LNW

Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV PART 2A OF FORM ADV THE BROCHURE Laird Norton Wetherby Wealth Management, LLC 801 Second Avenue, Suite 1600, Seattle WA lnwadvisors.com March 2026 This brochure provides information about the qualifications and business practices of Laird Norton Wetherby Wealth Management, LLC (“LNW”). If you have any questions about the contents of this brochure, please contact us at 206-464-5100. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. LNW is a registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Additional information about LNW is also available on the SEC’s website at: www.adviserinfo.sec.gov. 1  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV 2. Material Changes This Brochure replaces the previous Brochure dated March 2025. Following is a summary of the material changes that have been made to the Brochure since the previous update: • Cover Sheet: This has been updated to reflect Laird Norton Wetherby Wealth Management, LLC’s new principal place of business after the merger detailed in Item 4. • Item 4: This has been updated to clarify Laird Norton Wetherby Wealth Management, LLC’s advisory services. This has also been updated to reflect Assets Under Management as of December 31, 2025. A prior update to Form ADV, filed in December 2025, noted that Laird Norton Wetherby Wealth Management, LLC had merged with its affiliate, LNW Wealth Management, LLC, and as the surviving entity moved its principal place of business to Seattle, Washington, from San Francisco, California. Item 5: This has been updated to expand and clarify disclosure regarding private funds. • Item 7: This has been updated to reflect LNW’s general account minimum. • Item 8: This has been updated to expand and refine disclosures regarding investment risks. • Item 10 and Item 11: These include clarified disclosures regarding conflicts of interest. • • Item 14: This has been updated to clarify that LNW does not pay for client referrals and how new client relationships are developed. • Item 17: This has been updated to clarify LNW’s practices with respect to proxy voting and securities class action matters. 2  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV 3. Table of Contents 2. Material Changes ...................................................................................................................................................................................... 2 3. Table of Contents ....................................................................................................................................................................................... 3 4. Advisory Business ..................................................................................................................................................................................... 4 5. Fees and Compensation .......................................................................................................................................................................... 6 6. Performance Based Fees and Side-by-Side Management .......................................................................................................... 7 7. Types of Clients .......................................................................................................................................................................................... 7 8. Methods of Analysis, Investment Strategies and Risk of Loss .................................................................................................... 7 9. Disciplinary Information ......................................................................................................................................................................... 13 10. Other Financial Industry Activities and Affiliations ..................................................................................................................... 13 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading ................................................... 14 12. Brokerage Practices .............................................................................................................................................................................. 14 13. Review of Accounts ............................................................................................................................................................................... 17 14. Client Referrals and Other Compensation ..................................................................................................................................... 18 15. Custody ..................................................................................................................................................................................................... 18 16. Investment Discretion .......................................................................................................................................................................... 19 17. Voting Client Securities ........................................................................................................................................................................ 19 18. Financial Information ........................................................................................................................................................................... 20 3  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV 4. Advisory Business Laird Norton Wetherby Wealth Management, LLC, is a California limited liability company that is wholly owned by Laird Norton Wetherby Trust Company, LLC. Both entities, along with affiliate LNW Trust Company of South Dakota, LLC, operate under the trade name of “LNW” (also known as Laird Norton Wetherby). For purposes of this document, all references to “LNW” are to the registered investment adviser, Laird Norton Wetherby Wealth Management, LLC, and not the broader LNW family of companies. LNW’s principal place of business is located at 801 2nd Ave Ste 1600, Seattle, WA 98104. LNW serves families and individuals seeking to activate the full potential of their wealth. Offering comprehensive wealth planning and investment management, LNW is committed to providing clients with unbiased, independent guidance and solutions. LNW has offices in Seattle, San Francisco, New York, Los Angeles and Philadelphia, and its affiliates provide trust services out of Washington and South Dakota. LNW is indirectly owned by a combination of employees and the Laird Norton Company, all of whom are committed to maintaining the firm's autonomy for generations to come. LNW’s clients are predominantly individuals and families with significant assets and a need for comprehensive investment and financial advice. LNW may advise and provide services to many different accounts and entities related to its clients, including