Intelligent Investing

INTELLIGENT INVESTING FIRM BROCHURE - FORM ADV PART 2A This brochure provides information about the qualifications and business practices of Intelligent Investing (Brian Joyce, LLC d/b/a Intelligent Investing). If you have any questions about the contents of this brochure, please contact us at (970) 776-4346 or by email at: bjoyce@intelligentinvestingllc.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. Additional information about Intelligent Investing is also available on the SEC's website at www.adviserinfo.sec.gov. Intelligent Investing's IARD number is: 286233. 1635 Foxtrail Drive Loveland, CO 80538 Phone: (970) 776-4346 Email: bjoyce@intelligentinvestingllc.com Website: https://intelligentinvestingllc.com Registration as an investment adviser does not imply a certain level of skill or training. VERSION DATE: 08/07/2026 -------------------------------------------------------------------------------- ITEM 2: MATERIAL CHANGES -------------------------------------------------------------------------------- Intelligent Investing has made the following material changes to this Form ADV Part 2A Brochure since its previous filing:  1. Item 4.E (Assets Under Management): Updated Regulatory Assets Under Management (RAUM) to reflect $118,500,000 in Non-Discretionary assets under management calculated as of December 31, 2025. 2. Item 12.A (Brokerage Practices): Updated the recommended qualified custodian from Fidelity Brokerage Services LLC to Charles Schwab & Co., Inc. 3. Item 1 (Cover Page): Updated the Chief Compliance Officer primary contact email address to bjoyce@intelligentinvestingllc.com. 4. Items 11 & 12 (Conflicts of Interest & Trading): Expanded disclosures regarding potential conflicts of interest related to personal trading and trade allocation procedures to ensure full alignment with firm compliance manuals and client disclosures. -------------------------------------------------------------------------------- ITEM 3: TABLE OF CONTENTS -------------------------------------------------------------------------------- Item 1: Cover Page Item 2: Material Changes Item 3: Table of Contents Item 4: Advisory Business Item 5: Fees and Compensation Item 6: Performance-Based Fees and Side-By-Side Management Item 7: Types of Clients Item 8: Methods of Analysis, Investment Strategies, & 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 & Personal Trading Item 12: Brokerage Practices Item 13: Review of Accounts Item 14: Client Referrals and Other Compensation  Item 15: Custody Item 16: Investment Discretion Item 17: Voting Client Securities (Proxy Voting) Item 18: Financial Information Item 19: Requirements For State Registered Advisers Form ADV Part 2B: Individual Disclosure Supplement (Brian Andrew Joyce) -------------------------------------------------------------------------------- ITEM 4: ADVISORY BUSINESS -------------------------------------------------------------------------------- A. DESCRIPTION OF THE ADVISORY FIRM Intelligent Investing (hereinafter "INT") is a Corporation organized in the State of Colorado (legal entity name Brian Joyce, LLC). The firm was formed in January 2010, and the principal owner is Brian Joyce. The firm became registered as an investment adviser in January 2017. B. TYPES OF ADVISORY SERVICES Portfolio Management Services: INT offers ongoing portfolio management services based on the individual goals, objectives, time horizon, and risk tolerance of each client. INT creates an Investment Policy Statement for each client, which outlines the client's current situation (income, tax levels, and risk tolerance levels). Portfolio management services include: * Determine investment strategy * Asset allocation * Assessment of risk tolerance * Personal investment policy * Asset selection * Regular portfolio monitoring  INT evaluates current investments of each client with respect to risk tolerance and time horizon. INT provides non-discretionary portfolio management services where investment decisions and transactions are executed only with prior client consultation and authorization; however, it may also provide discretionary portfolio management upon specific client execution of discretionary trading authority. Risk tolerance levels are documented in the Investment Policy Statement given to each client. INT seeks to provide that investment decisions are made in accordance with the fiduciary duties owed to its accounts and without consideration of INT's economic, investment or other financial interests. To meet its fiduciary obligations, INT attempts to avoid investment or trading practices that systematically advantage or disadvantage certain client portfolios, seeking fair and equitable allocation of investment opportunities among clients over time. Pension Consulting Services: INT offers consulting services to pension or employee benefit plans (including 401(k) plans), including identifying objectives, asset class guidance, recommending money managers, performance monitoring, and creating written consulting plans. Financial Planning: Financial planning services include investment planning, life insurance, tax concerns, retirement planning, college planning, and debt/credit planning. Services Limited to Specific Types of Investments: INT generally limits advice to mutual funds, fixed income securities, equities, ETFs (including gold/precious metal ETFs), treasury inflation protected bonds, non-U.S. securities, venture capital funds, and private placements. C. CLIENT TAILORED SERVICES AND CLIENT IMPOSED RESTRICTIONS INT offers the same suite of services to all clients, tailored via the Investment Policy Statement. Clients may impose restrictions on investing in certain securities in accordance with their values or beliefs.  