JOEL ADAMS AND ASSOCIATES INC.

Joel Adams and Associates, Inc. Form ADV Part 2A – Disclosure Brochure Effective: February 26, 2026 This Form ADV Part 2A (“Disclosure Brochure”) provides information about the qualifications and business practices of Joel Adams and Associates Inc. (“Adams and Associates” or the “Advisor”). If you have any questions about the content of this Disclosure Brochure, please contact the Advisor at (828) 251-9700. Adams and Associates is a registered investment advisor with U.S. Securities and Exchange Commission (“SEC”). The information in this Disclosure Brochure has not been approved or verified by the 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 Adams and Associates to assist you in determining whether to retain the Advisor. Additional information about Adams and Associates 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# 319379. Joel Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com  Item 2 – Material Changes This Form ADV 2 is divided into three parts: Part 2A (the “Disclosure Brochure”), Appendix 1 (the “Wrap Fee Program 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 Wrap Fee Program Brochure is a supplemental disclosure brochure that discusses a fee arrangement where the Advisor absorbs securities transaction costs. The Brochure Supplements provide information about the Advisory Persons of Adams and Associates. For convenience, the Advisor has combined these documents into a single disclosure document. Adams and Associates believes that communication and transparency are the foundation of its relationship with clients and will continually strive to provide you with complete and accurate information at all times. Adams and Associates encourages all current and prospective clients to read this Disclosure Brochure and discuss any questions you may have with the Advisor. Material Changes There have been no changes made to this Disclosure Brochure since the last annual amendment filing on January 28, 2025. Future Changes From time to time, the Advisor may amend this Disclosure Brochure to reflect changes in our business practices, changes in regulations or routine annual updates as required by the securities regulators. This complete Disclosure Brochure or a Summary of Material Changes shall be provided to you annually and if 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# 319379. You may also request a copy of this Disclosure Brochure at any time by contacting the Advisor at (828) 251-9700. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 2  Item 3 – Table of Contents Item 1 – Cover Page ................................................................................................................................................ 1 Item 2 – Material Changes ...................................................................................................................................... 2 Item 3 – Table of Contents ..................................................................................................................................... 3 Item 4 – Advisory Services..................................................................................................................................... 4 A. Firm Information ..............................................................................................................................................................4 B. Advisory Services Offered ...............................................................................................................................................4 C. Client Account Management ...........................................................................................................................................6 D. Wrap Fee Programs ........................................................................................................................................................6 E. Assets Under Management .............................................................................................................................................6 Item 5 – Fees and Compensation .......................................................................................................................... 6 A. Fees for Advisory Services ..............................................................................................................................................7 B. Fee Billing ........................................................................................................................................................................7 C. Other Fees and Expenses...............................................................................................................................................8 D. Advance Payment of Fees and Termination ...................................................................................................................8 E. Compensation for Sales of Securities .............................................................................................................................9 Item 6 – Performance-Based Fees and Side-By-Side Management ................................................................ 10 Item 7 – Types of Clients ...................................................................................................................................... 10 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ......................................................... 10 A. Methods of Analysis ......................................................................................................................................................10 B. Risk of Loss ...................................................................................................................................................................10 Item 9 – Disciplinary Information ........................................................................................................................ 12 Item 10 – Other Financial Industry Activities and Affiliations .......................................................................... 12 Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ............... 12 A. Code of Ethics ...............................................................................................................................................................12 B. Personal Trading with Material Interest .........................................................................................................................12 C. Personal Trading in Same Securities as Clients ...........................................................................................................12 D. Personal Trading at Same Time as Client.....................................................................................................................13 Item 12 – Brokerage Practices ............................................................................................................................. 13 A. Recommendation of Custodian[s] .................................................................................................................................13 B. Aggregating and Allocating Trades ...............................................................................................................................14 Item 13 – Review of Accounts.............................................................................................................................. 14 A. Frequency of Reviews ...................................................................................................................................................14 B. Causes for Reviews.......................................................................................................................................................14 C. Review Reports .............................................................................................................................................................14 Item 14 – Client Referrals and Other Compensation ......................................................................................... 15 A. Compensation Received by Adams and Associates .....................................................................................................15 B. Client Referrals from Solicitors ......................................................................................................................................15 Item 15 – Custody.................................................................................................................................................. 15 Item 16 – Investment Discretion .......................................................................................................................... 15 Item 17 – Voting Client Securities ....................................................................................................................... 16 Item 18 – Financial Information ........................................................................................................................... 16 Appendix 1 – Wrap Fee Program Brochure ....................................................................................................... 16 Form ADV 2B – Brochure Supplements ............................................................................................................ 22 Privacy Policy ........................................................................................................................................................ 