personal and retirement accounts, education savings accounts, revocable and irrevocable trusts, family partnerships, foundations, charitable organizations, and similar entities. LNW works in close collaboration with other advisors that the client has engaged, including other investment advisors, attorneys, CPAs, insurance professionals, and bill payment services. LNW is not affiliated with, and has no financial arrangements with, any of these other advisors. To guide and inform its work with each client, LNW works with each client to develop an investment policy statement (“IPS”) summarizing information such as the client’s goals, objectives, constraints, risk tolerance, and unique circumstances, including such factors as time horizon, projected future liquidity needs, current holdings, tax considerations, and personal market or investment views. A client may have more than one IPS; for example, when one account or entity within a client relationship has a distinct legal status or unique goals, objectives, constraints, circumstances, or risk tolerance. The IPS guides LNW in formulating suitable investment and financial recommendations for each client. Each client has unique goals and circumstances, and each investment portfolio is tailored accordingly. Portfolios with similar objectives may share certain features, but no two are the same. Because each portfolio is unique, investment results may vary, even among accounts with similar objectives or asset allocations. Idiosyncratic factors that can influence the composition of a client’s portfolio and investment results include (but are not limited to): • Whether LNW has been given discretion over any part or all of the portfolio. • Decisions made by the client whether to invest in any security or investment product LNW may recommend from time to time. • The timing of initiation of the portfolio, or any investment or part of the portfolio, including amounts added to or withdrawn from the portfolio. 4  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV • Whether the portfolio contains any legacy holdings or positions (those that pre-date engagement of LNW) or investments made by the client during the engagement that have not been recommended by the team, which LNW may agree to incorporate into portfolio reporting or analysis as requested by the client. • Investment constraints and restrictions imposed by the client on the types of investments that may be made or the types of securities that may be purchased for the portfolio, which LNW may consent to but not recommend. • Regulatory constraints that may apply to any part or all of the portfolio. LNW’s Integrated Investment & Wealth Advisory Offering LNW offers personalized service and a comprehensive wealth management offering that can scale in scope and complexity for each client’s financial situation and goals. LNW’s wealth management offering is tailored to each clients’ individual needs and goals – both initially and as those needs and goals may change over time. Most commonly, LNW is engaged to provide an integrated offering that includes investment management, wealth planning, and collaborative professional services. While not exhaustive, following are examples of the integrated services LNW offers: • Investment Management: (i) development of an Investment Policy Statement customized for the client’s time horizon, risk tolerance and investment targets; (ii) design of an asset allocation tailored to client-specific circumstances; (iii) development of financial modeling or financial projections to test and support asset allocation decisions; (iv) investment product due diligence, selection and recommendation; (v) discretionary and/or non-discretionary investment implementation, ongoing supervision, monitoring and portfolio rebalancing activities; (vi) quarterly client investment and performance reporting; and (vii) periodic meetings with the client’s wealth management team, either virtually, at LNW’s offices, or at other mutually convenient locations. In certain cases, LNW will accept direction from clients regarding specific investments and will hold specific securities in the client’s account. • Wealth Planning: The scope of wealth planning services is determined by the client and may also include planning in connection with (i) financial independence/retirement planning; (ii) capital and liquidity needs analysis and related financial modeling; (iii) philanthropy planning and implementation; (iv) education planning; (v) employee stock option planning; (vi) consideration and evaluation of financing transactions and risk reduction strategies for concentrated equity positions; (vii) advice incident to major asset purchases and sales; and (viii) managing philanthropic plans, tax strategies, wealth transfer strategies, and legacy plans as desired. • Collaborative Services: LNW also provides, or coordinates the provision of, other related financial services such as estate, financial, and tax planning in consultation with other professionals that the client has engaged, including attorneys and accountants. The LNW team may: (i) coordinate with a client’s CPA on matters of income tax planning and reporting; (ii) coordinate with a client's lawyer on matters of estate planning and gifting; (iii) coordinate with a client's third-party providers of life, disability, and other lines of personal insurance; and (iv) coordinate with a client's third-party bill payment service provider. Through this offering, LNW will provide investment advice and recommendations regarding the types of investments that LNW believes to be appropriate for its clients. When providing investment advice, LNW will recommend the purchase of various publicly-available funds such as mutual funds and exchange traded funds. LNW may also 5  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV recommend investments in private funds or securities and/or hiring third-party investment managers. LNW may manage individual stocks or bonds in limited circumstances. LNW also created LRHF II Holding Company, LLC (“LRHF II”) and RHF III Holding Company, LLC (“RHF III”), and serves as the general partner to the LNWM Renewable Power Fund, L.P. (“Renewable Power” and together with LRHF II and RHF III, the “Private Funds”). The Private Funds are investment vehicles used to facilitate access by LNW’s clients to certain private fund offerings. LNW does not charge an advisory fee or a performance-based fee to the Private Funds. Access to the Private Funds was limited to clients who met the Fund’s qualification requirements. The Private Funds are now closed to new investors. An investment in the Private Funds is considered illiquid and subject to limitations on withdrawals; it is not suitable for all clients. As of December 31, 2025, LNW managed $11,683,938,927.14 on a discretionary basis and $499,837,139.54 on a non- discretionary basis. 