CIA FORM ADV 2A FIRM BROCHURE

Firm Brochure Part 2A of Form ADV CAPITAL INVESTMENT ADVISORS, INC. CRD Number: 118269 1028 33rd Street NW, Ste 220 Washington DC 20007 Phone: (240) 482-4000 (240) 482-4001 Fax: Email: camg@capitalamg.com Web: www.capitalamg.com This brochure provides information about the qualifications and business practices of Capital Investment Advisors. If you have any questions about the contents of this brochure, please call us at (240) 482-4000, or e-mail us at camg@capitalamg.com. 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. information about Capital Investment Advisors is also available on the SEC’s website at Additional www.adviserinfo.sec.gov. 1 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Item 2: Material Changes Nature of Filing This document is an update to our Form ADV. The ADV is the registration document we use to qualify us to act as a Registered Investment Advisor with the Securities and Exchange Commission. In this Item, the Firm is required to discuss any material changes that have been made to the brochure since the last annual amendment dated September 30, 2025. While certain information has been updated, the Firm has not made any material changes to the content of the brochure. 2 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Firm Brochure Part 2A of Form ADV Item 3: Table of Contents Item 1: Cover Page .................................................................................................................................................................................... 1 Item 2: Material Changes ........................................................................................................................................................................... 2 Item 3: Table of Contents .......................................................................................................................................................................... 3 Item 4: Advisory Business ......................................................................................................................................................................... 4 Item 5: Fees and Compensation ................................................................................................................................................................. 7 Item 6: Performance-Based Fees and Side-By-Side Management ........................................................................................................... 10 Item 7: Types of Clients ........................................................................................................................................................................... 11 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss .................................................................................................... 11 Item 9: Disciplinary Information ............................................................................................................................................................. 11 Item 10: Industry Activities and Affiliations ........................................................................................................................................... 11 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............................................................. 13 Item 12: Brokerage Practices ................................................................................................................................................................... 13 Item 13: Review of Accounts................................................................................................................................................................... 14 Item 14: Client Referrals and Other Compensation ................................................................................................................................. 15 Item 15: Custody ...................................................................................................................................................................................... 15 Item 16: Investment Discretion ................................................................................................................................................................ 16 Item 17: Voting Client Securities ............................................................................................................................................................. 16 Item 18: Financial Information ................................................................................................................................................................ 16 3 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Item 4: Advisory Business resolve a single, unique situation. Clients can also engage CIA to provide plan review, modification, and general financial consultation on an annual basis. Our Financial Planning Process is a three-stage program we have designed to: About Our Firm Capital Investment Advisors, Inc. (CIA) was organized as a District of Columbia corporation on March 12, 1998. The firm is presently registered with the SEC as of March 2026. The firm is solely owned by its parent company Capital Asset Management Group. 1. Educate clients about the financial environment and help them articulate their personal and professional goals to gain an understanding of the purpose of money in their lives. 2. Organize and assess the client’s current financial situation to help integrate and optimize plans and strategies that can be implemented to help achieve their objectives. the ongoing effectiveness of 3. Validate based on the program’s attainment of its stated objectives, and revise, renew, and recharge the client’s strategic financial planning on a recurring basis. Educational Emphasis: The Introductory Workshop CIA is a Registered Investment Advisor. Registration of an Investment Advisor does not imply any level of skill or training. CIA acts as the investment adviser for its clients. As noted throughout this brochure, clients will work with an Investment Advisor Representative of CIA that will provide many of the services described herein. Your services, recommendations and fees can differ Investment Advisor your Representative, but CIA will ensure that it meets its fiduciary duty to act in the best interest of its clients regardless who you work with as your Investment Advisor Representative (“IAR”). on familiarization with the Advisory Services Offered the client’s financial The scope of our initial financial plan depends upon our Client’s needs and circumstances, and can be offered according to different formats and levels of complexity. In subsequent years, clients may choose to engage us to review and revise these plans and consult on other financial matters that the client may present. We also provide Consultation Services