HCM WEALTH ADVISORS

6116 Harrison Avenue  Cincinnati, Ohio 45247 Part 2A of Form ADV Firm Brochure February 12, 2026 Phone: 513.598.5120 Email: info@hcmwealthadvisors.com Website: hcmwealthadvisors.com Part 2A of Form ADV: Firm Brochure This Brochure provides information about the qualifications and business practices of Hengehold Capital Management LLC dba HCM Wealth Advisors. If you have any questions about the contents of this Brochure, please contact us at 513.598.5120 or info@HCMWealthAdvisors.com. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. HCM Wealth Advisors is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. Additional information about HCM Wealth Advisors also is available on the SEC’s website at www.adviserinfo.sec.gov. HCM Wealth Advisors’ CRD number is 107700.  Item 2 Summary of Material Changes There have been no material changes since the February 20, 2025, Form ADV filed on the IARD system. 1  Item 3 Table of Contents ADV Part 2A Page Item 1 Cover Page Item 2 Summary of Material Changes 1 Item 3 Table of Contents 2 Item 4 Advisory Business 3 Item 5 Fees and Compensation 4 Item 6 Performance-Based Fees and Side-By-Side Management 5 Item 7 Types of Clients 5 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss 6 Item 9 Disciplinary Information 7 Item 10 Other Financial Industry Activities and Affiliations 7 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading 8 Item 12 Brokerage Practices 9 Item 13 Review of Accounts 11 Item 14 Client Referrals and Other Compensation 11 Item 15 Custody 11 Item 16 Investment Discretion 12 Item 17 Voting Client Securities 12 Item 18 Financial Information 12 Privacy Policy 12 Form ADV Part 2b for Each Supervised Person 14 2  Item 4 Advisory Business Hengehold Capital Management LLC dba HCM Wealth Advisors (HCM Wealth Advisors) was organized in 1990 and is a Registered Investment Adviser with the SEC with its principal place of business located in Ohio. The Firm's majority owner is Michael Hengehold. HCM Wealth Advisors is a fiduciary and is required to act in a client’s best interest at all times. Individual Portfolio Management: HCM Wealth Advisors provides continuous management to our clients regarding the investment of their funds. Working with the client, we establish an investment policy (stated in the client’s management agreement as a neutral asset allocation target) and create and manage a portfolio based on that policy. During our data-gathering process, we review the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history. We manage these advisory accounts on a discretionary basis. Discretionary means the trading activity with your account is directed by us without receiving prior authorization. Discretion grants Advisor the authority to implement asset allocation changes that may be substantially different than the clients’ neutral allocation target, based on Advisor’s opinion of investment risk and/or opportunity. Clients retain ownership of all securities. Our investment recommendations include, but are not limited to advice regarding the following securities: • Certificates of deposit • Commercial paper • Corporate debt securities • Exchange-listed securities (Stocks and ETFs) • Foreign issuers • Municipal securities • Mutual fund shares • Options contracts on securities • United States government securities • Variable annuities • Warrants Because some types of investments involve certain additional degrees of risk, they will only be utilized when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. Advisor will, with certain limited exceptions, determine the portfolio holdings to be utilized. HCM Wealth Advisors’ investment style is long-term and should be evaluated over full market cycles. Our Firm provides portfolio management services to clients using model based asset allocation portfolios. Each model portfolio is based on risk and return assumptions developed by reference to long term historical observations that may or may not repeat in the future. Portfolio results should not be considered a predictor of future results. Through discussions with the client, we establish portfolio goals and objectives. We help the client decide which model portfolio is suitable based on the client's circumstances and what customization may be appropriate. Once the suitability of the portfolio has been determined, the portfolio is managed based on the model’s goal, with client specific modifications based on unique cash flow needs. Clients may decline to implement any advice rendered. To confirm that the initial determination of an appropriate portfolio remains suitable and that the account continues to be managed in a manner consistent with the client's financial circumstances, we will: 1. Periodically contact each client to ask if there have been any changes in the client's financial situation or investment objectives, 2. Ask if the client wishes to impose investment restrictions or modify existing restrictions; 3  3. Be available to meet with the client at their convenience. Selection and Monitoring of Third-Party Money Managers and Sub-Advisers: Some clients’ investment portfolios are managed by outside portfolio managers. We select and review outside portfolio managers based on the following factors: cost; investment philosophy; • past performance; • • • market outlook; • experience of portfolio managers and executive team; • opinions of third-party analysts; • disciplinary, legal and regulatory histories of the firm and its associates; • whether established compliance procedures are in place to address at a minimum, insider trading, conflicts of interest, anti-money laundering; • proxy voting policy. We do not calculate portfolio manager performance. Instead, we rely upon the performance figures based on the client’s account statements or reports provided to us by the outside portfolio managers. We do, however, watch out for several types of events in conjunction with poor performance. These events trigger an in-depth review of an outside portfolio manager and primarily include: • Significant changes in asset allocation; • Substantial drift in investment style; and/or • Sustained under-performance. We do not verify the accuracy of such performance information or its compliance with presentation standards. As a result, performance information may not be calculated on a uniform and consistent basis. We can hire or delegate authority to independent third-party investment managers and sub-advisers to manage a portion of our client's portfolio through advisory management services programs and we have the ability to fire independent third-party managers and sub-advisers. In addition, we offer financial planning services, schedule meetings and calls to keep the plan current and monitor changes in your personal situation. These financial planning services are included in the portfolio management services previously described. HCM Wealth Advisors publishes a periodic newsletter at no charge, providing general information on various topics. No specific investment recommendations are provided and the information is not intended to meet the objectives or needs of any individual. Amount