rce s in te ra ct with on e a n o th e r in th e ir im p a ct on th e in ve stm e n t in q u e stion . It is p o ssib le fo r th ose m a rke t fo rce s to p o in t in d iffe re n t d ire ction s, th u s n e ce ssita tin g a n in te rp re ta tion o f wh ich fo rce s will b e d o m in a n t. Th is in te rp re ta tio n m a y b e wro n g, a n d cou ld th e re fo re le a d to a n u n fa vo ra b le in ve stm e n t d e cisio n . Te ch n ica l – Th is is a m e th o d o f e va lu a tin g se cu ritie s b y a n a lyzin g sta tistics ge n e ra te d b y m a rke t a ctivity, su ch a s p a st p rice s a n d vo lu m e . Te ch n ica l a n a lysts d o n o t a tte m p t to m e a su re a se cu rity's in trin sic va lu e , b u t in ste a d u se ch a rts a n d o th e r to o ls to id e n tify p a tte rn s th a t ca n su gge st fu tu re a ctivity. Te ch n ica l a n a lysts b e lie ve th a t th e h isto rica l p e rfo rm a n ce o f stocks a n d m a rke ts a re in d ica tion s o f fu tu re p e rfo rm a n ce . Te ch n ica l a n a lysis is e ve n m o re su b je ctive th a n fu n d a m e n ta l a n a lysis in th a t it re lie s on p ro p e r in te rp re ta tion o f a give n se cu rity's p rice a n d tra d in g vo lu m e d a ta . A d e cisio n m igh t b e m a d e b a se d o n a h istorica l m o ve in a ce rta in d ire ctio n th a t wa s a cco m p a n ie d b y h e a vy vo lu m e ; h owe ve r, th a t h e a vy vo lu m e m a y o n ly b e h e a vy re la tive to p a st vo lu m e fo r th e se cu rity in q u e stion , b u t n o t co m p a re d to th e fu tu re tra d in g volu m e . Th e re fo re , th e re is th e risk o f a tra d in g d e cisio n b e in g m a d e in co rre ctly sin ce fu tu re tra d in g vo lu m e is a n u n kn o wn . Te ch n ica l a n a lysis is a lso d o n e th rou gh o b se rva tion o f va riou s m a rke t se n tim e n t re a d in gs, m a n y of wh ich a re q u a n tita tive . Ma rke t se n tim e n t ga u ge s th e re la tive d e gre e o f b u llish n e ss a n d b e a rish n e ss in a give n se cu rity, a n d a con tra ria n in ve sto r u tilize s su ch se n tim e n t a d va n ta ge o u sly. Wh e n m o st tra d e rs a re b u llish , th e n th e re a re ve ry fe w tra d e rs le ft in a p o sition to b u y th e se cu rity in q u e stion , so it b e com e s a d va n ta ge o u s to se ll it a h e a d o f th e cro wd . Wh e n m o st tra d e rs a re b e a rish , th e n th e re a re ve ry fe w tra d e rs le ft in a p o sition to se ll th e se cu rity in q u e stion , so it b e com e s a d va n ta ge o u s to b u y it a h e a d of th e cro wd . Th e risk in u tiliza tio n of su ch se n tim e n t te ch n ica l m e a su re s is th a t a ve ry b u llish re a d in g ca n a lwa ys b e com e m o re b u llish , re su ltin g in lo st o p p o rtu n ity if th e m o n e y m a n a ge r ch o o se s to a ct u p o n th e b u llish sign a l b y se llin g ou t o f a p o sition . Th e re ve rse is a lso tru e in th a t a b e a rish re a d in g of se n tim e n t ca n a lwa ys b e co m e m o re b e a rish , wh ich m a y re su lt in a p re m a tu re p u rch a se of a se cu rity. 103 Advisory Group LLC Page 16 Form ADV Part 2A Firm Brochure  Th e re a re risks in vo lve d in u sin g a n y a n a lysis m e th o d . To con d u ct a n a lysis, 103 Ad viso ry Grou p ga th e rs in fo rm a tion fro m fin a n cia l n e wsp a p e rs a n d m a ga zin e s, m a n a ge r d a ta b a se s, in sp e ctio n of co rp o ra te a ctivitie s, re se a rch m a te ria ls p re p a re d b y o th e rs, co rp o ra te ra tin g se rvice s, tim in g se rvice s, a n n u a l re p o rts, p ro sp e ctu se s a n d filin gs with th e SEC, a n d com p a n y p re ss re le a se s. Investment Strategies 103 Ad viso ry Gro u p u se s th e fo llo win g in ve stm e n t stra te gie s wh e n m a n a gin g clie n t a sse ts a n d /o r p ro vid in g in ve stm e n t a d vice : St r a t e gic a s s e t a llo ca t io n – A p roce ss a n d a n a lysis wh ich se ts lo n g te rm ta rge ts fo r a sse t cla sse s b a se d u p on h isto rica l a n d o u tlo ok fo r risk, re tu rn , a n d co rre la tio n . Th e stra te gic a sse t a llo ca tion ta rge ts m a y ch a n ge o ve r tim e . Ta ct ica l a s s e t a llo ca t io n - Ta ctica l a sse t a llo ca tio n a llo ws fo r a ra n ge o f p e rce n ta ge s in e a ch a sse t cla ss (su ch a s Stocks = 40%-60%). Th e ra n ge s e sta b lish m in im u m a n d m a xim u m a cce p ta b le p e rce n ta ge s th a t p e rm it th e in ve sto r to ta ke a d va n ta ge o f m a rke t con d ition s with in th e se p a ra m e te rs. Th u s, a m in o r fo rm o f m a rke t tim in g is p ossib le , sin ce th e in ve sto r ca n m o ve to th e h igh e r e n d o f th e ra n ge wh e n stocks a re e xp e cte d to d o b e tte r a n d to th e lo we r e n d wh e n th e e co n o m ic o u tloo k is b le a k. Lo n g t e r m p u r ch a s e s - In ve stm e n ts h e ld a t le a st a ye a r. Sh o r t t e r m p u r ch a s e s - In ve stm e n ts so ld with in a ye a r. Va lu e -In ve s t in g - We fo llo w a va lu e -in ve stin g stra te gy th a t a tte m p ts to a cq u ire a t re a so n a b le va lu a tio n s p u b licly tra d e d b u sin e sse s th a t ca n d e live r su sta in a b le e xce ss re tu rn s. We fo cu s o n a lo n g-on ly stra te gy. Lon g te rm stra te gie s a re d e sign e d to id e n tify a n d se le ct in ve stm e n ts to b e h e ld for m u ltip le ye a rs. We will a lso in ve st in va lu e o rie n te d sp e cia l situ a tion s with sh o rte r e xp e cte d h o ld in g p e rio d s. Gr o w t h in ve s t in g - We follo w a gro wth -in ve stin g stra te gy th a t lo o ks fo r co m p a n ie s th a t a re e xp e cte d to gro w a t a n a b o ve -a ve ra ge ra te co m p a re d to th e ir in d u stry o r th e b ro a d e r m a rke t. Growth in ve sto rs te n d to fa vo r sm a lle r, yo u n ge r co m p a n ie s p o ise d to e xp a n d a n d in cre a se p ro fita b ility p o te n tia l in th e fu tu re . 103 Advisory Group LLC Page 17 Form ADV Part 2A Firm Brochure  Fixe d in co m e in ve s t in g - We in co rp o ra te a fixe d in co m e stra te gy to fo cu s o n p re se rva tion o f ca p ita l a n d in co m e . It typ ica lly in clu d e s in ve stm e n ts like gove rn m e n t a n d co rp o ra te b o n d s, p re fe rre d stocks, CDs a n d m o n e y m a rke t fu n d s. Fixe d in co m e ca n offe r a ste a d y stre a m of in co m e with le ss risk th a n sto cks. Primarily Recommend One Type of Security We d o n o t p rim a rily re com m e n d on e typ e o f se cu rity to clie n ts. In ste a d , we re co m m e n d a n y fin a n cia l in stru m e n t th a t m a y b e su ita b le fo r e a ch clie n t re la tive to th a t clie n t’s sp e cific circu m sta n ce s a n d n e e d s. Risk of Loss Pa st p e rfo rm a n ce is n o t in d ica tive of fu tu re re su lts. Th e re fo re , yo u sh ou ld n e ve r a ssu m e th a t fu tu re p e rfo rm a n ce o f a n y sp e cific in ve stm e n t o r in ve stm e n t stra te gy will b e p ro fita b le . In ve stin g in se cu ritie s (in clu d in g stocks, fu n d s, a n d b o n d s, e tc.) in vo lve s risk o f lo ss. Fu rth e r, d e p e n d in g o n th e d iffe re n t typ e s of in ve stm e n ts th e re m a y b e va ryin g d e gre e s of risk. You sh o u ld b e p re p a re d to b e a r in ve stm e n t lo ss in clu d in g lo ss o f o rigin a l p rin cip a l. Be ca u se of th e in h e re n t risk o f loss a sso cia te d with in ve stin g, o u r firm is u n a b le to re p re se n t, gu a ra n te e , or e ve n im p ly th a t ou r se rvice s a n d m e th o d s of a n a lysis ca n o r will p re d ict fu tu re re su lts, su cce ssfu lly id e n tify m a rke t to p s o r b otto m s, o r in su la te yo u from lo sse s d u e to m a rke t co rre ctio n s o r d e clin e s. Th e re a re ce rta in a d d ition a l risks a sso cia te d with in ve stin g in se cu ritie s th ro u gh ou r in ve stm e n t m a n a ge m e n t p ro gra m , a s d e scrib e d b e lo w: • Ma rke t Risk – Eith e r th e sto ck m a rke t a s a wh o le , or th e va lu e of a n in d ivid u a l co m p a n y, goe s d o wn re su ltin g in a d e cre a se in th e va lu e o f clie n t in ve stm e n ts. Th is is a lso re fe rre d to a s syste m ic risk. • Eq u ity (stock) m a rke t risk – Co m m on sto cks a re su sce p tib le to ge n e ra l sto ck m a rke t flu ctu a tion s a n d to vo la tile in cre a se s a n d d e cre a se s in va lu e a s m a rke t con fid e n ce in a n d p e rce p tio n s o f th e ir issu e rs ch a n ge . If you h e ld co m m on stock, o r co m m o n sto ck e q u iva le n ts, o f a n y give n issu e r, you wo u ld ge n e ra lly b e e xp ose d to gre a te r risk th a n if yo u h e ld p re fe rre d stocks a n d d e b t o b liga tion s of th e issu e r. • Co m p a n y Risk - Wh e n in ve stin g in stock p o sition s, th e re is a lwa ys a ce rta in le ve l o f co m p a n y o r in d u stry sp e cific risk th a t is in h e re n t in e a ch in ve stm e n t. Th is is a lso re fe rre d to a s u n syste m a tic risk a n d ca n b e re d u ce d th ro u gh a p p ro p ria te d ive rsifica tion . Th e re is th e risk th a t th e co m p a n y will p e rfo rm p o o rly o r h a ve its va lu e re d u ce d b a se d o n fa cto rs sp e cific to th e co m p a n y o r its in d u stry. Fo r e xa m p le , if a co m p a n y’s e m p lo ye e s go on strike o r th e co m p a n y re ce ive s u n fa vo ra b le m e d ia a tte n tion fo r its a ctio n s, th e va lu e o f th e co m p a n y m a y b e re d u ce d . 