that address a single need our clients may present. A client’s first exposure to CIA planning services will focus financial environment. We will discuss at length how financial strategies and products work, and how they can fail. We will talk about what we believe to be common misconceptions that many people hold about strategies and products, and will attempt to illustrate how an understanding of these misconceptions can have a bearing on whether a client might stand to increase or lose potential wealth. Our goal in this process is to help make environment understandable and transparent so that we might help our client more confidently make informed planning decisions. Our Asset Management Services often utilize third- party asset managers and solicitation programs as well as provide discretionary and non-discretionary asset management. We help clients select from among these third-party asset manager and solicitation programs and/or provide for the continuous supervision of the investment portfolio. Third-party asset client’s managers will consent to clients imposing restrictions on particular types of securities. Our representatives will lead the client through several exercises that have been designed to help the client identify and articulate their view of their personal financial situation. We will help the client to identify what dangers, opportunities, and strengths they see in their current situation, ascertain their personal and financial goals and objectives, and identify the obstacles that prevent the client from realizing their goals. The Goals Driver Conversation CIA provides financial consultation services which generally take the form of individualized financial planning, and proprietary educational programs through our learning center. When a client’s needs, and circumstances warrant, CIA can also provide consultation and analysis services that are designed to The CIA Investment Advisor Representative will next lead the client through conversations about those 4 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  strategies to help the client preserve the greatest amount of their estate for transfer to their heirs and legacies. information about the personal and professional goals and objectives. We will help the client to explore how they might integrate their financial priorities with their personal and professional lives, while creating and implementing financial strategies to help achieve their goals and objectives. Our planning process begins by gathering and documenting client’s investments, assets, and liabilities in order to assess the client’s balance sheet, estate capital, and liquidity needs. This generally leads to a discussion about asset ownership and succession expectations. We document the household’s income, payroll deductions, taxes, and expenses to gain an understanding of cash flow and assess tax exposure. The initial phase of our analysis will also include discussions about the client’s short- term and long-term concerns, an assessment of risk tolerance, and a cataloging and review of the family’s legal and financial documents. Analysis: Identifying Your Inefficiencies We find this clarification process helps define the purpose of wealth in the client’s life and unmask any fears or apprehensions they might have about their financial position. We believe helping a client identify their own factors for success helps them to visualize their ability to achieve that success. Our initial consultation concludes with a discussion about CIA’s financial planning programs. Our representative will help the client to determine which, if any, of the planning programs they may wish to pursue. No personal financial information is disclosed during the initial consultation session, and there is no charge for the client to attend the session. the session, Our Planning Process inefficiencies, fragmentation, After completing the initial consultation session, a client may choose to have CIA develop an individualized financial plan tailored to address the client’s unique concerns. We offer three levels of financial planning services, which differ only by the scope, complexity, and cost of each. Following our initial planning representative will analyze the information and notes they have obtained from the client meeting to identify efficiencies, and coordination that may be a part of the client’s current plan. Our representative will seek to identify and evaluate alternative strategies. They will seek realignment of the financial plan’s overall efficacy with the goal of improving the client’s confidence level in being able to achieve their goals and objectives. Our representative will also review the client’s financial products and services to determine if they work collectively and in an integrated manner, and to identify any potential lost opportunity costs or tax inefficiencies. Our basic level of planning, our Early Career financial planning program, has been designed for individuals who are in the stage of life where they are accumulating wealth, and our planning process seeks to provide these clients with strategies and ideas that focus more on the growth of wealth. Presentation: Your Personal Financial Plan Our intermediate level of planning has been designed for those individuals who face the need for distribution strategies for the wealth they have accumulated, or are in between the other service levels offered. For these individuals, our planning process generally seeks to provide tax effective and risk-averse strategies for sustaining the client’s income needs. All our financial planning programs result in a presentation of our representative’s findings to the client. The scope, complexity, and comprehensive nature of the plan will be determined by the financial If our planning the client. level elected by representative discovers unanticipated issues or concerns during the process of preparing the plan, the representative will contact the client to discuss the nature of the finding, discuss options which may or may not result in a higher fee than initially projected, and seek direction from the client before continuing with the plan preparation. Our premium level of planning has been designed for those clients who face the need for preserving and transferring their wealth, often situated across a complex financial landscape. For these individuals, our planning process focuses on an in-depth analysis of asset ownership, projected estate taxation, and 5 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  During the presentation, our representative will review where components of the client’s existing plan appear to be on target. The representative will also discuss where the existing plan appears it might fall short of meeting the client’s stated goals and expectations. Our representative will also point out where tax inefficiencies may have been found and where opportunity cost was identified. Your