Of Managed Assets As of 12/31/2025 we were actively managing $1,230,580,072 of clients' assets on a discretionary basis. Fees and Compensation Item 5 The fee for the Advisory Service is based on the following schedule: SIZE OF ACCOUNT ANNUAL FEE LAYER I $0 to $1,000,000 1.00 % LAYER II $1,000,001 to $5,000,000 .75 % LAYER III OVER $5,000,000 .50 % Existing clients may have a different fee schedule. The fees described above may be for multiple account management services and are based on the total market value of assets under management. Fees are deducted directly from the client's brokerage account at the beginning of each quarter. A pro rata formula is used when establishing a new account in the middle of a quarter. Clients are billed only for the time their assets are under management. We retain the option to negotiate fees and compensation on a client-by-client basis. Factors to consider may include: the complexity of the client’s situation, assets to be placed under management, anticipated future additional assets and related accounts, among other factors. The specific annual fee schedule will be identified in the contract between HCM Wealth Advisors and each client. 4  Discounts may be offered to family members and HCM Wealth Advisors employees. General Information Regarding Fees Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either party, for any reason. As disclosed above, certain fees are paid in advance of services provided. Upon termination of any account, any prepaid unearned fees will be promptly refunded. We will pro rate the reimbursement according to the number of days remaining in the billing period. Mutual Fund Fees: All fees paid to HCM Wealth Advisors for investment advisory services are separate and distinct from the fees and expenses charged by mutual funds and/or ETFs to their shareholders. These fees and expenses are described in each fund's prospectus. These fees will generally include a management fee, other fund expenses, and a possible distribution fee. A client could invest in a mutual fund or ETF directly, without our services. In that case, the client would not receive the services which may be provided by our Firm which are designed to assist the client with strategic and tactical asset allocation, cash flow planning, financial independence studies, retirement planning services and determining which securities are most appropriate for each client's financial condition and objectives. Clients should review the fees charged by the funds and our fees to fully understand the total amount to be paid by the client for the advisory services being provided. Separately Managed Account Fees: Clients participating in separately managed account programs will be charged fees by third-party money managers or sub-advisers, in addition to the advisory fee charged by our Firm. Additional Fees and Expenses: In addition to our advisory fees, clients are also responsible for the fees and expenses, if any, charged by custodians and imposed by broker dealers, including, but not limited to, any transaction charges imposed by a broker dealer responsible for processing transactions for the client's accounts. Please refer to Item 12 Brokerage Practices Section of this Form ADV for additional information. ERISA Accounts: HCM Wealth Advisors is a fiduciary to advisory clients that are employee benefit plans or individual retirement accounts (IRAs) pursuant to the Employee Retirement Income and Securities Act (“ERISA”). As such, our Firm is subject to specific duties and obligations under ERISA and the Internal Revenue Code that include among other things, restrictions concerning certain forms of compensation. To avoid engaging in prohibited transactions, HCM Wealth Advisors only charges fees for investment advice and does not accept any commission on revenue or 12b-1 fees for ERISA and Non-ERISA accounts. Advisory Fees in General: Clients should note that similar advisory services may or may not be available from other registered investment advisers for similar or higher or lower fees. Limited Prepayment of Fees: Under no circumstances do we require or solicit payment more than three months in advance of services rendered. Item 6 Performance-Based Fees and Side-By-Side Management HCM Wealth Advisors does not charge performance-based fees and does not engage in side-by-side management. Item 7 Types of Clients HCM Wealth Advisors provides advisory services to the following types of clients: • High net worth individuals • Individuals (other than high net worth individuals) • Trusts • Pension and profit sharing plans • Charitable organizations • Corporations or other businesses not listed above 5  Item 8 Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis: We use the following methods of analysis in formulating our investment advice and in managing client assets: Fundamental Analysis: We attempt to measure the intrinsic value of a security by looking at economic and financial factors, including the overall economy, industry conditions, and the financial condition and management of the company. These factors help us form an opinion as to whether the security is underpriced, indicating it may be a good time to buy, or overpriced indicating it may be time to sell. Fundamental analysis does not attempt to anticipate market movements. This presents a potential risk, as the price of a security can move up or down along with the overall market regardless of the economic and financial factors considered in evaluating the security. Asset Allocation: Rather than focusing only on security selection, we attempt to identify an appropriate ratio of equity securities, fixed income, alternatives, and cash suitable to the client’s investment goals and risk tolerance. A risk of asset allocation is that the client may not participate in sharp increases in a particular security, industry or market sector. Another risk is that the ratio of equity securities, fixed income, alternatives, and cash will change over time due to movements in the markets and if not corrected, will no longer be appropriate for the client’s stated goals and objectives. We periodically rebalance asset allocations to help reduce the risk that these ratios will drift over time. Technical Analysis: We analyze past market movements and apply that analysis to the present in an attempt to recognize recurring patterns of investor behavior. This analysis is used to help us better understand possible future price movements. Technical analysis does not consider the underlying financial condition of a company. This presents a risk in that a poorly-managed or financially unsound company may underperform regardless of market movement. Quantitative Analysis: We use mathematical models in an attempt to obtain measurements of a company’s quantifiable data, such as the value of a share price or earnings per share, to better understand the potential for changes to that data. A risk in using quantitative analysis is that the models used may be based on assumptions that prove to be incorrect. Qualitative Analysis: We subjectively evaluate non-quantifiable factors such as quality of management, labor