FRAZIER FINANCIAL CONSULTANTS, LLC

ADV Part 2A - Disclosure Brochure Frazier Financial Consultants, LLC 109 Conner Dr. Suite 205 Chapel Hill, NC 27514 919-929-6940 919-967-1190 Fax www.frazierfinancialconsultants.com dfrazier1048@gmail.com February 4, 2026 This Disclosure Brochure provides information about the qualifications and business practices of Frazier Financial Consultants, LLC. If you have any questions about the contents of this Disclosure Brochure, please contact us at: 919-929-6940 or by email at: dfrazier1048@gmail.com. Frazier Financial Consultants is a Registered Investment Adviser. The information in this Disclosure Brochure has not been approved or verified by the U.S. Securities and Exchange Commission (“SEC”) or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. Additional information about Frazier Financial Consultants and its advisory persons are available on the SEC’s website at www.adviserinfo.sec.gov.  ITEM 2 - MATERIAL CHANGES Annual Update This section of this brochure will be updated annually when material changes occur since the previous release of the Firm Brochure. Material Changes since the Last Update There have been no material changes since the Firm’s last ADV annual update of February 14, 2025. Full Brochure Available Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by telephone at: 919-929-6940 or by email at: dfrazier1048@gmail.com. ii  ITEM 3-TABLE OF CONTENTS ITEM 2 - MATERIAL CHANGES ................................................................................................................................ II ITEM 3-TABLE OF CONTENTS ................................................................................................................................. III ITEM 4 - ADVISORY BUSINESS ................................................................................................................................ 1 ITEM 5 - FEES AND COMPENSATION ...................................................................................................................... 3 ITEM 6 - PERFORMANCE BASED FEES ..................................................................................................................... 4 ITEM 7 - TYPES OF CLIENTS .................................................................................................................................... 4 ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS ................................................... 4 ITEM 9 - DISCIPLINARY INFORMATION .................................................................................................................. 6 ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ................................................................. 6 ITEM 11 - CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING ... 6 ITEM 12 - BROKERAGE PRACTICES ......................................................................................................................... 7 ITEM 13 - REVIEW OF ACCOUNTS ........................................................................................................................... 7 ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION ................................................................................... 8 ITEM 15 - CUSTODY ................................................................................................................................................ 8 ITEM 16 - INVESTMENT DISCRETION ...................................................................................................................... 8 ITEM 17 - VOTING CLIENT SECURITIES .................................................................................................................... 9 ITEM 18 - FINANCIAL INFORMATION ..................................................................................................................... 9 iii  ITEM 4 - ADVISORY BUSINESS Firm Information Frazier Financial Consultants, LLC ("FFC" or "The Firm") was founded in 1986 by Deborah Frazier. In January 2024, Richard Frazier became the sole managing member of the Firm. FFC is a fee-only financial planning and investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other commissioned products. The firm is not affiliated with entities that sell financial products or securities, and it does not accept any commissions or finder’s fees. Services Offered FFC provides personalized financial planning and investment management to clients. Financial planning topics covered by FFC include, among other things, the determination of financial objectives, identification of financial problems, cash flow management, tax planning, insurance review, investment management, education funding, retirement planning, and estate planning. FFC provides investment management services and oversight to clients’ accounts held at an independent custodian. FFC works with each client to identify their investment goals and objectives as well as risk tolerance and financial situation to create a portfolio strategy. FFC does not provide securities custodial services. At no time will FFC accept or maintain custody of a client’s funds or securities except as for the authorized deduction of fees. All assets will be managed within their designated brokerage accounts held by an independent custodian. Types of Engagements FFC offers an engagement that combines ongoing financial planning and investment management services, the Asset Management Engagement, and an engagement for standalone financial planning. Asset Management Services Engagement FFC provides financial planning and on-going investment supervisory services, also known as asset management services. All aspects of the client’s financial affairs are reviewed, including those of their minor children. The engagement includes cash flow management; insurance review; investment management; education planning; retirement planning; estate planning; and tax planning, as well as the implementation of recommendations within each area. Realistic and measurable financial goals are set and objectives to reach those goals