Personal Road Map or insurance recommendations through CIR, our representative will generally earn commissions that are separate and distinct from fees charged for financial planning services or advisory fees. In some instances, depending on the size of the transaction (commissions generated in excess of $10,000), we can offer to offset the commissions from the first-time financial planning fee. This offset applies to all initial plan clients, regardless of which financial planning level of service they are receiving. scope of analysis, In completing the presentation of the comprehensive financial plan, our representative will also discuss a suggested plan of action. Our implementation plan will items, recommend, and seek catalog actionable agreement on the action, assign responsibility for addressing the item, set an estimated completion date, and provide for tracking results. On occasion, we will prepare financial planning engagements limited to a specific concern. However, the and the discovery, recommendations will be limited to the identified concern. The plans will typically be priced as a fixed rate or hourly fee structure, as addressed later in this brochure. Implementation to implement our CIA Money Management Program & Investment Advisory Services Summary Advisor for a Representatives third-party continuous to implement our After the plan has been presented, the client may representative’s choose recommendation. If a client chooses to implement any recommendations contained in the financial plan, we suggest the client work closely with his or her attorney, accountant, insurance agent, and/or securities broker. The client is under no obligation to implement any or all of our recommendations, nor are they under any recommendations obligation through us or through our supervised persons that are insurance agents or registered representatives of a broker-dealer. government securities, Execution: 90-Day Follow-Up Meeting advisory activities through CIA provides asset management services. Our Investment make to provide recommendations investment management (also called “Third-Party Money Managers” or “Independent Managers”) or will personally provide supervision of underlying securities in a client’s portfolio. Our representative can recommend portfolios that include many types of investments including, but not limited to, common and preferred stocks, bonds, municipal securities, limited partnerships, mutual funds, unit investment trusts. Those investments can be recommended by the Independent Managers or directly by the IAR. These services are provided on a discretionary or non- discretionary basis, where portfolio recommendations are made to meet the client’s objectives. Investment Advisor for determining The client can choose to execute recommended our investment representative. The client can also choose to execute securities or insurance recommendations through our representative in his or her separate capacities as Registered Representatives of Cambridge Investment Research, Inc. (CIR) or agent with one or more insurance companies, which is in addition to our Investment Advisor’s role as an IAR with CIA. The nature of these relationships results in a conflict of interest and is fully described in “Item 10: Other Financial Industry Activities and Affiliation,” found later in this brochure. Clients should be aware that if they execute securities Capital IAR can provide investment management services, defined as giving continuous investment advice to you and making investments based on your individual needs through brokerage accounts established at CIR. Through this program, your Capital Investment Advisor IAR will be investment responsible recommendations and is responsible for implementing transactions. The Capital Investment Advisor IAR shall 6 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Item 5: Fees and Compensation Fees We Assess: Service Level Initial Plan Annual Review actively manage your accounts in accordance with your individual needs, objectives, and risk tolerance. These accounts will be managed on a discretionary trading basis. In order to have trading authorization on your account, your CIA IAR must be granted limited power of attorney over that account. While the IAR is named on the CIR agreement, he or she is providing the advice as an IAR of CIA and CIA will supervise the services under its fiduciary duty to you. Third-Party Multi-Manager Programs Early Career Our IARs can provide asset allocation advice through various outside third-party money management programs, including: .5% of salary not to exceed $1,500 Minimum fee $500 1% of salary not to exceed $1,500 Minimum fee $500 • Cambridge Asset Allocation Platform (CAAP) • AssetMark, Inc. • Orion Portfolio Solutions (formerly FTJ Fund Choice, LLC) Mid Career $1,500-$2,500 $500-$1750 • Brinker Capital The specifics of each Third-Party Money Managers (“TPMM”s), investment philosophy, strategies, and holdings are contained in each firm’s ADV2A or Wrap Fee Program Brochure disclosure documents. While CIA participates in these wrap fee programs, we are not a sponsor or portfolio manager to the programs. $3,500-$5,000 Established Career Minimum Fee: $10,000* Assets Advised by CIA *Available for Clients with AUM over $1,000,000 When CIA provides asset management services, our IARs make recommendations for a third-party to provide investment management or will personally provide supervision of underlying continuous securities in a client’s portfolio. As of July 19, 2026, CIA had $373,620,678 of assets under management, $350,494,799 of which was managed on a discretionary basis and $23,125,879 of which was managed on a non-discretionary basis. clients selecting financial planning solutions will be asked to pay 50% of the anticipated plan preparation fee upon signing the Services Agreement. The client will be required to pay the remaining balance upon completion and presentation of the plan. In some cases, we can offer to offset our annual renewal fees if the implementation of the plan generates brokerage or insurance commissions. Clients selecting either the Early Career, Mid Career, or Established Career annual review services can elect the timing of their payment, including up front, monthly or quarterly installments. The fees calculated for Established Career annual 7 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  If desired, a onetime standalone financial planning program is available. Charges are between $500 and $5,000 depending on the complexity of the plan. Our Fee Billing and Collection Process: review services will be offset by credits a client receives for asset management services paid to us. The fee can be further reduced by a credit equal to a portion of the premium paid over the first two years on qualifying life insurance contracts (commissions generated in excess of $10,000) purchased through the affiliated insurance activities for our