relations, and strength of research and development factors not readily subject to measurement, to better understand the potential for changes to share price based on that data. A risk in using qualitative analysis is that our subjective judgment may prove incorrect. Mutual Fund and/or ETF Analysis: We look at the experience and track record of the manager of the mutual fund or ETF in an attempt to determine if that manager, in our opinion, has demonstrated an above average ability to invest over a period of time and in different economic conditions. We also look at the underlying assets in a mutual fund or ETF in an attempt to determine if there is significant overlap in the underlying investments held in another fund in the client’s portfolio. We also monitor the funds or ETFs in an attempt to determine if they are continuing to follow their stated investment strategy. A risk of mutual fund and/or ETF analysis is that, as in all securities investments, past performance does not guarantee future results. A manager who has been successful may not be able to replicate that success in the future. In addition, as we do not control the underlying investments in a fund or ETF, managers of different funds held by the client may purchase the same security, increasing the risk to the client if that security were to fall in value. There is also a risk that a manager may deviate from the stated investment mandate or strategy of the fund or ETF, which could make the holding less suitable for the client’s portfolio. Risks Relating to All Forms of Analysis: Our securities analysis methods rely on the assumption that the securities we purchase and sell, the rating agencies that review these securities, and other publicly- available sources of information about these securities, are providing accurate and unbiased data. While we attempt to be alert to indications that data may be incorrect, there is always a risk that our analysis may be compromised by inaccurate or misleading information. 6  Investment Strategies: We use the following strategies in managing client accounts, provided that such strategies are appropriate to the needs of the client and consistent with the client's investment objectives, risk tolerance, and time horizons, among other considerations: Long-Term Core Portfolio Holdings: We purchase core securities with the idea of holding them in the client's account for a year or longer. Typically, we employ this strategy when: • we believe the securities to be currently fairly valued, and/or • we want exposure to a particular asset class over time, regardless of the current projection for this class. A risk in a long-term purchase strategy is that by holding the security for this length of time, we may not take advantages of short-term gains that could be profitable to a client. Moreover, if our views are incorrect, a security may decline sharply in value before we make the decision to sell. Short-Term Tactical Holdings: We may purchase/sell securities because we believe the current cycle or market trend favors that decision. Holding periods for tactical positions may be either short or long term, depending on strength of the underlying trends. Option Writing: We may use options as an investment strategy. An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an asset (such as a share of stock) at a specific price on or before a certain date. An option, just like a stock or bond, is a security which may lose value. An option is also a derivative, because it derives its value from an underlying asset. The two types of options are calls and puts: • A call gives a purchaser the right to buy an asset at a certain price within a specific period of time. We may buy a call if we believe the stock will increase in value before the option expires. • A put gives a purchaser the right to sell an asset at a certain price within a specific period of time. We may buy a put if we believe that the price of the stock will fall before the option expires. We may use options or funds with similar objectives to speculate on the possibility of a price swing. We may also use options to "hedge" a purchase of the underlying security; in other words, we may use an option purchase to limit the potential upside and downside of a security we have purchased for a client portfolio. We more commonly use "covered calls", in which we sell an option on a security a client owns. In this strategy, the client receives a premium for making the option available, and the person purchasing the option has the right to buy the security at an agreed-upon price and date. Risk of Loss: Securities investments are not guaranteed and you may lose money on your investments. We ask that you work with us to help us understand your tolerance for risk. Recommending Securities In certain situations, we recommend investments in selected private placements or hedge funds. These types of investments may present unique risks due to the use of leverage and potential lack of liquidity. In addition, such recommendations may be limited only to those clients that are termed as “Accredited Investors” as defined in Rule 205-3 of the Investment Advisers Act of 1940. These types of investments also have varied and unique fee structures of their own. In the event we receive a portion of the fee charged from a third-party manager, the value of a client’s assets invested with that manager will be removed from the asset based upon which our fees are calculated and billed. Due to the unique and complex nature of these investments, clients will receive a separate disclosure prior to any investments being made. Item 9 Disciplinary Information Our Firm and our employees have no disciplinary events to disclose. Item 10 Other Financial Industry Activities and Affiliations Neither our Firm nor our employees are engaged in other financial industry activities. An Affiliate of the Firm, HG CPAs LLC (HG) dba HCM CPAs, provides accounting and/or tax preparation services to clients, including clients of HCM Wealth Advisors. All such services shall be performed by HG, in its individual professional capacity, independent of HCM Wealth Advisors, for which services HCM Wealth Advisors shall not receive any portion of the fees charged by HG, referral or otherwise. The members of HG, solely incidental to their respective practices as Certified Public Accountants with HG, 7  may recommend HCM Wealth Advisors’ services to certain clients of HG. No client of HCM Wealth Advisors is under any obligation to use the services of HG. HCM Wealth Advisors’ clients may receive a discount on HG’s services. HCM Wealth Advisors Principal, Michael Hengehold, remains available to address any questions that a client or prospective client may have regarding the above arrangement and any corresponding perceived conflict of interest such arrangement may create. HCM Wealth Advisors also attempts to mitigate the conflict of interest by requiring employees to acknowledge in the firm’s Code of Ethics, their individual fiduciary duty to the clients of HCM Wealth Advisors, which requires that employees put the interests of clients ahead of their own. Our Firm and our employees have no other industry affiliations. Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Our Firm has adopted a Code of Ethics which sets forth high ethical standards of business conduct that we require of our employees, including compliance with applicable federal securities laws. HCM Wealth Advisors and our employees owe a duty of loyalty, fairness and good faith toward our clients, and have an obligation to adhere not only to the specific provisions of the Code of Ethics but to the general principles that guide the Code. Our Code of Ethics includes policies and procedures for the quarterly review of security transaction reports as well as initial and annual security holdings reports that must be submitted by all of the Firm’s employees. Our code also provides for oversight, enforcement and recordkeeping provisions. Our Code of Ethics includes the Firm's policy prohibiting the use of material non-public information. While we do not believe that we have any particular access to non-public information, all employees are reminded that such information may not be used in a personal or professional capacity. A copy of our Code of Ethics is available to our advisory clients and prospective clients. You may request a copy by email sent to info@hcmwealthadvisors.com, or by calling us at 513.598.5120. HCM Wealth Advisors and individuals associated with our Firm are prohibited from engaging in principal transactions. Our Code of Ethics is designed to assure that the personal security transactions, activities and interests of our employees will not interfere with (i) making decisions in the best interest of advisory clients and (ii) implementing such decisions while, at the same time, allowing employees to invest for their own accounts. Our Firm and the individuals associated with our Firm may buy or sell securities for their personal accounts identical to or different from those recommended to our clients. In addition, any related person may have an interest or position in a certain security which may also be recommended to a client. HCM Wealth Advisors maintains an account that is owned by Michael Hengehold which represents the Model Portfolio for the Firm’s Dividend Growth Strategy. So that the results of this model may be accurately monitored, it is traded with (at the same time) as client accounts. It is the intent that this account obtains the same results as clients who are invested in the same strategy. We may aggregate our employee trades with client transactions where possible and when compliant with our duty to seek best execution for our clients. In these instances, participating clients will receive an average share price and transaction costs will be shared equally and on a pro-rata basis. In the instances where there is a partial fill of a particular batched order, we will allocate all purchases on a pro-rata basis, with each account paying the average price. Our employee accounts will be included in the pro-rata allocation. As these situations represent conflicts of interest to our clients, we have established the following policies and procedures for implementing our Firm’s Code of Ethics, to ensure our Firm complies with its regulatory obligations and provides our clients and potential clients with full and fair disclosure of such conflicts of interest: 1. No principal or employee of our Firm may put his or her own interest above the interest of an advisory client. 2. No principal or employee of our Firm may buy or sell securities for their personal portfolio(s) where their decision is a result of information received as a result of his or her employment unless the information is also available to the investing public. 8  3. It is the expressed general policy of our Firm that no person employed by us may purchase or sell any security on our restricted list prior to a transaction being implemented for a Firm wide trade. This prevents such employee from benefiting from the potential for market moving transaction volume placed on behalf of advisory accounts. There are some situations where exceptions are granted. The exceptions to this policy are fully described in our Code Ethics, which is available upon request. 4. We maintain a list of all reportable securities holdings for our Firm and anyone associated with this advisory practice that has access to advisory recommendations ("access person"). These holdings are reviewed on a regular basis by our Firm's Chief Compliance Officer or his designee. 5. We have established procedures for the maintenance of all required books and records. 6. All of our principals and employees must act in accordance with all applicable Federal and State regulations governing registered investment advisory practices. 7. We require delivery and acknowledgement of the Code of Ethics by each supervised person of our Firm. We have established policies requiring the reporting of Code of Ethics violations to our Principal. 8. Any individual who violates any of the above restrictions may be subject to termination. Item 12 Brokerage Practices For discretionary relationships, HCM Wealth Advisors requires clients to provide written authority to determine the custodian to use. HCM Wealth Advisors allows the client to select the Custodian; however, HCM Wealth Advisors generally recommends but does not require that clients establish brokerage accounts with the Schwab Institutional division of Charles Schwab & Co., Inc. ("Schwab"), a FINRA registered broker-dealer, member SIPC, to maintain custody of clients' assets and to effect trades for their accounts. Although we recommend that clients establish accounts at Schwab, the selection of a custodian is the client's decision. HCM Wealth Advisors is independently owned and operated and not affiliated with Schwab. Schwab provides HCM Wealth Advisors with access to its institutional trading and custody services, which are typically not available to Schwab retail investors. These services generally are available to independent investment advisers who custody assets at Schwab Institutional, on an unsolicited basis, at no charge. Schwab's brokerage services include the execution of securities transactions, custody, research, and access to mutual funds and other investments that are otherwise generally available only to institutional investors or would require a significantly higher minimum investment. For our client accounts maintained in its custody, Schwab generally does not charge separately for custody services but is compensated by account holders through commissions and other transaction- related fees for securities trades that are executed through Schwab or that settle into Schwab accounts. Schwab’s commission rates applicable to our client accounts were negotiated based on the condition that our clients collectively maintain a total of at least $10 million of their assets in accounts at Schwab. This commitment benefits you because the overall commission rates you pay are lower than they would be otherwise. Effective October 7, 2019, Schwab does not charge transaction fees for online stock and ETF trades, but will still charge transaction fees on other types of security