GREY FOX WEALTH ADVISORS, LLC

Grey Fox Wealth Advisors, LLC Form ADV Part 2A – Disclosure Brochure Effective: March 1, 2025 This Form ADV Part 2A (“Disclosure Brochure”) provides information about the qualifications and business practices of Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”). If you have any questions about the contents of this Disclosure Brochure, please contact the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Grey Fox Wealth is a registered investment advisor located in the State of Delaware. 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. This Disclosure Brochure provides information about Grey Fox Wealth to assist you in determining whether to retain the Advisor. Additional information about Grey Fox Wealth and its Advisory Persons is available on the SEC’s website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 307172. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road Rockland, DE 19732 Phone: (302) 482-3211 http://www.greyfoxwealth.com  Item 2 – Material Changes Form ADV 2 is divided into two parts: Part 2A (the "Disclosure Brochure") and Part 2B (the "Brochure Supplement"). The Disclosure Brochure provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. The Brochure Supplement provides information about the Advisory Persons of Grey Fox Wealth. For convenience, the Advisor has combined these documents into a single disclosure document. Grey Fox Wealth believes that transparency and communication are critical components of the Client-Advisor relationship, strives to provide complete and accurate information at all times, and encourages all current and prospective Clients to read this Disclosure Brochure and to ask questions about the included information. Material Changes There are material changes in this brochure from the last annual updating amendment of Grey Fox Wealth in March 2025. Material changes relate Grey Fox Wealth’s policies, practices, or conflicts of interests only. Specifically, Grey Fox Wealth has disclosed a new affiliation with Grey Fox Tax Advisors, LLC (“GFT”). The owners of Grey Fox Wealth also maintain an ownership interest in GFT. This common ownership creates a potential conflict of interest when referring clients between Grey Fox Wealth and Grey Fox Tax, as the affiliation creates an incentive to recommend the services of GFT. Grey Fox Wealth does not pay or receive referral fees to or from Grey Fox Tax. Clients are under no obligation to engage Grey Fox Tax for accounting or tax services and are free to choose any accountant or service provider. Additional details regarding this affiliation and related conflicts of interest are provided in Item 10 of this Brochure. Future Changes From time to time, Grey Fox Wealth may amend this Disclosure Brochure to reflect changes in business practices, in regulations, and in routine annual updates as required by the securities regulators. This complete Disclosure Brochure or a Summary of Material Changes shall be provided to each Client annually and when a material change occurs. At any time, you may view the current Disclosure Brochure on-line at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 307172. You may also request a copy of this Disclosure Brochure at any time by contacting the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 2 http://www.greyfoxwealth.com  Item 3 – Table of Contents Item 1 – Cover Page Item 2 – Material Changes Item 3 – Table of Contents Item 4 – Advisory Services A. Firm Information B. Advisory Services Offered C. Client Account Management D. Wrap Fee Programs E. Assets Under Management Item 5 – Fees and Compensation A. Fees for Advisory Services B. Fee Billing C. Other Fees and Expenses D. Advance Payment of Fees and Termination E. Compensation for Sales of Securities Item 6 – Performance-Based Fees and Side-By-Side Management Item 7 – Types of Clients Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis B. Risk of Loss Item 9 – Disciplinary Information Item 10 – Other Financial Industry Activities and Affiliations Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading A. Code of Ethics B. Personal Trading with Material Interest C. Personal Trading in Same Securities as Clients D. Personal Trading at Same Time as Client Item 12 – Brokerage Practices A. Recommendation of Custodian[s] B. Aggregating and Allocating Trades Item 13 – Review of Accounts A. Frequency of Reviews B. Causes for Reviews C. Review Reports Item 14 – Client Referrals and Other Compensation A. Compensation Received by Grey Fox Wealth B. Client Referrals from Solicitors Item 15 – Custody Item 16 – Investment Discretion Item 17 – Voting Client Securities Item 18 – Financial Information Form ADV Part 2B – Brochure Supplement Item 2 – Educational Background and Business Experience Item 3 – Disciplinary Information Item 4 – Other Business Activities Item 5 – Additional Compensation Item 6 – Supervision Form ADV Part 2B – Brochure Supplement Item 2 – Educational Background and Business Experience 1 2 3 5 5 5 9 9 9 9 9 10 11 11 11 12 12 12 12 12 14 14 14 14 15 15 15 15 15 16 16 16 16 16 17 17 17 17 18 18 18 19 20 20 20 20 21 22 23 Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 3 http://www.greyfoxwealth.com  Item 3 – Disciplinary Information Item 4 – Other Business Activities Item 5 – Additional Compensation Item 6 – Supervision Form ADV Part 2B – Brochure Supplement Item 2 – Educational Background and Business Experience Item 3 – Disciplinary Information Item 4 – Other Business Activities Item 5 – Additional Compensation Item 6 – Supervision Form ADV Part 2B – Brochure Supplement Item 2 – Educational Background and Business Experience Item 3 – Disciplinary Information Item 4 – Other Business Activities Item 5 – Additional Compensation Item 6 – Supervision 23 23 23 23 25 26 26 26 26 26 27 28 28 28 28 28 Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 4 http://www.greyfoxwealth.com  Item 4 – Advisory Services A. Firm Information Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”) is a registered investment advisor located in the State of Delaware. The Advisor is organized as a Limited Liability Company (LLC) under the laws of Delaware. Grey Fox Wealth was founded in November 2019 and is owned by Theodore J. Lauzen (Partner and Chief Compliance Officer) and Kevin Dombrowski (Partner). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by Grey Fox Wealth. B. Advisory Services Offered Grey Fox Wealth offers investment advisory services to individuals, high net worth individuals, small businesses, and retirement plans (each referred to as a “Client”). The Advisor serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a fiduciary, the Advisor upholds a duty of loyalty, fairness, and good faith toward each Client and seeks to mitigate potential conflicts of interest. The Advisor’s fiduciary commitment is further described in the Code of Ethics. For more information regarding the Advisor’s Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading. Wealth Management Services Grey Fox Wealth provides wealth management services for its Clients. These services generally include a broad range of comprehensive financial planning and consulting services in connection with the discretionary investment management of Client portfolios. These services are described below. Investment Management Services – Grey Fox Wealth provides customized investment advisory solutions for its Clients. This customization is achieved through the combination of continuous personal Client contact and a discretionary investment management and advisory approach. Grey Fox Wealth works closely with each Client to identify investment goals and objectives, risk tolerance, and financial situation in order to customize one of Grey Fox Wealth’s model portfolios for the specific Client. The Advisor’s various model portfolios consist primarily of low-cost, diversified mutual funds and/or exchange-traded funds (“ETFs”) that reduce overall costs and help achieve the Client’s investment goals. Additionally, after considering portfolio fit and tax considerations, the Advisor may also utilize individual stocks, bonds, and/or alternative investments or retain certain types of investments from a Client’s legacy investments. Grey Fox Wealth’s investment strategies are primarily long-term focused, but the Advisor may buy, sell, or re-allocate positions that have been held less than one year to meet the objectives of the Client or due to market conditions. Grey Fox Wealth will construct, implement, and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance of each Client. As part of ongoing, transparent discussions, each Client will have the opportunity to place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by the Advisor. Grey Fox Wealth evaluates and selects investments for inclusion in Client model portfolios only after applying its internal due diligence process. Grey Fox Wealth may recommend, on occasion, redistributing investment allocations to diversify the portfolio. Grey Fox Wealth may recommend adjusting specific positions to increase sector or asset class weightings, employing cash positions as a possible hedge against market movement, and selling positions for reasons that include, but are not limited to, the harvesting of capital gains or losses, the adjustment of business or sector risk exposure to a specific security or class of securities, the overvaluation or overweighting of the position[s] in the portfolio, a change in risk tolerance of the Client, a requirement to generate cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance. Grey Fox Wealth may provide non-discretionary recommendations for “Held-Away Assets” (Client investment assets that are maintained at a custodian other than Schwab) and charge its