D. WRAP FEE PROGRAMS A wrap fee program is an investment program where the investor pays one stated fee that includes management fees, transaction costs, fund expenses, and other administrative fees. INT does not participate in any wrap fee programs. E. ASSETS UNDER MANAGEMENT INT has the following Regulatory Assets Under Management (RAUM) calculated as of December 31, 2025: * Discretionary Amounts: $0 * Non-discretionary Amounts: $118,500,000 * Total Regulatory Assets Under Management: $118,500,000 -------------------------------------------------------------------------------- ITEM 5: FEES AND COMPENSATION -------------------------------------------------------------------------------- A. FEE SCHEDULE Portfolio Management Fees: Total Assets Under Management Annual Fees ----------------------------- ----------- $0 - $500,000 1.25% $500,001 - $2,000,000 1.00% $2,000,000 - And Up 0.80% INT uses the value of the account as of the last business day of the billing period, after taking into account deposits and withdrawals, for determining market value. Fees are negotiable, detailed in Exhibit II of the contract, and paid in arrears. Contracts may be terminated without penalty within 5 business days of signing. Pension Consulting Fees:  Asset-based fees mirror portfolio management schedules above. Fixed fees range from $1,000 to $100,000. Financial Planning Fees: Fixed fees range between $300 and $10,000; hourly fees range between $100 and $250 per hour. B. PAYMENT OF FEES Asset-based management fees are withdrawn directly from client accounts quarterly in arrears with client authorization, or directly invoiced. For direct fee deductions, INT utilizes qualified custodians sending quarterly statements and provides itemized fee notices. C. CLIENT RESPONSIBILITY FOR THIRD PARTY FEES Clients pay third-party custodian fees, brokerage fees, mutual fund expenses, and transaction costs separately from INT advisory fees. D. PREPAYMENT OF FEES Refunds for fees paid in advance are processed within 14 days on a prorated basis for unearned services. E. OUTSIDE COMPENSATION FOR THE SALE OF SECURITIES TO CLIENTS Neither INT nor its supervised persons accept compensation or commissions for the sale of investment products. -------------------------------------------------------------------------------- ITEM 6: PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT -------------------------------------------------------------------------------- INT does not accept performance-based fees or other fees based on a share of capital gains on or capital appreciation of the assets of a client.  -------------------------------------------------------------------------------- ITEM 7: TYPES OF CLIENTS -------------------------------------------------------------------------------- INT provides advisory services to Individuals, High-Net-Worth Individuals, Pension and Profit Sharing Plans, and Charitable Organizations. There is no account minimum. -------------------------------------------------------------------------------- ITEM 8: METHODS OF ANALYSIS, INVESTMENT STRATEGIES, & RISK OF LOSS -------------------------------------------------------------------------------- A. METHODS OF ANALYSIS AND INVESTMENT STRATEGIES Methods of analysis include Charting analysis, Fundamental analysis, Modern portfolio theory, Quantitative analysis, and Technical analysis. Investment strategies include long term trading, short term trading, and margin transactions. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. B. MATERIAL RISKS INVOLVED Chart analysis, fundamental analysis, modern portfolio theory, quantitative analysis, and technical analysis carry material risks that market performance may deviate from model expectations. Margin transactions involve heightened leverage and collateral risks. C. RISKS OF SPECIFIC SECURITIES UTILIZED Mutual funds, equity investments, fixed income securities, exchange-traded funds (ETFs), precious metal ETFs, private placements, venture capital funds, and non-U.S. securities carry substantial risks of capital loss. Past performance is not indicative of future results. --------------------------------------------------------------------------------  ITEM 9: DISCIPLINARY INFORMATION -------------------------------------------------------------------------------- There are no criminal, civil, administrative, or self-regulatory organization proceedings to report. -------------------------------------------------------------------------------- ITEM 10: OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS -------------------------------------------------------------------------------- Neither INT nor its representatives are registered as a broker-dealer or commodities firm. Brian Andrew Joyce is an accountant and from time to time may offer clients accounting services, operating under strict fiduciary standards to manage potential conflicts. -------------------------------------------------------------------------------- ITEM 11: CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS -------------------------------------------------------------------------------- INT maintains a comprehensive