BELLINGRATH WEALTH MANAGEMENT, L.L.C.

Item 1: Cover Sheet FORM ADV PART 2A INFORMATIONAL BROCHURE 6065 Magazine Street New Orleans, LA 70118 (504) 593-6040 April 14, 2026 This brochure provides information about the qualifications and business practices of Bellingrath Wealth Management & Employee Benefits. If you have any questions about the contents of this brochure, please contact us at (504) 593-6040. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Our registration does not imply a certain level of skill or training. Additional information about Bellingrath Wealth Management & Employee Benefits (CRD# 336024) is also available on the SEC’s website at www.adviserinfo.sec.gov. 1  Item 2: Statement of Material Changes In this Item it is required to discuss any material changes which have been made to the brochure. As of April 1, 2026, Bellingrath Wealth Management, LLC is owned by Garlan White and Ryan Swayze. Item 3: Table of Contents Item 1: Cover Sheet .................................................................................................................................... 1 Item 2: Statement of Material Changes ...................................................................................................... 2 Item 3: Table of Contents ........................................................................................................................... 2 Item 4: Advisory Business ......................................................................................................................... 3 Item 5: Fees and Compensation ................................................................................................................. 6 Item 6: Performance-Based Fees ................................................................................................................ 8 Item 7: Types of Clients ............................................................................................................................. 9 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss ...................................................... 9 Item 9: Disciplinary Information .............................................................................................................. 12 Item 10: Other Financial Industry Activities and Affiliations .................................................................... 12 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............... 13 Item 12: Brokerage Practices ..................................................................................................................... 14 Item 13: Review of Accounts ..................................................................................................................... 17 Item 14: Client Referrals and Other Compensation ................................................................................... 17 Item 15: Custody ........................................................................................................................................ 17 Item 16: Investment Discretion .................................................................................................................. 17 Item 17: Voting Client Securities ............................................................................................................... 18 Item 18: Financial Information .................................................................................................................. 18 2  INFORMATIONAL BROCHURE BELLINGRATH WEALTH MANAGEMENT & EMPLOYEE BENEFITS Item 4: Advisory Business Bellingrath Wealth Management & Employee Benefits (“Bellingrath”) is owned by Christopher Garlan White and Ryan Woolford Swayze. Our goal is to provide clients with relevant information and guidance so clients can make well-informed financial decisions to pursue their financial goals. Bellingrath works with individuals on financial planning, estate planning, and retirement planning as well as with businesses on employee benefits and planning for the business and its owners. Bellingrath’s process starts with an introductory meeting which is spent getting to know the client and what is most important to them, where the client is now financially, what they would like their money to accomplish for them, and how much risk is the client able to take on. Once the client’s goals and risk tolerance are identified and the appropriate data is gathered on the client’s current financial situation, Bellingrath develops a financial picture for the client that provides insight into the client’s balance sheet, cash flows, and a projections on achieving the goals and objectives identified through asset management strategies. Financial planning services are provided as a part of investment management and are not charged as a separate service. Finally, Bellingrath will discuss with the client the strategy on the implementation of the asset management strategies. Bellingrath performs portfolio management and asset allocation services primarily on a discretionary basis. This means that while Bellingrath will continue an ongoing relationship with each client, being involved in various stages of their lives and decisions to be made, Bellingrath will not seek specific approval of changes to client accounts. Because Bellingrath takes discretion when managing accounts, clients engaging us will be asked to execute a Limited Power of Attorney (granting us the discretionary authority over the client accounts) as well as an Investment Advisory Agreement that outlines the responsibilities of both the client and Bellingrath. In the case of assets managed by a third-party manager, Bellingrath may have the discretion to hire and fire the third-party manager, in which case that change would be made in keeping with client objectives but not necessarily with prior client authorization. LPL Financial Custodied Advisory Programs Bellingrath may provide advisory services through certain programs sponsored by LPL Financial LLC (“LPL”), a registered investment adviser and broker-dealer. Below is a brief description of each LPL custodied advisory program available to Bellingrath. For more information regarding the LPL programs, including more information on the advisory services and fees that apply, the types of investments available in the programs and the potential conflicts of interest presented by the programs please see the program account packet (which includes the account agreement and LPL Form ADV program brochure) and the Form ADV, Part 2A of LPL or the applicable program. Model Wealth Portfolios Program (“MWP”) MWP is a unified managed account program in which LPL and Bellingrath provide ongoing investment advice on a discretionary basis. Bellingrath obtains the necessary financial data from the client, assists the client in determining the suitability of the program and assists the client in setting an appropriate investment objective. Bellingrath selects one or more model portfolios of securities (each, a “Portfolio”) designed by LPL’s Research Department, a third-party investment strategist, or 3  Bellingrath (each, a “Portfolio Strategist”), consistent with the client’s stated investment objective. These Portfolios may contain mutual funds, ETFs, exchange-traded notes (“ETNs”), closed-end funds, equities, or fixed-income securities. Bellingrath provides ongoing advice on the selection or replacement of a Portfolio based on the client’s individual needs and may choose more than one Portfolio to be managed within a single MWP account. A Portfolio also may be comprised of one or more underlying models. Clients grant Bellingrath discretion to choose among the available models designed by the Portfolio Strategists, which may include Bellingrath and its IARs. The Portfolio Strategist is responsible for selecting the securities within a Portfolio and for making changes to the securities selected. Each Portfolio Strategist provides its model portfolio to LPL, and LPL makes the decisions on how to implement the model on behalf of clients. Clients should review the MWP Program Brochure for more detailed information, available at lpl.com/disclosures.html. MWP requires a minimum asset value for a program account to be managed. The minimums vary depending on the portfolio(s) selected and the account’s allocation amongst portfolios. The lowest minimum for a portfolio is $10,000. In certain instances, a lower minimum for a portfolio is permitted. Client understands that the account will not be invested according to a model portfolio until the applicable asset minimums for that model portfolio have been reached. Strategic Wealth Management Program (“SWM”) In the SWM program, Bellingrath provides ongoing investment advice and management of assets in a client’s account that is tailored to the individual needs of the client based on the investment objective chosen by the client. Bellingrath is typically granted discretion to purchase and sell mutual funds, equities, exchange-traded funds (“ETFs”), closed end funds, fixed income securities, unit investment trusts and options. In the SWM program, LPL is providing brokerage, custodial and administrative services to the account. LPL is not an investment adviser to the client and has no authority or responsibility for investment decisions made for the account. Under the consolidated SWM program, SWM clients pay transaction charges for the purchase and sale of certain securities in their SWM accounts, unless their [advisor] elects to pay transaction charges on their behalf. Clients should be aware that Bellingrath pays LPL transaction charges for those transactions. The transaction charges paid by Bellingrath vary based on the type of transaction (e.g., mutual fund, equity or ETF) and for mutual funds based on whether or not the mutual fund pays 12b- 1 fees, asset-based service fees and/or recordkeeping fees to LPL. The amount of these transaction charges is set forth in the SWM Account Agreement and the accompanying fee schedule (available here - https://www.lpl.com/disclosures.html). Being subject to transaction charges results in higher fees and expenses and, as a result, reduces investment returns. Because Bellingrath has elected to pay the transaction charges in SWM accounts on behalf of the Client, there is a conflict of interest in cases where the mutual fund is offered at both $0 and $26.50, or where transaction fees vary based on the type of transaction. Clients should understand that the cost to Advisor of transaction charges may be a factor that Bellingrath considers when deciding which securities to select and how frequently to place transactions in a SWM account. Bellingrath determines the account fee for each client within the SWM program, subject to a maximum account fee of 3.00%. SWM does not require a minimum account size. Optimum Market Portfolios Program (“OMP”) OMP is a professionally managed mutual fund asset allocation program in which LPL and Bellingrath provide ongoing investment advice and management. Bellingrath obtains the necessary financial data 4  from the client, assists the client in determining the suitability of the program and assists the client in setting an appropriate investment objective. Bellingrath selects a model portfolio of mutual funds comprised of Optimum Funds Class I shares, designed by LPL’s Research Department consistent with the client’s stated investment objective. Clients grant LPL discretionary trading authority to sell previously purchased securities and purchase and sell Optimum Funds to track the model portfolio. Clients should review the OMP Program Brochure for more detailed information, available at lpl.com/disclosures.html. LPL generally requires a minimum account value of $1,000 for OMP, but additional contributions may be required for account sizes below $10,000. In certain instances, LPL will permit a lower minimum account size. Retirement Plan Rollovers – No Obligation / Potential for Conflict of Interest A client or prospective client leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If Bellingrath recommends that a client roll over their retirement plan assets into an account to be managed by Bellingrath, such a recommendation creates a conflict of interest if Bellingrath will earn an advisory fee on the rolled over assets. This conflict is mitigated by ensuring clients understand rollover options and that there is no obligation to roll over retirement plan assets to an account managed by Bellingrath. Retirement Plan Services Bellingrath offers fee based qualified retirement plan services that provide non-discretionary Investment Fiduciary Services to Sponsors and Trustees of qualified retirement plans. Bellingrath will assist you in establishing a menu of mutual funds and / or models to offer to participating employees of the qualified