32 Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 3  Item 4 – Advisory Services A. Firm Information Joel Adams and Associates Inc. (“Adams and Associates” or the “Advisor”) is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). The Advisor is organized as a Corporation under the laws of the State of North Carolina. JB Adams and Associates Inc. was founded in April 1994. The legal entity name was changed to Joel Adams and Associates Inc. in April 2022 and became a registered investment advisor in April 2022. Adams and Associates is owned and operated by Bray Creech (Principal, Financial Advisor and Chief Compliance Officer) and Chad Storck (Principal). This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory services provided by Adams and Associates. B. Advisory Services Offered Adams and Associates offers advisory services to individuals, high net worth individuals, families, trusts, estates, small businesses, charitable organizations, 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 towards each Client and seeks to mitigate conflicts of interest. Adams and Associates’ fiduciary commitment is further described in the Advisor’s Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading. Wealth Management Services Adams and Associates provides customized wealth management solutions for its Clients. This is achieved through continuous personal Client contact and interaction while providing discretionary wealth management and related advisory services. Adams and Associates works closely with each Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to design a portfolio strategy. Adams and Associates will typically construct investment portfolios utilizing individual equities, exchange-traded funds (“ETFs”), and/or individual bonds to achieve the Client’s investment goals. The Advisor may also utilize investment management programs sponsored the Custodian and its affiliates. The investment programs provide access to investment products and unaffiliated money managers (as described below). The Advisor may also utilize mutual funds and/or other types of investments, as appropriate, to meet the needs of the Client. The Advisor may retain other types of investments from the Client’s legacy portfolio due to fit with the overall portfolio strategy, tax-related reasons, or other reasons as identified between the Advisor and the Client. Adams and Associates’ investment approach is primarily long-term focused, but the Advisor may buy, sell or re- allocate positions that have been held for less than one year to meet the objectives of the Client or due to market conditions. Adams and Associates will construct, implement, and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and risk tolerance agreed to by the Client. 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. Adams and Associates evaluates and selects investments for inclusion in Client portfolios only after applying its internal due diligence process. Adams and Associates may recommend, on occasion, redistributing investment allocations to diversify the portfolio. Adams and Associates may recommend specific positions to increase sector or asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against the market movement. Adams and Associates may recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s] in the portfolio, change in risk tolerance of the Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance. Use of Independent Managers – Adams and Associates may recommend that a Client utilize one or more unaffiliated investment managers or investment platforms (collectively “Independent Managers”) for all or a Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 4  portion of a Client’s investment portfolio. In such instances, the Client may be required to authorize and enter into an agreement with the Independent Manager[s] that defines the terms in which the Independent Manager[s] will provide investment management and related services. The Advisor will assist in the development of the initial policy recommendations and managing the ongoing Client relationship. The Advisor will perform initial and ongoing oversight and due diligence over the selected Independent Manager[s] to ensure the Independent Managers’ strategies and target allocations remain aligned with its clients’ investment objectives and overall best interests. The Client, prior to entering into an agreement with unaffiliated investment manager[s] or investment platform[s], will be provided with the Independent Manager's Form ADV 2A (or a brochure that makes the appropriate disclosures). At no time will Adams and Associates 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 their designated account[s] at the Custodian, pursuant to the terms of the advisory agreement. Please see Item 12 – Brokerage Practices. Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable, which are laws governing retirement accounts. When deemed to be in the Client’s best interest, the Advisor will provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA sponsored Plan to another, one IRA to another IRA, or from one type of account to another account (e.g. commission-based account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor will earn a new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to roll over a retirement account to an account managed by the Advisor. Financial Planning Services Adams and Associates will typically provide a variety of financial planning and consulting services to Clients. Services may be offered as part of an overall wealth management engagement or contracted separately. 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/or 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 charitable giving programs. Adams and Associates may also refer Clients to an accountant, attorney, or other specialists, as appropriate for their unique situation. For certain financial planning engagements, the Advisor will provide a written summary of the Client’s financial situation, observations, and recommendations. For project-based or ad-hoc engagements, the Advisor may not provide a written summary. Project-based financial plans or consultations are typically completed within six (6) months of contract date, assuming all information and documents requested are provided promptly. Financial planning and consulting recommendations pose a conflict between the interests of the Advisor and the interests of the Client. For example, the Advisor has an incentive to recommend that Clients engage the Advisor for wealth management services or to increase the level of investment assets with the Advisor, as it would increase the amount of 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. Retirement Plan Advisory Services Adams and Associates provides non-discretionary 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 Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 5  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 monitoring and oversight (3(21) Services) Investment Management (3(38) Services) • Vendor Analysis • Plan Participant Enrollment and Education Tracking • • • • Performance Reporting • Ongoing Investment Recommendation and Assistance • ERISA 404(c) Assistance • Benchmarking Services These services are provided by Adams and Associates 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 Adams and Associates’ fiduciary status, the specific services to be rendered and all direct and indirect compensation the Advisor reasonably expects under the engagement. C. Client Account Management Prior to engaging Adams and Associates to provide advisory services, each Client is required to enter into one or more written advisory agreements with the Advisor that define the terms, conditions, authority, and responsibilities of the Advisor and the Client. These services may include: • Establishing an Investment Strategy – Adams and Associates, in connection with the Client, will develop a strategy that seeks to achieve the Client’s goals and objectives. • Asset Allocation – Adams and Associates will develop a strategic asset allocation that is targeted to meet the investment objectives, time horizon, financial situation, and tolerance for risk for each Client or unique client goal. • Portfolio Construction – Adams and Associates will develop a portfolio for the Client that is intended to meet the stated goals and objectives of the Client. • Wealth Management and Supervision – Adams and Associates will provide wealth management and ongoing oversight of the Client’s investment portfolio. D. Wrap Fee Programs For certain Clients, Adams and Associates includes securities transaction fees together with its wealth management fees. Including these fees into a single asset-based fee is considered a “Wrap Fee Program”. The Advisor customizes its wealth management services for its Clients. The Advisor sponsors the Adams and Aassociates Wrap Fee Program solely as a supplemental disclosure regarding the combination of fees. Depending on the level of trading required for the Client’s account[s] in a particular year, the Client may pay more or less in total fees than if the Client paid its own transaction fees. Please see Appendix 1 – Wrap Fee Program Brochure, which is included as a supplement to this Disclosure Brochure. E. Assets Under Management As of December 31, 2025, the Advisor manages $305,575,796 in Client assets, all of which are managed on a discretionary basis. 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 one or more written advisory agreements with the Advisor. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 6  A. Fees for Advisory Services Wealth Management Services Wealth management fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the wealth management agreement. Wealth management fees are based on the market value of assets under management at the end of the prior calendar quarter. Fees range from 0.75% to 1.25% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions, inclusion of financial planning, and/or other complexities may be charged a higher fee. The wealth management 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. In certain circumstances, the Advisor may charge a fixed annual fee for its services. The Client’s fees will take into consideration the aggregate assets under management with the Advisor across all accounts, unless otherwise agreed in writing. All securities held in accounts managed by Adams and Associates will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing. Clients may make additions to and withdrawals from their account[s] at any time, subject to Adams and Associates’ right to terminate an account. Additions may be in cash or securities provided that Adams and Associates reserves the right to liquidate any transferred securities or decline to accept particular securities into a Client’s account[s]. Clients may withdraw account assets on notice to Adams and Associates, subject to the usual and customary securities settlement procedures. However, Adams and Associates designs its portfolios as long-term investments, and the withdrawal of assets may impair the achievement of a Client’s investment objectives. Adams and Associates may consult with its Clients about the options and ramifications of transferring securities. However, Clients are advised that when transferred securities are liquidated, they may be subject to transaction fees, fees assessed at the mutual fund level (i.e. contingent deferred sales charge) and/or tax ramifications. Use of Independent Managers As noted in Item 4, the Advisor may implement all or a portion of a Client’s investment portfolio utilizing one or more Independent Managers. To eliminate any conflict of interest, the Advisor does not earn any compensation from an Independent Manager. The Advisor will only earn its wealth management fee as described above. If the Client is required to authorize and enter into a wealth management agreement with an Independent Manage then the terms of such fee arrangements are included in the Independent Manager’s disclosure brochure and applicable contract[s] with the Independent Manager. Financial Planning Services Financial planning services may be included as part of an overall wealth management engagement and fee or contracted separately. Adams and Associates offers financial planning services either on an hourly basis or a fixed engagement fee. Hourly fees range from $200 to $500 per hour. Fixed fee engagements are negotiated based on the expected number of hours to complete the engagement as the Advisor’s hourly rate. Fees may be negotiable based on the nature and complexity of the services to be provided and the overall relationship with the Advisor. An estimate for total hours and/or total costs will be provided to the Client prior to engaging for these services. Retirement Plan Advisory Services Adams and Associates provides advisory services for retirement plans including 401(k) Plans all of which are charged an annual asset-based fee ranging from 0.50% to 1.00% based on the size of the Plan and scope of services to be provided. The Advisor may also offer its services on a fixed quarterly fee. Fees are typically billed in advance of each calendar quarter, pursuant to the terms of the retirement plan advisory agreement. Retirement plan fees are based on the market value of assets under management in the Plan 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. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be deducted Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 7  from the Client’s account[s] in advance of each calendar quarter. The amount due is calculated by applying the quarterly rate (annual rate divided by 4) to the market value of assets under management as of the end of the prior calendar quarter. Clients will be provided with a statement, generally monthly, from the Custodian reflecting the deduction of the wealth management fee. Clients provide written authorization permitting advisory fees to be deducted by Adams and Associates to be paid directly from their account[s] held by the Custodian as part of the wealth management agreement and separate account forms provided by the Custodian. Use of Independent Managers For Client accounts implemented through an Independent Manager, the Client’s overall fees may include Adams and Associates’ wealth management fee (as noted above) plus wealth management fees and/or platform fees charged by the Independent Manager[s], as applicable. In certain instances, the Independent Manager or the Advisor may assume responsibility for calculating the Client’s fees and deduct all fees from the Client’s account[s]. In other instances the Advisor and the Independent Manager will each assume the responsibility for calculating and deducting their respective fees from the Client’s account[s]. Financial Planning Services Financial planning fees may be invoiced up to fifty percent (50%) of the expected total fee upon execution of the financial planning agreement. The balance shall be invoiced upon completion of the agreed upon deliverable[s]. Retirement Plan Advisory Services 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 in connection with investments made on behalf of the Client’s account[s]. Adams and Associates may include securities transactions costs as part of its overall wealth management fee through the Adams and Associates Wrap Fee Program. Securities transaction fees for Client-directed trades may be charged back to the Client. Please see Item 4.D. above as well as Appendix 1 – Wrap Fee Program Brochure. Clients may incur certain fees or charges imposed by third parties, other than Adams and Associates, 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, as applicable. The Advisor's recommended Custodian may not charge securities transaction fees for ETF and equity trades in a Client's account[s], provided that the account meets the terms and conditions of the Custodian's brokerage requirements. However, the Custodian typically charges for mutual funds and other types of investments. The fees charged by Adams and Associates are separate and distinct from these custody and execution fees. In addition, all fees paid to Adams and Associates for wealth management 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 Adams and Associates but would not receive the services provided by Adams and Associates 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 Adams and Associates to fully understand the total fees to be paid. Please refer to Item 12 – Brokerage Practices for additional information. Please refer to Item 12 – Brokerage Practices for additional information. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 8  D. Advance Payment of Fees and Termination Wealth Management Services Adams and Associates is compensated for its wealth management services in advance of the quarter in which services are rendered. Either party may terminate the wealth management agreement, at any time, by providing advance written notice to the other party. The Client may also terminate the wealth management 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. Upon termination, the Advisor will refund any unearned, prepaid fees from the effective date of termination through the end of the quarter. The Client’s wealth management agreement with the Advisor is non-transferable without the Client’s prior consent. Use of Independent Managers In the event that the Advisor has determined that an Independent Manager is no longer in the Client’s best interest or a Client should wish to terminate their relationship with the Independent Manager, the terms for the termination will be set forth in the respective agreements between the Client or the Advisor and the Independent Manager. Adams and Associates will assist the Client with the termination and transition as appropriate. Financial Planning Services Adams and Associates may be partially compensated for its financial planning services at the start of the engagement. Either party may terminate the financial planning agreement, at any time, by providing advance written notice to the other party. The Client may also terminate the financial planning 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. Upon termination, the Client shall be billed for actual hours logged on the planning project times the contractual hourly rate or in the case of a fixed fee engagement, the percentage of the engagement scope completed by the Advisor. Upon termination, the Advisor will promptly refund any unearned, prepaid planning fees. The Client’s financial planning agreement with the Advisor is non-transferable without the Client’s prior consent. Retirement Plan Advisory Services Adams and Associates is compensated for its services at the beginning of the quarter before advisory services are rendered. Either party may request to terminate a retirement plan advisory agreement, at any time, by providing advance written notice to the other party. The Client shall be responsible for advisory fees up to and including the effective date of termination. Upon termination, the Advisor will refund any unearned, prepaid 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 Adams and Associates 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 wealth management fees noted above. Insurance Agency Affiliation Certain Advisory Persons are licensed as independent insurance professionals. As an independent insurance professional, an Advisory Person may earn commission-based compensation for selling insurance products, including insurance products offered to Clients. Insurance commissions earned by the Advisory Person are separate and in addition to investment advisory fees. This practice presents a conflict of interest as an Advisory Person who is also an insurance professional will have an incentive to recommend insurance products to the Client for the purpose of generating commissions rather than solely based on the Client’s needs. Clients are under no obligation, contractual or otherwise, to purchase insurance products through any Advisory Person affiliated with the Advisor. Please see Item 10 below. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 9  Item 6 – Performance-Based Fees and Side-By-Side Management Adams and Associates does not charge performance-based fees for its wealth management services. The fees charged by Adams and Associates are as described in Item 5 above and are not based upon the capital appreciation of the funds or securities held by any Client. Adams and Associates does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) and has no financial incentive to recommend any particular investment options to its Clients. Item 7 – Types of Clients Adams and Associates offers advisory services to individuals, high net worth individuals, families, trusts, estates, small businesses, charitable organizations, and retirement plans. Adams and Associates generally requires a minimum relationship size of $500,000, which may be reduced at is sole discretion. Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis Adams and Associates primarily employs fundamental and technical analysis methods in developing investment strategies for its Clients. Research and analysis from Adams and Associates are derived from numerous sources, including financial media companies, third-party research materials, professional data subscriptions, Internet sources, and review 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 generally consists 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 Adams and Associates will be able to predict such a reoccurrence accurately. As noted above, Adams and Associates generally employs a long-term investment strategy for its Clients, as consistent with their financial goals. Adams and Associates 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 Clients. At times, Adams and Associates 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. Adams and Associates will assist Clients in determining an 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. Please see Item 8.B. for risks associated with the Advisor’s investment strategies as well as general risks of investing. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 10  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 the Advisor’s investment approach: 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 have 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 bonds 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 investors 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. The price of a mutual fund is typically set daily; therefore, 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. 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. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 11  Item 9 – Disciplinary Information There are no legal, regulatory, or disciplinary events involving Adams and Associates or its management persons. Adams and Associates values the trust Clients 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 backgrounds 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# 319379. Item 10 – Other Financial Industry Activities and Affiliations Insurance Agency Affiliation As noted in Item 5, certain Advisory Persons are licensed insurance professionals. Implementations of insurance recommendations are separate and apart from one’s role with the Advisor. As an insurance professional, the Advisory Person will receive customary commissions and other related revenues from the various insurance companies whose products are sold. Advisory Persons are not required to offer the products of any particular insurance company. Commissions generated by insurance sales do not offset investment advisory fees. This presents a conflict of interest in recommending certain products of the insurance companies. Clients are under no obligation to implement any recommendations made by the Advisor or Advisory Persons. Use of Independent Managers As noted in Item 4, the Advisor may recommend or select Independent Managers to assist with the implementation of a Client’s investment strategy. In such arrangements, the Advisor will not receive any compensation from an Independent Manager. The Advisor will only earn its fee, as described in Item 5.A. The Independent Manager[s] may assume responsibility for collecting all fees as described in item 5.B. Item 11 – Code of Ethics, Participation or Interest in Client Transactions and Personal Trading A. Code of Ethics Adams and Associates 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 Adams and Associates (“Supervised Persons”). The Code was developed to provide general ethical guidelines and specific instructions regarding the Advisor’s duties to the Client. Adams and Associates and its Supervised Persons owe a duty of loyalty, fairness and good faith towards each Client. It is the obligation of Adams and Associates’ 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 (828) 251-9700. B. Personal Trading with Material Interest Adams and Associates allows Supervised Persons to purchase or sell the same securities that may be recommended to and purchased on behalf of Clients. Adams and Associates does not act as a principal in any transactions. In addition, the Advisor does not act as the general partner of a fund or advise an investment company. Adams and Associates does not have a material interest in any securities traded in Client accounts. C. Personal Trading in Same Securities as Clients Adams and Associates 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 that are recommended (purchase or sell) to Clients presents a conflict of interest that, as fiduciaries, must be disclosed to Clients and mitigated through policies and procedures. As noted above, the Advisor has 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 have a conflict of interest if trading in the same securities. The fiduciary duty to act in the best interest of its Clients can 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 Adams and Associates requiring reporting of personal securities Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 12  trades by its Supervised Persons for review by the Chief Compliance Officer (“CCO”). The Advisor has also adopted written policies and procedures to detect the misuse of material, non-public information. D. Personal Trading at Same Time as Client While Adams and Associates allows 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 afterward. At no time will Adams and Associates, or any Supervised Person of Adams and Associates, transact in any security to the detriment of any Client. Item 12 – Brokerage Practices A. Recommendation of Custodian[s] Adams and Associates 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 Adams and Associates to direct trades to the Custodian as agreed upon in the wealth management agreement. Further, Adams and Associates does not have the discretionary authority to negotiate commissions on behalf of Clients on a trade-by-trade basis. Where Adams and Associates 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 Adams and Associates. However, the Advisor may be limited in the services it can provide if the recommended Custodian is not engaged. Adams and Associates may recommend the Custodian based on criteria such as, but not limited to, the 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. Adams and Associates will generally recommend that Clients establish their account[s] at Raymond James & Associates, Inc. (“Raymond James”). Raymond James is a FINRA-registered broker-dealer and New York Stock Exchange/SIPC member. Raymond James will serve as the Client’s “qualified custodian”. Adams and Associates maintains institutional relationships with Raymond James, whereby the Advisor receives economic benefits from the Custodian. Please see Item 14 below. Following are additional details regarding the brokerage practices of the Advisor: Adams and Associates has established an institutional relationship with Raymond James to assist the Advisor in managing Client account[s]. The Raymond James platform includes brokerage, custody, administrative support, record keeping, technology and related services designed to support registered investment advisors like Adams and Associates in serving Clients. These services are intended to serve the best interests of the Advisor’s Clients. Raymond James may charge securities transaction fees for effecting certain securities transactions. Raymond James enables the Advisor to obtain certain no-load mutual funds without securities transaction fees and other no- load funds at nominal transaction charges. Raymond James’ transaction fee rates are generally considered discounted from customary retail brokerage rates. However, the transaction fees charged by Raymond James may be higher or lower than those charged by other custodians and broker-dealers. Please see Item 14 below for additional information. Following are additional details regarding the brokerage practices of the Advisor: 1. 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. Adams and Associates 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 below. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 13  2. Brokerage Referrals - Adams and Associates does not receive any compensation from any third party in connection with the recommendation for establishing an account. 3. Directed Brokerage - All Clients are serviced on a “directed brokerage basis,” where Adams and Associates will place trades within the established account[s] at the Custodian designated by the Client. Further, all Client accounts are traded within their respective 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]). Adams and Associates will not be obligated to select competitive bids on securities transactions and does not have an obligation to seek the lowest available transaction costs. These costs are determined by the Custodian. A Client may pay a commission that is higher than another qualified custodian might charge to effect the same transaction. The Advisor has determined in good faith that the commissions charged by Raymond James are reasonable in relation to the value of the brokerage and research services received. In seeking best execution, the determinative factor is not necessarily the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of the Custodian’s services, including the value of research provided, execution capability, commission rates, and responsiveness. Accordingly, although the Advisor will seek competitive rates, to the benefit of all Clients, it may not necessarily obtain the lowest possible commission rates for specific Client account transactions. Although the investment research products and services that may be obtained by the Advisor will generally be used to service all of the Advisor’s Clients, they may not equally benefit all Clients. Please also see Item 14. 