103 Advisory Group LLC Page 18 Form ADV Part 2A Firm Brochure  • Fixe d In co m e Risk - Wh e n in ve stin g in b o n d s, th e re is th e risk th a t th e issu e r will d e fa u lt on th e b o n d a n d b e u n a b le to m a ke p a ym e n ts. Fu rth e r, in d ivid u a ls wh o d e p e n d on se t a m ou n ts o f p e rio d ica lly p a id in co m e fa ce th e risk th a t in fla tio n will e ro d e th e ir sp e n d in g p o we r. Fixe d -in co m e in ve sto rs re ce ive se t, re gu la r p a ym e n ts th a t fa ce th e sa m e in fla tion risk. • Op tio n s Risk - Op tio n s o n se cu ritie s m a y b e su b je ct to gre a te r flu ctu a tion s in va lu e th a n a n in ve stm e n t in th e u n d e rlyin g se cu ritie s. Pu rch a sin g a n d writin g p u t a n d ca ll o p tio n s a re h igh ly sp e cia lize d a ctivitie s a n d e n ta il gre a te r th a n o rd in a ry in ve stm e n t risks. • ETF a n d Mu tu a l Fu n d Risk – Wh e n in ve stin g in a n ETF o r m u tu a l fu n d , you will b e a r a d d itio n a l e xp e n se s b a se d o n yo u r p ro ra ta sh a re o f th e ETF’s or m u tu a l fu n d ’s o p e ra tin g e xp e n se s, in clu d in g th e p o te n tia l d u p lica tio n of m a n a ge m e n t fe e s. Th e risk o f own in g a n ETF o r m u tu a l fu n d ge n e ra lly re fle cts th e risks o f o wn in g th e u n d e rlyin g se cu ritie s th e ETF o r m u tu a l fu n d h o ld s. Yo u will a lso in cu r b ro ke ra ge co sts wh e n p u rch a sin g ETFs. • Ma n a ge m e n t Risk – You r in ve stm e n t with ou r firm va rie s with th e su cce ss a n d fa ilu re o f ou r in ve stm e n t stra te gie s, re se a rch , a n a lysis a n d d e te rm in a tio n of p o rtfo lio se cu ritie s. If o u r in ve stm e n t stra te gie s d o n o t p ro d u ce th e e xp e cte d re tu rn s, th e va lu e o f th e in ve stm e n t will d e cre a se . Ou t b r e a k s o f Co m m u n ica b le In fe ct io n s o r Dis e a s e s . Dise a se o u tb re a ks a n d o th e r p u b lic h e a lth con d itio n s, su ch a s th e glo b a l o u tb re a k o f th e n o ve l COVID-19 (“co ron a viru s”) cu rre n tly b e in g e xp e rie n ce d , in m a rke ts in wh ich 103 Ad viso ry Grou p h a s m a d e a n d will con tin u e to m a ke in ve stm e n ts, ca n h a ve a sign ifica n t n e ga tive im p a ct o n ce rta in in ve stm e n ts. Glo b a l fin a n cia l m a rke ts, wh ich in clu d e s U.S. m a rke ts, h a ve b e gu n to re fle ct th e u n ce rta in ty a ssocia te d with th e slo wd o wn in th e e co n o m y a n d th e p o te n tia l im p a ct if b u sin e sse s, wo rke rs, cu sto m e rs a n d o th e rs a re p re ve n te d o r re stricte d fro m co n d u ctin g b u sin e ss a ctivitie s d u e to q u a ra n tin e s, b u sin e ss closu re s o r o th e r re striction s im p o se d b y b u sin e sse s o r gove rn m e n ta l a u th o ritie s in re sp on se to th e co ro n a viru s o u tb re a k. Th is cou ld re su lt in a n e con om ic d o wn tu rn a n d ca u se m a rke t d isru p tio n wh ich n e ga tive ly im p a cts to th e 103 Ad visory Gro u p ’s in ve stm e n ts. Th e im p o sitio n of in te rn a tio n a l a n d d o m e stic tra ve l re striction s a n d th e p o te n tia l d isru p tio n to th e 103 Ad viso ry Gro u p ’s b u sin e ss if 103 Ad viso ry Gro u p ’s e m p lo ye e s a re su b je ct to q u a ra n tin e , con tra ct co ro n a viru s, o r a re o th e rwise u n a b le to wo rk d u e to re striction s re la te d to th e co ron a viru s o u tb re a k cou ld n e ga tive ly im p a ct In ve stm e n t Ad vise r’s b u sin e ss a n d cou ld h a ve a m a te ria l a d ve rse e ffe ct on th e 103 Ad viso ry Gro u p ’s a b ility to m a n a ge clie n t a sse ts. Du e to th e sign ifica n t d isru p tion s re su ltin g from th e risks d e scrib e d a b ove , th e In ve stm e n t Ad vise r h a s a b u sin e ss con tin u ity p la n th a t h a s b e e n im p le m e n te d , p u rsu a n t to wh ich p e rson n e l will wo rk fro m h o m e o r re m o te loca tion s. 103 103 Advisory Group LLC Page 19 Form ADV Part 2A Firm Brochure  Ad viso ry Grou p b e lie ve s th a t it h a s ta ke n a n d will co n tin u e to ta ke a ll n e ce ssa ry a ction s p u rsu a n t to its b u sin e ss con tin u ity p la n , b u t 103 Ad viso ry Gro u p will h a ve in cre a se d e xp o su re to su ch d isru p tion s. 103 Ad viso ry Gro u p will m o n ito r a ll th e se p o te n tia l issu e s in ord e r to e n su re th a t 103 Ad viso ry Grou p ’s b u sin e ss con tin u e s a s n o rm a l to th e gre a te st e xte n t p ossib le a n d th e h e a lth a n d sa fe ty of its e m p lo ye e s, clie n ts, se rvice p ro vid e rs a n d p rin cip a ls a re give n th e h igh e st p rio rity. It e m 9 – Dis cip lin a r y In fo r m a t io n Item 9 is n o t a p p lica b le to th is Disclosu re Bro ch u re b e ca u se th e re a re n o le ga l o r d iscip lin a ry e ve n ts th a t a re m a te ria l to a clie n t’s o r p ro sp e ctive clie n t’s e va lu a tion of o u r b u sin e ss o r in te grity. It e m 10 – Ot h e r Fin a n cia l In d u s t r y Act ivit ie s a n d Affilia t io n s 103 Ad viso ry Gro u p is n o t a n d d oe s n o t h a ve a re la te d p e rso n th a t is a b roke r/d e a le r, m u n icip a l se cu ritie s d e a le r, go ve rn m e n t se cu ritie s d e a le r o r b ro ke r, a n in ve stm e n t com p a n y o r o th e r p o o le d in ve stm e n t ve h icle (in clu d in g a m u tu a l fu n d , clo se d -e n d in ve stm e n t co m p a n y, u n it in ve stm e n t tru st, p riva te in ve stm e n t co m p a n y o r "h e d ge fu n d ," a n d o ffsh o re fu n d ), a fu tu re s co m m ission m e rch a n t, co m m o d ity p o o l o p e ra to r, o r co m m o d ity tra d in g a d viso r, a b a n kin g o r th rift in stitu tio n , a n a ccou n ta n t or a cco u n tin g firm , a la wye r o r la w firm , a n in su ra n ce co m p a n y or a ge n cy, a p e n sion con su lta n t, a re a l e sta te b ro ke r o r d e a le r, a n d a sp on so r o r syn d ica to r of lim ite d p a rtn e rsh ip s. We a re a n in d e p e n d e n t re giste re d in ve stm e n t a d vise r a n d o n ly p ro vid e in ve stm e n t a d viso ry se rvice s. We a re n o t e n ga ge d in a n y o th e r b u sin e ss a ctivitie s a n d o ffe r n o o th e r se rvice s e xce p t th ose d e scrib e d in th is Disclosu re Broch u re . It e m 11 – Co d e o f Et h ics , Pa r t icip a t io n in Clie n t Tr a n s a ct io n s a n d Pe r s o n a l Tr a d in g Code of Ethics Summary An in ve stm e n t a d vise r is con sid e re d a fid u cia ry a n d h a s a fid u cia ry d u ty to a ll clie n ts. 103 Ad viso ry Grou p h a s e sta b lish e d a Co d e o f Eth ics to co m p ly with th e re q u ire m e n ts o f th e se cu ritie s la ws a n d re gu la tion s th a t re fle cts its fid u cia ry ob liga tion s a n d th o se o f its su p e rvise d p e rson s. Th e Co d e o f Eth ics a lso re q u ire s co m p lia n ce with fe d e ra l se cu ritie s la ws. 103 Ad viso ry Grou p ’s Co d e of Eth ics cove rs a ll in d ivid u a ls th a t a re cla ssifie d a s “su p e rvise d p e rson s”. All e m p lo ye e s, o ffice rs, d ire cto rs a n d in ve stm e n t a d vise r re p re se n ta tive s a re cla ssifie d a s su p e rvise d p e rson s. 103 Ad visory Gro u p re q u ire s its su p e rvise d p e rson s to con siste n tly a ct in yo u r b e st in te re st