transactions. Schwab’s most recent pricing schedules are available at schwab.com/aspricingguide. In addition to transaction-related fees, Schwab charges you a flat dollar amount as a “prime broker” or “trade away” fee for each trade that we have executed by a different broker-dealer but where the securities bought or the funds from the securities sold are deposited (settled) into your Schwab account. These fees are in addition to the transaction-related fees or other compensation you pay the executing broker-dealer. Because of this, in order to minimize your trading costs, we have Schwab execute most trades for your account. We have determined that having Schwab execute most trades is consistent with our duty to seek “best execution” of your trades. Best execution means the most favorable terms for a transaction based on all relevant factors. Schwab Institutional also makes available to us other products and services that benefit us but may not directly benefit our clients' accounts. Many of these products and services may be used to service all or some substantial number of our client accounts, including accounts not maintained at Schwab. Schwab's products and services that assist us in managing and administering our clients' accounts include software and other technology that: 9  1. provide access to client account data (such as trade confirmations and account statements); 2. facilitate trade execution and allocate aggregated trade orders for multiple client accounts; 3. provide research, pricing and other market data; 4. facilitate payment of our fees from clients' accounts; and 5. assist with back-office functions, recordkeeping and client reporting. Schwab Institutional also offers other services intended to help manage our business. These services may include: 1. compliance, legal and business consulting; 2. publications and conferences on practice management; 3. access to employee benefits providers, human capital consultants and insurance providers. Schwab may make available, arrange and/or pay third-party vendors for the types of services rendered to HCM Wealth Advisors. Schwab Institutional may discount or waive fees it would otherwise charge for some of these services or pay all or a part of the fees of a third-party providing these services to our Firm. Schwab Institutional may also provide other benefits such as educational events or occasional business entertainment of our personnel. In evaluating whether to recommend that clients custody their assets at Schwab, we may take into account the availability of some of the foregoing products and services and other arrangements as part of the total mix of factors we consider and not solely on the nature, cost or quality of custody and brokerage services provided by Schwab. This creates a potential conflict of interest. HCM Wealth Advisors will block trades where possible and when advantageous to clients. This blocking of trades permits the trading of aggregate blocks of securities composed of assets from multiple client accounts, so transaction costs are shared equally and on a pro-rated basis between all accounts included in any such block. HCM Wealth Advisors' block trading policy and procedures are as follows: 1) Transactions for any client account may not be aggregated for execution if the practice is prohibited by or inconsistent with the client's advisory agreement with HCM Wealth Advisors, or our order allocation policy. 2) The trading desk in concert with the portfolio manager must determine that the purchase or sale of the particular security involved is appropriate for the client and consistent with the client's investment objectives and with any investment guidelines or restrictions applicable to the client's account. 3) The portfolio manager must reasonably believe that the order aggregation will benefit and will enable HCM Wealth Advisors to seek best execution for each client participating in the aggregated order. This requires a good faith judgment at the time the order is placed for the execution. It does not mean that the determination made in advance of the transaction must always prove to have been correct in the light of a "20-20 hindsight" perspective. Best execution includes the duty to seek the best quality of execution, considering net price, as well as other factors. 4) If the order cannot be executed in full on the same day, the securities actually purchased or sold by the close of each business day must be allocated pro rata among the participating client accounts in accordance with the initial order ticket or other written statement of allocation. However, adjustments to this pro rata allocation may be made to participating client accounts in accordance with the initial order ticket or other written statement of allocation. 5) HCM Wealth Advisors’ client account records separately reflect, for each account in which the aggregated transaction occurred, the securities which are held by, and bought and sold for that account. 6) Funds and securities for aggregated orders are clearly identified on HCM Wealth Advisors' records and to the broker-dealers or other intermediaries handling the transactions, by the appropriate account numbers for each participating client. 7) No client or account will be favored over another. Please Note: In the event that the client directs us to effect securities transactions for the client's accounts through a specific broker-dealer, the client correspondingly acknowledges that such direction 10  may cause the accounts to incur higher commissions or transaction costs than the accounts would otherwise incur had the client determined to effect account transactions through alternative clearing arrangements that may be available through us. Item 13 Review of Accounts Underlying securities within Client accounts are monitored continuously; client accounts also are reviewed regularly. Accounts are reviewed in the context of each client's stated investment objectives and guidelines. More frequent reviews may be triggered by material changes in variables such as the client's individual circumstances, or the market, political or economic environment. We implement security adjustments when deemed appropriate by our investment committee and address your rebalancing needs at least quarterly and contact you at least annually. Tax harvesting adjustments to your account may be made during times of market volatility. These accounts are reviewed by the Investment Advisors and by the Investment Analysts. In addition to the monthly statements and confirmations of transactions that clients receive from their Custodian, we provide reports and/or electronic access to account summaries for those clients who request these reports. Item 14 Client Referrals and Other Compensation HCM Wealth Advisors does not compensate for client referrals. For accounts of HCM Wealth Advisors’ clients maintained in custody at Schwab, Schwab will not charge the client separately for custody but will receive compensation from HCM Wealth Advisors’ clients in the form of commissions or other transaction-related compensation on securities trades executed through Schwab. Schwab also