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 the order, 3) difficulty of execution, 4) confidentiality and 5) skill required of the Custodian. Adams and Associates will execute its transactions through the Custodian as authorized by the Client. Adams and Associates may aggregate orders in a block trade or trades when securities are purchased or sold through the Custodian 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 Clients’ accounts. Item 13 – Review of Accounts A. Frequency of Reviews Securities in Client accounts are monitored on a regular and continuous basis by Advisory Persons of Adams and Associates and periodically by the CCO. 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 Adams and Associates 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 generally monthly 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. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 14  Item 14 – Client Referrals and Other Compensation A. Compensation Received by Adams and Associates Adams and Associates is a fee-based advisory firm that is compensated solely by its Clients and not from any investment product. Adams and Associates does not receive commissions or other compensation from product sponsors, broker-dealers or any unrelated third party. Adams and Associates 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, Adams and Associates may receive non- compensated referrals of new Clients from various third-parties. Participation in Institutional Advisor Platform As noted in item 12, Adams and Associates has established an institutional relationship with Raymond James to assist the Advisor in managing Client account[s]. As part of the arrangement, Raymond James also makes available to the Advisor certain research and brokerage services, including research services obtained by Raymond James directly from independent research companies. The Advisor may also receive additional services and support from Raymond James. As a result of already paying fees for such services, the Advisor may have an incentive to continue to use or expand the use of Raymond James’ services. The Advisor examined this potential conflict of interest when it chose to enter into the relationship with Raymond James and has determined that the relationship is in the best interests of the Advisor’s Clients and satisfies its Client obligations, including its duty to seek best execution. Please see Item 12 above. The Advisor receives access to software and related support because the Advisor renders wealth management services to Clients that maintain assets at Raymond James. Some of this software is received in exchange for additional technology fees paid to 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 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. In addition, Raymond James has provided the Advisor with financial support in the launch of the Advisor and reimbursements for various third-party service providers. B. Client Referrals from Solicitors Adams and Associates does not engage paid solicitors for Client referrals. Item 15 – Custody Adams and Associates is authorized to deduct its fees from the Client’s account[s] at the Custodian. The Client must place all assets with a “qualified custodian”. The Client is required to engage the Custodian to retain all funds and securities and direct Adams and Associates to utilize that Custodian for security transactions in the account[s]. The Client should review statements provided by the Custodian, 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 Adams and Associates authority to move money from one account to another account, Adams and Associates may have custody of those assets. In order to avoid additional regulatory requirements, the Custodian and Adams and Associates have adopted safeguards to ensure that the money movements are completed in accordance with the Client’s instructions. Item 16 – Investment Discretion Adams and Associates 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 Adams and Associates. The 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 a wealth management Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 15  agreement containing all applicable limitations to such authority. All discretionary trades made by Adams and Associates will be in accordance with each Client's investment objectives and goals. Item 17 – Voting Client Securities Adams and Associates 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. Item 18 – Financial Information Neither Adams and Associates, nor its management, have any adverse financial situations that would reasonably impair the ability of Adams and Associates to meet all obligations to its Clients. Neither Adams and Associates, nor any of its Advisory Persons, have been subject to a bankruptcy or financial compromise. Adams and Associates is not required to deliver a balance sheet along with this Disclosure Brochure as the Advisor does not collect advance fees of $1,200 or more for services to be performed six months or more in the future. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 16  Adams and Associates Inc. Form ADV Part 2A – Appendix 1 (“Wrap Fee Program Brochure”) Effective: February 26, 2026 This Form ADV2A - Appendix 1 (“Wrap Fee Program Brochure”) provides information about the qualifications and business practices for Adams and Associates Inc. (“Adams and Associates” or the “Advisor”) services when offering services pursuant to a wrap program. This Wrap Fee Program Brochure shall always be accompanied by the Adams and Associates Disclosure Brochure, which provides complete details on the business practices of the Advisor. If you did not receive the complete Adams and Associates Disclosure Brochure or you have any questions about the contents of this Wrap Fee Program Brochure or the Adams and Associates Disclosure Brochure, please contact us at (828) 251-9700. Adams and Associates is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). The information in this Wrap Fee Program Brochure has not been approved or verified by the SEC or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. This Wrap Fee Program Brochure provides information about Adams and Associates to assist you in determining whether to retain the Advisor. Additional information about Adams and Associates and its advisory persons are available on the SEC’s website at www.adviserinfo.sec.gov by searching for the Advisor’s firm name or CRD# 319379. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 17  Item 2 – Material Changes Form ADV 2A - Appendix 1 provides information about a variety of topics relating to an Advisor’s business practices and conflicts of interest. In particular, this Wrap Fee Program Brochure discusses Wrap Fee Programs offering by the Advisor. Material Changes There have been no changes made to this Wrap Fee Program Brochure since the last annual amendment filing on January 28, 2025. Future Changes From time to time, we may amend this Wrap Fee Program Brochure to reflect changes in our business practices, changes in regulations and routine annual updates as required by the securities regulators. This complete Wrap Fee Program Brochure (along with the complete Adams and Associates Disclosure Brochure) or a Summary of Material Changes shall be provided to each Client annually and if a material change occurs in the business practices of Adams and Associates. At any time, you may view this Wrap Fee Program Brochure and the current Disclosure Brochure on-line at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching for our firm name or by our CRD# 319379. You may also request a copy of this Disclosure Brochure at any time, by contacting us at (828) 251-9700. Item 3 – Table of Contents Form ADV Part 2A – Appendix 1 ......................................................................................................................... 17 Item 2 – Material Changes .................................................................................................................................... 18 Item 3 – Table of Contents ................................................................................................................................... 18 Item 4 – Services Fees and Compensation ........................................................................................................ 19 Item 5 – Account Requirements and Types of Clients ...................................................................................... 20 Item 6 – Portfolio Manager Selection and Evaluation ....................................................................................... 20 Item 7 – Client Information Provided to Portfolio Managers ............................................................................ 21 Item 8 – Client Contact with Portfolio Managers ............................................................................................... 21 Item 9 – Additional Information ........................................................................................................................... 