representatives. This offset would apply specifically to Established Career annual review clients. The representative reserves the right to reduce planning fees for other levels of service on a per person basis. The initial installment payment for our initial planning is due at the time the client signs the planning agreement. The initial payment is generally one half of the full fee. The balance of payment due will be invoiced upon presentation of the plan to the client. Payment is expected within 30 days of the invoice. We reserve the right to charge up to an additional $500 for plans that are presented to clients at a location other than our offices. The fees for unique consultation and analyses services are negotiated between the Capital Investment Advisor IAR and the client, but generally range from $500 per hour for a CIA firm principal, $350 per hour for a CIA firm manager, $200 per hour for a CIA firm senior associate, to $150 per hour for a CIA firm associate. All annual review contracts automatically renew each year and can be terminated by the client at any time in writing. After the initial year, clients electing to pay for our Annual Review services on a periodic basis will be billed via invoice when payment is due. Payment is expected within 30 days following the invoice. If a credit card is on file for monthly, quarterly, or annual payment, CIA will automatically charge this credit card when the contract renews annually, or until notified by the client. An invoice memorandum will be provided to the client in the first annual review meeting each year. Other Fees and Expenses a Client May Incur: If a client elects to retain our IAR to implement the recommendation of the plan, we can reduce the amount of our annual review fee to provide credit for some or all of the investment advisory fees or product sales commissions our representative earns through the implementation. Under certain situations, fees may be negotiable. the right to invoice the client It is not anticipated that a client will incur any additional fees and expenses in connection with our initial planning or annual review services. If we incur large postage or express delivery costs or, fees paid to obtain registered or certified copies of documents, we reserve for reimbursement of those costs. If a client requests that our representative meet with the client’s attorney, accountant, or other agent of the client to discuss our plan or any other matter relating to our counsel to our client, we reserve the right to bill an hourly fee for our services at the rates set out above. If a client repeatedly misses appointments scheduled with our representative without providing 24-hour advance notice, we reserve the right to bill an hourly fee for our services at the rates set out above. Refund of Pre-Paid Fees: Typically, Early Career annual review clients will transfer into the Mid Career or Established Career programs when they engage CIA to manage assets. The ongoing fees for annual review and asset management services for the Mid Career and Established Career programs are shown on page 7. Fees for ongoing financial planning range from $500 to $25,000 in the Mid Career and Established Career programs along with separate charges for asset management that range from 1.10% to negotiable on an annual basis. For Established Career annual review clients with AUM over $1,000,000 the minimum combined fee of financial planning and investment management is $10,000. The fee for AUM over $5,000,000 is negotiable. The tiers of the investment management schedule are also the same tiers for the determination financial planning fees and ongoing of annual investment management fees. Upon termination of any financial planning annual review services arrangement, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. 8 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Asset Management Services: above, those fees are in addition to CIA’s fees.. In some cases, fees are negotiable, so clients should discuss with their IAR the fee appropriate for their individual services. Fees charged to client by the sponsor can be shared with us and our representatives. A full and complete description of the program fees is provided in the sponsor’s Wrap Fee Brochure or ADV 2A. Client’s participating in any of our Third-Party Multi-Manager Programs will be provided with, and should review, the sponsor’s Wrap Fee Brochure or ADV 2A prior to investing. Third-Party Multi-Manager Programs sponsor standard annual management fees are typically charged on a declining scale as invested assets increase.. Multiple accounts for a client or a member of the client’s family can be considered together for the purposes of determining lower fee tiers on the assets. This consideration is known as house holding and may be elected by our representative. CIA provides asset management services through third-party multi-manager programs. Prior to September 30th of 2018, all third-party management programs were structured as a bundled fee with a maximum fee of 1.65%. Recent changes amongst the programs and TPMMs that CIA recommends have resulted in program fees that are no longer uniform but vary by platform and by investment management firm. The result moving forward of having a bundled fee approach would create a conflict of interest that would result in an advisor’s fee being larger if the advisor recommends a lower cost strategy. Therefore, for any new accounts or strategist changes after September 2018 CIA will have a maximum fee of 1.25% that will be in addition to the program fee charged by the third- party platform utilized. In this way, CIA and its IARs receive the same revenue and have no incentive to recommend one strategist over another. We also provide continuous supervision over investment portfolios on a discretionary basis. Fees are negotiable and begin at 1.25%. The TPMM fees can be assessed for the program and the investment strategist or may be divided to be assessed by both the program and the strategist depending on the program recommended by the IAR. This fee does not include custodial fees, any qualified plan annual maintenance fees, fund fees that may be assessed at the investment fund level, or trading and processing fees unless the account is a wrap account Clients who participate in Third-Party Multi-Manager Program services are charged a fee based on a percentage of the fair market value of the client’s assets subject to these services. Fees and the timing of their payment vary depending on the particular Third-Party Multi-Manager Program’s sponsor. As mentioned 9 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  which includes trading fees in the wrap management fees. Our IAR will discuss the Third-Party Multi- Manager Programs sponsor annual management fees before the client selects a program. 