in a ll a d viso ry a ctivitie s. 103 Ad viso ry Grou p im p o se s ce rta in re q u ire m e n ts on its a ffilia te s a n d su p e rvise d p e rson s to e n su re th a t th e y m e e t th e firm ’s fid u cia ry re sp on sib ilitie s to you . Th e sta n d a rd o f con d u ct re q u ire d is h igh e r th a n o rd in a rily re q u ire d a n d e n cou n te re d in co m m e rcia l b u sin e ss. 103 Advisory Group LLC Page 20 Form ADV Part 2A Firm Brochure  Th is se ctio n is in te n d e d to p ro vid e a su m m a ry d e scrip tio n o f th e Co d e o f Eth ics o f 103 Ad viso ry Grou p . If you wish to re vie w th e Co d e o f Eth ics in its e n tire ty, you sh ou ld se n d a writte n re q u e st a n d u p on re ce ip t o f yo u r re q u e st, we will p ro m p tly p ro vid e a co p y o f th e Co d e of Eth ics to you . Affiliate and Employee Personal Securities Transactions Disclosure 103 Ad viso ry Gro u p o r su p e rvise d p e rson s of th e firm b u y a n d se ll fo r th e ir p e rson a l a ccou n ts, in ve stm e n t p ro d u cts id e n tica l to th o se re co m m e n d e d to clie n ts. Th is cre a te s a con flict o f in te re st. It is th e e xp re ss p o licy o f 103 Ad viso ry Gro u p th a t a ll p e rson s a ssocia te d in a n y m a n n e r with o u r firm m u st p la ce clie n ts’ in te re sts a h e a d of th e ir o wn wh e n im p le m e n tin g p e rson a l in ve stm e n ts. As is re q u ire d b y o u r in te rn a l p ro ce d u re s m a n u a l, 103 Ad viso ry Grou p a n d its su p e rvise d p e rson s will n ot b u y o r se ll se cu ritie s fo r th e ir p e rson a l a cco u n t(s) wh e re th e ir d e cisio n is d e rive d , in wh o le o r in p a rt, b y in fo rm a tio n o b ta in e d a s a re su lt of e m p lo ym e n t o r a sso cia tio n with ou r firm u n le ss th e in fo rm a tion is a lso a va ila b le to th e in ve stin g p u b lic u p o n re a son a b le in q u iry. We a re n ow a n d will con tin u e to b e in co m p lia n ce with a p p lica b le sta te a n d fe d e ra l ru le s a n d re gu la tion s. To m itiga te co n flicts o f in te re st th a t ca n o ccu r wh e n a cce ss p e rson s m a n a ge th e ir p e rson a l a cco u n ts a t th e sa m e tim e 103 Ad viso ry Grou p m a n a ge s clie n t a cco un ts, we h a ve d e ve lo p e d writte n su p e rviso ry p ro ce d u re s th a t in clu d e p e rson a l in ve stm e n t a n d tra d in g p o licie s fo r o u r re p re se n ta tive s, e m p lo ye e s a n d th e ir im m e d ia te fa m ily m e m b e rs (co lle ctive ly, su p e rvise d p e rson s): • Su p e rvise d p e rson s ca n n o t p re fe r th e ir o wn in te re sts to th a t of th e clie n t. • Su p e rvise d p e rson s ca n n o t p u rch a se o r se ll a n y se cu rity fo r th e ir p e rso n a l a cco u n ts p rio r to im p le m e n tin g tra n sa ction s fo r clie n t a cco u n ts. • Su p e rvise d p e rson s ca n n o t b u y o r se ll se cu ritie s for th e ir p e rson a l a cco u n ts wh e n th ose d e cisio n s a re b a se d on in fo rm a tion o b ta in e d a s a re su lt o f th e ir e m p lo ym e n t u n le ss th a t in fo rm a tion is a lso a va ila b le to th e in ve stin g p u b lic u p o n re a son a b le in q u iry. • Su p e rvise d p e rson s a re p ro h ib ite d from p u rch a sin g o r se llin g se cu ritie s o f co m p a n ie s in wh ich a n y clie n t is d e e m e d a n “in sid e r”. • Su p e rvise d p e rson s a re d iscou ra ge d fro m con d u ctin g fre q u e n t p e rson a l tra d in g. • Su p e rvise d p e rson s a re ge n e ra lly p roh ib ite d fro m se rvin g a s b oa rd m e m b e rs o f p u b licly tra d e d co m p a n ie s u n le ss a n e xce p tion h a s b e e n gra n te d to th e Ch ie f Co m p lia n ce Office r o f 103 Ad viso ry Gro u p . An y Su p e rvise d p e rson n o t o b se rvin g o u r p o licie s is su b je ct to sa n ction s u p to a n d in clu d in g te rm in a tion . It e m 12 – Br o k e r a ge Pr a ct ice s If 103 Ad visory Gro u p a ssists in th e im p le m e n ta tion o f a n y re com m e n d a tio n s, we a re re sp o n sib le to e n su re th a t th e clie n t re ce ive s th e b e st e xe cu tion p o ssib le . Be st e xe cu tion d oe s n o t n e ce ssa rily 103 Advisory Group LLC Page 21 Form ADV Part 2A Firm Brochure  m e a n th a t clie n ts re ce ive th e lowe st p o ssib le co m m ission costs b u t th a t th e q u a lita tive e xe cu tion is b e st. In o th e r wo rd s, a ll co n d ition s con sid e re d , th e tra n sa ctio n e xe cu tion is in yo u r b e st in te re st. Wh e n con sid e rin g b e st e xe cu tion , we lo o k a t a n u m b e r o f fa cto rs b e sid e s p rice s a n d ra te s in clu d in g, b u t n ot lim ite d to : • Exe cu tion ca p a b ilitie s (e .g., m a rke t e xp e rtise , e a se /re lia b ility/tim e lin e ss of e xe cu tion , re sp on sive n e ss, in te gra tio n with ou r e xistin g syste m s, e a se o f m o n ito rin g in ve stm e n ts) • Pro d u cts a n d se rvice s o ffe re d (e .g., in ve stm e n t p ro gra m s, b a ck o ffice se rvice s, te ch n o logy, re gu la to ry co m p lia n ce a ssista n ce , re se a rch a n d a n a lytic se rvice s) • Fin a n cia l stre n gth , sta b ility a n d re sp on sib ility • Re p u ta tion a n d in te grity • Ab ility to m a in ta in con fid e n tia lity We e xe rcise re a so n a b le d u e d ilige n ce to m a ke ce rta in th a t b e st e xe cu tion is o b ta in e d fo r a ll clie n ts wh e n im p le m e n tin g a n y tra n sa ction b y co n sid e rin g th e b a ck o ffice se rvice s, te ch n o logy a n d p ricin g o f se rvice s o ffe re d . Brokerage Recommendations 103 Ad viso ry Gro u p m a y re co m m e n d /re q u ire th a t clie n ts e sta b lish b ro ke ra ge a ccou n ts with th e Sch wa b In stitu tion a l d ivisio n o f Ch a rle s Sch wa b & Co ., In c (“Sch wa b ”), a FINRA-re giste re d b ro ke r- d e a le r, Me m b e r SIPC, to m a in ta in cu sto d y o f clie n ts’ a sse ts a n d to e ffe ct tra d e s fo r th e ir a cco u n ts. Alth o u gh 103 Ad viso ry Gro u p m a y re co m m e n d /re q u ire th e clie n ts e sta b lish a ccou n ts a t Sch wa b , it is th e clie n t’s d e cisio n to cu sto d y a sse ts with Sch wa b . 103 Ad viso ry Gro u p is in d e p e n d e n tly o wn e d a n d o p e ra te d a n d n o t a ffilia te d with Sch wa b . 103 Ad viso ry Grou p m a y re co m m e n d a d d itio n a l u n a ffilia te d b ro ke r-d e a le rs to a ffe ct fixe d in co m e tra n sa ction s. Sch wa b p ro vid e s 103 Ad viso ry Grou p with a cce ss to its in stitu tio n a l tra d in g a n d cu sto d y se rvice s, wh ich a re typ ica lly n o t a va ila b le to Sch wa b re ta il in ve sto rs. Th e se se rvice s ge n e ra lly a re a va ila b le to in d e p e n d e n t in ve stm e n t a d viso rs on a n u n so licite d b a sis, a t n o ch a rge to th e m so lon g a s a to ta l of a t le a st $10 m illio n o f th e a d viso r’s clie n ts’ a sse ts a re m a in ta in e d a t Sch wa b In stitu tio n a l. Th e se se rvice s a re n o t con tin ge n t u p on 103 Ad viso ry Grou p co m m ittin g to Sch wa b a n y sp e cific a m ou n t o f b u sin e ss (a sse ts in cu stod y o r tra d in g co m m issio n s). Sch wa b ’s b ro ke ra ge se rvice s in clu d e th e e xe cu tion of se cu ritie s tra n sa ctio n s, cu sto d y, re se a rch , a n d a cce ss to fu n d s a n d o th e r in ve stm e n ts th a t a re o th e rwise ge n e ra lly a va ila b le o n ly to in stitu tion a l in ve sto rs o r wou ld re q u ire sign ifica n tly h igh e r m in im u m in itia l in ve stm e n t. Sch wa b In stitu tion a l a lso m a ke s a va ila b le to 103 Ad viso ry Grou p o th e r p ro d u cts a n d se rvice s th a t b e n e fit 103 Ad viso ry Grou p b u t m a y n o t d ire ctly b e n e fit clie n ts’ a cco u n ts. Ma n y of th e se p ro d u cts a n d se rvice s m a y b e u se d to se rvice a ll o r so m e su b sta n tia l n u m b e r o f 103 Ad viso ry Gro u p ’ a ccou n ts, in clu d in g a ccou n ts n o t m a in ta in e d Sch wa b . 