retirement plan. Employees will self-direct the investments of their accounts within the plan. As an ERISA 3(21) Investment Advisor, services are designed to allow the Sponsor to retain full discretionary authority or control over assets of the Plan. We will solely be making recommendations to the Sponsor. Bellingrath will recommend investments to the plan sponsor, monitor the plan’s investments, suggest replacements as appropriate, develop and monitor risk-based models comprised solely from the plan’s investment menu, provide investment advice with respect to the selection of a Qualified Default Investment Alternative (“QDIA”), and provide participant education. Bellingrath will provide guidance to the plan sponsor in meeting its fiduciary responsibilities, including development of an investment policy statement. The Sponsor retains decision making authority and may accept or reject any recommendations. TriBridge does not custody plan assets as non-affiliated firms provide custodial services to the accounts. Wrap Program The Bellingrath Wrap Program (the “Program”) is a wrap fee program sponsored by Bellingrath. For some clients, Bellingrath may include certain transactional costs in the client’s management fee. This arrangement is referred to as a “Wrap Program”. For accounts in the Wrap Program, Bellingrath pays a fee to the custodian based on the clients’ transaction costs. Fees in the wrap program include 5  transaction costs for the purchase or sale of securities, but do not include expenses related to the use of margin, wire transfer fees, the fees charged to shareholders of mutual funds or ETFs, mark-ups and mark-downs, spreads, odd-lot differentials, fees charged by regulatory agencies, and any transaction fees for securities trades executed by a broker-dealer other than the agreed upon custodian. Expenses for the management fees of third-party managers are included in the Wrap Program. To the extent a third-party manager is utilized, the fees payable to such managers will be included in the wrap program. Because of the nature of a wrap fee program, where wrap fees are not tied to an account’s frequency of trading and apply to generally all assets in the account, the wrap fee program client may pay more or less than if the client had compensated Bellingrath outside of the wrap fee program. For example, if a client’s account is rarely traded, the transaction fees the client would have paid would be minimal, thus limiting the benefits of “wrapping” management fees and transaction fees. Clients whose accounts will be rarely traded should carefully consider whether the Wrap Program is appropriate. Clients are not required to participate in the Wrap Program. Additionally, because of the nature of a wrap program, wherein clients pay one fee for advisory services as well as certain transactions, the actual fee to the firm will vary as the transaction costs charged to the program vary. This means that if transaction costs go down, either because the account is traded less or because the cost per trade goes down, the firm’s fees for the same advisory services will increase. Likewise, if the costs increase, the firm’s advisory compensation will decrease. The intention of the wrap program is to have Bellingrath absorb the occasional transactional costs associated with trades in the client accounts as well as the fees associated with the use of a third-party manager. Bellingrath will receive no additional compensation for offering the wrap fee program. Please see the separate Wrap Fee Brochure for a more complete description of the Wrap Program. Assets Under Management As of December 31, 2025, Bellingrath had $196,108,853 in assets under management. Of the assets under management, $150,151,868 is managed on a discretionary basis for 441 accounts and $45,956,985 is managed on a non-discretionary basis for 18 accounts. Item 5: Fees and Compensation A. Fees Charged All investment management clients will be required to execute an Investment Advisory Agreement that will describe the type of asset management services to be provided and the fees, among other items. Clients are advised that they may pay fees that are higher or lower than fees they may pay another advisor for the same services, and may in fact pay lower fees for comparable services from other sources. Clients are under no obligation at any time to engage or to continue to engage Bellingrath for investment services. The client can determine to engage Bellingrath to provide discretionary investment advisory services on a negotiable basis. Bellingrath’s annual investment advisory fee shall vary (up to 1.5% of the total 6  assets placed under Bellingrath’s management) and shall be based upon various objective and subjective factors, including, but not limited to, the amount of the assets placed under Bellingrath’s direct management, the complexity of the engagement, and the level and scope of the overall investment advisory services to be rendered. In some instances, Bellingrath will “household” a group of accounts for the purpose of determining an appropriate fee (for example, a family). This is not done for every family, but only in limited circumstances where the firm believes it to be appropriate. The values used for calculation of advisory fees are produced by the account custodian(s), and the specific value used is the gross market value as of the last day of the previous quarter. In calculating the market value of a client’s assets, assets allocated to cash or a cash proxy, such as a money market account, will be included in the calculation of assets under management. Bellingrath does bill on cash and margin. The MWP account fee consists of an advisory fee of up to 2.35% and a manager fee of up to 0.60% for a maximum annual fee of 2.95%. See the MWP program brochure for more information. The OMP account fee consists of an advisory fee of up to 2.50%. See the OMP program brochure for more information. Account fees for LPL programs are payable quarterly in advance. LPL serves as program sponsor, co- investment adviser and broker-dealer for the LPL advisory programs. Account fees are payable quarterly in advance. LPL serves as program sponsor, co-investment adviser and broker-dealer for the LPL advisory programs. Bellingrath and LPL may share in the account fee and other fees associated with program accounts. Associated persons of Bellingrath may also be registered representatives of LPL. Bellingrath receives compensation as a result of a client’s participation in an LPL program. Depending on, among other things, the type and size of the account, type of securities held in the account, changes in its value over time, the ability to negotiate fees or commissions, the historical or expected size or number of transactions, and the number and range of supplementary advisory and client-related services provided to the client, the amount of this compensation may be more or less than what Bellingrath would receive if the client participated in other programs, whether through LPL or another sponsor, or paid separately for investment advice, brokerage and other services. Clients should consider the level and complexity of the advisory services to be provided when negotiating the account fee (or the advisor fee portion of the account fee, as applicable) with Bellingrath. Please refer to the relevant LPL Form ADV program brochure for a more detailed discussion of conflicts of interest. Retirement Plan Services are charged an annual percentage fee of plan assets ranging from 0.25% to 0.50%. B. Fee Payment The fee is paid quarterly in advance and comes due on the last day of the calendar quarter of the stated billing cycle based on the balance on that day. In calculating the market value of a client’s assets, assets allocated to cash or a cash proxy, such as a money market account, will be included in the calculation of assets under management. The calculation of the fee is done by the custodian and once the calculation is made, the custodian will deduct the fee from your account and remit it to Bellingrath. 7  For advisory accounts custodied at LPL, unless otherwise instructed by Bellingrath, LPL will deduct Bellingrath’s fee quarterly in advance; however, for the initial fee deduction, LPL will deduct Bellingrath’s fee at the beginning of the quarter following the establishment of the account and will include a prorated fee for the initial quarter in addition to the quarterly Bellingrath fee for the upcoming quarter. Subsequent fee deductions will be made at the beginning of each quarter based on the value of the account assets as of the close of business on the last business day of the preceding quarter. Additional deposits and withdrawals will be added or subtracted from the assets, which may lead to an adjustment of Bellingrath’s fee. If LPL is notified by Bellingrath or the client of the termination or deactivation of the account’s advisory account status at LPL, LPL will process a prorated refund of Bellingrath’s fees that were prepaid based upon the number of days remaining in the quarter after the notice of termination to LPL. Retirement Plan Services are paid by the plan sponsor directly or have the fees deducted from plan assets as directed by the agreement between the plan sponsor and Bellingrath. C. Other Fees There are a number of other fees that can be associated with holding and investing in securities. Expenses of a mutual fund or ETF will not be included in management fees, as they are deducted from the value of the shares by the manager. When selecting mutual funds that have multiple share classes for recommendation to clients, Bellingrath will take into account the internal fees and expenses associated with each share class, and it is Bellingrath’s policy to choose the lowest-cost share class available, absent circumstances that dictate otherwise. For complete discussion of expenses related to each mutual fund or ETF, you should read a copy of the prospectus issued by that fund. Bellingrath can provide or direct you to a copy of the prospectus for any fund that we recommend to you. Fees charged by independent third party managers are also separate and additional to any fees paid to Bellingrath, and such managers will be authorized to separately debit fees from client accounts. Please make sure to read Item 12 of this informational brochure, where we discuss broker-dealer and custodial issues. D. Pro-rata Fees If a client becomes a client during a quarter, they will pay a management fee for the number of days left in that quarter. If clients terminate the relationship during a quarter, they will be entitled to a refund of any management fees for the remainder of the quarter they may have prepaid. Once the notice of termination is received, the custodian(s) will assess pro-rated fees for the number of days between the end of the prior billing period and the date of termination to be paid in whatever way clients direct (check, wire). Bellingrath will cease to perform services, including processing trades and distributions, upon termination. Assets not transferred from terminated accounts within 30 (thirty) days of termination may be “de-linked”, meaning they will no longer be visible to Bellingrath and will become a retail account with the custodian. E. Compensation for the Sale of Securities. Bellingrath does not accept compensation for the sale of securities or other investment products, including asset-based sales charges or service fees from the sale of mutual funds. Item 6: Performance-Based Fees 8  Neither Bellingrath nor any supervised person of Bellingrath accepts performance-based fees. Item 7: Types of Clients Clients advised may include individuals, families, trusts, non-profit organizations, and businesses. Bellingrath does not impose a stated minimum fee or minimum portfolio value for starting or maintaining an investment advisory relationship. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss It is important for you to know and remember that all investments carry risks. Investing in securities involves risk of loss that clients should be prepared to bear. Strategies and Methods of Analysis Each client’s portfolio will be invested according to that client’s investment objectives, which are ascertained through the discovery process. To accommodate client restrictions mutually agreed upon between the client and Bellingrath, Bellingrath will develop a customized portfolio around the restrictions. Clients may have different needs than others within the same investment objectives. Accordingly, not all clients in each investment program will have the exact same allocations used. Bellingrath may periodically recommend changes to the investment strategies and client portfolios to meet the guidelines of the asset allocation for the program or an individual client’s objectives. It is important to remember that because market conditions can vary greatly, your asset allocation guidelines are not necessarily strict rules. Rather, accounts and portfolios are reviewed individually, and may deviate from the guidelines as Bellingrath believes necessary. When Bellingrath makes changes to an investment strategy, these changes may not be made simultaneously. Rather, some accounts may be modified before others. This may result in accounts being traded earlier inadvertently having an advantage over accounts traded later. Additionally, as assets are transitioned from a client’s prior advisors to Bellingrath, clients may hold legacy securities and may place restrictions on individual security types. Legacy securities are those that a client owned prior to or separate from its Bellingrath portfolio. If a client transitions mutual fund shares to Bellingrath that are not the lowest-cost share class, and Bellingrath is not recommending disposing of the security altogether, Bellingrath will attempt to convert such mutual fund share classes into the lowest-cost share classes the client is eligible for, taking into account any adverse tax consequences associated with such conversion. Risk of Loss There are always risks to investing. Clients should be aware that all investments carry various types of risk including the potential loss of principal that clients should be prepared to bear. It is impossible to name all possible types of risks. Among the risks are the following:  Political Risks. Most investments have a global component, even domestic stocks. Political events anywhere in the world may have unforeseen consequences to markets around the world.  General Market Risks. Markets can, as a whole, go up or down on various news releases or for 9  no understandable reason at all. This sometimes means that the price of specific securities could go up or down without real reason, and may take some time to recover any lost value. Adding additional securities does not help to minimize this risk since all securities may be affected by market fluctuations.  Currency Risk. When investing in another country using another currency, the changes in the value of the currency can change the value of your security value in your portfolio.  Regulatory Risk. Changes in laws and regulations from any government can change the value of a given company and its accompanying securities. Certain industries are more susceptible to government regulation. Changes in zoning, tax structure or laws impact the return on these investments.  Tax Risks Related to Short Term Trading: Clients should note that Bellingrath may engage in short-term trading transactions. These transactions may result in short term gains or losses for federal and state tax purposes, which may be taxed at a higher rate than long term strategies. Bellingrath endeavors to invest client assets in a tax efficient manner, but all clients are advised to consult with their tax professionals regarding the transactions in client accounts.  Purchasing Power Risk. Purchasing power risk is the risk that your investment’s value will decline as the price of goods rises (inflation). The investment’s value itself does not decline, but its relative value does, which is the same thing. Inflation can happen for a variety of complex reasons, including a growing economy and a rising money supply.  Business Risk. This can be thought of as certainty or uncertainty of income. Management comes under business risk. Cyclical companies (like automobile companies) have more business risk because of the less steady income stream. On the other hand, fast food chains tend to have steadier income streams and therefore, less business risk.  Financial Risk. The amount of debt or leverage determines the financial risk of a company.  Default Risk. This risk pertains to the ability of a company to service their debt. Ratings provided by several rating services help to identify those companies with more risk. Obligations of the U.S. government are said to be free of default risk.  Margin Risk. “Margin” is a tool used to maximize returns on a given investment by using securities in a client account as collateral for a loan from the custodian to the client. The proceeds of that loan are then used to buy more securities. Margin carries a higher degree of risk than investing without margin.  Short Sales. “Short sales” are a way to implement a trade in a security Bellingrath feels is overvalued. In a “long” trade, the investor is hoping the security increases in price. Thus, in a long trade, the amount of the investor’s loss (without margin) is the amount paid for the security. In a short sale, the investor is hoping the security decreases in price. However, unlike a long trade where the price of the security can only go from the purchase price to zero, in a short sale, the price of the security can go infinitely upwards. Thus, in a short sale, the potential for loss is unlimited and unknown, where the potential for loss in a long trade is limited and knowable. Bellingrath utilizes short sales only when the client’s risk tolerances permit.  Risks specific to private placements, sub-advisors and other managers. If we invest some of your assets with another advisor, including a private placement, there are additional risks. These include risks that the other manager is not as qualified as we believe them to be, that the investments they use are not as liquid as we would normally use in your portfolio, or that their risk management guidelines are more liberal than we would normally employ.  Information Risk. All investment professionals rely on research in order to make conclusions about investment options. This research is always a mix of both internal (proprietary) and external (provided by third parties) data and analyses. Even an adviser who says they rely solely on proprietary research must still collect data from third parties. This data, or outside research is chosen for its perceived reliability, but there is no guarantee that the data or research will be completely accurate. Failure in data accuracy or research will translate to a compromised ability by the adviser to reach satisfactory investment conclusions. 10   Small Companies. Some investment opportunities in the marketplace involve smaller issuers. These companies may be starting up, or are historically small. While these companies sometimes have potential for outsized returns, they also have the potential for losses because the reasons the company is small are also risks to the company’s future. For example, a company’s management may lack experience, or the company’s capital for growth may be restricted. These small companies also tend to trade less frequently that larger companies, which can add to the risks associated with their securities because the ability to sell them at an appropriate price may be limited compared to the markets as a whole. Not only do these companies have investment risk, if a client is invested in such small companies and requests immediate or short term liquidity, these securities may require a significant discount to value in order to be sold in a shorter time frame.  Concentration Risk. While Bellingrath selects individual securities, including mutual funds, for client portfolios based on an individualized assessment of each security, this evaluation comes without an overlay of general economic or sector specific issue analysis. This means that a client’s equity portfolio may be concentrated in a specific sector, geography, or sub-sector (among other types of potential concentrations), so that if an unexpected event occurs that affects that specific sector or geography, for example, the client’s equity portfolio may be affected negatively, including significant losses.  Transition risk. As assets are transitioned from a client’s prior advisers to Bellingrath there may be securities and other investments that do not fit within the asset allocation strategy selected for the client. Accordingly, these investments will need to be sold in order to reposition the portfolio into the asset allocation strategy selected by Bellingrath. However, this transition process may take some time to accomplish. Some investments may not be unwound for a lengthy period of time for a variety of reasons that may include unwarranted low share prices, restrictions on trading, contractual restrictions on liquidity, or market-related liquidity concerns. In some cases, there may be securities or investments that are never able to be sold. The inability to transition a client's holdings into recommendations of Bellingrath may adversely affect the client's account values, as Bellingrath’s recommendations may not be able to be fully implemented.  Restriction Risk. Clients may at all times place reasonable restrictions on the management of their accounts. However, placing these restrictions may make managing the accounts more difficult, thus lowering the potential for returns.  Risks Related to Investment Term & Liquidity. Securities do not follow a straight line up in value. All securities will have periods of time when the current price of the security is not an accurate measure of its value. If you require us to liquidate your portfolio during one of these periods, you will not realize as much value as you would have had the investment had the opportunity to regain its value. Further, some investments are made with the intention of the investment appreciating over an extended period of time. Liquidating these investments prior to their intended time horizon may result in losses.  ESG Risk. ESG is considered upon client request. When investing using ESG considerations, there is no guarantee that Bellingrath will successfully implement and make investments that create positive environmental, social or governance (“ESG”) impact while enhancing long-term growth and achieving financial returns. Considering ESG qualities when evaluating an investment may result in the selection or exclusion of certain investments based on Bellingrath’s view of certain ESG-related factors versus the view of a mutual fund portfolio manager’s view. As a result, the integration of ESG- related data carries with it the risk that these investments may underperform investments that do not take ESG-related factors into account and may not meet the same definition of ESG values a client expects.  REITs: In limited circumstances, Bellingrath may have portions of client portfolios allocated to real estate investment trusts, otherwise known as “REITs”. A REIT is an entity, typically a trust or corporation, that accepts investments from a number of investors, pools the money, and then uses that money to invest in real estate through either actual property purchases or mortgage loans. While there are some benefits to owning REITs, which include potential tax benefits, income and the relatively 11  low barrier to invest in real estate as compared to directly investing in real estate, REITs also have some increased risks as compared to more traditional investments such as stocks, bonds, and mutual funds. First, real estate investing can be highly volatile. Second, the specific REIT chosen may have a focus such as commercial real estate or real estate in a given location. Such investment focus can be beneficial if the properties are successful but lose significant principal if the properties are not successful. REITs may also employ significant leverage for the purpose of purchasing more investments with fewer investment dollars, which can enhance returns but also enhances the risk of loss. The success of a REIT is highly dependent upon the manager of the REIT. Clients should ensure they understand the role of the REIT in their portfolio. Item 9: Disciplinary Information Bellingrath does not have any disciplinary items to report. Item 10: Other Financial Industry Activities and Affiliations A. Broker-dealer Certain investment adviser representatives of Bellingrath are also associated with LPL Financial as broker-dealer registered representatives (“Dually Registered Persons”). In their capacity as registered representatives of LPL Financial, certain Dually Registered Persons may earn commissions for the sale of securities or investment products that they recommend for brokerage clients. They do not earn commissions on the sale of securities or investment products recommended or purchased in advisory accounts through Bellingrath. Clients have the option of purchasing many of the securities and investment products we make available to you through another broker-dealer or investment adviser. However, when purchasing these securities and investment products away from Bellingrath, you will not receive the benefit of the advice and other services we provide. While LPL Financial does not participate