are defined. As goals and objectives change over time, suggestions are made and implemented on an ongoing basis. In this engagement, clients grant the firm discretionary authority to invest, reinvest and otherwise deal with the cash and securities in their account through the limited power of attorney in their advisory agreement. Discretionary authority allows FFC the authority to make all investment decisions with respect to a client’s account and, when deemed 1  appropriate and without prior consultation with client, to buy, sell, exchange, and otherwise trade the cash and securities in their account. Assets are invested primarily in stocks, no-load mutual funds, and exchange-traded funds, usually through discount brokers or fund companies. Stocks and bonds may be purchased or sold through a brokerage account when appropriate. Investments may also include equities (stocks), certificates of deposit, fixed income securities, investment company securities, variable annuities, and U. S. government securities. Initial public offerings (IPOs) are not available through FFC. Although this is an ongoing agreement and constant adjustments are required, the client or FFC may terminate the engagement by written notice to the other party. Tax preparation work for your CPA is performed as part of the Asset Management Services Engagement. Financial Planning Engagement A financial plan is designed to help the client with all aspects of financial planning without ongoing investment management after the financial plan is completed. Clients can engage FFC for financial planning on a one-time basis for specific topics or a comprehensive plan, or they can engage the Firm for financial planning on an hourly basis. review and recommendations; and education planning with Financial plans can include, but are not limited to: a net worth statement; a cash flow statement; a review of investment accounts, including reviewing asset allocation and providing repositioning recommendations; strategic tax planning; a review of retirement accounts and plans including recommendations; a review of insurance policies and recommendations for changes, if necessary; one or more retirement scenarios; estate planning funding recommendations. Investment advice and specific asset allocation recommendations are provided as part of a financial plan; however, implementation of the advice is at the sole discretion of the client and no ongoing oversight is provided as a part of the financial planning engagement. Services for financial planning only clients are complete upon presentation of the financial plan or advice; however, after delivery of a financial plan, clients can schedule future meetings as necessary for up to one month, without additional charge. Follow-up implementation work after thirty days is billed at the hourly hour. FFC hereby acknowledges that it is a "fiduciary" when the firm’s services are subject to the provisions of ERISA of 1974, as amended. When FFC provides investment advice to clients regarding their retirement plan account or individual retirement account, the Firm is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way FFC makes money creates some conflicts with clients’ interests, so FFC operates under a special rule that requires the Firm to act in clients’ best interests and not to put the Firm’s interests ahead of clients’ interests. 2  Wrap Fee Programs FFC does not participate in any wrap fee program. Assets Under Management As of December 31, 2025, FFC managed $196,037,319 in assets on a discretionary basis and $0 assets on a non-discretionary basis. ITEM 5 - FEES AND COMPENSATION There are clients of FFC who receive services and pay fees that are no longer on offer by the Firm. Asset Management Services Fee: FFC's fee is an annual fee based on the value of assets under management by the Firm on the last day of the preceding calendar quarter, charged on a quarterly basis, in advance, according to the following schedule: .80% on the first $1,000,000; .65% on the next $1,000,000; and .50% on assets above $2,000,000 FFC charges a reduced fee for assets held in employer sponsored retirement plans (“Held Away Assets”). FFC charged an annual fee, charged quarterly, in advance, for these "held away assets” of 0.25% of the value assets based on their value of the last day of the preceding calendar quarter. Hourly Financial Planning Fee: FFC charges an hourly fee for clients electing to receive financial planning services only. FFC charges an hourly rate of $300/hour, billed in fifteen-minute increments. Fees are NEGOTIABLE. FFC, in its sole discretion, may charge a lesser investment advisory fee based upon certain criteria (e.g., historical relationship, type of assets, anticipated future earning capacity, anticipated future additional assets, dollar amounts of assets to be managed, related accounts, account composition, negotiations with clients, etc.). Fee Billing Clients authorize FFC directly to deduct the Firm's fees directly from clients’ accounts held at independent custodians. Clients authorize FFC to instruct the custodian to deduct the Firm’s fee from the assets held in their accounts as the fees become due and payable. If a client has more than one account, FFC will make the determination as to which account the fee is taken from based on the client’s best interest or at the client’s instructions. The Firm sends the client a billing summary each time the fee is deducted from the client's account showing the amount of the fee, the period the fee covers, and the amount of assets the fee is based on. In the event the Firm cannot directly deduct its fee from a client’s account or client elects to pay their fee directly, FFC accepts payment by check or ACH (via a third-party service provider). 