2A. Clients participating in any of our Third-Party Multi-Manager Programs will be provided with, and should review, the sponsor’s Wrap Fee Brochure or ADV 2A prior to investing. Refund of Pre-Paid Fees: Our Third-Party Multi-Manager Program advisory contracts are terminable upon prior written notice by either party to the contract. Upon termination of an advisory contract, any prepaid, unearned fees will be promptly refunded, and any earned, unpaid fees will be due and payable. Potential for Fee-Related Conflicts of Interest: Clients should be aware that program fees, custodial fees, and investment strategist fees are charged in addition to the sponsor’s fee. CIA’s compensation is independent of the Third-Party Multi-Manager Program or investment strategist is selected. CIA has no financial incentive to recommend one Third-Party Multi-Manager Program or investment strategist over another; our compensation structure is designed to ensure our recommendations are based solely on the client’s needs and objectives. Often CIA will also assist clients with accounts that may not be under a Third- Party Manager Program such as a client’s 401(k) or retirement account. Under these arrangements, CIA does not impose an asset management fee. However, for those clients who do not have other assets under our management, CIA may impose a negotiated flat fee for asset allocation and fund research services. Our Fee Billing and Collection Process: Each client will receive a billing notice or invoice from the Third-Party Multi-Manager Programs sponsor or the custodian of assets showing the amount of the management fees charged for the period. Third-Party Multi-Manager Programs sponsor fees are generally billed on a monthly or quarterly basis, starting at the inception of the account. Fees are calculated based on the fair market value of the assets being managed. Certain Capital Investment Advisor supervised persons have outside business activities (see Item 10) that allow them to accept compensation for the sale of investment products (including insurance and securities) to the firm’s clients. This presents a conflict of interest and gives the supervised person an incentive to recommend products based on the compensation received rather than on the client’s needs. When recommending the sale of securities or insurance products for which the supervised person receives compensation, such conflicts will be documented as required by FINRA and our Broker-Dealer Cambridge Investment Research, or as required by the insurance industry and product sponsor for fixed insurance transactions. Clients always have the right to decide whether to purchase the recommended products and, if purchasing, have the right to purchase those products through other brokers or agents that are not affiliated with Capital Investment Advisors. Other Fees and Expenses a Client May Incur: Item 6: Performance-Based Fees and Side-By-Side Management CIA assesses fees only as previously described in Item 5: Fees and Compensation, found earlier in this brochure. Neither we nor our representatives assess or accept performance-based fees, which are fees based on a share of capital gains on or capital appreciation of the assets of a client. Depending upon the advisory program selected, the client pays for certain transaction charges. There can also be charges imposed by the Third-Party Multi- Manager Programs sponsor clearing broker/dealer or other services providers that are passed on to the client. These include, but are not limited to, transaction charges and service fees, IRA, and qualified retirement plan fees, custodial fees, and other charges that may be required by law. As more fully described in our Third-Party Multi Manager sponsors’ Wrap Fee Disclosure, Third-Party A full and complete description of these fees is provided in the sponsor’s Wrap Fee Brochure or ADV 10 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  range from lower to higher levels of risk. Multi Manager strategists seek to use load-waived, no- load, and institutional class shares when mutual funds are used to implement their portfolio selections. investment Other than fee arrangements for asset management services fully described in Item 5 - Fees and Compensation, neither we nor any representatives of CIA receive direct or indirect compensation for third- party multi manager platform advisors that we may recommend. The securities that make up the model portfolios are subject to market risk of loss that clients should be prepared to bear. The companies in whose securities the model portfolios are invested are also subject to business, credit, and economic risks. Through their evaluation and selection of securities, the Third-Party Multi-Manager Program strategist attempts to match these market, credit, business, and economic risks to the risk level of the model portfolio. CIA does receive compensation from CIR as further described in Item 12, below. Item 7: Types of Clients We provide investment advice and financial planning advice to: ❖ Individuals ❖ High Net-Worth Individuals ❖ Pension & Profit-Sharing Plans ❖ Trusts, Estates, and Charitable Non-Profit Organizations ❖ Foundations When we prepare an initial or review an existing Financial Planning Services plan, our representative will present a client’s cash needs and financial objectives through our income review conversations in five-year time segments over the next twenty years of the plan. The client’s immediate needs are addressed in the first-time segment. Through our planning process, our representative will have attempted to identify the amount of funds that should be included in this initial segment. As these needs are immediate, we attempt to place these funds in minimal risk investments. These investments may include savings accounts, certificates of deposit, US Government securities. While CIA does not have a minimum amount to establish an account or work with our representatives, third-party asset managers may have minimum requirements to establish managed accounts. Our approach cannot be guaranteed to achieve our clients’ objectives, and there is a chance our risk- matched investment pools may not recognize the level of growth needed to replace cash flow when needed. There is a chance a client may lose some or all of their investment, and the past market results cannot guarantee future results. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Item 9: Disciplinary Information CIA has no disciplinary events or matters to disclose. When CIA provides asset management services, our IARs generally make recommendations for a Third- Party Multi-Manager Program to manage the direct continuous supervision of underlying securities in a client’s investment portfolio. Item 10: Industry Activities and Affiliations Relationships or Arrangements Material to Our Advisory Business Our IARs may recommend TPMMs that invest client assets in many types of investments including, but not limited to, common and preferred stocks, bonds, municipal securities, government securities, limited partnerships, mutual funds, unit investment trusts. The Third-Party Multi-Manager Program investment strategist will select from among these investment types to construct several model portfolios designed to Neither we, nor any management person, nor any of our representatives are registered or have an 11 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  application pending to register as a Broker/Dealer, a Futures Commission Merchant, a Commodity Pool Operator, or a Commodity Trading Advisor, nor an associated person of the foregoing entities except Investment Advisor Representatives of CIA are associated persons of the broker/dealer CIR. Broker/Dealer Relationship and brokerage arrangements and may collect as paying agent for us the investment advisory fees remitted to us by the account custodians. CIR may retain a portion of the investment advisory fee so remitted as a charge for the functions it performs, and such portion may be further distributed to other registered representatives of CIR. The charge will not increase the brokerage charges to the client or the fee the client has agreed to pay us. Insurance Agency Relationship Investment Advisor Representatives of CIA may also be Registered Representatives of Cambridge (CIR), a securities Inc. Investment Research, broker/dealer, a member of the Financial Industry Regulatory Authority (FINRA), and a member of the Securities Investor Protection Corporation (SIPC). Approximately 10% of an Investment Advisor Representative’s time may be engaged in this activity. In addition, our Investment Advisor Representatives may also be licensed insurance agents. We (through our affiliates discussed below) or our Investment Advisor Representatives may receive compensation for their/its activities as Registered Representatives or insurance agents. Approximately 20% of the time of our representatives is spent in connection with these activities. companies. As As a broker/dealer, CIR engages in a broad range of activities normally associated with securities brokerage firms. Pursuant to the investment advice given by us or our representative, investments in securities may be recommended for clients. If CIR is selected as the broker/dealer, it may affect transactions in securities for our clients or those of our representatives. Representatives, including its By serving as the broker/dealer, CIR, and Registered our representatives, are able to receive commissions for executing securities transactions in non-managed accounts. to purchase securities Clients are advised that if CIR is selected as the broker/dealer, the transaction charges may be higher or lower than the charges the client may pay if the transactions were executed at other broker/dealers. However, clients should note they are under no through our obligation representatives or CIR. are Investment Advisor Representatives Our appointed with various life, disability, and other insurance such, we or our representatives may recommend the products offered by these insurance companies. If clients purchase these products through our representatives, we or our Investment Advisor Representatives may receive the normal commissions or fees for effecting such sales. When commissions or fees are received by us or our representatives in connection with the advice given to advisory clients, we may reduce our Established Career annual review fee by the amount of the commission or fee earned by us or our representatives (for transactions that generate commissions in excess of $10,000). However, clients should note they are under no obligation to purchase any life, disability, or other insurance product through us or our Investment Advisor Representatives. Moreover, clients should note that under the rules and regulations of FINRA, CIR has an obligation to maintain certain client records and perform other functions regarding aspects of the investment advisory activities of its Registered Representatives. These obligations require CIR to coordinate with, and have the cooperation of, its Registered Representatives that operate as or are otherwise associated with investment advisers. We are affiliated through both ownership and control with Capital Insurance Group Companies, Inc. (CIG), a licensed insurance broker in the District of Columbia. We are also affiliated through both ownership and control with AGI Financial Services, Inc. (AGI), a licensed insurance broker in the District of Columbia, and the predecessor to Capital Asset Management Group. However, as soon as all of AGI’s business has been transferred to CIG, this entity will be terminated. Accordingly, CIR may limit the use of certain custodial 12 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  the accounts of others, to the extent permitted by law. Tax preparation and bookkeeping services can be provided to clients through our parent company entity, Capital Asset Management Group, Inc. CIA follows its fiduciary duty and always acts in the best interests of its clients. No client is required to purchase tax preparation or bookkeeping services through the parent company Capital Asset Management Group, Inc. Clients should also be aware that we and our affiliates have investment responsibilities, render investment advice to, and perform other investment advisory services for other individuals and entities (“Other Portfolios”), and that we and our affiliates and/or their partners, directors, officers, agents, and employees may buy, sell or trade in any securities for their respective accounts (“Affiliated Portfolios”). Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics their reasonable discretion, We and our affiliates may give advice or exercise investment responsibility and take such other action with respect to Other Portfolios and Affiliated Portfolios which may differ from the advice given, or the timing or nature of the action(s) taken, with respect to the client’s portfolio; provided they act in good faith, and provided further that it is their policy to allocate, investment within opportunities to the client’s portfolio over a period of time on a fair and equitable basis relative to the Other Portfolios and the Affiliated Portfolios, taking into consideration the cash position and the investment objectives and policies of the client. CIA has adopted a Code of Ethics designed to meet the requirements of SEC Rule 204 (A) (1). CIA monitors the personal securities transactions of its employees, officers, directors, and IARs. The Code of Ethics sets forth standards of conduct and addresses potential conflicts of interest among CIA, CIA’s employees and agents, and CIA’s advisory clients. All CIA clients may request a free copy of CIA’s Code of Ethics by mailing a written request to: Capital Investment Advisors, Inc. Attn: Investment Advisory Compliance 1028 33rd Street NW, Ste 220 Washington DC 20007 Potential Conflicts of Interest It is further understood that Other Portfolios