written Code of Ethics under Rule 204A-1. Representatives may buy or sell securities for themselves that they also recommend to clients. Such transactions create a conflict of interest; however, INT enforces strict personal trading controls and will never engage in trading that operates to the client's disadvantage. -------------------------------------------------------------------------------- ITEM 12: BROKERAGE PRACTICES -------------------------------------------------------------------------------- A. FACTORS USED TO SELECT CUSTODIANS AND/OR BROKER/DEALERS Custodians/broker-dealers are recommended based on INT's duty to seek best execution. INT recommends Charles Schwab & Co., Inc.  1. Research and Soft-Dollar Benefits: INT receives no research or soft-dollar benefits from broker-dealers in connection with client securities transactions. 2. Brokerage for Client Referrals: INT receives no referrals from a broker-dealer in exchange for client selection. 3. Directed Brokerage: Clients may direct INT to use a specified broker-dealer in writing. B. AGGREGATING (BLOCK) TRADING FOR MULTIPLE CLIENT ACCOUNTS INT may aggregate client orders to seek favorable pricing or lower transaction execution costs. -------------------------------------------------------------------------------- ITEM 13: REVIEW OF ACCOUNTS -------------------------------------------------------------------------------- Ongoing advisory accounts are reviewed at least Quarterly by Brian Joyce, President. Clients receive direct quarterly custodial statements and written reports from INT. -------------------------------------------------------------------------------- ITEM 14: CLIENT REFERRALS AND OTHER COMPENSATION -------------------------------------------------------------------------------- INT receives no third-party economic benefits for advice. Solicitor arrangements comply fully with applicable regulatory standards (e.g., referral arrangement with Geoffrey W. Goudy CPA, LLC). -------------------------------------------------------------------------------- ITEM 15: CUSTODY -------------------------------------------------------------------------------- INT does not maintain physical custody of client funds or securities. INT maintains limited custody solely due to authority to deduct advisory fees directly from client accounts at the qualified custodian (Charles Schwab & Co., Inc.).  -------------------------------------------------------------------------------- ITEM 16: INVESTMENT DISCRETION -------------------------------------------------------------------------------- INT provides non-discretionary investment advisory services to clients (and discretionary services where specifically authorized by contract). -------------------------------------------------------------------------------- ITEM 17: VOTING CLIENT SECURITIES (PROXY VOTING) -------------------------------------------------------------------------------- INT will not ask for, nor accept voting authority for client securities. Proxies are sent directly to clients by the custodian. -------------------------------------------------------------------------------- ITEM 18: FINANCIAL INFORMATION -------------------------------------------------------------------------------- INT does not require prepayment of more than $500 in fees per client, six months or more in advance, has no financial condition impairing commitments, and has never been subject to bankruptcy. -------------------------------------------------------------------------------- ITEM 19: REQUIREMENTS FOR STATE REGISTERED ADVISERS -------------------------------------------------------------------------------- Sole management person: Brian Andrew Joyce. Educational background, outside business details, and disciplinary disclosures are detailed in Form ADV Part 2B below. ================================================================== ============== FORM ADV PART 2B INDIVIDUAL DISCLOSURE SUPPLEMENT  BRIAN ANDREW JOYCE ================================================================== ============== Supervised Person: Brian Andrew Joyce (Personal CRD #: 4797762) Managing Member & Chief Compliance Officer Intelligent Investing 1635 Foxtrail Drive, Loveland, CO 80538 Phone: (970) 776-4346 | Email: bjoyce@intelligentinvestingllc.com UPDATED: 08/07/2026 ITEM 2: EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE Name: Brian Andrew Joyce (Born 1979) Education: Accounting and Information Systems Accounting, University of Massachusetts Amherst (2001) Designations: CFP® - Certified Financial Planner Business Background: 01/2010 - Present: Managing Member & Chief Compliance Officer, Brian Joyce, LLC d/b/a Intelligent Investing 06/2005 - Present: Financial Planner, AAFCPA / High Sight, LLC ITEM 3: DISCIPLINARY INFORMATION  There are no legal or disciplinary events to report. ITEM 4: OTHER BUSINESS ACTIVITIES Brian Andrew Joyce is an accountant and from time to time may offer accounting advice/services. ITEM 5: ADDITIONAL COMPENSATION Brian Andrew Joyce receives no outside economic benefits for providing advisory services. ITEM 6: SUPERVISION As Chief Compliance Officer, Brian Andrew Joyce supervises all activities of the firm and can be reached at (970) 776-4346. ITEM 7: REQUIREMENTS FOR STATE REGISTERED ADVISERS Brian Andrew Joyce has no civil, administrative, or self-regulatory organization proceedings or arbitrations to report, and has not been the subject of a bankruptcy petition.