3  Hourly fees charged for financial planning are billed upon delivery of the financial plan or advice at the last meeting. FFC accepts payment via check or ACH (via a third-party service provider). Other Fees and Expense Ratios Custodians may charge transaction fees on purchases or sales of certain mutual funds and exchange-traded funds. The brokerage firm charges a fee for stock and bond trades. Mutual funds generally charge a management fee for their services as investment managers. The management fee is called an expense ratio. For example, an expense ratio of 0.50 means that the mutual fund company charges 0.5% for their services. Performance figures quoted by mutual fund companies in various publications are after their fees have been deducted. FFC does not receive any compensation, in any form, from fund companies or custodians. These fees are in addition to the fees paid by you to FFC. Fees at Termination of Agreement At termination, fees will be billed or refunded on a pro rata basis for the portion of the quarter completed. The portfolio value at the completion of the prior full billing quarter is used as the basis for the fee computation, adjusted for the number of days during the billing quarter prior to termination. ITEM 6 - PERFORMANCE BASED FEES Fees are not based on a share of the capital gains or capital appreciation of managed securities. FFC does not use a performance-based fee structure. ITEM 7 - TYPES OF CLIENTS Description FFC generally provides investment advice to individuals, trusts, estates, and charitable organizations. Client relationships vary in scope and length of service. Account Minimums There are no account minimums required, and no minimum fee applied. ITEM 8 - METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS Methods of Analysis Security analysis methods may include charting, fundamental analysis, technical analysis, and cyclical analysis. The main sources of information include financial newspapers and magazines, inspections of corporate activities, research materials prepared by others, corporate rating services, 4  timing services, annual reports, prospectuses, filings with the Securities and Exchange Commission, and company press releases. Other sources of information that FFC may use include Morningstar Principia mutual fund information, Morningstar Principia stock information, Charles Schwab & Company's "Schwab Link" service, Advisor Intelligence, and the internet. Investment Strategies The primary investment strategy used on client accounts is strategic asset allocation utilizing a core and satellite approach. This means that we use passively managed index and exchange-traded funds as the core investments and then add actively managed funds where there are greater opportunities to make a difference. Portfolios are globally diversified to control the risk associated with traditional markets. The investment strategy for a specific client is based upon the objectives stated by the client during consultations. The client may change these objectives at any time. Each client executes an Investment Policy Statement that documents their objectives and their desired investment strategy. Other strategies may include long-term purchases and short-term purchases of securities. Risk of Loss All investment programs have certain risks that are borne by the investor. Our investment approach constantly keeps the risk of loss in mind. Investors face the following investment risks:  Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market value to decline.  Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s underlying circumstances. For example, political, economic, and social conditions may trigger market events.  Inflation Risk: When any type of inflation is present, a dollar today will not buy as much as a dollar next year, because purchasing power is eroding at the rate of inflation.  Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar against the currency of the investment’s originating country. This is also referred to as exchange rate risk.  Reinvestment Risk: This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities.  Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can 5  generate a profit. They carry a higher risk of profitability than an electric company, which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like.  Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally, assets are more liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid, while real estate properties are not.  Financial Risk: Excessive borrowing to finance a business’ operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value. ITEM 9 - DISCIPLINARY INFORMATION Legal and Disciplinary Registered Investment Advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to a client’s evaluation of the Firm. Neither FFC nor its employees have been involved in any legal or disciplinary events. ITEM 10 - OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS Financial Industry Activities Neither FFC nor any of its management persons are registered as, nor do they have an application pending to register as, a broker-deal or a registered representative of a broker-dealer. Neither FFC nor any of its management persons are registered as, nor do they 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. Affiliations FFC has no outside affiliations material to its business. ITEM 11 - CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND PERSONAL TRADING Code of Ethics The employees of FFC have committed to a Code of Ethics that requires adherence to all applicable state and federal securities laws. As fiduciaries, FFC and all of its supervised persons owe a duty of loyalty and care to all of its clients. FFC’s Code of Ethics includes policies and procedures for the review of the securities transaction reports and holdings of all the Firm’s access persons. FFC’s Code of Ethics is available for review by clients and prospective clients 6  upon request. The firm will provide a copy of the Code of Ethics to any client or prospective client upon request. Participation or Interest in Client Transactions FFC does not recommend or buy or sell securities for Clients’ accounts in which FFC or any of its employees have a material financial interest. FFC and its employees buy and sell securities that are also held by clients; however, these holdings are in widely held stocks or mutual funds where employees’ purchases do not move prices. Additionally, FFC reviews trading of Firm access persons quarterly to ensure such trading does not affect the markets, and that clients of the firm receive preferential treatment in their accounts when members of FFC and a client hold the same security. Since most employee trades are small mutual fund trades or exchange-traded fund trades the conflict in holding the same security is mitigated. ITEM 12 - BROKERAGE PRACTICES Selecting Brokerage Firms FFC does not have any affiliation with product sales firms. Specific custodian recommendations are made to Clients based on their need for such services. FFC recommends custodians based on the proven integrity and financial responsibility of the firm and the best execution of orders at reasonable commission rates. FFC recommends discount brokerage firms and trust companies (qualified custodians), such as Charles Schwab & Company, Inc. Best Execution FFC reviews the execution of trades at each custodian to ensure clients are receiving best execution. Soft Dollars FFC receives a software maintenance discount from Morningstar Office from Charles Schwab & Company because most client assets are custodied at Schwab. All clients benefit from this credit as it reduces the firm’s overall expenses. The selection of Charles Schwab & Company as a custodian for clients is not affected by this nominal credit. Order Aggregation Most trades are mutual funds or exchange-traded funds where trade aggregation does not garner any client benefit. We typically do not aggregate trades or buy in block trades. ITEM 13 - REVIEW OF ACCOUNTS Periodic Reviews Account reviews are performed quarterly by Richard Frazier to consider the clients’ current security positions and the likelihood that the performance of each security will contribute to the investment objectives of the client. Account reviews are performed more frequently when market conditions dictate. 7  Review Triggers Other conditions that may trigger a review are changes in the tax laws, new investment information, and changes in a client's situation. Regular Reports Clients receive account statements from their account's custodian on a quarterly basis, or monthly if there has been activity in the account. Advisory Service Agreement clients receive written quarterly updates from the Firm as well that may include a net worth statement, holdings in the account(s), and performance of the account. Clients are urged to compare the information contained in the Firm’s reporting with the information appearing in their account statements from the custodian. ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION Incoming Referrals FFC has been fortunate to receive many client referrals over the years. The referrals came from current clients, estate planning attorneys, accountants, employees, personal friends of employees and other similar sources. The firm does not compensate referring parties for these referrals. Referrals Out FFC does not accept referral fees or any form of remuneration from other professionals when a prospect or client is referred to them. ITEM 15 - CUSTODY All assets are held by qualified custodians. FFC will only have custody to the extent it deducts its advisory fees from client accounts. Clients authorize FFC directly to debit advisory fees from their accounts in the advisory agreement that they sign with the Firm. Clients will receive at least quarterly statements from the broker-dealer, bank or other qualified custodian that holds and maintains clients’ investment assets detailing the assets in the account and any transactions, including fee deductions. FFC urges all clients to review such statements carefully and compare such official custodial records to any statements that FFC may provide to them. FFC may also provide clients with periodic reports on clients’ accounts. These reports may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities. ITEM 16 - INVESTMENT DISCRETION FFC will execute the sale and/or purchase of investments by clients on a discretionary basis. Discretion refers to FFC’s ability to initiate investment actions in the client’s account without obtaining permission from the client each time a transaction occurs. Clients provide FFC with discretionary authority in the agreement they sign with the Firm. Clients can place 8  reasonable restrictions on the investment in certain securities or the types of securities to be held in the portfolio. ITEM 17 - VOTING CLIENT SECURITIES Proxy Votes FFC does not vote proxies on securities. Clients are expected to vote their own proxies. The client may receive proxies or other similar solicitations directly from the client's selected custodian or transfer agent. Should we receive a duplicate copy, note that we do not generally forward these on or any correspondence relating to the voting of your securities, class action litigation, or other corporate actions. When assistance on voting proxies is requested, FFC will provide recommendations to the Client. If a conflict of interest exists, it will be disclosed to the Client. We also have no power, authority, responsibility, or obligation to take any action with regard to any claim or potential claim in any bankruptcy proceeding, class action securities litigation or other litigation or proceeding relating to securities held at any time in a client account, including without limitation, to file proofs of claim or other documents related to such proceeding, or to investigate, initiate, supervise, or monitor class action or other litigation involving client assets. Further, we will not offer or provide guidance on these matters; clients should contact the issuer or their legal counsel. ITEM 18 - FINANCIAL INFORMATION Financial Condition FFC does not have any financial impairment that will preclude the firm from meeting contractual commitments to clients. A balance sheet is not required to be provided because FFC does not serve as a custodian for client funds or securities and does not require prepayment of fees of more than $1,200 per client, six months or more in advance. 9