103 Advisory Group LLC Page 22 Form ADV Part 2A Firm Brochure  Sch wa b ’s p rod u cts a n d se rvice s th a t a ssist 103 Ad viso ry Grou p in m a n a gin g a n d a d m in iste rin g clie n ts’ a ccou n ts in clu d e so ftwa re a n d o th e r te ch n o lo gy th a t (i) p ro vid e s a cce ss to clie n t a ccou n t d a ta (su ch a s tra d e con firm a tio n s a n d a ccou n t sta te m e n ts); (ii) fa cilita te tra d e e xe cu tio n a n d a lloca te a ggre ga te d tra d e o rd e rs fo r m u ltip le clie n t a ccou n ts; (iii) p ro vid e re se a rch , p ricin g a n d oth e r m a rke t d a ta ; (iv) fa cilita te p a ym e n t o f 103 Ad viso ry Grou p ’s fe e s fro m som e o f its a cco u n ts; a n d (v) a ssist with b a ck-o ffice fu n ctio n s, re co rd ke e p in g a n d clie n t re p o rtin g. Sch wa b In stitu tion a l a lso o ffe rs oth e r se rvice s in te n d e d to h e lp 103 Ad viso ry Gro u p m a n a ge a n d fu rth e r d e ve lo p its b u sin e ss e n te rp rise . Th e se se rvice s m a y in clu d e : (i) co m p lia n ce , le ga l a n d b u sin e ss con su ltin g; (ii) p u b lica tio n s a n d con fe re n ce s on p ra ctice m a n a ge m e n t a n d b u sin e ss su cce ssion ; a n d (iii) a cce ss to e m p lo ye e b e n e fits p rovid e rs, h u m a n ca p ita l con su lta n ts a n d in su ra n ce p ro vid e rs. Sch wa b In stitu tio n a l m a y d iscou n t o r wa ive fe e s it wou ld o th e rwise ch a rge fo r so m e of th e se se rvice s o r p a y a ll o r p a rt o f th e fe e s of a th ird -p a rty p ro vid in g th e se se rvice s to 103 Ad viso ry Grou p . Sch wa b In stitu tion a l m a y a lso p ro vid e o th e r b e n e fits su ch a s e d u ca tio n a l e ve n ts o r o cca sio n a l b u sin e ss e n te rta in m e n t of 103 Ad viso ry Gro u p p e rso n n e l. Wh ile a s a fid u cia ry, 103 Ad viso ry Grou p e n d e a vo rs to a ct in its clie n ts’ b e st in te re sts, 103 Ad viso ry Gro u p ’s re co m m e n d a tio n th a t clie n ts m a in ta in th e ir a sse ts in a cco u n ts a t Sch wa b m a y ta ke in to a ccou n t a va ila b ility o f so m e o f th e fo re go in g p ro d u cts a n d se rvice s a n d o th e r a rra n ge m e n ts n o t so le ly on th e n a tu re of co st o r q u a lity o f cu sto d y a n d b ro ke ra ge se rvice s p rovid e d b y Sch wa b , wh ich m a y cre a te a con flict o f in te re st. Directed Brokerage Clie n ts a re a llo we d to se le ct th e b ro ke r-d e a le r th a t will b e u se d fo r th e ir a ccou n ts. Clie n ts d ire ctin g th e u se o f a p a rticu la r b ro ke r/d e a le r o r o th e r cu sto d ia n m u st u n d e rsta n d th a t we m a y n o t b e a b le to o b ta in th e b e st p rice s a n d e xe cu tion fo r th e tra n sa ction . Un d e r a clie n t-d ire cte d b roke ra ge a rra n ge m e n t, clie n ts m a y re ce ive le ss fa vo ra b le p rice s th a n wo u ld o th e rwise b e th e ca se if th e clie n t h a d n o t d e sign a te d a p a rticu la r b ro ke r/d e a le r o r cu sto d ia n . Dire cte d b ro ke ra ge a ccou n t tra d e s a re ge n e ra lly p la ce d b y 103 Ad viso ry Gro u p a fte r e ffe ctin g tra d e s for o th e r clie n ts o f 103 Ad viso ry Grou p . In th e e ve n t th a t a clie n t d ire cts 103 Ad viso ry Grou p to u se a p a rticu la r b ro ke r or d e a le r, 103 Ad viso ry Grou p m a y n ot b e a u th o rize d to n e go tia te co m m ission s a n d m a y b e u n a b le to o b ta in vo lu m e d isco u n ts o r b e st e xe cu tion . In a d d itio n , u n d e r th e se circu m sta n ce s a d isp a rity in co m m ission ch a rge s m a y e xist b e twe e n th e co m m ission s ch a rge d to clie n ts wh o d ire ct 103 Ad viso ry Grou p to u se a p a rticu la r b ro ke r o r d e a le r ve rsu s clie n ts wh o d o n o t d ire ct th e u se o f a p a rticu la r b ro ke r o r d e a le r. Soft Dollar Benefits An in ve stm e n t a d vise r re ce ive s soft d o lla r b e n e fits fro m a b ro ke r-d e a le r wh e n th e in ve stm e n t a d vise r re ce ive s re se a rch o r o th e r p rod u cts a n d se rvice s in e xch a n ge fo r clie n t se cu ritie s tra n sa ction s o r m a in ta in in g a n a ccou n t b a la n ce with th e b ro ke r-d e a le r. 103 Advisory Group LLC Page 23 Form ADV Part 2A Firm Brochure  103 Ad viso ry Gro u p d oe s n o t h a ve a so ft d o lla r a gre e m e n t with a b ro ke r-d e a le r o r a th ird -p a rty. Block Trading Policy We m a y e le ct to p u rch a se o r se ll th e sa m e se cu ritie s fo r se ve ra l clie n ts a t a p p ro xim a te ly th e sa m e tim e . Th is p ro ce ss is re fe rre d to a s a ggre ga tin g o rd e rs, b a tch tra d in g o r b lock tra d in g a n d is u se d b y o u r firm wh e n 103 Ad visory Gro u p b e lie ve s su ch a ctio n m a y p rove a d va n ta ge ou s to clie n ts. If a n d wh e n we a ggre ga te clie n t o rd e rs, a lloca tin g se cu ritie s a m on g clie n t a ccou n ts is d o n e on a fa ir a n d e q u ita b le b a sis. Typ ica lly, th e p roce ss o f a ggre ga tin g clie n t o rd e rs is d on e in o rd e r to a ch ie ve b e tte r e xe cu tion , to n e go tia te m o re fa vo ra b le co m m ission ra te s o r to a llo ca te o rd e rs a m on g clie n ts on a m o re e q u ita b le b a sis in ord e r to a vo id d iffe re n ce s in p rice s a n d tra n sa ction fe e s o r o th e r tra n sa ction co sts th a t m igh t b e o b ta in e d wh e n o rd e rs a re p la ce d in d e p e n d e n tly. 103 Ad viso ry Gro u p u se s th e rota tion o f a cco u n ts m e th o d fo r tra n sa ction a llo ca tion . Un d e r th is p ro ce d u re o n a d a ily b a sis 103 Ad viso ry Gro u p will ge n e ra te a re p o rt o f clie n t a cco u n ts in ra n d o m o rd e r. Th e o rd e r o f th e a ccou n ts on th e re p o rt will b e a u to m a tica lly se le cte d a n d th a t re p o rt will b e u se d to a llo ca te wh ich a ccou n t wou ld re ce ive a p o rtio n of th e tra n sa ction a llo ca tion o r th e m ost fa vo ra b le fills u n til th e n e xt sch e d u le d re p o rt is ge n e ra te d . On ce a n a ccou n t on th e ra n d o m list re ce ive s a n a llo ca te d tra n sa ction , th a t a cco u n t is m ove d to th e e n d o f th e list fo r th e n e xt a lloca tio n p roce d u re s. If a n d wh e n we d e te rm in e to a ggre ga te clie n t o rd e rs fo r th e p u rch a se o r sa le o f se cu ritie s, in clu d in g se cu ritie s in wh ich 103 Ad viso ry Gro u p o r o u r a sso cia te d p e rso n s m a y in ve st, we will d o so in a cco rd a n ce with th e p a ra m e te rs se t fo rth in th e SEC No -Action Le tte r, SMC Capital, Inc. Ne ith e r th e firm n o r ou r a sso cia te d p e rson s re ce ive a n y a d d itio n a l co m p e n sa tion a s a re su lt o f b lock tra d e s. Agency Cross Transactions Ou r a ssocia te d p e rson s a re p ro h ib ite d fro m e n ga gin g in a ge n cy cro ss tra n sa ction s, m e a n in g we ca n n o t a ct a s b ro ke rs fo r b o th th e sa le a n d p u rch a se of a sin gle se cu rity b e twe e n two d iffe re n t clie n ts a n d ca n n o t re ce ive co m p e n sa tio n in th e fo rm o f a n a ge n cy cross co m m ission o r p rin cip a l m a rk-u p fo r th e tra d e s. It e m 13 – Re vie w o f Acco u n t s Account Reviews and Reviewers Ma n a ge d a cco u n ts a re re vie we d a t le a st q u a rte rly. Wh ile th e ca le n d a r is th e m a in trigge rin g fa cto r, re vie ws ca n a lso b e co n d u cte d a t you r re q u e st. Accou n t re vie ws will in clu d e in ve stm e n t stra te gy a n d o b je ctive s re vie w a n d m a kin g a ch a n ge if stra te gy a n d o b je ctive s h a ve ch a n ge d . Re vie ws a re 103 Advisory Group LLC Page 24 Form ADV Part 2A Firm Brochure  con d u cte d b y Rich a rd J. Milto n , with re vie ws p e rfo rm e d in a cco rd a n ce with yo u r in ve stm e n t go a ls a n d o b je ctive s. Ou r fin a n cia l p la n n in g a n d co n su ltin g se rvice s d o n o t in clu d e m o n ito rin g th e in ve stm e n ts o f yo u r a ccou n t(s), a n d th e re fo re , th e re is n o on go in g re vie w o f you r a cco u n t(s) u n d e r su ch se rvice s. Statements and Reports Fo r o u r a sse t m a n a ge m e n t se rvice s, you a re p rovid e d with tra n sa ction co n firm a tio n n o tice s a n d re gu la r q u a rte rly a ccou n t sta te m e n ts in writin g d ire ctly fro m th e q u a lifie d cu sto d ia n . Fin a n cia l p la n n in g clie n ts d o n o t re ce ive a n y re p o rt o th e r th a n th e writte n p la n o rigin a lly co n tra cte d fo r a n d p ro vid e d b y 103 Ad viso ry Gro u p . You a re e n cou ra ge d to a lwa ys co m p a re a n y re p o rts o r sta te m e n ts p rovid e d b y 103 Ad viso ry Grou p a ga in st th e a cco u n t sta te m e n ts d e live re d fro m th e q u a lifie d cu sto d ia n . Wh e n yo u h a ve q u e stion s a b o u t you r a cco u n t sta te m e n t, yo u sh o u ld con ta ct o u r firm a n d th e q u a lifie d cu sto d ia n p re p a rin g th e sta te m e n t. It e m 14 – Clie n t Re fe r r a ls a n d Ot h e r Co m p e n s a t io n 103 Ad viso ry Gro u p d oe s n o t d ire ctly or in d ire ctly co m p e n sa te a n y p e rso n for clie n t re fe rra ls. Th e on ly com p e n sa tion re ce ive d from a d viso ry se rvice s is th e fe e s ch a rge d fo r p ro vid in g in ve stm e n t a d viso ry se rvice s a s d e scrib e d in Item 5 o f th is Disclo su re Broch u re . 