in, or influence the formulation of, the investment advice Bellingrath provides, certain supervised persons of Bellingrath are Dually Registered Persons. Dually Registered Persons are restricted by certain FINRA rules and policies from maintaining client accounts at another custodian or executing client transactions in such client accounts through any broker-dealer or custodian that is not approved by LPL Financial. As a result, the use of other trading platforms must be approved not only by Bellingrath, but also by LPL Financial. Clients should also be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial, and may be prohibited from offering services and investment vehicles that may be available through other broker-dealers and custodians, some of which may be more suitable for a client’s portfolio than the services and investment vehicles offered through LPL Financial. Clients should understand that not all investment advisers [require, request or recommend] that clients custody their accounts and trade through specific broker-dealers. Clients should also understand that LPL Financial is responsible under FINRA rules for supervising certain business activities of Bellingrath and its Dually Registered Persons that are conducted through broker-dealers and custodians other than LPL Financial. LPL Financial charges 12  a fee for its oversight of activities conducted through these other broker-dealers and custodians. This arrangement presents a conflict of interest because Bellingrath has a financial incentive to recommend that you maintain your account with LPL Financial rather than with another broker- dealer or custodian to avoid incurring the oversight fee. If you would like a copy of the LPL Financial privacy policy, please contact Bellingrath at (504) 593-6040. B. Futures Commission Merchant/Commodity Trading Advisor The principal of Bellingrath, nor any related persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities. C. Relationship with Related Persons Bellingrath or any of its management persons do not have any relationships or arrangements to disclose. D. Recommendations of Other Advisers Bellingrath nor any of its related persons recommend other advisers. Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. A copy of our Code of Ethics is available upon request. Our Code of Ethics includes discussions of our fiduciary duty to clients, political contributions, gifts, entertainment, and trading guidelines. Not applicable. Bellingrath does not recommend to clients that they invest in any security in B. which Bellingrath or any principal thereof has any financial interest. C. On occasion, an employee of Bellingrath may purchase for his or her own account securities which are also recommended for clients. Our Code of Ethics details rules for employees regarding personal trading and avoiding conflicts of interest related to trading in one’s own account. To avoid placing a trade before a client (in the case of a purchase) or after a client (in the case of a sale), all employee trades are reviewed by the Compliance Officer. All employee trades must either take place in the same block as a client trade or sufficiently apart in time from the client trade so the employee receives no added benefit. Employee statements are reviewed to confirm compliance with the trading procedures. D. On occasion, an employee of Bellingrath may purchase for his or her own account securities which are also recommended for clients at the same time the clients purchase the securities. Our Code of Ethics details rules for employees regarding personal trading and avoiding conflicts of interest related to trading in one’s own account. To avoid placing a trade before a client (in the case of a purchase) or after a client (in the case of a sale), all employee trades are reviewed by the Compliance 13  Officer. All employee trades must either take place in the same block as a client trade or sufficiently apart in time from the client trade so the employee receives no added benefit. Employee statements are reviewed to confirm compliance with the trading procedures. Item 12: Brokerage Practices A. Recommendation of Broker-Dealer In appropriate situations, Bellingrath will generally recommend that clients establish a brokerage account with LPL Financial to maintain custody of clients’ assets and to effect trades for their accounts. LPL Financial provides brokerage and custodial services to independent investment advisory firms, including Bellingrath. For Bellingrath’s accounts custodied at LPL Financial, LPL Financial generally is compensated by clients through commissions, trails, or other transaction-based fees for trades that are executed through LPL Financial or that settle into LPL Financial accounts. For IRA accounts, LPL Financial generally charges account maintenance fees. In addition, LPL Financial also charges clients miscellaneous fees and charges, such as account transfer fees. LPL Financial charges Bellingrath an asset-based administration fee for administrative services provided by LPL Financial. Such administration fees are not directly borne by clients but may be taken into account when Bellingrath negotiates its advisory fee with clients. Clients should be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial and may be prohibited from offering services and investment vehicles that may be available through other broker- dealers and custodians, some of which may be more suitable for a client’s portfolio than the services and investment vehicles offered through LPL Financial. Clients should understand that not all investment advisers require that clients custody their accounts and trade through specific broker-dealers. Benefits Received by Bellingrath Bellingrath receives support services and/or products from LPL Financial, many of which assist Bellingrath to better monitor and service program accounts maintained at LPL Financial; however, some of the services and products benefit Bellingrath and not client accounts. These support services and/or products may be received without cost, at a discount, and/or at a negotiated rate. Such compensation provided to Bellingrath includes other types of compensation, such as bonuses, awards or other things of value offered by LPL to Bellingrath, and may include the following: • Payments based on production; • Equity awards from LPL’s parent company, LPL Financial Holdings Inc., consisting of awards of either restricted stock units or stock options to purchase stock, in each case subject to satisfaction of vesting and other conditions; • Reimbursement or credit of fees that Bellingrath pays to LPL for items such as administrative services or technology fees; • Free or reduced-cost marketing materials; • Payments in connection with the transition of association from another broker-dealer or investment advisor firm to LPL; • Payments in the form of repayable or forgivable loans; • Advances of advisory fees; and/or • Attendance at LPL conferences and events. 14  LPL Financial may provide these services and products directly or may arrange for third party vendors to provide the services or products to Bellingrath. In the case of third party vendors, LPL Financial may pay for some or all of the third party’s fees. These support services are provided to Bellingrath based on the overall relationship between Bellingrath and LPL Financial. It is not the result of soft dollar arrangements or any other express arrangements with LPL Financial that involves the execution of client transactions as a condition to the receipt of services. Bellingrath will continue to receive the services regardless of the volume of client transactions executed with LPL Financial. Clients do not pay more for services as a result of this arrangement. There is no corresponding commitment made by Bellingrath to LPL or any other entity to invest any specific amount or percentage of client assets in any specific securities as a result of the arrangement. However, because Bellingrath receives these benefits from LPL Financial, there is a potential conflict of interest. The receipt of these products and services presents a financial incentive for Bellingrath to recommend that its clients use LPL Financial’s custodial platform rather than another custodian’s platform. For a further listing of potential conflicts, please refer to LPL Financial’s Brokerage Compensation and Conflicts Disclosure, available at lpl.com/disclosures.html. Limitations due to LPL Licensing/Registration The individuals that are licensed as registered representatives of LPL Financial are subject to regulations that restrict them from conducting securities transactions away from LPL Financial without written authorization from LPL Financial. Clients should, therefore, be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial, and may be prohibited from offering services and investment vehicles that may be available through other broker-dealers and custodians. LPL and Bellingrath offer and recommend investment products only from investment sponsors with which LPL has entered into selling and distribution agreements. Other firms may offer products and services not available through LPL, or the same or similar investment products and services at lower cost. In addition, LPL may only offer certain products in a brokerage account, even though there is a version of the product that may be offered at a lower cost through an advisory account, and vice versa. Oversight Fee for Assets Held Away As stated previously, individuals associated with Bellingrath are licensed as registered representatives of LPL Financial. As a result of this licensing relationship, LPL Financial is responsible for supervising certain activities of Bellingrath to the extent Bellingrath manages assets at a broker-dealer and custodian other than LPL Financial. LPL Financial charges a fee of up to 10 basis points to Bellingrath for this oversight. This presents a conflict of interest in that Bellingrath has a financial incentive to recommend that you maintain your account with LPL Financial rather than another custodian in order to avoid the oversight fee. However, to the extent Bellingrath recommends you use LPL Financial for such services, it is because Bellingrath believes that it is in your best interest to do so based on the quality and pricing of the execution, benefits of an integrated platform for brokerage and advisory accounts, and other services provided by LPL Financial. B. Aggregating Trades Commission costs per client may be lower on a particular trade if all clients in whose accounts the 15  trade is to be made are executed at the same time. This is called aggregating trades. Instead of placing a number of trades for the same security for each account, Bellingrath will, when appropriate, executed one trade for all accounts and then allocate the trades to each account after execution. If an aggregate trade is not fully executed, the securities will be allocated to client accounts on a pro rata basis, except where doing so would create an unintended adverse consequence (For example, if a pro rata division would result in a client receiving a fraction of a share, or a position in the account of less than 1%.) Directed Brokerage Bellingrath does not allow clients to direct brokerage. “Directing” brokerage means choosing to maintain all or some of their assets with a broker-dealer that is not recommended by Bellingrath. Bellingrath may be unable to achieve most favorable execution of client transactions if clients choose to direct brokerage. This may cost clients’ money because without the ability to direct brokerage Bellingrath may not be able to aggregate orders to reduce transactions costs resulting in higher brokerage commissions and less favorable prices. Transition Assistance LPL also provides various benefits and/or payments to Bellingrath that are new to the LPL platform to assist them with the costs (including foregone revenues during account transition) associated with transitioning their business to LPL (collectively referred to as “Transition Assistance”). The proceeds of such Transition Assistance payments are intended to be used for a variety of purposes, including but not necessarily limited to, providing working capital to assist in funding Bellingrath’s business, satisfying any outstanding debt owed to Bellingrath ‘s prior firm, offsetting account transfer fees (ACATs) as a result of Bellingrath’s clients transitioning to LPL’s custodial platform, technology set- up fees, marketing and mailing costs, stationary and licensure transfer fees, moving expenses, office space expenses, staffing support and termination fees associated with moving accounts. The amount of the Transition Assistance payments is often significant in relation to the overall revenue earned or compensation received by Bellingrath at their prior firm. Such payments are generally based on the size of Bellingrath’s business established at the prior firm. These payments are generally in the form of payments or loans to Bellingrath with favorable interest rate terms as compared to other lenders, which are paid by LPL or forgiven by LPL based on years of service with LPL (e.g., if Bellingrath remains with LPL for 5 years) and/or the scope of business engaged in with LPL. LPL does not verify that any payments made are actually used for such transition costs. The receipt of Transition Assistance creates a conflict of interest in that Bellingrath has a financial incentive to recommend that a client open and maintain an account with the IAR and LPL for advisory, brokerage and/or custody services, and to recommend switching investment products or services where a client’s current investment options are not available through LPL, in order to receive the Transition Assistance benefit or payment, and in cases of businesses not supported by LPL, to further recommend that a client’s current holdings be reinvested in a program offering LPL does support. LPL and Bellingrath’s attempt to mitigate these conflicts of interest by evaluating and recommending that clients use LPL’s services based on the benefits that such services provide to clients, rather than the Transition Assistance earned by Bellingrath. However, clients should be aware of this conflict and take it into consideration in making a decision whether to establish or maintain a relationship with LPL. If LPL makes a loan to Bellingrath, there is also a conflict of interest because LPL’s interest in collecting on the loan affects its ability to objectively supervise the registered representatives. 