standard Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 5 http://www.greyfoxwealth.com  assets-under-management fee for that investment management service – as part of the company’s portfolio-perspective approach. Grey Fox Wealth will not accept or maintain custody of a Client’s funds or securities, except for the limited authority as outlined in Item 15 - Custody. All Client assets will be managed within the designated account[s] at the Custodian or through Non-Custodial Partnership, pursuant to the terms of the advisory agreement. Please see Item 12 – Brokerage Practices. Custodian – We will identify and coordinate custodial/brokerage services. However, as noted above, we will not take actual custody of your investment assets. We generally recommend Charles Schwab & Co., Inc. (“Schwab”) as a custodian for client assets. We have no affiliation with Schwab, and you are under no obligation to select them as your custodian. Using a custodian such as Schwab provides third-party reporting and valuation of your assets. It allows us to help you implement a centralized investment program that incorporates multiple money managers, mutual fund families, and investment styles at a competitive cost. This arrangement may also allow you to gain access to money managers and mutual funds at lower account minimums or reduced fees than generally are available to individual investors. Because we do not participate in any fee sharing agreements, any savings pass directly to you. For clients that choose to custody assets outside of Schwab, we utilize a custodial aggregation service for valuation and reporting. This third-party service is provided by Morningstar ByAllAccounts (“MBAA”), Inc. MBAA allows performance reporting on held-away accounts using client account login credentials (username and password) without us taking possession of the credentials. Clients opting to use the MBAA aggregation service maintain their login credentials directly with MBAA. Some financial institutions allow for a connection to MBAA to be maintained without storing client login credentials in MBAA. Financial Planning and Financial Consulting Services – Grey Fox Wealth will provide a variety of financial planning and consulting services to Clients, pursuant to a written financial planning or financial consulting agreement. Services are offered to address several areas of a Client’s financial situation, depending on their goals, objectives, and financial circumstance. Generally, such financial planning services involve preparing a formal financial plan or rendering a specific financial consultation based on the Client’s financial goals and objectives. This planning or consulting may encompass one or more areas of need, including but not limited to, investment planning, retirement planning, personal savings, education savings, insurance needs, and other areas of a Client’s financial situation. A financial plan developed for, or financial consultation rendered to, the Client will usually include general recommendations for a course of activity or specific actions to be taken by the Client. For example, recommendations may be made that the Client start or revise their investment programs, commence or alter retirement savings, establish education savings, and/or contribute to charitable giving programs. For certain financial planning engagements, the Advisor will provide a written summary of the Client’s financial situation, observations, and recommendations. Based on individualized needs and situations, Grey Fox Wealth may refer Clients to a trusted accountant, attorney, or other specialist. Neither Grey Fox Wealth nor the specialist receive any compensation for the referral. Although there is a potential conflict of interest and - in some situations - Grey Fox Wealth covers the service fee charged to the mutual Client, these referrals are made in the Client’s best interest without (a) “kickbacks” or (b) expectations of additional referrals. Financial planning and consulting recommendations may pose a conflict between the interests of the Advisor and the interests of the Client. For example, a recommendation to engage the Advisor for investment management services or to increase the level of investment assets with the Advisor would pose a conflict, as it would increase Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 6 http://www.greyfoxwealth.com  the advisory fees paid to the Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on any of the recommendations made by the Advisor, the Client is under no obligation to implement the transaction through the Advisor. Pension Consulting and Retirement Plan Advisory Services Grey Fox Wealth offers consulting services to pension or other employee benefit plans (including but not limited to 401(k) plans). Pension consulting may include, but is not limited to: identifying investment objectives and restrictions recommending money managers to manage plan assets in ways designed to achieve objectives ● ● providing guidance on various assets classes and investment options ● ● monitoring performance of money managers and investment options and making recommendations for changes recommending other service providers, such as custodians, administrators and broker-dealers ● ● creating a written pension consulting plan These services are based on the goals, objectives, demographics, time horizon, and/or risk tolerance of the plan and its participants. Grey Fox Wealth provides retirement plan advisory services on behalf of the retirement plans (each a “Plan”) and the company (the “Plan Sponsor”). The Advisor’s retirement plan advisory services are designed to assist the Plan Sponsor in meeting its fiduciary obligations to the Plan and its Plan Participants. Each engagement is customized to the needs of the Plan and Plan Sponsor. Services generally include: Investment Policy Statement (“IPS”) Design and Monitoring Investment Oversight (ERISA 3(21)) or Investment Management (ERISA 3(38)) ● Vendor Analysis ● Plan Participant Enrollment and Education Tracking ● ● ● Performance Reporting ● Ongoing Investment Recommendation and Assistance ● ERISA 404(c) Assistance ● Benchmarking Services ● Financial Wellness Programs These services are provided by Grey Fox Wealth serving in the capacity as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), the Plan Sponsor is provided with a written description of Grey Fox Wealth’s fiduciary status, the specific services to be rendered, and documentation that explains all direct and indirect compensation the Advisor reasonably expects under the engagement. Grey Fox Wealth also provides 3(38) investment management, advisory services, and financial wellness to a Pooled Employer Plan. Miscellaneous ● Cybersecurity Risk. The information technology systems and networks that Advisor and its third-party service providers use to provide services to Advisor’s clients employ various controls that are designed to prevent cybersecurity incidents stemming from intentional or unintentional actions that could cause significant interruptions in Advisor’s operations and/or result in the unauthorized acquisition or use of clients’ confidential or non-public personal information. In accordance with Regulation S-P, the Advisor is Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 7 http://www.greyfoxwealth.com  committed to protecting the privacy and security of its clients' non-public personal information by implementing appropriate administrative, technical, and physical safeguards. Advisor has established processes to mitigate the risks of cybersecurity incidents, including the requirement to restrict access to such sensitive data and to monitor its systems for potential breaches. Clients and Advisor are nonetheless subject to the risk of cybersecurity incidents that could ultimately cause them to incur financial losses and/or other adverse consequences. Although the Advisor has established processes to reduce the risk of cybersecurity incidents, there is no guarantee that these efforts will always be successful, especially considering that the Advisor does not control the cybersecurity measures and policies employed by third-party service providers, issuers of securities, broker-dealers, qualified custodians, governmental and other regulatory authorities, exchanges, and other financial market operators and providers. In compliance with Regulation S-P, the Advisor will notify clients in the event of a data breach involving their non-public personal information as required by applicable law. ● Portfolio Activity. Advisor has a fiduciary duty to provide services consistent with the client’s best interest. Advisor will review client portfolios on an ongoing basis to determine if any changes are necessary based upon various factors, including, but not limited to, investment performance, market conditions, fund manager tenure, style drift, account additions/withdrawals, and/or a change in the client’s investment objective. Based upon these factors, there may be extended periods of time when Advisor determines that changes to a client’s portfolio are unnecessary. Clients remain subject to the fees described in Item 5 below during periods of portfolio inactivity. Of course, as indicated below, there can be no assurance that investment decisions made by the Advisor will be profitable or equal any specific performance level(s). ● Cash Sweep Accounts. Certain account custodians can require that cash proceeds from account transactions or new deposits, be swept to and/or initially maintained in a specific custodian designated sweep account. The yield on the sweep account will generally be lower than those available for other money market accounts. When this occurs, to help mitigate the corresponding yield dispersion, Advisor shall (usually within 30 days