103 Ad viso ry Grou p re ce ive s n o o th e r fo rm s o f co m p e n sa tio n in con n e ction with p ro vid in g in ve stm e n t a d vice . We re ce ive a n e con o m ic b e n e fit fro m Sch wa b in th e fo rm of th e su p p o rt p rod u cts a n d se rvice s it m a ke s a va ila b le to 103 Ad viso ry Grou p a n d o th e r in d e p e n d e n t in ve stm e n t a d vise rs wh o se clie n ts m a in ta in th e ir a ccou n ts a t Sch wa b . Th e se p ro d u cts a n d se rvice s, h o w th e y b e n e fit 103 Ad viso ry Grou p , a n d th e re la te d con flicts of in te re st a re d e scrib e d a b o ve (se e Item 12 – Brokerage Practices). Th e a va ila b ility o f Sch wa b ’s p ro d u cts a n d se rvice s is n o t b a se d o n 103 Ad viso ry Grou p givin g p a rticu la r in ve stm e n t a d vice , su ch a s b u yin g p a rticu la r se cu ritie s fo r o u r clie n ts. Please see Item 5, Fees and Compensation, Item 10, Other Financial Industry Activities and Affiliations and Item 12, Brokerage Practices, for additional discussion concerning other compensation. It e m 15 – Cu s t o d y Cu sto d y, a s it a p p lie s to in ve stm e n t a d viso rs, h a s b e e n d e fin e d b y re gu la to rs a s h a vin g a cce ss o r con tro l ove r clie n t fu n d s a n d /o r se cu ritie s. In oth e r wo rd s, cu sto d y is n o t lim ite d to p h ysica lly h o ld in g clie n t fu n d s a n d se cu ritie s. If a n in ve stm e n t a d vise r h a s th e a b ility to a cce ss o r con tro l clie n t 103 Advisory Group LLC Page 25 Form ADV Part 2A Firm Brochure  fu n d s o r se cu ritie s, th e in ve stm e n t a d vise r is d e e m e d to h a ve cu sto d y a n d m u st e n su re p ro p e r p ro ce d u re s a re im p le m e n te d . 103 Ad viso ry Gro u p is d e e m e d to h a ve cu sto d y o f clie n t fu n d s a n d se cu ritie s wh e n e ve r 103 Ad viso ry Grou p is give n th e a u th o rity to h a ve fe e s d e d u cte d d ire ctly fro m clie n t a ccou n ts. Ho we ve r, th is is th e o n ly fo rm of cu sto d y 103 Ad viso ry Grou p will e ve r m a in ta in . It sh ou ld b e n o te d th a t a u th o riza tion to tra d e in clie n t a ccou n ts is n o t d e e m e d b y re gu la to rs to b e cu stod y. Fo r a ccou n ts in wh ich 103 Ad viso ry Gro u p is d e e m e d to h a ve cu sto d y, we h a ve e sta b lish e d p ro ce d u re s to e n su re a ll clie n t fu n d s a n d se cu ritie s a re h e ld a t a q u a lifie d cu sto d ia n in a se p a ra te a ccou n t fo r e a ch clie n t u n d e r th a t clie n t’s n a m e . Clie n ts o r a n in d e p e n d e n t re p re se n ta tive o f th e clie n t will d ire ct, in writin g, th e e sta b lish m e n t o f a ll a cco u n ts a n d th e re fo re a re a wa re o f th e q u a lifie d cu sto d ia n ’s n a m e , a d d re ss a n d th e m a n n e r in wh ich th e fu n d s o r se cu ritie s a re m a in ta in e d . Fin a lly, a ccou n t sta te m e n ts a re d e live re d d ire ctly fro m th e q u a lifie d cu sto d ia n to e a ch clie n t, o r th e clie n t’s in d e p e n d e n t re p re se n ta tive , a t le a st q u a rte rly. Clie n ts sh o u ld ca re fu lly re vie w th ose sta te m e n ts a n d a re u rge d to com p a re th e sta te m e n ts a ga in st re p o rts re ce ive d from 103 Ad viso ry Grou p . Wh e n clie n ts h a ve q u e stion s a b o u t th e ir a cco u n t sta te m e n ts, th e y sh ou ld co n ta ct 103 Ad viso ry Gro u p o r th e q u a lifie d cu sto d ia n p re p a rin g th e sta te m e n t. It e m 16 – In ve s t m e n t Dis cr e t io n Wh e n p ro vid in g a sse t m a n a ge m e n t se rvice s, 103 Ad viso ry Gro u p m a in ta in s tra d in g a u th oriza tio n o ve r you r Accou n t a n d ca n p ro vid e m a n a ge m e n t se rvice s o n a d is cr e t io n a r y b a sis. Wh e n d iscre tio n a ry a u th o rity is gra n te d , we will h a ve th e a u th o rity to d e te rm in e th e typ e o f se cu ritie s a n d th e a m o u n t o f se cu ritie s th a t ca n b e b o u gh t o r so ld fo r yo u r p ortfo lio with ou t o b ta in in g yo u r con se n t fo r e a ch tra n sa ctio n . If you d e cid e to gra n t tra d in g a u th o riza tio n on a n o n -d is cr e t io n a r y b a sis, we will b e re q u ire d to con ta ct you p rio r to im p le m e n tin g ch a n ge s in you r a cco u n t. Th e re fo re , yo u will b e co n ta cte d a n d re q u ire d to a cce p t o r re je ct ou r in ve stm e n t re co m m e n d a tio n s in clu d in g: • Th e se cu rity b e in g re co m m e n d e d • Th e n u m b e r o f sh a re s o r u n its • Wh e th e r to b u y o r se ll On ce th e a b o ve fa cto rs a re a gre e d u p o n , we will b e re sp on sib le fo r m a kin g d e cisio n s re ga rd in g th e tim in g of b u yin g o r se llin g a n in ve stm e n t a n d th e p rice a t wh ich th e in ve stm e n t is b ou gh t o r so ld . If yo u r a cco u n ts a re m a n a ge d o n a n on- d iscre tio n a ry b a sis, you n e e d to kn ow th a t if we a re n o t a b le to re a ch you o r yo u a re slo w to re sp o n d to o u r re q u e st, it ca n h a ve a n a d ve rse im p a ct o n th e tim in g o f tra d e im p le m e n ta tio n a n d we m a y n o t a ch ie ve th e o p tim a l tra d in g p rice . 103 Advisory Group LLC Page 26 Form ADV Part 2A Firm Brochure  You will h a ve th e a b ility to p la ce re a son a b le re strictio n s o n th e typ e s of in ve stm e n ts th a t m a y b e p u rch a se d in yo u r Acco u n t. Yo u m a y a lso p la ce re a so n a b le lim ita tio n s o n th e d iscre tio n a ry p o we r gra n te d to 103 Ad viso ry Grou p so lon g a s th e lim ita tio n s a re sp e cifica lly se t fo rth o r in clu d e d a s a n a tta ch m e n t to th e clie n t a gre e m e n t. It e m 17 – Vo t in g Clie n t Se cu r it ie s In addition to transaction discretion you are also granting 103 Advisory Group to vote proxies on your behalf. As a part of this process 103 Advisory Group has entered into an agreement with Broadridge Financial Solutions (“Broadridge) to assist in the coordination and voting of client proxies. The services provided by Broadridge also include timely delivery of meeting and record date information, proxy analysis through an electronic web-based vote execution platform, and detailed recordkeeping consistent with 103 Ad viso ry Grou p ’s proxy voting function So m e tim e s se cu ritie s h e ld in th e a ccou n ts of clie n ts will b e th e su b je ct of cla ss a ction la wsu its. 103 Ad viso ry Grou p h a s e n ga ge d Ch ica go Cle a rin g to p ro vid e a co m p re h e n sive re vie w o f ou r clie n ts’ p o ssib le cla im s to a se ttle m e n t th ro u gh o u t th e cla ss a ction la wsu it p roce ss. Chicago Clearing a ctive ly se e ks o u t a n y o p e n a n d e ligib le cla ss a ction la wsu it. Ad d itio n a lly, Chicago Clearing m o n ito rs a n d e xp e d ite s th e d istrib u tio n of se ttle m e n t p roce e d s in co m p lia n ce with SEC gu id e lin e s o n b e h a lf o f ou r clie n ts. Clie n ts a re a u to m a tica lly in clu d e d in th is se rvice , b u t m a y Op t-Ou t. If a Clie n t Op ts- Ou t, 103 Ad viso ry Grou p a n d Ch ica go Cle a rin g will n o t m on ito r cla ss a ction filin gs fo r th a t Clie n t. It e m 18 – Fin a n cia l In fo r m a t io n Th is Ite m 18 is n o t a p p lica b le to th is b ro ch u re . 103 Ad viso ry Grou p d o e s n o t re q u ire o r solicit p re p a ym e n t o f m o re th a n $500 in fe e s p e r clie n t, six m o n th s o r m o re in a d va n ce . Th e re fore , we a re n o t re q u ire d to in clu d e a b a la n ce sh e e t fo r th e m o st re ce n t fisca l ye a r. We a re n o t su b je ct to a fin a n cia l con d itio n th a t is re a so n a b ly like ly to im p a ir o u r a b ility to m e e t con tra ctu a l co m m itm e n ts to clie n ts. Fin a lly, 103 Ad visory Gro u p h a s n o t b e e n th e su b je ct of a b a n kru p tcy p e titio n a t a n y tim e . 