16  Item 13: Review of Accounts All accounts and corresponding financial plans will be managed on an ongoing basis, with formal reviews with the client by a representative of Bellingrath on at least an annual basis. However, it is expected that market conditions, changes in a particular client’s account, or changes to a client’s circumstances will trigger a review of accounts. You will also receive statements at least quarterly from your account custodian. The annual report in writing provided by Bellingrath is intended to review asset allocation. All clients will receive statements and confirmations of trades directly from the custodian. Please refer to Item 15 regarding Custody. Item 14: Client Referrals and Other Compensation A. Economic Benefit Provided by Third Parties for Advice Rendered to Client. Please refer to Item 12, where we discuss recommendation of Broker-Dealers. B. Compensation to Non-Advisory Personnel for Client Referrals. Bellingrath does not directly or indirectly compensate any person who is not advisory personnel for client referrals. Item 15: Custody There are two avenues through which Bellingrath has custody of client funds; by directly debiting its fees from client accounts pursuant to applicable agreements granting such right, and potentially by permitting clients to issue standing letters of authorization (“SLOAs”). SLOAs permit a client to issue one document that directs Bellingrath to make distributions out of the client’s account(s). Clients will receive statements directly from the account custodian, and copies of all trade confirmations directly from the account custodian. Clients whose fees are directly debited will provide written authorization to debit advisory fees from their accounts held by the qualified custodian. Each month, the client will receive a statement from their account custodian showing all transactions in their account, including the fee. We encourage clients to carefully review the statements and confirmations sent to them by their custodian, and to compare the information on reports prepared by Bellingrath against the information in the statements provided directly from the custodian. Please alert us of any discrepancies. In addition to the account custodian’s custody procedures, clients issuing SLOAs will be requested to confirm, in writing, that the accounts to which funds are distributed are parties unrelated to Bellingrath or the account custodian. Item 16: Investment Discretion When Bellingrath is engaged to provide asset management services on a discretionary basis, Bellingrath will monitor your accounts to ensure that they are meeting your asset allocation requirements. If any changes are needed to your investments or managers, we will make the changes. 17  These changes may involve selling a security or group of investments and buying others or keeping the proceeds in cash. You may at any time place restrictions on the types of investments we may use on your behalf, or on the allocations to each security type. You may receive at your request written or electronic confirmations from your account custodian after any changes are made to your account. Clients engaging Bellingrath on a discretionary basis will be asked to execute a Limited Power of Attorney (granting Bellingrath the discretionary authority over the client accounts) as well as an Investment Advisory Agreement that outlines the responsibilities of both the client and Bellingrath. Item 17: Voting Client Securities Copies of Bellingrath’s Proxy Voting Policies are available upon request. From time to time, shareholders of stocks, mutual funds, exchange traded funds or other securities may be permitted to vote on various types of corporate actions. Examples of these actions include mergers, tender offers, or board elections. Clients are required to vote proxies related to their investments, or to choose not to vote their proxies. Bellingrath will not accept authority to vote client securities. Clients will receive their proxies directly from the custodian for the client account. Bellingrath will not give clients advice on how to vote proxies. Item 18: Financial Information Bellingrath does not require the prepayment of fees more than six (6) months or more in advance and therefore has not provided a balance sheet with this brochure. There are no material financial circumstances or conditions that would reasonably be expected to impair our ability to meet our contractual obligations to our clients. 18  Item 1: Cover Sheet FORM ADV PART 2A APPENDIX 1 WRAP FEE PROGRAM BROCHURE 6065 Magazine Street New Orleans, LA 70118 (504) 593-6040 April 14, 2026 This brochure provides information about the qualifications and business practices of Bellingrath Wealth Management & Employee Benefits. If you have any questions about the contents of this brochure, please contact us at (504) 593-6040. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Our registration does not imply a certain level of skill or training. Additional information about Bellingrath Wealth Management & Employee Benefits (CRD# 336024) is also available on the SEC’s website at www.adviserinfo.sec.gov. 19  Item 2: Statement of Material Changes In this Item it is required to discuss any material changes which have been made to the brochure. As of April 1, 2026, Bellingrath Wealth Management, LLC is owned by Garlan White and Ryan Swayze. Item 3: Table of Contents Item 1: Cover Sheet – Wrap Fee Program Brochure ................................................................................ 19 Item 2: Material Changes .......................................................................................................................... 20 Item 3: Table of Contents .......................................................................................................................... 20 Item 4: Services, Fees, and Compensation ................................................................................................ 21 Item 5: Account Requirement and Type of Clients ................................................................................... 25 Item 6: Portfolio Manager Selection and Evaluation ................................................................................ 25 Item 7: Client Information provided to Portfolio Managers ...................................................................... 28 Item 8: Client Contact with Portfolio Managers ........................................................................................ 28 Item 9: Additional Information .................................................................................................................. 29 20  Item 4: Services, Fees, and Compensation Bellingrath Wealth Management & Employee Benefits (“Bellingrath”) is owned by Christopher Garlan White and Ryan Woolford Swayze. Our goal is to provide clients with relevant information and guidance so clients can make well-informed financial decisions to pursue their financial goals. Bellingrath works with individuals on financial planning, estate planning, and retirement planning as well as with businesses on employee benefits and planning for the business and its owners. A. Description of the Program Bellingrath’s process starts with an introductory meeting which is spent getting to know the client and what is most important to them, where the client is now financially, what they would like their money to accomplish for them, and how much risk is the client able to take on. Once the client’s goals and risk tolerance are identified and the appropriate data is gathered on the client’s current financial situation, Bellingrath develops a financial picture for the client that provides insight into the client’s balance sheet, cash flows, and a projections on achieving the goals and objectives identified through asset management strategies. Financial planning services are provided as a part of investment management and are not charged as a separate service. Finally, Bellingrath will discuss with the client the strategy on the implementation of the asset management strategies. Bellingrath performs portfolio management and asset allocation services primarily on a discretionary basis. This means that while Bellingrath will continue an ongoing relationship with each client, being involved in various stages of their lives and decisions to be made, Bellingrath will not seek specific approval of changes to client accounts. Because Bellingrath takes discretion when managing accounts, clients engaging us will be asked to execute a Limited Power of Attorney (granting us the discretionary authority over the client accounts) as well as an Investment Advisory Agreement that outlines the responsibilities of both the client and Bellingrath. In the case of assets managed by a third-party manager, Bellingrath may have the discretion to hire and fire the third-party manager, in which case that change would be made in keeping with client objectives but not necessarily with prior client authorization. LPL Financial Custodied Advisory Programs Bellingrath may provide advisory services through certain programs sponsored by LPL Financial LLC (“LPL”), a registered investment adviser and broker-dealer. Below is a brief description of each LPL custodied advisory program available to Bellingrath. For more information regarding the LPL programs, including more information on the advisory services and fees that apply, the types of investments available in the programs and the potential conflicts of interest presented by the programs please see the program account packet (which includes the account agreement and LPL Form ADV program brochure) and the Form ADV, Part 2A of LPL or the applicable program. Model Wealth Portfolios Program (“MWP”) MWP is a unified managed account program in which LPL and Bellingrath provide ongoing investment advice on a discretionary basis. Bellingrath obtains the necessary financial data from the client, assists the client in determining the suitability of the program and assists the client in setting an appropriate investment objective. Bellingrath selects one or more model portfolios of securities (each, a “Portfolio”) designed by LPL’s Research Department, a third-party investment strategist, or Bellingrath (each, a “Portfolio Strategist”), consistent with the client’s stated investment objective. These Portfolios may contain mutual funds, ETFs, exchange-traded notes (“ETNs”), closed-end funds, 21  equities, or fixed-income securities. Bellingrath provides ongoing advice on the selection or replacement of a Portfolio based on the client’s individual needs and may choose more than one Portfolio to be managed within a single MWP account. A Portfolio also may be comprised of one or more underlying models. Clients grant Bellingrath discretion to choose among the available models designed by the Portfolio Strategists, which may include Bellingrath and its IARs. The Portfolio Strategist is responsible for selecting the securities within a Portfolio and for making changes to the securities selected. Each