or Affiliated Portfolios may have investment positions in which the client’s portfolio may have an interest, whether in transactions which involve the client’s portfolio or otherwise. Neither we, nor our affiliates shall have any obligation to acquire for the client’s portfolio a position in any investment, which the Other Portfolios and/or Affiliated Portfolios may acquire, and the client shall have no first refusal, co-investment, or other rights in any such investment. from AssetMark each year Occasionally, our Investment Advisor Representatives may buy or sell for themselves securities that may also be selected by Third-Party Multi-Manager Program investment strategist for use in a client’s investment portfolio. Prior to effecting such transactions, our representatives are required to disclose their interest in such transactions. However, mutual fund transactions may be made by our representatives for their own accounts without disclosure to the client. With respect to the AssetMark Program, CIA receives for reimbursements qualified marketing and/or business development expenses incurred by CIA. The amount of such reimbursement is based on the total assets invested at the end of each year on the AssetMark platform and CIA’s anticipated marketing plans for the coming year. Item 12: Brokerage Practices Adviser agents, and employees will Clients should be aware that CIA and its affiliates, and/or any partners, officers, directors, agents, or employees will act as an Investment Adviser Representative for other persons or entities; and we and our affiliates and/or any partners, officers, effect directors, transactions in securities for their own accounts, or for When CIA provides asset management services, our make Investment Representatives for Third-Party Multi-Manager recommendations investment Programs or personally provide 13 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  management and continuous supervision of the client’s investment portfolio. CIA receives no referrals from custodians or third- parties in exchange for using that custodian or third- party. 3. Clients Directing Which Broker/Dealer -Custodian to Use For third-party money managers, the executing broker/dealer is predetermined by the terms of the program, as more fully described in the respective program descriptions provided in the sponsor’s Wrap Fee Brochure. Client’s participating in any of our Third-Party Multi-Manager Programs will be provided with, and should review, the sponsor’s Wrap Fee Brochure prior to investing. As stated, CIA may manage managers of asset programs who in turn choose the broker/dealer that executes transaction orders or CIA will provide advisory services on a discretionary basis. CIA recommends custodians. CIA will allow clients to direct brokerage; however, CIA may recommend custodians. CIA may be unable to achieve most favorable execution of client transactions if clients choose to direct brokerage. This may cost a client money because without the ability to direct brokerage CIA may not be able to aggregate orders to reduce transactions costs resulting in higher brokerage less favorable prices. Not all commissions and investment advisers allow their clients to direct brokerage. 4. Aggregating (Block) Trading for Multiple Client Accounts CIA maintains the ability to block trade purchases and sales across accounts. When more than one account is trading a particular stock or ETF on the same day, block trading may be used to get identical pricing on the trades. Declining to block trade can cause more expensive trades for clients. Item 13: Review of Accounts Custodians will be recommended based on CIA’s duty to seek “best execution,” which is the obligation to seek to execute securities transactions for a client on terms that are the most favorable to the client under the circumstances. The client will not necessarily pay the lowest commission or commission equivalent, and CIA may also consider the market expertise and research access provided by the payment of commissions, including but not limited to access to written research, oral communication with analysts, admittance to research conferences and other resources provided by the brokers to aid in the research efforts of CIA. CIA will never charge a premium or commission on transactions, beyond the actual cost imposed by the broker/dealer custodian. 1. Research and Other Soft-Dollar Benefits CIA has established an annual review process for our financial planning services initial financial plans. Depending on the level of service selected, a client’s financial plan will be reviewed with the client at least annually, or as frequent as quarterly. This review will be conducted by one of our Investment Advisor Representatives. Presentation material used during the review, and correspondence documents recapping actions to be taken are reviewed by the firm’s chief compliance officer. CIA receives research, products, or other services from its custodian or other third-parties in connection with recommending that custodian or other third-party. These benefits are not based on transactions and therefore are not soft-dollars. There is no minimum client number or dollar number that CIA must meet in order to receive free research. The first consideration when recommending custodians to clients is best execution. CIA always acts in the best interest of the client and may direct the client to a certain custodian for the benefit of the client in terms of better/lower custodial fees as negotiated by either CIA or CIR on the client’s behalf. During this plan review process, our representative will determine if the client has experienced any lifestyle or financial changes that would warrant modification to the plan, review if the components of client’s plan, including the performance of any Third-Party Multi- Manager Programs, appear to be on track toward meeting the goals and objective, and, if warranted, will recommend changes or modifications that might be beneficial. 