thereafter) generally (with exceptions) purchase a higher yielding money market fund (or other type security) available on the custodian’s platform, unless Advisor reasonably anticipates that it will utilize the cash proceeds during the subsequent 30-day period to purchase additional investments for the client’s account. Exceptions and/or modifications can and will occur with respect to all or a portion of the cash balances for various reasons, including, but not limited to the amount of dispersion between the sweep account and a money market fund, the size of the cash balance, an indication from the client of an imminent need for such cash, or the client has a demonstrated history of writing checks from the account. The above does not apply to the cash component maintained within an Advisor actively managed investment strategy (the cash balances for which shall generally remain in the custodian designated cash sweep account), an indication from the client of a need for access to such cash, assets allocated to an unaffiliated investment manager, and cash balances maintained for fee billing purposes. The client shall remain exclusively responsible for yield dispersion/cash balance decisions and corresponding transactions for cash balances maintained in any Advisor unmanaged accounts. ● Client Obligations. In performing our services, Advisor shall not be required to verify any information received from the client or from the client’s other professionals, and is expressly authorized to rely thereon. Moreover, it remains each client’s responsibility to promptly notify Advisor if there is ever any change in his/her/its financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. ● Investment Risk. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Advisor) will be profitable or equal any specific performance level(s). Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 8 http://www.greyfoxwealth.com  ● Disclosure Brochure. A copy of Advisor’s written Brochure as set forth on Part 2A of Form ADV and Form CRS (Client Relationship Summary) shall be provided to each client prior to, or contemporaneously with, the execution of an agreement between the client and Advisor. C. Client Account Management Prior to engaging Grey Fox Wealth to provide investment advisory services, each Client is required to enter into one or more agreements with the Advisor that define the terms, conditions, authority, and responsibilities of the Advisor and of the Client. These services may include: ● Establishing an Investment Strategy – Grey Fox Wealth, by working closely with the Client, will develop a strategy that seeks to achieve the Client’s goals and objectives. ● Asset Allocation – Grey Fox Wealth will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation, and risk tolerance of each Client. ● Portfolio Construction – Grey Fox Wealth will develop a portfolio for the Client that is intended to meet the stated goals and objectives of the Client. ● Investment Management and Supervision – Grey Fox Wealth will provide investment management and ongoing oversight of the Client’s investment portfolio. D. Wrap Fee Programs Grey Fox Wealth does not manage or place Client assets into a wrap fee program. Investment management services are provided directly by Grey Fox Wealth. E. Assets Under Management At the time of the prior annual filing (March 1, 2025), the Advisor managed a total of $544,140,011.00 in assets under management ($460,603,850.00 in discretionary assets under management and $83,536,162.00 in non-discretionary assets under management). Assets under management shall be reported following the Advisor’s December 31 fiscal year end. Clients may request more current information at any time by contacting the Advisor. Item 5 – Fees and Compensation The following paragraphs detail the fee structure and compensation methodology for services provided by the Advisor. Each Client engaging the Advisor for services described herein shall be required to enter into a written agreement with the Advisor. A. Fees for Advisory Services Wealth Management Services Investment advisory fees are paid quarterly in advance pursuant to the terms of the investment advisory agreement. Investment advisory fees are based on the market value of assets under management at the end of the prior calendar quarter. Investment advisory fees are based on the following schedule: Assets Under Management ($) Up to $1,000,000 $1,000,001 to $2,500,000 $2,500,001 to $5,000,000 $5,000,001 to $10,000,000 $10,000,001 to $20,000,000 $20,000,001 and Over Annual Rate (%) 1.00% 0.85% 0.65% 0.50% 0.40% 0.30% Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 9 http://www.greyfoxwealth.com  The investment advisory fee in the first quarter of service is prorated from the inception date of the account[s] to the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take into consideration the aggregate assets under management with the Advisor at the Custodian and through Non-Custodial Partnerships. All securities held in accounts managed by Grey Fox Wealth will be independently valued by the Custodian. Non-custodial accounts will be independently valued by a third-party. Grey Fox Wealth will not have the authority or responsibility to value portfolio securities. As noted in Item 4, Grey Fox Wealth may charge its standard, assets-under-management fee schedule for non-discretionary recommendations for a Client’s “Held-Away Assets.” The Advisor’s fee is exclusive of, and in addition to, brokerage fees, transaction fees, and other related costs and expenses, which may be incurred by the Client. However, the Advisor shall not receive any portion of these commissions, fees, and costs. Financial Planning and Consulting Services Financial planning and consulting services are most often incorporated into the private wealth management services. However, in certain circumstances, these financial planning and consulting services can be offered independently on a fixed, fee-only, and/or contract-based structure. For specific, fee-only financial planning projects, financial consulting projects may be designed based on the type, timeline, and complexity of the individual situation. Contracts will be in writing and will include specific fee arrangements, start and end dates, and a method of fee calculation. In general, fees will be charged on an hourly-basis ($450 - $550 per hour) and will be paid in advance. Once the financial consulting project has been completed or in the case of early termination, any fees that exceed that amount of actual time required will be returned, by check, as appropriate. Pension Consulting and Retirement Plan Advisory Services Fees for pension consulting services are negotiable and are charged an annual asset-based fee of 0.15% for all assets under management and are billed in advance pursuant to the terms of the pension consulting agreement. Fees for retirement plan advisory services are charged an annual asset-based fee of up to 1.00% and are billed in advance pursuant to the terms of the retirement plan advisory agreement. Retirement plan advisory fees are based on the market value of assets under management at the end of the prior calendar quarter. Fees may be negotiable depending on the size and complexity of the Plan. B. Fee Billing Wealth Management Services Investment advisory fees are calculated by the Advisor or its delegate and deducted from the Client’s account[s] at the Custodian or paid via check. If deducted from the Client account[s] at the Custodian, the Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted from the Client’s account[s] at the beginning of the respective quarter. If paid via check, the Advisor will send an invoice to the Client. The amount due is calculated by applying the quarterly rate (annual rate divided by 4) to the total assets under management with Grey Fox Wealth at the end of the prior quarter. Clients will be provided with a statement, at least quarterly, from the Custodian reflecting deduction of the investment advisory fee. In addition, the Advisor will provide the Client a report itemizing the fee, including the calculation period covered by the fee, the account value and the methodology used to calculate the fee. It is the responsibility of the Client to verify the accuracy of these fees as listed on the Custodian’s brokerage statement as the Custodian does not assume this responsibility. Clients provide written authorization permitting advisory fees to be deducted by Grey Fox Wealth to be paid directly from their account[s] held by the Custodian as part of the investment advisory agreement and separate account forms provided by the Custodian. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 10 http://www.greyfoxwealth.com  Pension Consulting and Retirement Plan Advisory Services Pension consulting fees are withdrawn directly from the client’s account with the client’s written authorization. Retirement plan advisory fees may be directly invoiced to the Plan Sponsor or deducted from the assets of the Plan, depending on the terms of the retirement plan advisory agreement. C. Other Fees and Expenses Clients may incur certain fees or charges imposed by third parties, other than Grey Fox Wealth, in connection with investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities execution fees charged by the Custodian. The fees charged by Grey Fox Wealth are separate and distinct from these custody and execution fees. In addition, all fees paid to Grey Fox Wealth for investment advisory services are separate and distinct from the expenses charged by mutual funds and ETFs to their shareholders, if applicable. These fees and expenses are described in each fund’s prospectus. These fees and expenses will generally be used to pay management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage and account reporting), and a possible distribution fee. A Client may be able to invest in these products directly, without the services of Grey Fox Wealth, but would not receive the services provided by Grey Fox Wealth which are designed, among other things, to assist the Client in determining which products or services are most appropriate for each Client’s financial situation and objectives. Accordingly, the Client should review both the fees charged by the fund[s] and the fees charged by Grey Fox Wealth to fully understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for additional information. D. Advance Payment of Fees and Termination Wealth Management Services Grey Fox Wealth may be compensated for its services in advance of the quarter in which investment advisory services are rendered. Either party may terminate the investment advisory agreement, at any time, by providing advance written notice to the other party. The Client may also terminate the investment advisory agreement within five (5) business days of signing the Advisor’s agreement at no cost to the Client. After the five-day period, the Client will incur charges for bona fide advisory services rendered to the point of termination and such fees will be due and payable by the Client. The Advisor will refund any unearned, prepaid investment advisory fees from the effective date of termination to the end of the quarter. The Client’s investment advisory agreement with the Advisor is non-transferable without the Client’s prior consent. Retirement Plan Advisory Services Grey Fox Wealth is compensated for its services at the beginning of the quarter before retirement plan advisory services are rendered. Either party may terminate the retirement plan advisory agreement, at any time, by providing advance written notice to the other party. Upon termination, the Advisor will refund any unearned, prepaid retirement plan advisory fees from the effective date of termination to the end of the quarter. The Client’s retirement plan advisory agreement with the Advisor is non-transferable without the Client’s prior consent. E. Compensation for Sales of Securities Grey Fox Wealth does not buy or sell securities to earn commissions and does not receive any compensation for securities transactions in any Client account, other than the investment advisory fees noted above. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 11 http://www.greyfoxwealth.com  Item 6 – Performance-Based Fees and Side-By-Side Management Grey Fox Wealth does not charge performance-based fees for its investment advisory services. The fees charged by Grey Fox Wealth are as described in Item 5 – Fees and Compensation above and are not based upon the capital appreciation of the funds or securities held by any Client. Grey Fox Wealth does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) that involve Client investments and has no financial incentive to recommend any particular investment options to its Clients. Item 7 – Types of Clients Grey Fox Wealth offers investment advisory services to individuals, high net worth individuals, small businesses, and retirement plans in the State of Delaware and in other states. The number of each type of Client is available on Grey Fox Wealth’s Form ADV Part 1A. These numbers may change over time and are updated at least annually by the Advisor. Grey Fox Wealth does not have a “minimum account size” requirement. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis Grey Fox Wealth employs an academic approach to development of investment strategies for its Clients. Research and analysis from Grey Fox Wealth are derived from numerous sources, including financial media companies, third-party research materials, Internet sources, and reviews of company activities, including annual reports, prospectuses, press releases, and research prepared by others. Fundamental analysis utilizes economic and business indicators as investment selection criteria. This criteria consists generally of ratios and trends that may indicate the overall strength and financial viability of the entity being analyzed. Assets are deemed suitable if they meet certain criteria to indicate that they are a strong investment with a value discounted by the market. While this type of analysis helps the Advisor in evaluating a potential investment, it does not guarantee that the investment will increase in value. Assets meeting the investment criteria utilized in the fundamental analysis may lose value and may have negative investment performance. The Advisor monitors these economic indicators to determine if adjustments to strategic allocations are appropriate. More details on the Advisor’s review process are included below in Item 13 – Review of Accounts. Technical analysis involves the analysis of past market data rather than specific company data in determining the recommendations made to clients. Technical analysis may involve the use of charts to identify market patterns and trends, which may be based on investor sentiment rather than the fundamentals of the company. The primary risk in using technical analysis is that spotting historical trends may not help to predict such trends in the future. Even if the trend will eventually reoccur, there is no guarantee that Grey Fox Wealth will be able to accurately predict such a reoccurrence. As noted above, Grey Fox Wealth generally employs a long-term investment strategy for its Clients, as consistent with their financial goals. Grey Fox Wealth will typically hold all or a portion of a security for more than a year but may hold for shorter periods for the purpose of rebalancing a portfolio or meeting the cash needs of a Client. At times, Grey Fox Wealth may also buy and sell positions that are more short-term in nature, depending on the goals of the Client and/or the fundamentals of the security, sector, or asset class. B. Risk of Loss Investing in securities involves certain investment risks. Securities may fluctuate in value or lose value. Clients should be prepared to bear the potential risk of loss. Grey Fox Wealth will assist Clients in determining an Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 12 http://www.greyfoxwealth.com  appropriate strategy based on their tolerance for risk and other factors noted above. However, there is no guarantee that a Client will meet their investment goals. While the methods of analysis help the Advisor in evaluating a potential investment, it does not guarantee that the investment will increase in value. Assets meeting the investment criteria utilized in these methods of analysis may lose value and may have negative investment performance. The Advisor monitors these economic indicators to determine if adjustments to strategic allocations are appropriate. More details on the Advisor’s review process are included below in Item 13 – Review of Accounts. Each Client engagement will entail a review of the Client's investment goals, financial situation, time horizon, tolerance for risk, and other factors to develop an appropriate strategy for managing a Client's account. Client participation in this process, including full and accurate disclosure of requested information, is essential for the analysis of a Client's account[s]. The Advisor shall rely on the financial and other information provided by the Client or their designees without the duty or obligation to validate the accuracy and completeness of the provided information. It is the responsibility of the Client to inform the Advisor of any changes in financial condition, goals or other factors that may affect this analysis. The risks associated with a particular strategy are provided to each Client in advance of investing Client accounts. The Advisor will work with each Client to determine their tolerance for risk as part of the portfolio construction process. Following are some of the risks associated with certain components of the Advisor’s strategies: Market Risks The value of a Client’s holdings may fluctuate in response to events specific to companies or markets, as well as economic, political, or social events in the U.S. and abroad. This risk is linked to the performance of the overall financial markets. ETF Risks The performance of ETFs is subject to market risk, including the possible loss of principal. The price of the ETFs will fluctuate with the price of the underlying securities that make up the funds. In addition, ETFs have a trading risk based on the loss of cost efficiency if the ETFs are traded actively and a liquidity risk if the ETFs has a large bid-ask spread and low trading volume. The price of an ETF fluctuates based upon the market movements and may dissociate from the index being tracked by the ETF or the price of the underlying investments. An ETF purchased or sold at one point in the day may have a different price than the same ETF purchased or sold a short time later. Bond Risks Bonds are subject to specific risks, including the following: (1) interest rate risks, i.e. the risk that bond prices will fall if interest rates rise, and vice versa, the risk depends on two things, the bond's time to maturity, and the coupon rate of the bond, (2) reinvestment risk, i.e. the risk that any profit gained must be reinvested at a lower rate than was previously being earned, (3) inflation risk, i.e. the risk that the cost of living and inflation increase at a rate that exceeds the income investment thereby decreasing the investor’s rate of return, (4) credit default risk, i.e. the risk associated with purchasing a debt instrument which includes the possibility of the company defaulting on its repayment obligation, (5) rating downgrades, i.e. the risk associated with a rating agency’s downgrade of the company’s rating which impacts the investor’s confidence in the company’s ability to repay its debt, and (6) Liquidity Risks, i.e. the risk that a bond may not be sold as quickly as there is no readily available market for the bond. Mutual Fund Risks The performance of mutual funds is subject to market risk, including the possible loss of principal. The price of the mutual funds will fluctuate with the value of the underlying securities that make up the funds. Since the price of a mutual fund is typically set daily, a mutual fund purchased at one point in the day will typically have the same price as a mutual fund purchased later that same day. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 13 http://www.greyfoxwealth.com  Alternative Investments (Limited Partnerships) The performance of alternative investments (limited partnerships) can be volatile and may have limited liquidity. An investor could lose all or a portion of their investment. Such investments often have concentrated positions and investments that may carry higher risks. Clients should only have a portion of their assets in these investments. Company Risk When investing in stock positions, there is always a certain level of company or industry specific risk that is inherent in each investment. This is also referred to as unsystematic risk and can be reduced through appropriate diversification. There is the risk that the company will perform poorly or have its value reduced based on factors specific to the company or its industry. For example, if a company’s employees go on strike or the company receives unfavorable media attention for its actions, the value of the company may be reduced. Past performance is not a guarantee of future returns. Investing in securities and other investments involve a risk of loss that each Client should understand and be willing to bear. Clients are reminded to discuss these risks with the Advisor. Item 9 – Disciplinary Information There are no legal, regulatory, or disciplinary events involving Grey Fox Wealth or any of its Supervised Persons. Grey Fox Wealth values the trust you place in the Advisor. The Advisor encourages Clients to perform the requisite due diligence on any advisor or service provider that the Client engages. The background of the Advisor and its Advisory Persons are available on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with the Advisor’s firm name or CRD# 307172. Item 10 – Other Financial Industry Activities and Affiliations Grey Fox Capital, LLC The Advisor is affiliated, through common ownership, with Grey Fox Capital, LLC, which is a Delaware limited liability company. The Advisor is deemed to have control through management rights over Grey Fox Capital, LLC and, if/when there is an active investment opportunity, may have an incentive to recommend investments in the fund. Prior to recommending that a Client invest in the fund or any other fund provided by Grey Fox Capital, LLC, the Advisor will conduct appropriate due diligence to ensure the recommendation to a Client to invest aligns with the Client’s investment needs and objectives. Additionally, the Advisor has a strict internal policy that the Advisor will not charge a separate investment advisory fee for the management of the assets placed in the fund – in other words, there will be no “second management fee” collected by the common owners if the Client chooses to invest in a Grey Fox Capital fund. There is no requirement for the Advisor to recommend the fund to Clients nor are Clients obligated to invest in the fund. Currently, the Advisor does not manage or recommend any active funds for Grey Fox Capital, LLC. Grey Fox Wealth will comply with Section 211(b) of the Pennsylvania Securities Act of 1972 when offering federally-covered securities to Pennsylvania clients. Grey Fox Tax Advisors, LLC The Advisor is affiliated, through common ownership, with Grey Fox Tax Advisors, LLC (“GFT”), which is a Delaware limited liability company that provides accounting and tax services. Because the owners of Grey Fox Wealth also have an ownership interest in GFT, there is a potential conflict of interest when referring clients between Grey Fox Wealth and Grey Fox Tax, as the common ownership creates an incentive to recommend the services of GFT. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 14 http://www.greyfoxwealth.com  Prior to recommending that a Client engage Grey Fox Tax, the Advisor will conduct appropriate due diligence to ensure that the recommendation aligns with the Client’s specific needs and objectives. The Advisor has a strict internal policy that Grey Fox Wealth will not charge any additional advisory fee related to accounting or tax services provided by Grey Fox Tax. In other words, there will be no “second fee” collected by the common owners if the Client chooses to engage Grey Fox Tax for services. There is no requirement for the Advisor to recommend Grey Fox Tax, nor are Clients obligated to use Grey Fox Tax, and Clients remain free to select any accounting or tax provider of their choice. Additionally, Grey Fox Wealth has entered into a promoter arrangement with an individual affiliated with Grey Fox Tax, under which compensation may be paid for referrals of prospective clients to Grey Fox Wealth. This arrangement is made pursuant to the SEC’s Marketing Rule and applicable state requirements, and Grey Fox Wealth provides oversight of the promoter’s activities to ensure compliance. Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading A. Code of Ethics Grey Fox Wealth has implemented a Code of Ethics (the “Code”) that defines the Advisor’s fiduciary commitment to each Client. This Code applies to all persons associated with Grey Fox Wealth (“Supervised Persons”). The Code was developed to provide general ethical guidelines and specific instructions regarding the Advisor’s duties to you. Grey Fox Wealth and its Supervised Persons owe a duty of loyalty, fairness, and good faith toward each Client. It is the obligation of Grey Fox Wealth’s Supervised Persons to adhere not only to the specific provisions of the Code, but also to the general principles that guide the Code. The Code covers a range of topics that address employee ethics and conflicts of interest. To request a copy of the Code, please contact the Advisor at 302-482-3211 or via email at info@greyfoxwwealth.com. B. Personal Trading with Material Interest Grey Fox Wealth allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients. Grey Fox Wealth does not act as principal in any transactions. In addition, the Advisor does not act as the general partner of a fund or advise an investment company. Grey Fox Wealth does not have a material interest in any securities traded in Client accounts. C. Personal Trading in Same Securities as Clients Grey Fox Wealth allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients. Owning the same securities we recommend (purchase or sell) to you presents a conflict of interest that, as fiduciaries, we must disclose to you and mitigate through policies and procedures. As noted above, we have adopted the Code to address insider trading (material non-public information controls); gifts and entertainment; outside business activities and personal securities reporting. When trading for personal accounts, Supervised Persons may have a conflict of interest if trading in the same securities. The fiduciary duty to act in the best interest of its Clients can potentially be violated if personal trades are made with more advantageous terms than Client trades, or by trading based on material non-public information. This risk is mitigated by Grey Fox Wealth by conducting a coordinated review of personal accounts and the accounts of the Clients. We have also adopted written policies and procedures to detect the misuse of material, non-public information. D. Personal Trading at Same Time as Client While Grey Fox Wealth allows our Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients, such trades are typically aggregated with Client orders or traded afterwards. At no time will Grey Fox Wealth, or any Supervised Person of Grey Fox Wealth, transact in any security to the detriment of any Client. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 15 http://www.greyfoxwealth.com  Item 12 – Brokerage Practices A. Recommendation of Custodian[s] Grey Fox Wealth does not have discretionary authority to select the broker-dealer/custodian for custody and execution services. The Client will engage the broker-dealer/custodian (herein the "Custodian") to safeguard Client assets and authorize Grey Fox Wealth to direct trades to the Custodian as agreed upon in the investment advisory agreement. Further, Grey Fox Wealth does not have the discretionary authority to negotiate commissions on behalf of Clients on a trade-by-trade basis. While Grey Fox Wealth does not exercise discretion over the selection of the Custodian, it may recommend the Custodian[s] to Clients for custody and execution services. Clients are not obligated to use the Custodian recommended by the Advisor and will not incur any extra fee or cost associated with using a Custodian not recommended by Grey Fox Wealth. However, the Advisor may be limited in the services it can provide if the recommended Custodian is not engaged. Grey Fox Wealth may recommend the Custodian based on criteria such as, but not limited to, reasonableness of commissions charged to the Client, services made available to the Client, and its reputation and/or the location of the Custodian’s offices. The following are additional details regarding the brokerage practices of the Advisor: Soft Dollars - Soft dollars are revenue programs offered by broker-dealers/custodians whereby an advisor enters into an agreement to place security trades with a