103 Advisory Group LLC Page 27 Form ADV Part 2A Firm Brochure  Cu s t o m e r Pr iva cy Po licy No t ice In No ve m b e r o f 1999, Con gre ss e n a cte d th e Gra m m -Le a ch -Blile y Act (GLBA). Th e GLBA re q u ire s ce rta in fin a n cia l in stitu tion s, su ch a s in ve stm e n t a d viso r firm s, to p rote ct th e p riva cy of cu sto m e r in fo rm a tio n . In situ a tion s wh e re a fin a n cia l in stitu tion d oe s d isclo se cu sto m e r in fo rm a tion to n on -a ffilia te d th ird p a rtie s, o th e r th a n p e rm itte d or re q u ire d b y la w, cu sto m e rs m u st b e give n th e o p p o rtu n ity to op t o u t o r p re ve n t su ch d isclo su re . 103 Ad viso ry Grou p d o e s n o t sh a re o r d isclo se cu sto m e r in fo rm a tio n to n on -a ffilia te d th ird p a rtie s e xce p t a s p e rm itte d o r re q u ire d b y la w. 103 Ad viso ry Gro u p is com m itte d to sa fe gu a rd in g th e con fid e n tia l in fo rm a tio n of its clie n ts. 103 Ad viso ry Gro u p h o ld s a ll p e rso n a l in fo rm a tion p ro vid e d b y clie n ts in th e stricte st con fid e n ce a n d it is th e ob je ctive o f 103 Ad viso ry Grou p to p rote ct th e p riva cy o f a ll clie n ts. Exce p t a s p e rm itte d o r re q u ire d b y la w, 103 Ad viso ry Grou p d o e s n o t sh a re con fid e n tia l in fo rm a tion a b o u t clie n ts with n o n -a ffilia te d p a rtie s. In th e e ve n t th a t th e re we re to b e a ch a n ge in th is p o licy, 103 Ad viso ry Grou p will p ro vid e clie n ts with writte n n o tice a n d clie n ts will b e p ro vid e d a n o p p ortu n ity to d ire ct 103 Ad viso ry Grou p a s to wh e th e r su ch d isclo su re is p e rm issib le . To con d u ct re gu la r b u sin e ss, 103 Ad viso ry Grou p m a y co lle ct p e rson a l in fo rm a tio n fro m sou rce s su ch a s: • In fo rm a tio n re p o rte d b y th e clie n t o n a p p lica tion s o r o th e r fo rm s th e clie n t p ro vid e s to 103 Ad viso ry Grou p In fo rm a tio n a b o u t th e clie n t’s tra n sa ctio n s im p le m e n te d b y 103 Ad viso ry Gro u p o r • o th e rs • In fo rm a tio n d e ve lo p e d a s p a rt o f fin a n cia l p la n s, a n a lyse s o r in ve stm e n t a d viso ry se rvice s To a d m in iste r, m a n a ge , se rvice a n d p ro vid e re la te d se rvice s fo r clie n t a ccou n ts, it is n e ce ssa ry for 103 Ad viso ry Gro u p to p ro vid e a cce ss to cu sto m e r in fo rm a tion with in th e firm a n d to n on- a ffilia te d co m p a n ie s, with wh o m 103 Ad viso ry Gro u p h a s e n te re d in to a gre e m e n ts. To p ro vid e th e u tm ost se rvice , 103 Ad viso ry Grou p m a y d isclo se th e in fo rm a tion b e lo w re ga rd in g cu sto m e rs a n d fo rm e r cu sto m e rs, a s n e ce ssa ry, to co m p a n ie s to p e rfo rm ce rta in se rvice s on 103 Ad viso ry Grou p ’s b e h a lf. • In fo rm a tio n 103 Ad viso ry Gro u p re ce ive s fro m th e clie n t o n a p p lica tion s (n a m e , Socia l Se cu rity n u m b e r, a d d re ss, a sse ts, e tc.) • In fo rm a tio n a b o u t th e clie n t’s tra n sa ctio n s with 103 Ad viso ry Gro u p o r o th e rs (a cco u n t in form a tio n , p a ym e n t h isto ry, p a rtie s to tra n sa ction s, e tc.) • In fo rm a tio n con ce rn in g in ve stm e n t a d viso ry a ccou n t tra n sa ctio n s 103 Advisory Group LLC Page 28 Form ADV Part 2A Firm Brochure  • In fo rm a tio n a b o u t a clie n t’s fin a n cia l p ro d u cts a n d se rvice s tra n sa ction with 103 Ad viso ry Grou p Sin ce 103 Ad viso ry Grou p sh a re s n on -p u b lic in fo rm a tio n so le ly to se rvice clie n t a cco u n ts, 103 Ad viso ry Gro u p d oe s n o t d isclo se a n y n on -p u b lic p e rson a l in fo rm a tion a b o u t 103 Ad viso ry Grou p 's cu sto m e rs o r fo rm e r cu sto m e rs to a n yo n e , e xce p t a s p e rm itte d b y la w. Ho we ve r, 103 Ad viso ry Gro u p m a y a lso p ro vid e cu sto m e r in fo rm a tio n ou tsid e o f th e firm a s re q u ire d b y la w, su ch a s to gove rn m e n t e n titie s, co n su m e r re p o rtin g a ge n cie s o r o th e r th ird p a rtie s in re sp o n se to su b p o e n a s. In th e e ve n t th a t 103 Ad viso ry Gro u p h a s a ch a n ge to its cu sto m e r p riva cy p o licy th a t wo u ld a llo w it to d isclo se n on -p u b lic in fo rm a tio n n o t co ve re d u n d e r a p p lica b le la w, 103 Ad viso ry Gro u p will a llow its clie n ts th e o p p o rtu n ity to o p t o u t o f su ch d isclosu re . 103 Advisory Group LLC Page 29 Form ADV Part 2A Firm Brochure  Fo r m ADV Pa r t 2B: Br o ch u r e Su p p le m e n t - Rich a r d J. Milt o n , CFA It e m 1 – Co ve r Pa ge Rich a rd J. Milto n , CFA 103 Ad viso ry Gro u p LLC 231 S. La Sa lle Stre e t 21st Flo o r Ch ica go, IL 60604 www.103advisory.com Da te o f Su p p le m e n t: Se p te m b e r 2026 Th is b r o ch u r e s u p p le m e n t p r o vid e s in fo r m a t io n a b o u t Rich a r d J. Milt o n t h a t s u p p le m e n t s t h e 103 Ad vis o r y Gr o u p LLC (“103 Ad vis o r y Gr o u p ”) d is clo s u r e b r o ch u r e . Yo u s h o u ld h a ve r e ce ive d a co p y o f t h a t b r o ch u r e . Ple a s e co n t a ct Rich a r d J. Milt o n a t 312-543-8759 o r a t r m ilt o n @103a d vis o r y.co m if yo u d id n o t r e ce ive 103 Ad vis o r y Gr o u p ’s b r o ch u r e o r if yo u h a ve a n y q u e s t io n s a b o u t t h e co n t e n t s o f t h is s u p p le m e n t . Ad d it io n a l in fo r m a t io n a b o u t Rich a r d J. Milt o n is a va ila b le o n t h e SEC’s w e b s it e a t w w w .a d vis e r in fo .s e c.go v. It e m 2 – Ed u ca t io n a l Ba ck gr o u n d a n d Bu s in e s s Exp e r ie n ce Rich a r d J. Milt o n , CFA Bo rn 1972; CRD # 2632784 Post-Secondary Educational Background: Un ive rsity o f Io wa , Ba ch e lo r o f Arts in Econ o m ics: 1995 Business Background: 103 Ad viso ry Gro u p , LLC, Ma n a gin g Me m b e r 04/2021 to Pre se n t Ma in Stre e t In ve stm e n t Ad viso rs, LLC, Own e r, Ma n a gin g Dire cto r, Bo a rd Me m b e r 06/2004 to 07 /2021 Professional Designations Ch a r t e r e d Fin a n cia l An a lys t (CFA) 103 Advisory Group LLC Page 30 Form ADV Part 2A Firm Brochure  Th e Ch a rte re d Fin a n cia l An a lyst (CFA) d e sign a tio n is issu e d b y th e CFA In stitu te , fo rm e rly kn own a s th e Associa tio n fo r In ve stm e n t Ma n a ge m e n t a n d Re se a rch (AIMR). Th e CFA Pro gra m is a gra d u a te - le ve l p rogra m fo r in ve stm e n t sp e cia lists su ch a s se cu ritie s a n a lysts, m on e y m a n a ge rs, a n d in ve stm e n t a d vise rs. To b e co m e a CFA ch a rte rh o ld e r, a n in d ivid u a l m u st h a ve a t le a st fou r ye a rs of a cce p ta b le p ro fe ssio n a l e xp e rie n ce in th e in ve stm e n t d e cision -m a kin g p roce ss, m u st p a ss th re e se q u e n tia l, six-h ou r e xa m in a tion s. Th e th re e -p a rt e xa m te sts th e fu n d a m e n ta ls o f in ve stm e n t to o ls, va lu in g a sse ts, p o rtfo lio m a n a ge m e n t, a n d we a lth p la n n in g. Ea ch of th e 3 co u rse le ve l e xa m s m u st b e p a sse d a n d e a ch cou rse le ve l is a se lf-stu d y p ro gra m in vo lvin g a p p roxim a te ly 300 h ou rs of stu d y tim e . Th e re a re n o con tin u in g e d u ca tio n re q u ire m e n ts to m a in ta in th e CFA d e sign a tio n . CFA ch a rte rh o ld e rs m u st co m m it to a b id e b y a n d a n n u a lly re a ffirm a d h e re n ce to th e CFA In stitu te Co d e o f Eth ics a n d Sta n d a rd s of Profe ssion a l Co n d u ct. CFA In s t it u t e Fin a n cia l Ad vis e r St a t e m e n t fo r SEC Fo r m ADV Th e Ch a rte re d Fin a n cia l An a lyst (CFA) ch a rte r is a glo b a lly re sp e cte d , gra d u a te -le ve l in ve stm e n t cre d e n tia l e sta b lish e d in 1962 a n d a wa rd e d b y CFA In stitu te — th e la rge st glo b a l a sso cia tio n of in ve stm e n t p ro fe ssio n a ls. Th e re a re cu rre n tly m o re th a n 90,000 CFA ch a rte rh o ld e rs wo rkin g in 134 cou n trie s. To e a rn th e CFA ch a rte r, ca n d id a te s m u st: 1) p a ss th re e se q u e n tia l, six-h ou r e xa m in a tion s; 2) h a ve a t le a st fo u r ye a rs o f q u a lifie d p ro fe ssio n a l in ve stm e n t e xp e rie n ce ; 3) jo in CFA In stitu te a s m e m b e rs; a n d 4) co m m it to a b id e b y, a n d a n n u a