Portfolio Strategist provides its model portfolio to LPL, and LPL makes the decisions on how to implement the model on behalf of clients. Clients should review the MWP Program Brochure for more detailed information, available at lpl.com/disclosures.html. MWP requires a minimum asset value for a program account to be managed. The minimums vary depending on the portfolio(s) selected and the account’s allocation amongst portfolios. The lowest minimum for a portfolio is $10,000. In certain instances, a lower minimum for a portfolio is permitted. Client understands that the account will not be invested according to a model portfolio until the applicable asset minimums for that model portfolio have been reached. Strategic Wealth Management Program (“SWM”) In the SWM program, Bellingrath provides ongoing investment advice and management of assets in a client’s account that is tailored to the individual needs of the client based on the investment objective chosen by the client. Bellingrath is typically granted discretion to purchase and sell mutual funds, equities, exchange-traded funds (“ETFs”), closed end funds, fixed income securities, unit investment trusts and options. In the SWM program, LPL is providing brokerage, custodial and administrative services to the account. LPL is not an investment adviser to the client and has no authority or responsibility for investment decisions made for the account. Under the consolidated SWM program, SWM clients pay transaction charges for the purchase and sale of certain securities in their SWM accounts, unless their [advisor] elects to pay transaction charges on their behalf. Clients should be aware that Bellingrath pays LPL transaction charges for those transactions. The transaction charges paid by Bellingrath vary based on the type of transaction (e.g., mutual fund, equity or ETF) and for mutual funds based on whether or not the mutual fund pays 12b- 1 fees, asset-based service fees and/or recordkeeping fees to LPL. The amount of these transaction charges is set forth in the SWM Account Agreement and the accompanying fee schedule (available here - https://www.lpl.com/disclosures.html). Being subject to transaction charges results in higher fees and expenses and, as a result, reduces investment returns. Because Bellingrath has elected to pay the transaction charges in SWM accounts on behalf of the Client, there is a conflict of interest in cases where the mutual fund is offered at both $0 and $26.50, or where transaction fees vary based on the type of transaction. Clients should understand that the cost to Advisor of transaction charges may be a factor that Bellingrath considers when deciding which securities to select and how frequently to place transactions in a SWM account. Bellingrath determines the account fee for each client within the SWM program, subject to a maximum account fee of 3.00%. SWM does not require a minimum account size. Optimum Market Portfolios Program (“OMP”) OMP is a professionally managed mutual fund asset allocation program in which LPL and Bellingrath provide ongoing investment advice and management. Bellingrath obtains the necessary financial data from the client, assists the client in determining the suitability of the program and assists the client in setting an appropriate investment objective. Bellingrath selects a model portfolio of mutual funds 22  comprised of Optimum Funds Class I shares, designed by LPL’s Research Department consistent with the client’s stated investment objective. Clients grant LPL discretionary trading authority to sell previously purchased securities and purchase and sell Optimum Funds to track the model portfolio. Clients should review the OMP Program Brochure for more detailed information, available at lpl.com/disclosures.html. LPL generally requires a minimum account value of $1,000 for OMP, but additional contributions may be required for account sizes below $10,000. In certain instances, LPL will permit a lower minimum account size. Assets Under Management As of December 31, 2025, Bellingrath had $196,108,853 in assets under management. Of the assets under management, $150,151,868 is managed on a discretionary basis for 441 accounts and $45,956,985 is managed on a non-discretionary basis for 18 accounts. Fees and Compensation Our Wrap Fees All investment management clients will be required to execute an Investment Advisory Agreement that will describe the type of asset management services to be provided and the fees, among other items. Clients are advised that they may pay fees that are higher or lower than fees they may pay another advisor for the same services, and may in fact pay lower fees for comparable services from other sources. Clients are under no obligation at any time to engage or to continue to engage Bellingrath for investment services. The client can determine to engage Bellingrath to provide discretionary investment advisory services on a negotiable basis. Bellingrath’s annual investment advisory fee shall vary (up to 1.5% of the total assets placed under Bellingrath’s management) and shall be based upon various objective and subjective factors, including, but not limited to, the amount of the assets placed under Bellingrath’s direct management, the complexity of the engagement, and the level and scope of the overall investment advisory services to be rendered. In some instances, Bellingrath will “household” a group of accounts for the purpose of determining an appropriate fee (for example, a family). This is not done for every family, but only in limited circumstances where the firm believes it to be appropriate. The values used for calculation of advisory fees are produced by the account custodian(s), and the specific value used is the gross market value as of the last day of the previous quarter. In calculating the market value of a client’s assets, assets allocated to cash or a cash proxy, such as a money market account, will be included in the calculation of assets under management. Bellingrath does bill on cash and margin. The MWP account fee consists of an advisory fee of up to 2.35% and a manager fee of up to 0.60% for a maximum annual fee of 2.95%. See the MWP program brochure for more information. The OMP account fee consists of an advisory fee of up to 2.50%. See the OMP program brochure for more information. Account fees for LPL programs are payable quarterly in advance. LPL serves as program sponsor, co- investment adviser and broker-dealer for the LPL advisory programs. 23  Bellingrath and LPL may share in the account fee and other fees associated with program accounts. Associated persons of Bellingrath may also be registered representatives of LPL. Bellingrath receives compensation as a result of a client’s participation in an LPL program. Depending on, among other things, the type and size of the account, type of securities held in the account, changes in its value over time, the ability to negotiate fees or commissions, the historical or expected size or number of transactions, and the number and range of supplementary advisory and client-related services provided to the client, the amount of this compensation may be more or less than what Bellingrath would receive if the client participated in other programs, whether through LPL or another sponsor, or paid separately for investment advice, brokerage and other services. Clients should consider the level and complexity of the advisory services to be provided when negotiating the account fee (or the advisor fee portion of the account fee, as applicable) with Bellingrath. Please refer to the relevant LPL Form ADV program brochure for a more detailed discussion of conflicts of interest. The fee is paid quarterly in advance and comes due on the last day of the calendar quarter of the stated billing cycle based on the balance on that day. In calculating the market value of a client’s assets, assets allocated to cash or a cash proxy, such as a money market account, will be included in the calculation of assets under management. The calculation of the fee is done by the custodian and once the calculation is made, the custodian will deduct the fee from your account and remit it to Bellingrath. For advisory accounts custodied at LPL, unless otherwise instructed by Bellingrath, LPL will deduct Bellingrath’s fee quarterly in advance; however, for the initial fee deduction, LPL will deduct Bellingrath’s fee at the beginning of the quarter following the establishment of the account and will include a prorated fee for the initial quarter in addition to the quarterly Bellingrath fee for the upcoming quarter. Subsequent fee deductions will be made at the beginning of each quarter based on the value of the account assets as of the close of business on the last business day of the preceding quarter. Additional deposits and withdrawals will be added or subtracted from the assets, which may lead to an adjustment of Bellingrath’s fee. If LPL is notified by Bellingrath or the client of the termination or deactivation of the account’s advisory account status at LPL, LPL will process a prorated refund of Bellingrath’s fees that were prepaid based upon the number of days remaining in the quarter after the notice of termination to LPL. There are a number of other fees that can be associated with holding and investing in securities. The fees not included in the advisory fee for our wrap services are charges imposed directly by a mutual fund, index fund, or exchange traded fund which shall be disclosed in the fund’s prospectus (i.e., fund management fees and other fund expenses), fees for trades executed away from the custodian, mark- ups and mark-downs, spreads paid to market makers, wire transfer fees and other fees and taxes on brokerage accounts and securities transactions. Expenses of a mutual fund or ETF will not be included in management fees, as they are deducted from the value of the shares by the manager. When selecting mutual funds that have multiple share classes for recommendation to clients, Bellingrath will take into account the internal fees and expenses associated with each share class, and it is Bellingrath’s policy to choose the lowest-cost share class available, absent circumstances that dictate otherwise. For complete discussion of expenses related to each mutual fund or ETF, you should read a copy of the prospectus issued by that fund. Bellingrath can provide or direct you to a copy of the prospectus for any fund that we recommend to you. We do not charge our clients higher advisory fees based on their trading activity, but you should be aware that we may have an incentive to limit our trading activities in your account(s) because we are 24  charged for executed trades. Additionally, because of the nature of a wrap program, wherein clients pay one fee for advisory services as well as certain transactions, the actual fee to the firm will vary as the transaction costs charged to the program vary. This means that if transaction costs go down, either because the account is traded less or because the cost per trade goes down, the firm’s fees for the same advisory services will increase. Likewise, if the costs increase, the firm’s advisory compensation will decrease. Item 5: Account Requirement and Type of Clients Clients advised may include individuals, families, trusts, non-profit organizations, and businesses. Bellingrath does not impose a stated minimum fee or minimum portfolio value for starting or maintaining an investment advisory relationship. Item 6: Portfolio Manager Selection and Evaluation The wrap fee program offered by Bellingrath is sponsored by the firm. The fees covered under the wrap fee program are transaction fees associated with the purchase and sale of securities in an account managed by Bellingrath, third party manager fees, as well as asset-based fees. All client accounts managed by Bellingrath, including wrap fee program clients, are managed with similar processes, although account recommendations may differ. Methods of Analysis, Investment Strategies and Risk of Loss It is important for you to know and remember that all investments carry risks. Investing in securities involves risk of loss that clients should be prepared to bear. Strategies and Methods of Analysis Each client’s portfolio will be invested according to that client’s investment objectives, which are ascertained through the discovery process. To accommodate client restrictions mutually agreed upon between the client and Bellingrath, Bellingrath will develop a customized portfolio around the restrictions. Clients may have different needs than others within the same investment objectives. Accordingly, not all clients in each investment program will have the exact same allocations used. Bellingrath may periodically recommend changes to the investment strategies and client portfolios to meet the guidelines of the asset allocation for the program or an individual client’s objectives. It is important to remember that because market conditions can vary greatly, your asset allocation guidelines are not necessarily strict rules. Rather, accounts and portfolios are reviewed individually, and may deviate from the guidelines as Bellingrath believes necessary. When Bellingrath makes changes to an investment strategy, these changes may not be made simultaneously. Rather, some accounts may be modified before others. This may result in accounts being traded earlier inadvertently having an advantage over accounts traded later. Additionally, as assets are transitioned from a client’s prior advisors to Bellingrath, clients may hold legacy securities and may place restrictions on individual security types. Legacy securities are those that a client owned prior to or separate from its Bellingrath portfolio. If a client transitions mutual fund shares to Bellingrath that are not the lowest-cost share class, and Bellingrath is not recommending 25  disposing of the security altogether, Bellingrath will attempt to convert such mutual fund share classes into the lowest-cost share classes the client is eligible for, taking into account any adverse tax consequences associated with such conversion. Risk of Loss There are always risks to investing. Clients should be aware that all investments carry various types of risk including the potential loss of principal that clients should be prepared to bear. It is impossible to name all possible types of risks. Among the risks are the following:  Political Risks. Most investments have a global component, even domestic stocks. Political events anywhere in the world may have unforeseen consequences to markets around the world.  