will receive a fee (generally lower than the applicable commission on trades it executes) for clearance and settlement of trades executed through broker-dealers other than Schwab. Schwab’s fees for trades executed at other broker-dealers are in addition to the other broker-dealer’s fees. Thus, HCM Wealth Advisors may have an incentive to cause trades to be executed through Schwab rather than another broker-dealer. HCM Wealth Advisors nevertheless, acknowledges its duty to seek best execution of trades for client accounts. Effective October 7, 2019, Schwab does not charge transaction fees for online stock and ETF trades, but will still charge transaction fees on other types of security transactions. Schwab’s most recent pricing schedules are available at schwab.com/aspricingguide. Trades for accounts custodied at Schwab may be executed at different times and different prices than trades for accounts that are executed at other broker-dealers, if the client chooses a different broker- dealer. It is our policy not to accept or allow our related persons to accept any form of compensation, including cash, sales awards or other prizes, from a non-client in conjunction with the advisory services we provide to our clients. As part of our employee compensation package, incentive bonuses may be allocated based on successful completion of a variety of goals including new client relationships. Item 15 Custody We previously disclosed in Item 5, the Fees and Compensation Section of this Brochure, that our Firm directly debits advisory fees from client accounts. Because the custodian does not calculate the amount of the fee to be deducted, it is important for clients to carefully review their custodial statements to verify the accuracy of the calculation, among other things. Clients should contact us directly if they believe that there may be an error in their statement. Our clients’ assets are held in custody at Charles Schwab & Company or at the custodian they choose. For a limited number of Client’s employer sponsored 401k Accounts, Clients have granted HCM Wealth Advisors the ability to review those accounts at the Custodian for the purpose of assisting with security selection. We do not handle deposits, withdrawals or deduction of fees from those accounts. Our sole responsibility is to review and select the securities and to place trades based on the Client’s Investment Policy Statement. Because HCM Wealth Advisors has client account passwords, HCM Wealth Advisors is required to have a surprise custody audit. Also, clients may have standing letters of authorization on their accounts. HCM Wealth Advisors has reviewed those relationships and determined that they meet the IAA no action letter seven conditions and do not trigger the surprise custody audit. If any standing letters of authorization do not meet the no action letter requirements, those accounts will be included in the surprise custody audit. 11  Item 16 Investment Discretion Clients hire us to provide discretionary asset management services, in which case we place trades in a client's account without contacting the client prior to each trade to obtain the client's permission. Our discretionary authority includes the ability to do the following without contacting the client: • Determine the security to buy or sell; and/or • Determine the amount of the security to buy or sell Clients give us discretionary authority when they sign a Portfolio Management Agreement with our Firm. Item 17 Voting Client Securities In accordance with its fiduciary duty to clients and Rule 206(4)-6 of the Investment Advisers Act, HCM Wealth Advisors has adopted and implemented written policies and procedures governing the voting of client securities. All proxies that HCM Wealth Advisors receives will be treated in accordance with these policies and procedures. We vote proxies for client accounts, at the request of the client. If the client would like HCM Wealth Advisors to take this responsibility, this preference is indicated in the Portfolio Management Agreement and on the Custodian Application. HCM Wealth Advisors has engaged the services of Broadridge's ProxyEdge platform to vote and maintain records of proxies. The Broadridge open architecture platform allows HCM Wealth Advisors to choose from several different proxy advisory firms to make recommendations on how our firm should vote the proxies. HCM Wealth Advisors has selected "Glass Lewis" as the current advisor, who considers the reputation, experience, and competence of a company's management and board of directors when it evaluates an issuer. Clients may obtain a copy of our complete proxy voting policies and procedures by telephone, email or in writing at the contact information on the front of this document. In addition, our complete proxy voting record is available to our clients. Clients should contact us at the phone number on the front of this document if they have any questions or if they would like to review any of these documents. Item 18 Financial Information HCM Wealth Advisors has no financial circumstances to report and has never been the subject of a bankruptcy petition at any time. Privacy Notice To Our Clients. We have adopted this policy with recognition that protecting the privacy and security of the personal information we obtain about our customers is an important responsibility. We also know that the customer expects us to service their accounts in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about our customers. We want the customer to know what information we collect and how we use and safeguard that information. What Information We Collect We collect certain nonpublic personal identifying information about our customers (such as name, address, social security number, etc.) from information that the customer provides on applications or other forms as well as communications (electronic, telephone, written, or in person) with the customer or authorized representatives (such as attorneys, accountants, etc.). We also collect information about brokerage accounts and transactions (such as purchases, sales, account balances, inquiries, etc.). What Information We Disclose We do not disclose the nonpublic personal information we collect about our customers to anyone except: (i) in furtherance of our business relationship and then only to those persons necessary to effect the transactions and provide the services that the customer authorizes (such as broker-dealers, custodians, independent managers, etc.); (ii) persons assessing our compliance with industry standards (e.g. professional licensing authorities, etc.); (iii) our attorneys, accountants, and auditors; or (iv) as otherwise provided by law. We are permitted by law to disclose the nonpublic personal information about our customers to governmental agencies and other third parties in certain circumstances (such as third parties that perform 12  administrative or marketing services on our behalf or for joint marketing programs). These third parties are prohibited to use or share the information for any purpose. If the customer decides at some point to either terminate our services or become an inactive customer, we will continue to adhere to our privacy policy, as may be amended from time to time. Security of Customer Information We restrict access to customer nonpublic personal information to those employees who need to know that information to service the accounts. We maintain physical, electronic, and procedural safeguards that comply with applicable federal or state standards to protect customer personal information. Changes To Our Privacy Policy Or Relationship With The Customer Our policy about obtaining and disclosing information may change from time to time. We will provide the customer notice of any material change to this policy before we implement the change. If your personal information with us becomes inaccurate, or if you need to make a change to that information, please contact us at the number shown below so we can update our records. 