lly re a ffirm , th e ir a d h e re n ce to th e CFA In stitu te Co d e of Eth ics a n d Sta n d a rd s of Pro fe ssion a l Co n d u ct. High Et h ica l St a n d a r d s Th e CFA In stitu te Co d e o f Eth ics a n d Sta n d a rd s o f Pro fe ssio n a l Co n d u ct, e n force d th rou gh a n a ctive p ro fe ssion a l con d u ct p rogra m , re q u ire CFA ch a rte rh o ld e rs to : • Pla ce th e ir clie n ts’ in te re sts a h e a d of th e ir o wn • Ma in ta in in d e p e n d e n ce a n d o b je ctivity • Act with in te grity • Ma in ta in a n d im p ro ve th e ir p ro fe ssio n a l co m p e te n ce • Disclo se con flicts of in te re st a n d le ga l m a tte rs Glo b a l Re co gn it io n Pa ssin g th e th re e CFA e xa m s is a d ifficu lt fe a t th a t re q u ire s e xte n sive stu d y (su cce ssfu l ca n d id a te s re p o rt sp e n d in g a n a ve ra ge of 300 h ou rs of stu d y p e r le ve l). Ea rn in g th e CFA ch a rte r d e m o n stra te s m a ste ry of m a n y of th e a d va n ce d skills n e e d e d for in ve stm e n t a n a lysis a n d d e cision m a kin g in to d a y’s q u ickly e vo lvin g glo b a l fin a n cia l in d u stry. As a re su lt, e m p lo ye rs a n d clie n ts a re in cre a sin gly se e kin g CFA ch a rte rh o ld e rs—ofte n m a kin g th e ch a rte r a p re re q u isite fo r e m p lo ym e n t. 103 Advisory Group LLC Page 31 Form ADV Part 2A Firm Brochure  Ad d itio n a lly, re gu la to ry b o d ie s in 22 co u n trie s a n d te rrito rie s re cogn ize th e CFA ch a rte r a s a p ro xy fo r m e e tin g ce rta in lice n sin g re q u ire m e n ts, a n d m ore th a n 125 co lle ge s a n d u n ive rsitie s a ro u n d th e wo rld h a ve in co rp o ra te d a m a jo rity o f th e CFA Progra m cu rricu lu m in to th e ir o wn fin a n ce co u rse s. Co m p r e h e n s ive a n d Cu r r e n t Kn o w le d ge Th e CFA Progra m cu rricu lu m p ro vid e s a co m p re h e n sive fra m e wo rk of kn owle d ge fo r in ve stm e n t d e cisio n m a kin g a n d is firm ly gro u n d e d in th e kn owle d ge a n d skills u se d e ve ry d a y in th e in ve stm e n t p ro fe ssion . Th e th re e le ve ls o f th e CFA Progra m te st a p ro ficie n cy with a wid e ra n ge o f fu n d a m e n ta l a n d a d va n ce d in ve stm e n t to p ics, in clu d in g e th ica l a n d p ro fe ssio n a l sta n d a rd s, fixe d-in co m e a n d e q u ity a n a lysis, a lte rn a tive a n d d e riva tive in ve stm e n ts, e co n o m ics, fin a n cia l re p o rtin g sta n d a rd s, p o rtfo lio m a n a ge m e n t, a n d we a lth p la n n in g. Th e CFA Progra m cu rricu lu m is u p d a te d e ve ry ye a r b y e xp e rts fro m a ro u n d th e wo rld to e n su re th a t ca n d id a te s le a rn th e m ost re le va n t a n d p ra ctica l n e w to o ls, id e a s, a n d in ve stm e n t a n d we a lth m a n a ge m e n t skills to re fle ct th e d yn a m ic a n d co m p le x n a tu re o f th e p ro fe ssio n . To le a rn m o re a b o u t th e CFA ch a rte r, visit www.cfa in stitu te .o rg. It e m 3 – Dis cip lin a r y In fo r m a t io n Rich a rd J. Milto n h a s n o le ga l o r d iscip lin a ry e ve n ts to re p o rt. It e m 4 – Ot h e r Bu s in e s s Act ivit ie s Rich a rd J. Milto n h a s n o oth e r b u sin e ss a ctivitie s to re p o rt. It e m 5 – Ad d it io n a l Co m p e n s a t io n Rich a rd J. Milto n h a s n o a d d itio n a l com p e n sa tion to re p o rt. It e m 6 – Su p e r vis io n Rich a rd J. Milto n is th e Ch ie f Co m p lia n ce Office r of 103 Ad viso ry Grou p . He is re sp on sib le fo r o ve rse e in g a n d e n fo rcin g th e firm ’s com p lia n ce p rogra m s th a t h a ve b e e n e sta b lish e d to m o n ito r a n d su p e rvise th e a ctivitie s a n d se rvice s p ro vid e d b y th e firm a n d its re p re se n ta tive s. Rich a rd J. Milto n ca n b e con ta cte d a t 312-543-8759. 103 Advisory Group LLC Page 32 Form ADV Part 2A Firm Brochure  Fo r m ADV Pa r t 2B: Br o ch u r e Su p p le m e n t - Jo h n A. Ma r is ca lco , CFA It e m 1 – Co ve r Pa ge Joh n A. Ma risca lco , CFP, CFA 103 Ad vis o r y Gr o u p LLC 231 S. La Sa lle Stre e t 21st Flo o r Ch ica go, IL 60604 www.103advisory.com Da te o f Su p p le m e n t: Se p te m b e r 2026 Th is b r o ch u r e s u p p le m e n t p r o vid e s in fo r m a t io n a b o u t Jo h n A. Ma r is ca lco t h a t s u p p le m e n t s t h e 103 Ad vis o r y Gr o u p LLC (“103 Ad vis o r y Gr o u p ”) d is clo s u r e b r o ch u r e . Yo u s h o u ld h a ve r e ce ive d a co p y o f t h a t b r o ch u r e . Ple a s e co n t a ct Rich a r d J. Milt o n a t 312-543-8759 o r a t rm ilto n @103a d viso ry.co m if yo u d id n o t r e ce ive 103 Ad vis o r y Gr o u p ’s b r o ch u r e o r if yo u h a ve a n y q u e s t io n s a b o u t t h e co n t e n t s o f t h is s u p p le m e n t . Ad d it io n a l in fo r m a t io n a b o u t Rich a r d J. Milt o n is a va ila b le o n t h e SEC’s w e b s it e a t w w w .a d vis e r in fo .s e c.go v. It e m 2 – Ed u ca t io n a l Ba ck gr o u n d a n d Bu s in e s s Exp e r ie n ce Jo h n A. Ma r is ca lco , CFA Bo rn 1984; CRD # 5196535 Post-Secondary Educational Background: Bu tle r Un ive rsity, Ba ch e lo r o f Scie n ce - Fin a n ce : 2006 Business Background: 103 Ad viso ry Gro u p , LLC, We a lth Ad viso r 09/2021 to Pre se n t Stra te gic We a lth Pa rtn e rs, Asso cia te We a lth Ma n a ge r 02/2019 to 09/2021 103 Advisory Group LLC Page 33 Form ADV Part 2A Firm Brochure  Ma rq u e tte Associa te s, VP, We a lth Ad viso r 03/2017 to 02/2019 Ma in stre e t Ad viso rs, Po rtfo lio Ma n a ge r 03/2015 to 03/2017 BMO Fin a n cia l Grou p , In ve stm e n t An a lyst 02/2012 to 03/2015 Professional Designations CERTIFIED FINANCIAL PLANNER® p r o fe s s io n a l I a m ce rtifie d fo r fin a n cia l p la n n in g se rvice s in th e Un ite d Sta te s b y Ce rtifie d Fin a n cia l Pla n n e r Bo a rd o f Sta n d a rd s, In c. (“CFP Boa rd ”). Th e re fo re , I m a y re fe r to m yse lf a s a CERTIFIED FINANCIAL PLANNER® p ro fe ssio n a l o r a CFP® p ro fe ssio n a l, a n d I m a y u se th e se a n d th e o th e r ce rtifica tio n m a rks (th e “CFP Bo a rd Ce rtifica tion Ma rks”) th a t Ce rtifie d Fin a n cia l Pla n n e r Bo a rd o f Sta n d a rd s Ce n te r fo r Fin a n cia l Pla n n in g, In c. h a s lice n se d to CFP Bo a rd in th e Un ite d Sta te s. Th e CFP® ce rtifica tion is vo lu n ta ry. No fe d e ra l or sta te la w o r re gu la tion re q u ire s fin a n cia l p la n n e rs to h o ld th e CFP® ce rtifica tio n . Yo u m a y fin d m ore in fo rm a tio n a b ou t th e CFP® ce rtifica tio n a t www.cfp .n e t. CFP® p ro fe ssio n a ls h a ve m e t CFP Bo a rd ’s h igh sta n d a rd s fo r e d u ca tion , e xa m in a tio n , e xp e rie n ce , a n d e th ics. To b e co m e a CFP® p ro fe ssio n a l, a n in d ivid u a l m u st fu lfill th e fo llowin g re q u ire m e n ts: • Ed u ca t io n – Ea rn a b a ch e lo r’s d e gre e o r h igh e r from a n a ccre d ite d co lle ge or u n ive rsity a n d co m p le te CFP Bo a rd -a p p ro ve d cou rse wo rk a t a co lle ge o r u n ive rsity th ro u gh a CFP Bo a rd Re giste re d Pro gra m . Th e cou rse wo rk cove rs th e fin a n cia l p la n n in g su b je ct a re a s CFP Bo a rd h a s d e te rm in e d a re n e ce ssa ry fo r th e co m p e te n t a n d p ro fe ssion a l d e live ry o f fin a n cia l p la n n in g se rvice s, a s we ll a s a co m p re h e n sive fin a n cia l p la n d e ve lo p m e n t ca p ston e cou rse . A ca n d id a te m a y sa tisfy so m e o f th e cou rse wo rk re q u ire m e n t th rou gh o th e r q u a lifyin g cre d e n tia ls. CFP Bo a rd im p le m e n te d th e b a ch e lo r’s d e gre e or h igh e r re q u ire m e n t in 2007 a n d th e fin a n cia l p la n n in g d e ve lo p m e n t ca p ston e co u rse re q u ire m e n t in Ma rch 2012. Th e re fo re , a CFP® p ro fe ssio n a l wh o first b e ca m e ce rtifie d b e fo re th o se d a te s m a y n o t h a ve e a rn e d a b a ch e lo r’s o r h igh e r d e gre e o r co m p le te d a fin a n cia l p la n n in g d e ve lo p m e n t ca p sto n e co u rse . • Exa m in a t io n – Pa ss th e co m p re h e n sive CFP® Ce rtifica tio n Exa m in a tion . Th e e xa m in a tion is d e sign e d to a sse ss a n in d ivid u a l’s a b ility to in te gra te a n d a p p ly a b ro a d b a se o f fin a n cia l p la n n in g kn owle d ge in th e con te xt of re a