General Market Risks. Markets can, as a whole, go up or down on various news releases or for no understandable reason at all. This sometimes means that the price of specific securities could go up or down without real reason, and may take some time to recover any lost value. Adding additional securities does not help to minimize this risk since all securities may be affected by market fluctuations.  Currency Risk. When investing in another country using another currency, the changes in the value of the currency can change the value of your security value in your portfolio.  Regulatory Risk. Changes in laws and regulations from any government can change the value of a given company and its accompanying securities. Certain industries are more susceptible to government regulation. Changes in zoning, tax structure or laws impact the return on these investments.  Tax Risks Related to Short Term Trading: Clients should note that Bellingrath may engage in short-term trading transactions. These transactions may result in short term gains or losses for federal and state tax purposes, which may be taxed at a higher rate than long term strategies. Bellingrath endeavors to invest client assets in a tax efficient manner, but all clients are advised to consult with their tax professionals regarding the transactions in client accounts.  Purchasing Power Risk. Purchasing power risk is the risk that your investment’s value will decline as the price of goods rises (inflation). The investment’s value itself does not decline, but its relative value does, which is the same thing. Inflation can happen for a variety of complex reasons, including a growing economy and a rising money supply.  Business Risk. This can be thought of as certainty or uncertainty of income. Management comes under business risk. Cyclical companies (like automobile companies) have more business risk because of the less steady income stream. On the other hand, fast food chains tend to have steadier income streams and therefore, less business risk.  Financial Risk. The amount of debt or leverage determines the financial risk of a company.  Default Risk. This risk pertains to the ability of a company to service their debt. Ratings provided by several rating services help to identify those companies with more risk. Obligations of the U.S. government are said to be free of default risk.  Margin Risk. “Margin” is a tool used to maximize returns on a given investment by using securities in a client account as collateral for a loan from the custodian to the client. The proceeds of that loan are then used to buy more securities. Margin carries a higher degree of risk than investing without margin.  Short Sales. “Short sales” are a way to implement a trade in a security Bellingrath feels is overvalued. In a “long” trade, the investor is hoping the security increases in price. Thus, in a long trade, the amount of the investor’s loss (without margin) is the amount paid for the security. In a short sale, the investor is hoping the security decreases in price. However, unlike a long trade where the price of the security can only go from the purchase price to zero, in a short sale, the price of the security can go infinitely upwards. Thus, in a short sale, the potential for loss is unlimited and unknown, where the potential for loss in a long trade is limited and knowable. Bellingrath utilizes short sales only when 26  the client’s risk tolerances permit.  Risks specific to private placements, sub-advisors and other managers. If we invest some of your assets with another advisor, including a private placement, there are additional risks. These include risks that the other manager is not as qualified as we believe them to be, that the investments they use are not as liquid as we would normally use in your portfolio, or that their risk management guidelines are more liberal than we would normally employ.  Information Risk. All investment professionals rely on research in order to make conclusions about investment options. This research is always a mix of both internal (proprietary) and external (provided by third parties) data and analyses. Even an adviser who says they rely solely on proprietary research must still collect data from third parties. This data, or outside research is chosen for its perceived reliability, but there is no guarantee that the data or research will be completely accurate. Failure in data accuracy or research will translate to a compromised ability by the adviser to reach satisfactory investment conclusions.  Small Companies. Some investment opportunities in the marketplace involve smaller issuers. These companies may be starting up, or are historically small. While these companies sometimes have potential for outsized returns, they also have the potential for losses because the reasons the company is small are also risks to the company’s future. For example, a company’s management may lack experience, or the company’s capital for growth may be restricted. These small companies also tend to trade less frequently that larger companies, which can add to the risks associated with their securities because the ability to sell them at an appropriate price may be limited compared to the markets as a whole. Not only do these companies have investment risk, if a client is invested in such small companies and requests immediate or short term liquidity, these securities may require a significant discount to value in order to be sold in a shorter time frame.  Concentration Risk. While Bellingrath selects individual securities, including mutual funds, for client portfolios based on an individualized assessment of each security, this evaluation comes without an overlay of general economic or sector specific issue analysis. This means that a client’s equity portfolio may be concentrated in a specific sector, geography, or sub-sector (among other types of potential concentrations), so that if an unexpected event occurs that affects that specific sector or geography, for example, the client’s equity portfolio may be affected negatively, including significant losses.  Transition risk. As assets are transitioned from a client’s prior advisers to Bellingrath there may be securities and other investments that do not fit within the asset allocation strategy selected for the client. Accordingly, these investments will need to be sold in order to reposition the portfolio into the asset allocation strategy selected by Bellingrath. However, this transition process may take some time to accomplish. Some investments may not be unwound for a lengthy period of time for a variety of reasons that may include unwarranted low share prices, restrictions on trading, contractual restrictions on liquidity, or market-related liquidity concerns. In some cases, there may be securities or investments that are never able to be sold. The inability to transition a client's holdings into recommendations of Bellingrath may adversely affect the client's account values, as Bellingrath’s recommendations may not be able to be fully implemented.  Restriction Risk. Clients may at all times place reasonable restrictions on the management of their accounts. However, placing these restrictions may make managing the accounts more difficult, thus lowering the potential for returns.  Risks Related to Investment Term & Liquidity. Securities do not follow a straight line up in value. All securities will have periods of time when the current price of the security is not an accurate measure of its value. If you require us to liquidate your portfolio during one of these periods, you will not realize as much value as you would have had the investment had the opportunity to regain its value. Further, some investments are made with the intention of the investment appreciating over an extended period of time. Liquidating these investments prior to their intended time horizon may result in losses. 27   ESG Risk. ESG is considered upon client request. When investing using ESG considerations, there is no guarantee that Bellingrath will successfully implement and make investments that create positive environmental, social or governance (“ESG”) impact while enhancing long-term growth and achieving financial returns. Considering ESG qualities when evaluating an investment may result in the selection or exclusion of certain investments based on Bellingrath’s view of certain ESG-related factors versus the view of a mutual fund portfolio manager’s view. As a result, the integration of ESG- related data carries with it the risk that these investments may underperform investments that do not take ESG-related factors into account and may not meet the same definition of ESG values a client expects.  REITs: In limited circumstances, Bellingrath may have portions of client portfolios allocated to real estate investment trusts, otherwise known as “REITs”. A REIT is an entity, typically a trust or corporation, that accepts investments from a number of investors, pools the money, and then uses that money to invest in real estate through either actual property purchases or mortgage loans. While there are some benefits to owning REITs, which include potential tax benefits, income and the relatively low barrier to invest in real estate as compared to directly investing in real estate, REITs also have some increased risks as compared to more traditional investments such as stocks, bonds, and mutual funds. First, real estate investing can be highly volatile. Second, the specific REIT chosen may have a focus such as commercial real estate or real estate in a given location. Such investment focus can be beneficial if the properties are successful but lose significant principal if the properties are not successful. REITs may also employ significant leverage for the purpose of purchasing more investments with fewer investment dollars, which can enhance returns but also enhances the risk of loss. The success of a REIT is highly dependent upon the manager of the REIT. Clients should ensure they understand the role of the REIT in their portfolio. Voting Client Securities Copies of our Proxy Voting Policies are available upon request. From time to time, shareholders of stocks, mutual funds, exchange traded funds or other securities may be permitted to vote on various types of corporate actions. Examples of these actions include mergers, tender offers, or board elections. Clients are required to vote proxies related to their investments, or to choose not to vote their proxies. Bellingrath will not accept authority to vote client securities. Clients will receive their proxies directly from the custodian for the client account. Bellingrath will not give clients advice on how to vote proxies. Performance-Based Fees Bellingrath will not charge performance-based fees. Item 7: Client Information provided to Portfolio Managers Please see response to Item 6, above Item 8: Client Contact with Portfolio Managers Clients may contact Bellingrath at any time. 28  Item 9: Additional Information Disciplinary Information Neither the