13  6116 Harrison Avenue  Cincinnati, Ohio 45247 Part 2B of Form ADV Firm Brochure February 12, 2026 Phone: 513.598.5120 Email: info@hcmwealthadvisors.com Website: hcmwealthadvisors.com This brochure supplement provides information about Michael Thomas Hengehold, Casey Michael Boland, Jake Elliott Butcher, Matthew Nicholas Calme, James Randall Eutsler, Steven Elias Hengehold, Douglas Peter Johnson, Gregory Allen Middendorf, and Daniel Christopher Rinck. It supplements Hengehold Capital Management LLC’s accompanying Form ADV brochure. Please contact us at 513.598.5120 or info@hcmwealthadvisors.com if you have any questions about the Form ADV brochure or this supplement, or if you would like to request additional or updated copies of either document. Additional information is available on the SEC’s website at www.adviserinfo.sec.gov. 14  CRD Number:2377351 Items 1 and 2 Educational Background and Business Experience Michael T. Hengehold - Year of Birth: 1956 Education: BS Degree in Accounting, Thomas More College; MS Degree in Taxation 1979, DePaul University; Certified Public Accountant (CPA) Ohio Board of Accountancy 1980; Personal Financial Specialist Designation CPA*PFS American Institute of CPAs 2001. 2019 RICP® Business Background: 08/79 - 11/83 Ernst & Young (formerly Ernst & Ernst, Ernst & Whinney); 11/83 - 10/90 Vice President and Manager of Tax and Financial Planning for Hengehold Group, LLC; 10/90 to Present: Owner and Chief Investment Officer Hengehold Capital Management LLC dba HCM Wealth Advisors. 01/19 to Present: Majority Owner of HG CPAs LLC dba HCM CPAs. CRD Number:2176984 Casey Boland - Year of Birth: 1969 Education: Liberal Arts Program, University of Cincinnati; Executive Certificate in Financial Planning, Xavier University. He has passed the Series 63 (1991) and Series 65 (1996). Business Background: 10/91 - 10/93 Paine Webber; 10/93 - 10/94 Fidelity Investments; 10/94 - 9/96 The Forethought Group; 9/96 - 6/97 Paine Webber; 7/97 - 2/98 G & K Services; 3/98 - 7/99 Nations Banc Investments, Inc.; 8/99 - 8/00 Gradison McDonald Investments; 8/00 - Present Hengehold Capital Management LLC dba HCM Wealth Advisors. CRD Number:5058104 Jake Butcher – Year of Birth: 1988 Education: BBA Degree in Finance, University of Cincinnati 2011; Executive Certificate in Financial Planning, Xavier University; CERTIFIED FINANCIAL PLANNER® (CFP®) Certified Financial Planner Board of Standards 2014. Business Background: 2005-2007 Wagoner, Wagoner & Associates; 2008 Ultimus Fund Solutions; 2010 – Present Hengehold Capital Management LLC dba HCM Wealth Advisors. CRD Number: 6353065 Matt Calme - Year of Birth: 1991 Education: BA Degree in Finance, Northern Kentucky University, Highland Heights, KY, 2014. He has passed the Securities Industry Essentials Examination (SIE, 10/2018), Series 7 (07/2014), Series 66 (03/2017) and Series 63 (07/2014). CERTIFIED FINANCIAL PLANNER® (CFP®) July 2017. Business Background: 06/2014-04/2019 Fidelity Brokerage Services LLC; 07/2018 – 04/2019 Fidelity Personal and Workplace Advisors, 04/2019 – Present Hengehold Capital Management LLC dba HCM Wealth Advisors. CRD Number:6545987 James Eutsler - Year of Birth: 1976 Education: BS Degree in Chemistry – Wright State University (1999); Master’s in Business Administration (MBA) - Xavier University (2003); Certified Management Accountant (2008) – Institute of Management Accountants; Executive Certificate in Financial Planning – Xavier University (2015); Series 65 (2015). He has earned the Certified Management Accountant as of March 2007, the Chartered Financial Consultant (ChFC®) as of March 2017, the CERTIFIED FINANCIAL PLANNER® (CFP®) July 2017, and an Enrolled Agent (EA) 2023. Business Background: British Petroleum,1996 - 1999; Procter & Gamble, 1999 - 2015; 2015 – Present Hengehold Capital Management LLC dba HCM Wealth Advisors CRD Number:6561418 Steven Hengehold – Year of Birth: 1990 Education: BA Finance and Economics from The University of South Carolina 2012; Graduate Certificate in Financial Planning from Kansas State University 2014; Series 65 (2015); CERTIFIED FINANCIAL PLANNER® (CFP®) Certified Financial Planner Board of Standards 2016. RICP® 2019 Business Background: 2011-2012 Abacus Planning Group, 2012-2013 Insight Global, 2013-2014 Colonial Life; 2014 – Present Hengehold Capital Management LLC dba HCM Wealth Advisors. CRD Number:4730228 Doug P. Johnson – Year of Birth: 1980 Education: BA Economics from Centre College, Danville, KY 2002; Chartered Financial Analyst (CFA), 2008 Business Background: 2006-2017, Ameriprise Financial Services, Inc.; 2017 – Present, Hengehold Capital Management LLC. 2020 – Present, Chief Compliance Officer, Hengehold Capital Management LLC dba HCM Wealth Advisors. 15  CRD Number:6429344 Greg Middendorf - Year of Birth: 1981 Education: BA Degree in Finance Xavier University 2003; CERTIFIED FINANCIAL PLANNER® (CFP®) Certified Financial Planner Board of Standards 2009. Certified College Planning Specialist (CCPS®) 2015 Business Background: 1999 - 2003 American Money Management; 2003 - 2009 Johnson Investment Counsel; 2009 - Present Hengehold Capital Management LLC dba HCM Wealth Advisors. CRD Number:6069553 Daniel Rinck - Year of Birth: 1989 Education: BSBA Degree in Accounting, Xavier University 2011. He has passed the Series 65 (05/2021). Business Background: 04/2014 - 10/2017, Associate Financial Advisor, Northwestern Mutual; 10/2017 – Present, Associate Wealth Advisor, Hengehold Capital Management LLC dba HCM Wealth Advisors. Item 3 Disciplinary Information There have been no disciplinary actions taken against anyone on our staff. Item 4 Other Business Activities Michael Hengehold is the majority owner of HG CPAs LLC (HG) dba HCM CPAs, working as a tax accountant to provide various tax services to clients. Specifically, to the extent that HG provides accounting and/or tax preparation services to any clients, including clients of HCM Wealth Advisors, all such services shall be performed by HG, in its individual professional capacity, independent of HCM Wealth Advisors, for which services HCM Wealth Advisors shall not receive any portion of the fees charged by HG, referral or otherwise. The members of HG, solely incidental to their respective practices as Certified Public Accountants