l-life fin a n cia l p la n n in g situ a tion s. • Exp e r ie n ce – Co m p le te 6,000 h ou rs of p ro fe ssion a l e xp e rie n ce re la te d to th e p e rson a l fin a n cia l p la n n in g p ro ce ss, o r 4,000 h o u rs o f a p p re n tice sh ip e xp e rie n ce th a t m e e ts a d d itio n a l re q u ire m e n ts. 103 Advisory Group LLC Page 34 Form ADV Part 2A Firm Brochure  • Et h ics – Sa tisfy th e Fitn e ss Sta n d a rd s fo r Ca n d id a te s fo r CFP® Ce rtifica tio n a n d Fo rm e r CFP® Pro fe ssion a ls Se e kin g Re in sta te m e n t a n d a gre e to b e b o u n d b y CFP Bo a rd ’s Co d e o f Eth ics a n d Sta n d a rd s o f Con d u ct (“Co d e a n d Sta n d a rd s”), wh ich se ts forth th e e th ica l a n d p ra ctice sta n d a rd s fo r CFP® p ro fe ssion a ls. In d ivid u a ls wh o b e co m e ce rtifie d m u st co m p le te th e fo llo win g on go in g e d u ca tio n a n d e th ics re q u ire m e n ts to re m a in ce rtifie d a n d m a in ta in th e righ t to con tin u e to u se th e CFP Boa rd Ce rtifica tion Ma rks: • Et h ics – Com m it to co m p lyin g with CFP Bo a rd ’s Co d e a n d Sta n d a rd s. Th is in clu d e s a co m m itm e n t to CFP Bo a rd , a s p a rt o f th e ce rtifica tio n , to a ct a s a fid u cia ry, a n d th e re fo re , a ct in th e b e st in te re sts of th e clie n t, a t a ll tim e s wh e n p ro vid in g fin a n cia l a d vice a n d fin a n cia l p la n n in g. CFP Bo a rd m a y sa n ctio n a CFP® p ro fe ssion a l wh o d oe s n o t a b id e b y th is co m m itm e n t, b u t CFP Boa rd d o e s n o t gu a ra n te e a CFP® p ro fe ssio n a l's se rvice s. A clie n t wh o se e ks a sim ila r co m m itm e n t sh ou ld o b ta in a writte n e n ga ge m e n t th a t in clu d e s a fid u cia ry o b liga tion to th e clie n t. • Co n t in u in g Ed u ca t io n – Co m p le te 30 h o u rs o f con tin u in g e d u ca tio n e ve ry two ye a rs to m a in ta in com p e te n ce , d e m on stra te sp e cifie d le ve ls o f kn o wle d ge , skills, a n d a b ilitie s, a n d ke e p u p with d e ve lo p m e n ts in fin a n cia l p la n n in g. Two o f th e h ou rs m u st a d d re ss th e Cod e a n d Sta n d a rd s. Ch a r t e r e d Fin a n cia l An a lys t (CFA) Th e Ch a rte re d Fin a n cia l An a lyst (CFA) d e sign a tio n is issu e d b y th e CFA In stitu te , fo rm e rly kn own a s th e Associa tio n fo r In ve stm e n t Ma n a ge m e n t a n d Re se a rch (AIMR). Th e CFA Pro gra m is a gra d u a te - le ve l p rogra m fo r in ve stm e n t sp e cia lists su ch a s se cu ritie s a n a lysts, m on e y m a n a ge rs, a n d in ve stm e n t a d vise rs. To b e co m e a CFA ch a rte rh o ld e r, a n in d ivid u a l m u st h a ve a t le a st fou r ye a rs of a cce p ta b le p ro fe ssio n a l e xp e rie n ce in th e in ve stm e n t d e cision -m a kin g p roce ss, m u st p a ss th re e se q u e n tia l, six-h ou r e xa m in a tion s. Th e th re e -p a rt e xa m te sts th e fu n d a m e n ta ls o f in ve stm e n t to o ls, va lu in g a sse ts, p o rtfo lio m a n a ge m e n t, a n d we a lth p la n n in g. Ea ch of th e 3 co u rse le ve l e xa m s m u st b e p a sse d a n d e a ch cou rse le ve l is a se lf-stu d y p ro gra m in vo lvin g a p p roxim a te ly 300 h ou rs of stu d y tim e . Th e re a re n o con tin u in g e d u ca tio n re q u ire m e n ts to m a in ta in th e CFA d e sign a tio n . CFA ch a rte rh o ld e rs m u st co m m it to a b id e b y a n d a n n u a lly re a ffirm a d h e re n ce to th e CFA In stitu te Co d e o f Eth ics a n d Sta n d a rd s of Profe ssion a l Co n d u ct. CFA In s t it u t e Fin a n cia l Ad vis e r St a t e m e n t fo r SEC Fo r m ADV Th e Ch a rte re d Fin a n cia l An a lyst (CFA) ch a rte r is a glo b a lly re sp e cte d , gra d u a te -le ve l in ve stm e n t cre d e n tia l e sta b lish e d in 1962 a n d a wa rd e d b y CFA In stitu te — th e la rge st glo b a l a sso cia tio n of in ve stm e n t p ro fe ssio n a ls. Th e re a re cu rre n tly m o re th a n 90,000 CFA ch a rte rh o ld e rs wo rkin g in 134 cou n trie s. To e a rn th e CFA ch a rte r, ca n d id a te s m u st: 1) p a ss th re e se q u e n tia l, six-h ou r e xa m in a tion s; 2) h a ve a t le a st fo u r ye a rs 103 Advisory Group LLC Page 35 Form ADV Part 2A Firm Brochure  o f q u a lifie d p ro fe ssio n a l in ve stm e n t e xp e rie n ce ; 3) jo in CFA In stitu te a s m e m b e rs; a n d 4) co m m it to a b id e b y, a n d a n n u a lly re a ffirm , th e ir a d h e re n ce to th e CFA In stitu te Co d e of Eth ics a n d Sta n d a rd s of Pro fe ssion a l Co n d u ct. High Et h ica l St a n d a r d s Th e CFA In stitu te Co d e o f Eth ics a n d Sta n d a rd s o f Pro fe ssio n a l Co n d u ct, e n force d th rou gh a n a ctive p ro fe ssion a l con d u ct p rogra m , re q u ire CFA ch a rte rh o ld e rs to : • Pla ce th e ir clie n ts’ in te re sts a h e a d of th e ir o wn • Ma in ta in in d e p e n d e n ce a n d o b je ctivity • Act with in te grity • Ma in ta in a n d im p ro ve th e ir p ro fe ssio n a l co m p e te n ce • Disclo se con flicts of in te re st a n d le ga l m a tte rs Glo b a l Re co gn it io n Pa ssin g th e th re e CFA e xa m s is a d ifficu lt fe a t th a t re q u ire s e xte n sive stu d y (su cce ssfu l ca n d id a te s re p o rt sp e n d in g a n a ve ra ge of 300 h ou rs of stu d y p e r le ve l). Ea rn in g th e CFA ch a rte r d e m o n stra te s m a ste ry of m a n y of th e a d va n ce d skills n e e d e d for in ve stm e n t a n a lysis a n d d e cision m a kin g in to d a y’s q u ickly e vo lvin g glo b a l fin a n cia l in d u stry. As a re su lt, e m p lo ye rs a n d clie n ts a re in cre a sin gly se e kin g CFA ch a rte rh o ld e rs—ofte n m a kin g th e ch a rte r a p re re q u isite fo r e m p lo ym e n t. Ad d itio n a lly, re gu la to ry b o d ie s in 22 co u n trie s a n d te rrito rie s re cogn ize th e CFA ch a rte r a s a p ro xy fo r m e e tin g ce rta in lice n sin g re q u ire m e n ts, a n d m ore th a n 125 co lle ge s a n d u n ive rsitie s a ro u n d th e wo rld h a ve in co rp o ra te d a m a jo rity o f th e CFA Progra m cu rricu lu m in to th e ir o wn fin a n ce co u rse s. Co m p r e h e n s ive a n d Cu r r e n t Kn o w le d ge Th e CFA Progra m cu rricu lu m p ro vid e s a co m p re h e n sive fra m e wo rk of kn owle d ge fo r in ve stm e n t d e cisio n m a kin g a n d is firm ly gro u n d e d in th e kn owle d ge a n d skills u se d e ve ry d a y in th e in ve stm e n t p ro fe ssion . Th e th re e le ve ls o f th e CFA Progra m te st a p ro ficie n cy with a wid e ra n ge o f fu n d a m e n ta l a n d a d va n ce d in ve stm e n t to p ics, in clu d in g e th ica l a n d p ro fe ssio n a l sta n d a rd s, fixe d-in co m e a n d e q u ity a n a lysis, a lte rn a tive a n d d e riva tive in ve stm e n ts, e co n o m ics, fin a n cia l re p o rtin g sta n d a rd s, p o rtfo lio m a n a ge m e n t, a n d we a lth p la n n in g. Th e CFA Progra m cu rricu lu m is u p d a te d e ve ry ye a r b y e xp e rts fro m a ro u n d th e wo rld to e n su re th a t ca n d id a te s le a rn th e m ost re le va n t a n d p ra ctica l n e w to o ls, id e a s, a n d in ve stm e n t a n d we a lth m a n a ge m e n t skills to re fle ct th e d yn a m ic a n d co m p le x n a tu re o f th e p ro fe ssio n . To le a rn m o re a b o u t th e CFA ch a rte r, visit www.cfa in stitu te .o rg. 103 Advisory Group LLC Page 36 Form ADV Part 2A Firm Brochure  It e m 3 – Dis cip lin a r y In fo r m a t io n Joh n A. Ma risca lco h a s n o le ga l o r d iscip lin a ry e ve n ts to re p o rt. It e m 4 – Ot h e r Bu s in e s s Act ivit ie s Joh n A. Ma risca lco h a s n o o th e r b u sin e ss a ctivitie s to re p o rt. It e m 5 – Ad d it io n a l Co m p e n s a t io n Joh n A. Ma risca lco h a s n o a d d itio n a l com p e n sa tion to re p o rt. It e m 6 – Su p e r vis io n Rich a rd J. Milto n is th e Ch ie f Co m p lia n ce Office r of 103 Ad viso ry Grou p . He is re sp on sib le fo r o ve rse e in g a n d e n fo rcin g th e firm ’s com p lia n ce p rogra m s th a t h a ve b e e n e sta b lish e d to m o n ito r a n d su p e rvise th e a ctivitie s a n d se rvice s p ro vid e d b y th e firm a n d its re p re se n ta tive s in clu d in g Joh n A. Ma risca lco. Rich a rd J. Milto n ca n b e con ta cte d a t 312-543-8759. 103 Advisory Group LLC Page 37 Form ADV Part 2A Firm Brochure