firm nor any of its employees or principals has any disciplinary information to report. Other Financial Industry Activities and Affiliations Broker-dealer Certain investment adviser representatives of Bellingrath are also associated with LPL Financial as broker-dealer registered representatives (“Dually Registered Persons”). In their capacity as registered representatives of LPL Financial, certain Dually Registered Persons may earn commissions for the sale of securities or investment products that they recommend for brokerage clients. They do not earn commissions on the sale of securities or investment products recommended or purchased in advisory accounts through Bellingrath. Clients have the option of purchasing many of the securities and investment products we make available to you through another broker-dealer or investment adviser. However, when purchasing these securities and investment products away from Bellingrath, you will not receive the benefit of the advice and other services we provide. While LPL Financial does not participate in, or influence the formulation of, the investment advice Bellingrath provides, certain supervised persons of Bellingrath are Dually Registered Persons. Dually Registered Persons are restricted by certain FINRA rules and policies from maintaining client accounts at another custodian or executing client transactions in such client accounts through any broker-dealer or custodian that is not approved by LPL Financial. As a result, the use of other trading platforms must be approved not only by Bellingrath, but also by LPL Financial. Clients should also be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial, and may be prohibited from offering services and investment vehicles that may be available through other broker-dealers and custodians, some of which may be more suitable for a client’s portfolio than the services and investment vehicles offered through LPL Financial. Clients should understand that not all investment advisers [require, request or recommend] that clients custody their accounts and trade through specific broker-dealers. Clients should also understand that LPL Financial is responsible under FINRA rules for supervising certain business activities of Bellingrath and its Dually Registered Persons that are conducted through broker-dealers and custodians other than LPL Financial. LPL Financial charges a fee for its oversight of activities conducted through these other broker-dealers and custodians. This arrangement presents a conflict of interest because Bellingrath has a financial incentive to recommend that you maintain your account with LPL Financial rather than with another broker-dealer or custodian to avoid incurring the oversight fee. If you would like a copy of the LPL Financial privacy policy, please contact Bellingrath at (504) 593-6040. Futures Commission Merchant/Commodity Trading Advisor 29  Neither members of management, nor any related persons are registered, or have an application pending to register, as a futures commission merchant, commodity pool operator, a commodity trading advisor, or an associated person of the foregoing entities. Relationship with Related Persons Please refer to Item 10 of the Informational Brochure for more information regarding relationships with related persons. Recommendations of other Advisers As discussed in Item 8 of the Informational Brochure above, Bellingrath may recommend the use of one or more third party managers. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. A copy of our Code of Ethics is available upon request. Our Code of Ethics includes discussions of our fiduciary duty to clients, political contributions, gifts, entertainment, and trading guidelines. B. Not applicable. Bellingrath does not recommend to clients that they invest in any security in which Bellingrath, or any principal thereof has any financial interest. C. On occasion, an employee of Bellingrath may purchase for his or her own account securities which are also recommended for clients. Our Code of Ethics details rules for employees regarding personal trading and avoiding conflicts of interest related to trading in one’s own account. To avoid placing a trade before a client (in the case of a purchase) or after a client (in the case of a sale), all employee trades must be reviewed by the Compliance Officer. All employee trades must either take place in the same block as a client trade or sufficiently apart in time from the client trade, so the employee receives no added benefit. Employee statements are reviewed to confirm compliance with the trading procedures. D. On occasion, an employee of Bellingrath may purchase for his or her own account securities which are also recommended for clients at the same time the clients purchase the securities. Our Code of Ethics details rules for employees regarding personal trading and avoiding conflicts of interest related to trading in one’s own account. To avoid placing a trade before a client (in the case of a purchase) or after a client (in the case of a sale), all employee trades must be reviewed by the Compliance Officer. All employee trades must either take place in the same block as a client trade or sufficiently apart in time from the client trade, so the employee receives no added benefit. Employee statements are reviewed to confirm compliance with the trading procedures. Review of Accounts All accounts will be reviewed by a senior professional on at least an annual basis. However, it is expected that market conditions, changes in a particular client’s account, or changes to a client’s circumstances will trigger a review of accounts. 30  All clients will receive statements and confirmations of trades directly from LPL Financial. Please refer to Item 15 of the Informational Brochure regarding Custody. Client Referrals and Other Compensation A. Economic Benefit Provided by Third Parties for Advice Rendered to Client. In appropriate situations, Bellingrath will generally recommend that clients establish a brokerage account with LPL Financial to maintain custody of clients’ assets and to effect trades for their accounts. LPL Financial provides brokerage and custodial services to independent investment advisory firms, including Bellingrath. For Bellingrath’s accounts custodied at LPL Financial, LPL Financial generally is compensated by clients through commissions, trails, or other transaction-based fees for trades that are executed through LPL Financial or that settle into LPL Financial accounts. For IRA accounts, LPL Financial generally charges account maintenance fees. In addition, LPL Financial also charges clients miscellaneous fees and charges, such as account transfer fees. LPL Financial charges Bellingrath an asset-based administration fee for administrative services provided by LPL Financial. Such administration fees are not directly borne by clients but may be taken into account when Bellingrath negotiates its advisory fee with clients. Clients should be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial and may be prohibited from offering services and investment vehicles that may be available through other broker- dealers and custodians, some of which may be more suitable for a client’s portfolio than the services and investment vehicles offered through LPL Financial. Clients should understand that not all investment advisers require that clients custody their accounts and trade through specific broker-dealers. Benefits Received by Bellingrath Bellingrath receives support services and/or products from LPL Financial, many of which assist Bellingrath to better monitor and service program accounts maintained at LPL Financial; however, some of the services and products benefit Bellingrath and not client accounts. These support services and/or products may be received without cost, at a discount, and/or at a negotiated rate. Such compensation provided to Bellingrath includes other types of compensation, such as bonuses, awards or other things of value offered by LPL to Bellingrath, and may include the following: • Payments based on production; • Equity awards from LPL’s parent company, LPL Financial Holdings Inc., consisting of awards of either restricted stock units or stock options to purchase stock, in each case subject to satisfaction of vesting and other conditions; • Reimbursement or credit of fees that Bellingrath pays to LPL for items such as administrative services or technology fees; • Free or reduced-cost marketing materials; • Payments in connection with the transition of association from another broker-dealer or investment advisor firm to LPL; • Payments in the form of repayable or forgivable loans; • Advances of advisory fees; and/or • Attendance at LPL conferences and events. 31  LPL Financial may provide these services and products directly or may arrange for third party vendors to provide the services or products to Bellingrath. In the case of third party vendors, LPL Financial may pay for some or all of the third party’s fees. These support services are provided to Bellingrath based on the overall relationship between Bellingrath and LPL Financial. It is not the result of soft dollar arrangements or any other express arrangements with LPL Financial that involves the execution of client transactions as a condition to the receipt of services. Bellingrath will continue to receive the services regardless of the volume of client transactions executed with LPL Financial. Clients do not pay more for services as a result of this arrangement. There is no corresponding commitment made by Bellingrath to LPL or any other entity to invest any specific amount or percentage of client assets in any specific securities as a result of the arrangement. However, because Bellingrath receives these benefits from LPL Financial, there is a potential conflict of interest. The receipt of these products and services presents a financial incentive for Bellingrath to recommend that its clients use LPL Financial’s custodial platform rather than another custodian’s platform. For a further listing of potential conflicts, please refer to LPL Financial’s Brokerage Compensation and Conflicts Disclosure, available at lpl.com/disclosures.html. Limitations due to LPL Licensing/Registration The individuals that are licensed as registered representatives of LPL Financial are subject to regulations that restrict them from conducting securities transactions away from LPL Financial without written authorization from LPL Financial. Clients should, therefore, be aware that for accounts where LPL Financial serves as the custodian, Bellingrath is limited to offering services and investment vehicles that are approved by LPL Financial, and may be prohibited from offering services and investment vehicles that may be available through other broker-dealers and custodians. LPL and Bellingrath offer and recommend investment products only from investment sponsors with which LPL has entered into selling and distribution agreements. Other firms may offer products and services not available through LPL, or the same or similar investment products and services at lower cost. In addition, LPL may only offer certain products in a brokerage account, even though there is a version of the product that may be offered at a lower cost through an advisory account, and vice versa. Oversight Fee for Assets Held Away As stated previously, individuals associated with Bellingrath are licensed as registered representatives of LPL Financial. As a result of this licensing relationship, LPL Financial is responsible for supervising certain activities of Bellingrath to the extent Bellingrath manages assets at a broker-dealer and custodian other than LPL Financial. LPL Financial charges a fee of up to 10 basis points to Bellingrath for this oversight. This presents a conflict of interest in that Bellingrath has a financial incentive to recommend that you maintain your account with LPL Financial rather than another custodian in order to avoid the oversight fee. However, to the extent Bellingrath recommends you use LPL Financial for such services, it is because Bellingrath believes that it is in your best interest to do so based on the quality and pricing of the execution, benefits of an integrated platform for brokerage and advisory accounts, and other services provided by LPL Financial. B. Compensation to Non-Advisory Personnel for Client Referrals. Bellingrath does not have any solicitor relationships to disclose.. 32  Financial Information Bellingrath does not require the prepayment of fees more than six (6) months or more in advance and therefore has not provided a balance sheet with this brochure. There are no material financial circumstances or conditions that would reasonably be expected to impair our ability to meet our contractual obligations to our clients. 33