broker-dealer/custodian in exchange for research and other services. Grey Fox Wealth does not participate in soft dollar programs sponsored or offered by any broker-dealer/custodian. However, the Advisor receives certain economic benefits from the Custodian. Please see Item 14 – Client Referrals and Other Compensation. Brokerage Referrals - Grey Fox Wealth does not receive any compensation from any third party in connection with the recommendation for establishing an account. Directed Brokerage - All Clients are serviced on a “directed brokerage basis,” where Grey Fox Wealth will place trades within the established account[s] at the Custodian designated by the Client. Further, all Client accounts are traded within their respective brokerage account[s]. The Advisor will not engage in any principal transactions (i.e., trade of any security from or to the Advisor’s own account) or cross transactions with other Client accounts (i.e., purchase of a security into one Client account from another Client’s account[s]). Grey Fox Wealth will not be obligated to select competitive bids on securities transactions and does not have an obligation to seek the lowest available transaction cost. These costs are determined by the Custodian. B. Aggregating and Allocating Trades The primary objective in placing orders for the purchase and sale of securities for Client accounts is to obtain the most favorable net results taking into account such factors as 1) price, 2) size of order, 3) difficulty of execution, 4) confidentiality, and 5) skill required of the Custodian. Grey Fox Wealth will execute its transactions through the Custodian as authorized by the Client. Grey Fox Wealth may aggregate orders in a block trade or trades when securities are purchased or sold through the same broker-dealer for multiple (discretionary) accounts in the same trading day. If a block trade cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day must be allocated in a manner that is consistent with the initial pre-allocation or other written statement. This must be done in a way that does not consistently advantage or disadvantage any particular Client accounts. Item 13 – Review of Accounts A. Frequency of Reviews Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 16 http://www.greyfoxwealth.com  Securities in Client accounts are monitored on a regular and continuous basis by Theodore J. Lauzen, Chief Compliance Officer of Grey Fox Wealth. Formal reviews are generally conducted at least annually or more frequently depending on the needs of the Client. B. Causes for Reviews In addition to the investment monitoring noted in Item 13.A., each Client account shall be reviewed at least annually. Reviews may be conducted more frequently at the Client’s request. Accounts may be reviewed as a result of major changes in economic conditions, known changes in the Client’s financial situation, and/or large deposits or withdrawals in the Client’s account[s]. The Client is encouraged to notify Grey Fox Wealth if changes occur in the Client’s personal financial situation that might adversely affect the Client’s investment plan. Additional reviews may be triggered by material market, economic, or political events. C. Review Reports The Client will receive brokerage statements no less than quarterly from the Custodian. These brokerage statements are sent directly from the Custodian to the Client. The Client may also establish electronic access to the Custodian’s website so that the Client may view these reports and their account activity. Client brokerage statements will include all positions, transactions, and fees relating to the Client’s account[s]. The Advisor may also provide Clients with periodic reports regarding their holdings, allocations, and performance. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 17 http://www.greyfoxwealth.com  Item 14 – Client Referrals and Other Compensation A. Compensation Received by Grey Fox Wealth Grey Fox Wealth is a fee-based advisory firm that is compensated solely by its Clients and not from any investment product. Grey Fox Wealth does not receive commissions or other compensation from product sponsors, broker-dealers, or any unrelated third party. Grey Fox Wealth may refer Clients to various unaffiliated, non-advisory professionals (e.g. attorneys, accountants, estate planners) to provide certain financial services necessary to meet the goals of its Clients. Likewise, Grey Fox Wealth may receive non-compensated referrals of new Clients from various third-parties. Participation in Institutional Advisor Platform Grey Fox Wealth has established an institutional relationship with the Custodian to assist the Advisor in managing Client account[s]. Access to the Custodian platform is provided at no charge to the Advisor. The Advisor receives access to software and related support without cost because the Advisor renders investment management services to Clients that maintain assets at the Custodian. The software and related systems support may benefit the Advisor, but not its Clients directly. In fulfilling its duties to its Clients, the Advisor endeavors at all times to put the interests of its Clients first. Clients should be aware, however, that the receipt of economic benefits from a Custodian creates a potential conflict of interest since these benefits may influence the Advisor's recommendation of this Custodian over one that does not furnish similar software, systems support, or services. B. Client Referrals from Solicitors While Grey Fox Wealth does provide compensation to in-house promoters, the company does not engage paid solicitors for client referrals. Item 15 – Custody Grey Fox Wealth does not accept or maintain custody of any Client accounts, except for the authorized deduction of the Advisor’s fees. All Clients must place their assets with a “qualified custodian”. Clients are required to engage the Custodian to retain their funds and securities and direct Grey Fox Wealth to utilize that Custodian for the Client’s security transactions. Clients should review statements provided by the Custodian and compare to any reports provided by Grey Fox Wealth to ensure accuracy, as the Custodian does not perform this review. For more information about custodians and brokerage practices, see Item 12 - Brokerage Practices. If the Client gives the Advisor authority to move money from one account to another account, the Advisor may have custody of those assets. In order to avoid additional regulatory requirements, the Custodian and the Advisor have adopted safeguards to ensure that the money movements are completed in accordance with the Client’s instructions. Given recent updates to guidance in the state of Pennsylvania, Grey Fox Wealth may maintain custody (in the state’s interpretation) of client funds during approved standing letters of authorization (SLOA) procedures. Since many clients prefer the effectiveness and efficiency of the SLOA process, Grey Fox Wealth will comply with the guidance detailed in the state’s June 2019 letter. Standing Letters of Authorization When the Advisor has written authorization from the client, the Advisor may effect money transfers from a client's account to one or more third-parties designated by the client without obtaining consent for each individual transaction. This written authorization is commonly referred to as a Standing Letter of Authorization (“SLOA”). An adviser with the authority to conduct such transfers is deemed to have custody over the client's assets in the related accounts. The Advisor is not required to undergo a surprise annual audit, which is otherwise necessary for custody, as long as we meet the following conditions: Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 18 http://www.greyfoxwealth.com  ● You provide signed written instructions to your qualified custodian (typically, Schwab) including the third party’s name, the third party’s address or the third party’s account number at a custodian to which the transfer should be directed. ● You authorize us in writing to direct transfers to the third party either on a specific schedule or from time to time. ● Your qualified custodian confirms your authorization (e.g., by reviewing the signature or other verification method) and provides a transfer of funds notice to you promptly after each transfer. ● You can terminate or change the instruction to your custodian. ● The Advisor has no authority or ability to change the identity of the third party, the address, or any other information about the third party. ● The Advisor maintains records showing that the third party is not related to us and is not located at the same address as us. ● Your qualified custodian sends you a written initial notice confirming the instruction and a written annual notice reconfirming the instruction. We confirm that the Advisor works with your qualified custodian to meet all the above conditions. Item 16 – Investment Discretion Grey Fox Wealth generally has discretion over the selection and amount of securities to be bought or sold in Client accounts without obtaining prior consent or approval from the Client. However, these purchases or sales may be subject to specified investment objectives, guidelines, or limitations previously set forth by the Client and agreed to by Grey Fox Wealth. Discretionary authority will only be authorized upon full disclosure to the Client. The granting of such authority will be evidenced by the Client's execution of an investment advisory agreement containing all applicable limitations to such authority. All discretionary trades made by Grey Fox Wealth will be in accordance with each Client's investment objectives and goals. Item 17 – Voting Client Securities Grey Fox Wealth does not accept proxy-voting responsibility for any Client. Clients will receive proxy statements directly from the Custodian. The Advisor will assist in answering questions relating to proxies, however, the Client retains the sole responsibility for proxy decisions and voting. Clients may contact the Advisor at (302) 482-3211 with any questions. Item 18 – Financial Information Neither Grey Fox Wealth, nor its management, have any adverse financial situations that would reasonably impair the ability of Grey Fox Wealth to meet all obligations to its Clients. Neither Grey Fox Wealth, nor any of its Advisory Persons, have been subject to a bankruptcy or financial compromise. Grey Fox Wealth is not required to deliver a balance sheet along with this Disclosure Brochure as the Advisor does not collect advance fees of $1200 or more for services to be performed six months or more in the future. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 19 http://www.greyfoxwealth.com  Form ADV Part 2B – Brochure Supplement for Theodore J. Lauzen Partner and Chief Compliance Officer Effective: March 1, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Theodore J. Lauzen (CRD# 6773478) in addition to the information contained in the Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”, CRD# 307172) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Grey Fox Wealth Disclosure Brochure or this Brochure Supplement, please contact the Advisor (302) 482-3211 or by email at info@greyfoxwwealth.com. Additional information about Mr. Lauzen is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6773478. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 20 http://www.greyfoxwealth.com  Item 2 – Educational Background and Business Experience Theodore J. Lauzen, born in 1984, is dedicated to advising clients of Grey Fox Wealth as a Partner. Mr. Lauzen earned a Bachelor of Arts from Duke University in 2007, a Juris Doctor from the University of Pennsylvania Law School in 2020, and a Masters in Business Administration from The Wharton School of the University of Pennsylvania in 2020. Additional information regarding Mr. Lauzen’s employment history is included below. Employment History: Partner, Grey Fox Wealth Advisors, LLC Partner, Grey Fox Capital, LLC Clerk, Connolly Gallagher, L.P. Founding Advisor, Nimbly, LLC Investment Banking Intern, Goldman Sachs Captain, United States Marine Corps 11/2019 to Present 05/2019 to Present 12/2020 to 04/2021 05/2017 to 02/2020 03/2017 to 05/2017 05/2007 to 03/2017 Item 3 – Disciplinary Information There are no legal, civil, or disciplinary events to disclose regarding Mr. Lauzen. Mr. Lauzen has never been involved in any regulatory, civil, or criminal action. There have been no client complaints, lawsuits, arbitration claims, or administrative proceedings against Mr. Lauzen. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil, or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair, or unethical practices. As previously noted, there are no legal, civil, or disciplinary events to disclose regarding Mr. Lauzen. However, we do encourage you to independently view the background of Mr. Lauzen on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6773478. Item 4 – Other Business Activities Grey Fox Capital, LLC Mr. Lauzen is a Partner of Grey Fox Capital, LLC, which is a Delaware limited liability company and the managing member of Delaware Opportunity Zone Fund I, LLC. Although the fund is not currently active, this position may (if/when the fund becomes active) present a conflict of interest as Mr. Lauzen may benefit from additional revenues generated from Grey Fox Capital, LLC – however, as an established and strict policy, Clients of Grey Fox Wealth Advisors never pay a second management fee if they choose to invest in a fund managed by Grey Fox Capital. There is no requirement for Mr. Lauzen to recommend the fund to Clients, nor are Clients obligated to invest in the fund. Mr. Lauzen spends approximately 1% of his time per month in his role as a Partner of Grey Fox Capital, LLC. Grey Fox Tax Advisors, LLC Mr. Lauzen is a Partner of Grey Fox Tax Advisors, LLC (“GFT”). GFT is a Delaware limited liability company that provides accounting, tax planning, and return filing services. Since Mr. Lauzen has an ownership interest in GFT, the position presents a potential conflict of interest. When Grey Fox Wealth clients are referred to GFT, Mr. Lauzen may indirectly benefit from the subsequent revenues. There is no requirement for Mr. Lauzen to recommend Grey Fox Tax to Clients or for Clients to use GFT for accounting, tax planning, or return filing services. Clients remain free to select any accounting or tax provider of Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 21 http://www.greyfoxwealth.com  their choice. Mr. Lauzen spends less than 5% of his time per month in his role as a Partner of Grey Fox Tax Advisors, LLC. Item 5 – Additional Compensation Mr. Lauzen has additional business activities where compensation is received that are detailed in Item 4 above. Item 6 – Supervision Mr. Lauzen serves as a Partner and the Chief Compliance Officer of Grey Fox Wealth Advisors and is supervised by Mr. Kevin Dombrowski, a Partner. Mr. Lauzen can be reached at (302) 482-3211. Grey Fox Wealth has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Grey Fox Wealth. Further, Grey Fox Wealth is subject to regulatory oversight by various agencies. These agencies require registration by Grey Fox Wealth and its Supervised Persons. As a registered entity, Grey Fox Wealth is subject to examinations by regulators, which may be announced or unannounced. Grey Fox Wealth is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 22 http://www.greyfoxwealth.com  Form ADV Part 2B – Brochure Supplement for Kevin J. Dombrowski Partner Effective: March 1, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Kevin J. Dombrowski (CRD# 6873509) in addition to the information contained in the Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”, CRD# 307172) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Grey Fox Wealth Disclosure Brochure or this Brochure Supplement, please contact Grey Fox the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Additional information about Mr. Dombrowski is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6873509. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 23 http://www.greyfoxwealth.com  Item 2 – Educational Background and Business Experience Kevin J. Dombrowski, born in 1985, is dedicated to advising Clients of Grey Fox Wealth as a Partner. Mr. Dombrowski earned an MBA, Finance from Kellogg School of Management, Northwestern University in 2013. Mr. Dombrowski also earned a BA, Economics from the University of Michigan in 2007. Additional information regarding Mr. Dombrowski’s employment history is included below. Employment History: Partner, Grey Fox Wealth Advisors, LLC Partner, Grey Fox Capital, LLC Director of Client Development, MainLine Private Wealth, LLC Senior Vice President, Morningstar, Inc. 03/2020 to Present 05/2019 to Present 10/2017 to 03/2020 07/2007 to 10/2017 Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Dombrowski. Mr. Dombrowski has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Mr. Dombrowski. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Mr. Dombrowski. However, we do encourage you to independently view the background of Mr. Dombrowski on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6873509. Item 4 – Other Business Activities Grey Fox Capital, LLC Mr. Dombrowski is a Partner of Grey Fox Capital, LLC, which is a Delaware limited liability company and the managing member of Delaware Opportunity Zone Fund I, LLC. Although the fund is not currently active, this position may (if/when the fund becomes active) present a conflict of interest as Mr. Dombrowski may benefit from additional revenues generated from Grey Fox Capital, LLC. However, as an established and strict policy, Clients of Grey Fox Wealth Advisors never pay a second management fee if they choose to invest in a fund managed by Grey Fox Capital. There is no requirement for Mr. Dombrowski to recommend the fund to Clients, nor are Clients obligated to invest in the fund. Mr. Dombrowski spends approximately 1% of his time per month – mostly outside of securities trading hours – in his role as a Partner of Grey Fox Capital, LLC. Grey Fox Tax Advisors, LLC Mr. Dombrowski is a Partner of Grey Fox Tax Advisors, LLC (“GFT”). GFT is a Delaware limited liability company that provides accounting, tax planning, and return filing services. Since Mr. Dombrowski has an ownership interest in GFT, the position presents a potential conflict of interest. When Grey Fox Wealth clients are referred to GFT, Mr. Dombrowski may indirectly benefit from the subsequent revenues. There is no requirement for Mr. Dombrowski to recommend Grey Fox Tax to Clients or for Clients to use GFT for accounting, tax planning, or return filing services. Clients remain free to select any accounting or tax provider of their choice. Mr. Dombrowski spends less than 5% of his time per month in his role as a Partner of Grey Fox Tax Advisors, LLC. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 24 http://www.greyfoxwealth.com  Item 5 – Additional Compensation Mr. Dombrowski has additional business activities where compensation is received that are detailed in Item 4 above. Item 6 – Supervision Mr. Dombrowski serves as a Partner of Grey Fox Wealth and is supervised by Theodore Lauzen, a Partner. Mr. Lauzen can be reached at (302) 482-3211. Grey Fox Wealth has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Grey Fox Wealth. Further, Grey Fox Wealth is subject to regulatory oversight by various agencies. These agencies require registration by Grey Fox Wealth and its Supervised Persons. As a registered entity, Grey Fox Wealth is subject to examinations by regulators, which may be announced or unannounced. Grey Fox Wealth is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 25 http://www.greyfoxwealth.com  Form ADV Part 2B – Brochure Supplement for Ryan Patrick Bonner Investment Adviser Representative Effective: March 1, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Ryan Patrick Bonner (CRD# 7047545) in addition to the information contained in the Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”, CRD# 307172) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Grey Fox Wealth Disclosure Brochure or this Brochure Supplement, please contact Grey Fox the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Additional information about Mr. Bonner is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7047545. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 26 http://www.greyfoxwealth.com  Item 2 – Educational Background and Business Experience Ryan Patrick Bonner, born in 1993, is dedicated to advising Clients of Grey Fox Wealth as an Investment Adviser Representative. Mr. Bonner earned a BA in Accounting from the University of Notre Dame in 2016 and a Master of Business Administration from Villanova University in 2021. Mr. Bonner also earned his Certified Public Accountant (CPA) designation in 2018. Additional information regarding Mr. Bonner’s employment history is included below. Employment History: Investment Adviser Representative Grey Fox Wealth Advisors, LLC Associate Brand Manager, Kenvue, Inc (formerly Johnson & Johnson) Graduate Research Assistant, Villanova University Audit Associate, PricewaterhouseCoopers 02/2024 to Present 05/2021 to 02/2024 08/2019 to 05/2021 10/2016 to 06/2019 Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Bonner. Mr. Bonner has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Mr. Bonner. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Mr. Bonner. However, we do encourage you to independently view the background of Mr. Bonner on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7047545. Item 4 – Other Business Activities Grey Fox Tax Advisors, LLC Mr. Bonner is a Partner of Grey Fox Tax Advisors, LLC (“GFT”). GFT is a Delaware limited liability company that provides accounting, tax planning, and return filing services. Since Mr. Bonner has an ownership interest in GFT, the position presents a potential conflict of interest. When Grey Fox Wealth clients are referred to GFT, Mr. Bonner may indirectly benefit from the subsequent revenues. There is no requirement for Mr. Bonner to recommend Grey Fox Tax to Clients or for Clients to use GFT for accounting, tax planning, or return filing services. Clients remain free to select any accounting or tax provider of their choice. Mr. Bonner spends less than 5% of his time per month in his role as a Partner of Grey Fox Tax Advisors, LLC. Item 5 – Additional Compensation Mr. Bonner does not receive any economic benefit from any person, company, or organization, other than Grey Fox Wealth Advisors, LLC in exchange for providing clients advisory services through Grey Fox Wealth Advisors, LLC. Item 6 – Supervision Mr. Bonner serves as an Investment Adviser Representative of Grey Fox Wealth and is supervised by Theodore Lauzen, a Partner. Mr. Bonner can be reached at (302) 482-3211. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 27 http://www.greyfoxwealth.com  Grey Fox Wealth has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Grey Fox Wealth. Further, Grey Fox Wealth is subject to regulatory oversight by various agencies. These agencies require registration by Grey Fox Wealth and its Supervised Persons. As a registered entity, Grey Fox Wealth is subject to examinations by regulators, which may be announced or unannounced. Grey Fox Wealth is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 28 http://www.greyfoxwealth.com  Form ADV Part 2B – Brochure Supplement for Theodore Christian Poppe Investment Adviser Representative Effective: March 1, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Theodore Christian Poppe (CRD# 6547029) in addition to the information contained in the Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”, CRD# 307172) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Grey Fox Wealth Disclosure Brochure or this Brochure Supplement, please contact Grey Fox the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Additional information about Mr. Poppe is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6547029. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 29 http://www.greyfoxwealth.com  Item 2 – Educational Background and Business Experience Theodore Christian Poppe, born in 1993, is dedicated to advising Clients of Grey Fox Wealth as an Investment Adviser Representative. Mr. Poppe earned a BA in Finance with a focus on investments from the University of South Carolina in 2015. Mr. Poppe also earned his Chartered Financial Analyst (CFA) designation in 2023. Additional information regarding Mr. Poppe’s employment history is included below. Employment History: Investment Adviser Representative Grey Fox Wealth Advisors, LLC Business Development Associate, Brinker Capital Investments Internal Wholesaler, MetLife Insurance Company 07/2023 to Present 08/2017 to 07/2023 07/2015 to 06/2017 Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Poppe. Mr. Poppe has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Mr. Poppe. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Mr. Poppe. However, we do encourage you to independently view the background of Mr. Poppe on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6547029. Item 4 – Other Business Activities Mr. Poppe is not engaged in any investment-related business or occupation (other than this advisory firm). Item 5 – Additional Compensation Mr. Poppe does not receive any economic benefit from any person, company, or organization, other than Grey Fox Wealth Advisors, LLC in exchange for providing clients advisory services through Grey Fox Wealth Advisors, LLC. Item 6 – Supervision Mr. Poppe serves as an Investment Adviser Representative of Grey Fox Wealth and is supervised by Theodore Lauzen, a Partner. Mr. Poppe can be reached at (302) 482-3211. Grey Fox Wealth has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Grey Fox Wealth. Further, Grey Fox Wealth is subject to regulatory oversight by various agencies. These agencies require registration by Grey Fox Wealth and its Supervised Persons. As a registered entity, Grey Fox Wealth is subject to examinations by regulators, which may be announced or unannounced. Grey Fox Wealth is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 30 http://www.greyfoxwealth.com  Form ADV Part 2B – Brochure Supplement for Ellen Powers Investment Adviser Representative Effective: March 1, 2025 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Ellen Powers (CRD# 141130) in addition to the information contained in the Grey Fox Wealth Advisors, LLC (“Grey Fox Wealth” or the “Advisor”, CRD# 307172) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Grey Fox Wealth Disclosure Brochure or this Brochure Supplement, please contact Grey Fox the Advisor at (302) 482-3211 or by email at info@greyfoxwwealth.com. Additional information about Ms. Powers is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or her Individual CRD# 141130. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 31 http://www.greyfoxwealth.com  Item 2 – Educational Background and Business Experience Ellen Powers, born in 1958, is dedicated to advising Clients of Grey Fox Wealth as an Investment Adviser Representative. Ms. Powers earned an MBA, Finance and Investments from George Washington University in 1992. Ms. Powers also earned a BA, History from Brown University in 1981. Additional information regarding Ms. Powers’ employment history is included below. Employment History: Investment Adviser Representative Grey Fox Wealth Advisors, LLC President, Ascend Investment Management 08/2022 to Present 09/2006 - Present Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Ms. Powers. Ms. Powers has never been involved in any regulatory, civil or criminal action. There have been no client complaints, lawsuits, arbitration claims or administrative proceedings against Ms. Powers. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding Ms. Powers. However, we do encourage you to independently view the background of Ms. Powers on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 141130. Item 4 – Other Business Activities Ms. Powers is not engaged in any investment-related business or occupation (other than this advisory firm). Item 5 – Additional Compensation Ms. Powers does not receive any economic benefit from any person, company, or organization, other than Grey Fox Wealth Advisors, LLC in exchange for providing clients advisory services through Grey Fox Wealth Advisors, LLC. Item 6 – Supervision Ms. Powers serves as an Investment Adviser Representative of Grey Fox Wealth and is supervised by Theodore Lauzen, a Partner. Mr. Lauzen can be reached at (302) 482-3211. Grey Fox Wealth has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Grey Fox Wealth. Further, Grey Fox Wealth is subject to regulatory oversight by various agencies. These agencies require registration by Grey Fox Wealth and its Supervised Persons. As a registered entity, Grey Fox Wealth is subject to examinations by regulators, which may be announced or unannounced. Grey Fox Wealth is required to periodically update the information provided to these agencies and to provide various reports regarding the business activities and assets of the Advisor. Grey Fox Wealth Advisors, LLC 100 South Rockland Falls Road, Rockland, DE 19732 Phone: (302) 482-3211 Page 32 http://www.greyfoxwealth.com