21 Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 18  Item 4 – Services Fees and Compensation A. Services Adams and Associates Inc. (“Adams and Associates”) provides customized wealth management services for its Clients. This Wrap Fee Program Brochure is provided as a supplement to the Adams and Associates Disclosure Brochure (Form ADV 2A). This Wrap Fee Program Brochure is provided along with the complete Disclosure Brochure to provide full details of the business practices and fees when selecting Adams and Associates as your investment advisor. As part of the wealth management fees noted in Item 5 of the Disclosure Brochure, Adams and Associates includes normal securities transaction fees as part of the overall wealth management fee. Securities regulations often refer to this combined fee structure as a “Wrap Fee Program”. The Advisor sponsors the Adams and Associates Wrap Fee Program. The sole purpose of this Wrap Fee Program Brochure is to provide additional disclosure relating the combination of securities transaction fees into the single “bundled” wealth management fee. This Wrap Fee Program Brochure references back to the Adams and Associates Disclosure Brochure in which this Wrap Fee Program Brochure serves as an Appendix. Please see Item 4 – Advisory Services of the Disclosure Brochure for details on Adams and Associates’ investment philosophy and related services. B. Program Costs Advisory services provided by Adams and Associates are offered in a wrap fee structure whereby normal securities transaction costs are included in the overall wealth management fee paid to Adams and Associates. As the level of trading in a Client’s account[s] may vary from year to year, the annual cost to the Client may be more or less than engaging for advisory services where the transactions costs are borne separately by the Client. The cost of the Wrap Fee Program varies depending on services to be provided to each Client, however, the Client is not charged more if there is higher trading activity in the Client’s account[s]. A Wrap Fee structure has a potential conflict of interest as the Advisor may have an incentive to limit the number of trades placed in the Client’s account[s]. Please see Item 5 – Fees and Compensation of the Disclosure Brochure for complete details on fees. C. Fees Wealth management fees are paid quarterly, in advance of each calendar quarter, pursuant to the terms of the wealth management agreement. Wealth management fees are based on the market value of assets under management at the end of the prior calendar quarter. Fees range from 0.75% to 1.25% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor. Relationships with multiple objectives, specific reporting requirements, portfolio restrictions, inclusion of financial planning, and/or other complexities may be charged a higher fee. The wealth management 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. In certain circumstances, the Advisor may charge a fixed annual fee for its services. The Client’s fees will take into consideration the aggregate assets under management with the Advisor across all accounts, unless otherwise agreed in writing. All securities held in accounts managed by Adams and Associates will be independently valued by the Custodian. The Advisor will conduct periodic reviews of the Custodian’s valuation to ensure accurate billing. Clients may make additions to and withdrawals from their account[s] at any time, subject to Adams and Associates’ right to terminate an account. Additions may be in cash or securities provided that Adams and Associates reserves the right to liquidate any transferred securities or decline to accept particular securities into a Client’s account[s]. Clients may withdraw account assets on notice to Adams and Associates, subject to the usual and customary securities settlement procedures. However, Adams and Associates designs its portfolios as long-term investments, and the withdrawal of assets may impair the achievement of a Client’s investment objectives. Adams and Associates may consult with its Clients about the options and ramifications of transferring securities. However, Clients are advised that when transferred securities are liquidated, they may be subject to transaction fees, fees assessed at the mutual fund level (i.e. contingent deferred sales charge) and/or tax ramifications. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 19  As noted above, the Wrap Fee Program includes normal securities trading costs incurred in connection with the discretionary investment management services provided by Adams and Associates. Securities transaction fees for Client-directed trades may be charged back to the Client. Clients may incur certain fees or charges imposed by third parties in connection with investments made on behalf of the Client’s account[s]. Under this Wrap Fee Program, Adams and Associates includes securities transactions costs as part of its overall wealth management fee. In addition, all fees paid to Adams and Associates for wealth management services or part of the Wrap Fee Program are separate and distinct from the expenses charged by mutual funds and exchange-traded funds 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. The Client may also incur other costs assessed by the Custodian or other parties for account related activity fees, such as wire transfer fees, fees for trades executed away from the Custodian and other fees. The Advisor does not control nor share in these fees. The Client should review both the fees charged by the fund[s] and the fees charged by Adams and Associates to fully understand the total fees to be paid. Please see Item 5.C. – Other Fees and Expenses in the Disclosure Brochure (included with this Wrap Fee Program Brochure). D. Compensation Adams and Associates is the sponsor and portfolio manager of this Wrap Fee Program. Adams and Associates receives wealth management fees paid by Clients for participating in the Wrap Fee Program and pays the Custodian for the costs associated with the normal trading activity in the Client’s account[s]. Item 5 – Account Requirements and Types of Clients Adams and Associates offers wealth management services to individuals, high net worth individuals, families, trusts, estates, small businesses, charitable organizations, and retirement plans. Adams and Associates generally requires a minimum relationship size of $500,000, which may be reduced at is sole discretion. Please see Item 7 – Types of Clients in the Disclosure Brochure for additional information. Item 6 – Portfolio Manager Selection and Evaluation Portfolio Manager Selection Adams and Associates serves as sponsor and as portfolio manager for the services under this Wrap Fee Program. Related Persons Adams and Associates personnel serve as portfolio managers for this Wrap Fee Program. Performance-Based Fees Adams and Associates does not charge performance-based fees for its wealth management services. The fees charged by Adams and Associates are as described in Item 5 above and are not based upon the capital appreciation of the funds or securities held by any Client. Adams and Associates does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) and has no financial incentive to recommend any particular investment options to its Clients. Supervised Persons Adams and Associates Advisory Persons serve as portfolio managers for all accounts, including the services described in this Wrap Fee Program Brochure. Details of the advisory services provided are included in Item 4.A. of the Disclosure Brochure. Methods of Analysis Please see Item 8 of the Disclosure Brochure (included with this Wrap Fee Program Brochure) for details on the research and analysis methods employed by the Advisor. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 20  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. Adams and Associates will assist Clients in determining an 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. Please see Item 8.B. of the Disclosure Brochure for risks associated with the Advisor’s investment strategies as well as general risks of investing. 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. Please see Item 8.B. – Risk of Loss in the Disclosure Brochure for details on investment risks. Proxy Voting Adams and Associates 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. Item 7 – Client Information Provided to Portfolio Managers Adams and Associates is the sponsor and sole portfolio manager for the Program. The Advisor does not share Client information with other portfolio managers because it is the sole portfolio manager for this Wrap Fee Program. Please also see the Adams and Associates Privacy Policy (included after this Wrap Fee Program Brochure). Item 8 – Client Contact with Portfolio Managers Adams and Associates is a full-service investment management advisory firm. Clients always have direct access to the Portfolio Managers at Adams and Associates. Item 9 – Additional Information A. Disciplinary Information and Other Financial Industry Activities and Affiliations There are no legal, regulatory or disciplinary events involving Adams and Associates or its management person[s]. Adams and Associates values the trust Clients 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 backgrounds of the Advisor or 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# 319379. Please see Item 9 of the Adams and Associates Disclosure Brochure as well as Item 3 of each Advisory Person’s Brochure Supplement (included with this Wrap Fee Program Brochure) for additional information on how to research the background of the Advisor and its Advisory Persons. Other Financial Activities and Affiliations Insurance Agency Affiliations – Certain Supervised Persons are also licensed insurance professionals. Implementations of insurance recommendations are separate and apart from one’s role with Adams and Associates. As an insurance professional, an Supervised Person may receive customary commissions and other related revenues from the various insurance companies whose products are sold. Supervised Persons are not required to offer the products of any particular insurance company. Commissions generated by insurance sales do not offset regular advisory fees. This may cause a conflict of interest in recommending certain products of the insurance companies. Clients are under no obligation to implement any recommendations made by an Supervised Person or the Advisor. B. Code of Ethics, Review of Accounts, Client Referrals, and Financial Information Adams and Associates has implemented a Code of Ethics that defines our fiduciary commitment to each Client. This Code of Ethics applies to all persons subject to Adams and Associates’ compliance program (our Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 21  “Supervised Persons”). Complete details on the Adams and Associates Code of Ethics can be found under Item 11 – Code of Ethics, Participation in Client Transactions and Personal Trading in the Disclosure Brochure (included with this Wrap Fee Program Brochure). Review of Accounts Investments in Client accounts are monitored on a regular and continuous basis by Advisory Persons of Adams and Associates under the supervision of the Chief Compliance Officer (“CCO”). Details of the review policies and practices are provided in Item 13 of the Form ADV Part 2A – Disclosure Brochure. Other Compensation Participation in Institutional Advisor Platform (Raymond James) Adams and Associates will generally recommend that Clients establish their account[s] at Raymond James & Associates, Inc. (“Raymond James”). 