with HG may recommend HCM Wealth Advisors’ services to certain clients of HG. No client of HCM Wealth Advisors is under any obligation to use the services of HG. HCM Wealth Advisors’ clients may receive a discount on HG’s services. HCM Wealth Advisors’ Principal, Michael Hengehold, remains available to address any questions that a client or prospective client may have regarding the above arrangement and any corresponding perceived conflict of interest such arrangement may create. HCM Wealth Advisors also attempts to mitigate the conflict of interest by requiring employees to acknowledge in the firm’s Code of Ethics, their individual fiduciary duty to the clients of HCM Wealth Advisors, which requires that employees put the interests of clients ahead of their own. Our advisors are not involved in any other investment related business activity. Item 5 Additional Compensation Our advisors do not receive compensation from any other business outside our Firm. As part of our employee compensation package, incentive bonuses may be allocated based on successful completion of a variety of goals including new client relationships. Item 6 Supervision Michael T. Hengehold, is the Majority Owner and supervises the advisory activities for the Firm. He can be contacted at 513.598.5120. Doug Johnson, Chief Compliance Officer, is responsible for monitoring the activities of HCM Wealth Advisor’s supervised persons. Mr. Johnson’s telephone number is 513-598- 5120. Mr. Johnson conducts client contact and continuously reviews investment strategies and market conditions. Mr. Johnson has an Investment Adviser Supervisory Manual and Code of Ethics that are annually reviewed. Explanation of Minimum Requirements for Various Credentials Chartered Financial Analyst (CFA) – The Chartered Financial Analyst (CFA) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. There are currently more than 90,000 CFA charterholders working in 135 countries. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. 16  High Ethical Standards The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to: • Place their clients’ interests ahead of their own • Maintain independence and objectivity • Act with integrity • Maintain and improve their professional competence • Disclose conflicts of interest and legal matters Global Recognition Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of 300 hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment. Additionally, regulatory bodies in 19 countries recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. Comprehensive and Current Knowledge The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. To learn more about the CFA charter, visit www.cfainstitute.org. CERTIFIED FINANCIAL PLANNER® (CFP® ) In order to achieve and maintain certification, CFP® professionals must: 1) pass the comprehensive CFP® Certification Examination, 2) pass the CFP Board's Fitness Standards for Candidates and Registrants, 3) agree to abide by CFP Board's Code of Ethics and Professional Responsibility and Rules of Conduct which put clients' interests first, 4) comply with the Financial Planning Practice Standards which spell out what clients should be able to reasonably expect from the financial planning engagement, and 5) complete 30 hours of continuing education (including 2 hours of approved Ethics CE) every two years. - See more at: http://www.cfp.net/become-a- cfp-professional/cfp-certification-requirements#sthash.qwXJz3yF.dpuf. Certified Public Accountant (CPA) – CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. In order to maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two year period or 120 hours over a three year period). Additionally, all American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. Personal Financial Specialist (PFS) – The PFS credential demonstrates that an individual has met the minimum education, experience and testing required of a CPA in addition to a minimum level of expertise in personal financial planning. To attain the PFS credential, a candidate must hold an unrevoked CPA license, fulfill 3,000 hours of personal financial planning business experience, complete 80 hours of personal financial planning CPE credits, pass a comprehensive financial planning exam and be an active 17  member of the AICPA. A PFS credential holder is required to adhere to AICPA’s Code of Professional Conduct and is encouraged to follow AICPA’s Statement on Responsibilities in Financial Planning Practice. To maintain their PFS credential, the recipient must complete 60 hours of financial planning CPE credits every three years. The PFS credential is administered through the AICPA. Certified College Planning Specialist (CCPS®) Three module examinations administered by the National Institute of Certified College Planners (NICCP). Chartered Financial Consultant (ChFC®) is the financial planning designation for the insurance industry awarded by the American College of Bryn Mawr. ChFCs must meet experience requirements and pass exams covering finance and investing. They must have at least three years of experience in the financial industry, and have studied and passed an examination on the fundamentals of financial planning, including income tax, insurance, investment and estate planning. The ChFC designation must be renewed every two years and complete a minimum of 30 hours of continuing education. For more information on the ChFC designation and a ChFC informational brochure, go to www.ChFCHighestStandard.com or www.TheAmericanCollege.edu/chfc. Certified Management Accountant (CMA) is a certification for accounting professionals who have demonstrated ability in strategic management and financial accounting. The CMA certification is voluntary, issued by the Institute of Management Accountants, and each CMA is subject to a code of ethics. CMAs are required to have a bachelor’s degree and have no less than two years of work experience, of which two years must be in management accounting. Retirement Income Certified Professional (RICP®) A retirement income certified professional (RICP) specializes in retirement income planning. The RICP is a designation given to professionals who have completed the RICP training program. RICPs must meet experience requirements and pass courses covering retirement income an strategies. They must have at least three years of experience in the financial industry, and have studied and passed an examination on the fundamentals of financial planning, including income tax, insurance, investment and estate planning. For more information on the RICP designation, go to https://www.theamericancollege.edu/designations-degrees/RICP The EA designation (EA) is issued by the Internal Revenue Service. Candidates must pass a background check to ensure that they have not engaged in any conduct that would justify suspension from practice before the IRS. Candidates may pass a written exam or have accepted IRS experience. Candidates must complete 72 hours of continuing education credits over a three-year enrollment period, with a minimum of 16 hours each year. Six hours of ethics training is required over a three-year enrollment period. 18