2. Brokerage for Client Referrals 14 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  On a less formal basis, our representative will similarly review the financial plan when addressing a client question that might arise outside the normal review cycle. We do not receive any form of compensation or other economic benefit from them for referrals we may make to them, nor do they receive any form of compensation or other economic benefit from us for referrals they may make to us. Adviser or personally provide CIA may act in the capacity of a solicitor for other third- party asset managers and share in management fees charged to the client referred. CIA has a solicitation agreement with The Capital Group Private Client Group. Under this arrangement, CIA receives 0.25% of Capital Group’s fee for supporting the relationship. This compensation is not an add-on to the client’s fee; it is paid out of the fee that Capital Group already charges the client, but it results in a conflict of interest for CIA to recommend The Capital Group Private Client Group for services. Item 15: Custody When CIA provides asset management services, our Investment make Representatives for Third-Party Multi-Manager recommendations Programs investment management and continuous supervision of the client’s investment portfolio. Investment strategists employed in these programs have developed various programs to help them supervise investments within the portfolio, and make changes as warranted. The method by which these reviews are conducted is more fully described in the respective program descriptions provided in the sponsor’s Wrap Fee Brochure. Client’s participating in any of our Third-Party Multi-Manager Programs will be provided with, and should review, the sponsor’s Wrap Fee Brochure or ADV 2A prior to investing. Our Investment Adviser Representatives will conduct periodic reviews at least annually on all accounts whether managed by a third-party or CIA. CIA does not accept client securities and if inadvertently sent in the securities will be returned to the client immediately. Any checks sent into CIA for a custodian must be made out to that custodian and will be forwarded to the custodian for deposit into the client's account. Proper documentation will be kept. Programs provide Clients who participate in most of our Third-Party Multi-Manager Programs will receive a statement from the sponsor’s custodian at least quarterly and in some cases, more frequently. These statements will disclose investment holdings and a record of transaction activity. Clients will also receive statements from the Third-Party Multi-Manager Program that will present holdings, activity, fees, and performance. Most programs will submit statements to the client on a quarterly basis. The CAAP program submits an annual statement. In most cases, clients may elect to receive printed or electronic copies of their statements. CIA provides account aggregation reporting to clients electing one of our financial planning annual review programs. These reports are typically provided via secure online resources. these custodial statements Item 14: Client Referrals and Other Compensation When CIA provides asset management services, our IARs make recommendations for Third-Party Multi- Manager investment to management and direct continuous supervision of underlying securities in a client’s portfolio. These Third-Party Multi-Manager Program sponsors have made arrangements with custodians to act on their behalf to hold the investments, collect income, and remit and collect other funds for the benefit of the client. On a quarterly or more frequent basis, these custodians will provide the client with a statement of activity and investment holdings. The client should carefully review for accuracy, and promptly contact their CIA Investment Advisor IAR or our firm’s Chief Compliance Officer to report any error. Clients may also receive periodic reports from the Third-Party Multi-Manager Program sponsors. Clients who have elected our financial planning annual review CIA attempts to maintain a network of attorney, accountant, mortgage broker, and benefit plan administrator professionals who might aid our clients in need of such of their services. 15 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  appointing the sponsor or the sponsor’s investment strategist as the client’s agent and attorney-in-fact, with discretion to vote proxies with respect to any securities in the portfolio. services may also receive account aggregation reports from us. Reports clients receive from Third-Party Multi-Manager Program sponsors or us are meant to replicate the investment holdings and activity also reported by the client’s custodian. The client is urged to carefully compare custodial statements to those provided by Third-Party Multi-Manager Program sponsors or us. The Third-Party Multi-Manager Program sponsor or its investment strategist will execute waivers, consents, and other instruments with respect to such securities, and consent to or reject any plan of reorganization, merger, combination, consolidations, liquidation, or similar plan with reference to such securities. The client may retain the right to vote proxies by providing written notice to the Third-Party Multi-Manager Program sponsor. If the client discovers a discrepancy between the two statements, the qualified custodian’s statement is to be deemed to be an accurate representation of the client’s accounts. The client should promptly contact their CIA Investment Advisor Representative or our firm’s Chief Compliance Officer to report any discrepancy between statements that might be discovered. Item 16: Investment Discretion We will send all proxy and legal proceedings information and documents we receive to the Third- Party Multi-Manager Program sponsor, so it may take whatever action it deems advisable. Item 18: Financial Information that impairs our ability Registered Investment Advisors are required to provide certain financial information or disclosures about CIA’s financial condition. CIA has no financial commitment to meet contractual and fiduciary commitments to our clients. authority via CIA does not require nor solicit prepayment of more than $1200 in fees from a client, six months or more in advance. Thus, we are not required to include a balance sheet for our most recent fiscal year. CIA has never been the subject of any bankruptcy petition. For those client accounts where CIA will have investment discretion, the client has given CIA written discretionary authority over the client’s accounts with respect to securities to be bought or sold and the amount of securities to be bought or sold. Details of this relationship are fully disclosed to the client before any advisory relationship has commenced. The client provides CIA discretionary a discretionary investment management clause in the Investment Advisory Contract and/or a limited power of attorney clause in the contract between the client and the custodian. Client contracts with Third-Party Multi-Manager Programs may also provide CIA with discretionary authority to hire and fire the Program and the options in that Program. Item 17: Voting Client Securities nor Investment in any Neither we Adviser our Representatives will (a) vote any proxies solicited by, or with respect to, the issuers of any securities held in legal any portfolio, nor (b) participate proceedings involving securities or other investments presently or formerly held in any portfolio, or the issuers thereof, including bankruptcies. The agreement between the client and the Third-Party for Multi-Manager Program sponsors provide 16 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026  Thank you for reviewing the Capital Investment Advisors, Inc. Part 2A of Form ADV. 17 CAPITAL INVESTMENT ADVISORS, INC. Part 2A of Form ADV | CRD Number: 118269 September 28, 2026