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 Adams and Associates. Raymond James is a FINRA-registered broker-dealer and member SIPC. Raymond James will serve as the Client’s “qualified custodian”. Adams and Associates maintains an institutional relationship with Raymond James, whereby the Advisor receives economic benefits from the Custodian. Adams and Associates has established an institutional relationship with Raymond James to assist the Advisor in managing Client account[s]. The Advisor receives access to software and related support because the Advisor renders investment management services to Clients that maintain assets at Raymond James. Some of this software is received in exchange for additional technology fees paid by the Advisor to the Custodian. This software and the 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. Please see Item 14 – Other Compensation in the Form ADV Part 2A – Disclosure Brochure (included with this Wrap Fee Program Brochure) for details on additional compensation that may be received by Adams and Associates or its Advisory Persons. Each Advisory Person’s Brochure Supplement (also included with this Wrap Fee Program Brochure) provides details on any outside business activities and the associated compensation. Client Referrals from Solicitors Adams and Associates does not engage paid solicitors for Client referrals. Financial Information Neither Adams and Associates, nor its management, have any adverse financial situations that would reasonably impair the ability of Adams and Associates to meet all obligations to its Clients. Neither Adams and Associates, nor any of its Advisory Persons, have been subject to a bankruptcy or financial compromise. Adams and Associates is not required to deliver a balance sheet along with this Disclosure Brochure as the Advisor does not collect advance fees of $1,200 or more for services to be performed six months or more in the future. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 22  Form ADV Part 2B – Brochure Supplement for Bray Creech, CFP®, CPA Principal, Financial Advisor & Chief Compliance Officer Effective: February 26, 2026 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Bray Creech (CRD# 6379479) in addition to the information contained in the Joel Adams and Associates, Inc. (“Adams and Associates” or the “Advisor”, CRD# 319379) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Adams and Associates Disclosure Brochure or this Brochure Supplement, please contact us at (828) 251-9700. Additional information about Mr. Creech 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# 6379479. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 23  Item 2 – Educational Background and Business Experience Bray Creech, born in 1976, is dedicated to advising Clients of Adams and Associates as a Principal, Financial Advisor and the Chief Compliance Officer. Mr. Creech earned an MBA from University of Maryland at College Park in 2011. Mr. Creech also earned a Bachelor of Arts from the University of North Carolina at Asheville in 1998. Additional information regarding Mr. Creech’s employment history is included below. Employment History: 04/2022 to Present 10/2014 to 04/2022 08/2014 to 04/2022 Principal, Financial Advisor and Chief Compliance Officer, Joel Adams and Associates, Inc. Investment Advisor Representative, Raymond James Financial Services Advisors, Inc. Registered Representative, Raymond James Financial Services, Inc. Director of Leadership Gifts, People For the American Way 08/2007 to 07/2014 CERTIFIED FINANCIAL PLANNER™ (“CFP®”) The CERTIFIED FINANCIAL PLANNER™, CFP®, and federally registered CFP® (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by CERTIFIED FINANCIAL PLANNER™ Board of Standards, Inc. (“CFP® Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 87,000 individuals have obtained CFP® certification in the United States. To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements: • Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; • Examination – Pass the comprehensive CFP® Certification Examination. The examination includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real-world circumstances; • Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and • Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals. Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks: • Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and • Ethics – Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP®. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 24  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. The vast majority of state boards of accountancy have adopted the AICPA’s® Code of Professional Conduct within their state accountancy laws or have created their own. Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Creech. Mr. Creech 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. Creech. 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. Creech. However, we do encourage you to independently view the background of Mr. Creech on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 6379479. Item 4 – Other Business Activities Mr. Creech is dedicated to the investment advisory activities of Adams and Associates’s Clients. Mr. Creech does not have any other business activities. Item 5 – Additional Compensation Mr. Creech is dedicated to the investment advisory activities of Adams and Associates’s Clients. Mr. Creech does not receive any additional forms of compensation. Item 6 – Supervision Mr. Creech serves as a Principal, Financial Advisor and the Chief Compliance Officer of Adams and Associates as well as its Chief Compliance Officer. Mr. Creech can be reached at (828) 251-9700. Adams and Associates has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Adams and Associates. Further, Adams and Associates is subject to regulatory oversight by various agencies. These agencies require registration by Adams and Associates and its Supervised Persons. As a registered entity, Adams and Associates is subject to examinations by regulators, which may be announced or unannounced. Adams and Associates 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. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 25  Form ADV Part 2B – Brochure Supplement for Chad T. Storck, CPA Investment Advisor Representative Effective: February 26, 2026 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Chad T. Storck, CPA (CRD# 7683777) in addition to the information contained in the Joel Adams and Associates, Inc. (“Adams and Associates” or the “Advisor”, CRD# 319379) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Adams and Associates Disclosure Brochure or this Brochure Supplement, please contact us at (828) 251-9700. Additional information about Mr. Storck 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# 7683777. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 26  Item 2 – Educational Background and Business Experience Chad T. Storck, CPA born in 1977, is dedicated to advising Clients of Adams and Associates as an Investment Advisor Representative. Mr. Storck also earned a Bachelor of Business Administration in Marketing from the University of Georgia in 1999. Mr. Storck also earned a Master’s in Accounting from the University of Georgia in 2004. Mr. Storck also earned a Bachelor of Business Administration in Accounting from the University of Georgia in 2004. Additional information regarding Mr. Storck’s employment history is included below. Employment History: Investment Advisor Representative, Joel Adams and Associates, Inc. Staff, Storck CPA, P.C. President, Storck CPA, P.C. 01/2023 to Present 01/2023 to 12/2024 01/2009 to 01/2023 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, and 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. The vast majority of state boards of accountancy have adopted the AICPA’s® Code of Professional Conduct within their state accountancy laws or have created their own. Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Mr. Storck. Mr. Storck 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. Storck. 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. Storck. However, we do encourage you to independently view the background of Mr. Storck on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with his full name or his Individual CRD# 7683777. Item 4 – Other Business Activities Mr. Storck is dedicated to the investment advisory activities of Adams and Associates’s Clients. Mr. Storck does not have any other business activities. Item 5 – Additional Compensation Mr. Storck is dedicated to the investment advisory activities of Adams and Associates’s Clients. Mr. Storck does not receive any additional forms of compensation. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 27  Item 6 – Supervision Mr. Storck serves as an Investment Advisor Representative of Adams and Associates and is supervised by Bray Creech, the Chief Compliance Officer. Mr. Creech can be reached at (828) 251-9700. Adams and Associates has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Adams and Associates. Further, Adams and Associates are subject to regulatory oversight by various agencies. These agencies require registration by Adams and Associates and its Supervised Persons. As a registered entity, Adams and Associates is subject to examinations by regulators, which may be announced or unannounced. Adams and Associates 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. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 28  Form ADV Part 2B – Brochure Supplement for Jessie M. Goodwin, CFP® Financial Advisor Effective: February 26, 2026 This Form ADV 2B (“Brochure Supplement”) provides information about the background and qualifications of Jessie M. Goodwin, CFP® (CRD# 5854333) in addition to the information contained in the Joel Adams and Associates, Inc. (“Adams and Associates” or the “Advisor”, CRD# 319379) Disclosure Brochure. If you have not received a copy of the Disclosure Brochure or if you have any questions about the contents of the Adams and Associates Disclosure Brochure or this Brochure Supplement, please contact us at (828) 251-9700. Additional information about Ms. Goodwin is available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with her full name or her Individual CRD# 5854333. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 29  Item 2 – Educational Background and Business Experience Jessie M. Goodwin, CFP®, born in 1987, is dedicated to advising Clients of Adams and Associates as a Financial Advisor. Ms. Goodwin earned her B.A. Economics from University of North Carolina Asheville in 2010. Additional information regarding Ms. Goodwin’s employment history is included below. Employment History: Financial Advisor, Joel Adams and Associates, Inc. Director of Portfolio Management, Modera Wealth Management, LLC Senior Portfolio Manager, Modera Wealth Management, LLC Senior Portfolio Manager, Parsec Financial Management Inc. Portfolio Manager, Parsec Financial Management Inc. 02/2026 to Present 02/2025 to 02/2026 04/2023 to 01/2025 03/2021 to 04/2023 09/2014 to 03/2021 CERTIFIED FINANCIAL PLANNER® Professional I am certified for financial planning services in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”). Therefore, I may refer to myself as a CERTIFIED FINANCIAL PLANNER® professional or a CFP® professional, and I may use these and the other certification marks (the “CFP Board Certification Marks”) that Certified Financial Planner Board of Standards Center for Financial Planning, Inc. has licensed to CFP Board in the United States. The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.cfp.net. CFP® professionals have met CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements: ● Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board-approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirement through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course. ● Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations. ● Experience – Complete 6,000 hours of professional experience related to the personal financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements. ● Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals. Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks: ● Ethics – Commit to complying with CFP Board’s Code and Standards. This includes a commitment to CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 30  professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client. ● Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards. Item 3 – Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding Ms. Goodwin. Ms. Goodwin 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. Goodwin. 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. Goodwin. However, we do encourage you to independently view the background of Ms. Goodwin on the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with her full name or her Individual CRD# 5854333. Item 4 – Other Business Activities Ms. Goodwin is dedicated to the investment advisory activities of Adams and Associates’s Clients. Ms. Goodwin does not have any other business activities. Item 5 – Additional Compensation Ms. Goodwin is dedicated to the investment advisory activities of Adams and Associates’s Clients. Ms. Goodwin does not receive any additional forms of compensation. Item 6 – Supervision Ms. Goodwin serves as a Financial Advisor of Adams and Associates and is supervised by Bray Creech, the Chief Compliance Officer. Mr. Creech can be reached at (828) 251-9700. Adams and Associates has implemented a Code of Ethics, an internal compliance document that guides each Supervised Person in meeting their fiduciary obligations to Clients of Adams and Associates. Further, Adams and Associates is subject to regulatory oversight by various agencies. These agencies require registration by Adams and Associates and its Supervised Persons. As a registered entity, Adams and Associates is subject to examinations by regulators, which may be announced or unannounced. Adams and Associates 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. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 31  Privacy Policy Effective: February 26, 2026 Our Commitment to You Joel Adams and Associates Inc. (“Adams and Associates” or the “Advisor”) is committed to safeguarding the use of personal information of our Clients (also referred to as “you” and “your”) that we obtain as your Investment Advisor, as described here in our Privacy Policy (“Policy”). Our relationship with you is our most important asset. We understand that you have entrusted us with your private information, and we do everything that we can to maintain that trust. Adams and Associates (also referred to as "we", "our" and "us”) protects the security and confidentiality of the personal information we have and implements controls to ensure that such information is used for proper business purposes in connection with the management or servicing of our relationship with you. Adams and Associates does not sell your non-public personal information to anyone. Nor do we provide such information to others except for discrete and reasonable business purposes in connection with the servicing and management of our relationship with you, as discussed below. Details of our approach to privacy and how your personal non-public information is collected and used are set forth in this Policy. Why you need to know? Registered Investment Advisors (“RIAs”) must share some of your personal information in the course of servicing your account. Federal and State laws give you the right to limit some of this sharing and require RIAs to disclose how we collect, share, and protect your personal information. What information do we collect from you? Driver’s license number Date of birth Social security or taxpayer identification number Assets and liabilities Name, address and phone number[s] Income and expenses E-mail address[es] Investment activity Account information (including other institutions) Investment experience and goals What Information do we collect from other sources? Custody, brokerage and advisory agreements Other advisory agreements and legal documents Transactional information with us or others Account applications and forms Investment questionnaires and suitability documents Other information needed to service account How do we protect your information? To safeguard your personal information from unauthorized access and use, we maintain physical, procedural, and electronic security measures. These include such safeguards as secure passwords, encrypted file storage, and a secure office environment. Our technology vendors provide security and access control over personal information and have policies over the transmission of data. Our associates are trained on their responsibilities to protect Client’s personal information. We require third parties that assist in providing our services to you to protect the personal information they receive from us. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 32  How do we share your information? An RIA shares Client personal information to effectively implement its services. In the section below, we list some reasons we may share your personal information. Basis For Sharing Do we share? Can you limit? Yes No Servicing our Clients We may share non-public personal information with non-affiliated third parties (such as administrators, brokers, custodians, regulators, credit agencies, other financial institutions) as necessary for us to provide agreed upon services to you, consistent with applicable law, including but not limited to: processing transactions; general account maintenance; responding to regulators or legal investigations; and credit reporting. No Not Shared Yes Yes No Not Shared Marketing Purposes Adams and Associates does not disclose, and does not intend to disclose, personal information with non-affiliated third parties to offer you services. Certain laws may give us the right to share your personal information with financial institutions where you are a customer and where Adams and Associates or the client has a formal agreement with the financial institution. We will only share information for purposes of servicing your accounts, not for marketing purposes. Authorized Users Your non-public personal information may be disclosed to you and persons that we believe to be your authorized agent(s) or representative(s). Information About Former Clients Adams and Associates does not disclose and does not intend to disclose, non-public personal information to non-affiliated third parties with respect to persons who are no longer our Clients. Changes to our Privacy Policy We will send you a copy of this Policy annually for as long as you maintain an ongoing relationship with us. Periodically we may revise this Policy and will provide you with a revised Policy if the changes materially alter the previous Privacy Policy. We will not, however, revise our Privacy Policy to permit the sharing of non-public personal information other than as described in this notice unless we first notify you and provide you with an opportunity to prevent the information sharing. Any Questions? You may ask questions or voice any concerns, as well as obtain a copy of our current Privacy Policy by contacting us at (828) 251-9700. Adams and Associates Inc. 545 Merrimon Avenue, Asheville, NC 28804 Phone: (828) 251-9700 | https://www.joeladamsasheville.com Page 33