5. Fees and Compensation LNW is paid exclusively by its clients. For some clients, LNW will charge a fee based on a percentage of the market value of assets held in a client’s portfolio. For others, LNW will charge a retainer or other fixed fee to cover investment and financial advisory services or for special accounts or projects (“Retainer Fee”). Whether charged based on assets under management or as an annual retainer, annual fees typically range between 0.90% and 0.30% of total assets managed by LNW and may be subject to an annual fee minimum or adjustment. If services are provided to multiple accounts or entities related to a client family, fees may be allocated among the various accounts or entities in a mutually agreeable manner. Other factors used to determine the method of charging fees include the historical nature of the client relationship, number of accounts and entities, portfolio and financial complexity, unique client circumstances, the variety and scope of the services provided, and location or advisory team. Fee arrangements, schedules, and account minimums for all services are negotiable, and LNW may consider additional factors in adjusting fees, such as the potential for additional assets under management, the relationship with existing or prospective clients or with the broader client family, the total dollar amount of assets to be managed, or other considerations. Employees and affiliates of LNW and their families or related parties may receive investment and financial advisory services for fees that are lower than what LNW generally charges clients. Fee arrangements may be amended by mutual written consent or advance written notice to the client, depending upon the circumstances and prior agreements with the client. Neither LNW nor any of its employees accept compensation from the sale of securities or any other investment products or services. LNW is independent of any broker-dealer or other investment management firm. As previously noted, LNW does not charge the Private Funds an advisory fee or a performance-based fee. LNW clients invested in those funds will continue to pay their normal asset-based fees for assets invested in the Private Funds. Investors in RHF III and Renewable Power are also allocated their pro-rata share of fund costs and expenses. Clients should refer to the offering documents for specific information regarding fund fees and expenses, including fees charged to RHF III and Renewable Power. Timing and Payment of Fees Fees are generally paid quarterly in advance and calculated on the market value of the portfolio as of the end of the preceding calendar quarter. For those clients charged a Retainer Fee, fees are paid quarterly in advance and based on 6  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV a pro-rata share of the annual agreed upon fee. Fees are charged for those accounts in which LNW provides investment management services; in rare instances, LNW may agree to waive fees on specific accounts (sometimes called “courtesy accounts”). Clients should refer to their investment advisory agreement for additional provisions regarding fees, as the agreement controls for any particular client’s fee schedule and billing arrangements. Clients may choose to have fees deducted directly from a custodial account or, alternatively, clients may request to be billed. If a client terminates the investment advisory agreement with LNW during a billing period, LNW will refund any unearned investment management fee to the client on a pro-rata basis based upon the time remaining in the quarter. Occasionally, LNW may provide investment consulting or financial planning services on a limited engagement or special project basis. Special projects are highly customizable and idiosyncratic and may include financial analysis, wealth transfer planning, investment or philanthropy education, and specialized or custom investment due diligence. Any hourly rate or project fee would be set forth in an investment advisory agreement with the client, based on the projected complexity and scope of the analysis or services requested and the training and skills of staff members providing the requested service. Fees for Third Party Financial Products and Services LNW’s fees are exclusive of all transaction fees, custodial fees, and direct investment manager fees or costs for client investments, including, for example, brokerage commissions, management fees or costs of funds, managed accounts, investment partnerships or similar. All such fees and costs incurred in connection with transactions for any client account will be paid out of the assets in the account or billed separately to the client and are in addition to the investment management fees paid to LNW. 6. Performance-Based Fees and Side-by-Side Management LNW does not charge performance fees. Some investment advisors experience conflicts of interest in connection with the side-by-side management of accounts with different fee structures. Although these conflicts of interest are not applicable to LNW, some third-party funds in which clients invest charge a performance fee within that particular fund. Details of those investments are disclosed in the fund documents for that fund. Of course, a fee based on a percentage of the market value of assets will increase or decrease as the market value of those assets changes over time. 7. Types of Clients LNW provides investment and financial advisory services predominantly to wealthy individuals and families, as well as their trusts, estates, charitable organizations, corporations, business entities, foundations and endowments. In certain limited circumstances, for example if a client owns a business, LNW may also provide investment advice to its pension and profit-sharing plan; however, LNW does not act as a plan administrator. LNW’s account minimum is generally $3,000,000 in investable assets, however LNW serves families with fewer investable assets and also those with investable assets in excess of $450,000,000. 8. Methods of Analysis, Investment Strategies, and Risk of Loss In providing services to its clients, LNW develops its asset allocation recommendations with financial market and macroeconomic research and a focus on risk management. Client portfolios are constructed with a combination of strategies from managers upon which LNW has conducted appropriate due diligence. Due diligence generally 7  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV includes quantitative and qualitative analysis of the merits of individual strategies as well as analysis or review of the managing firm and its personnel. Evaluation of Client Objectives LNW constructs each client’s investment portfolios by beginning with an assessment of the client’s financial goals. Next, LNW will consider those goals alongside the client’s risk tolerance. While constructing each investment portfolio, LNW may consider other factors such as the client’s investment time horizon, tax profile, liquidity needs, legal constraints, and any unique considerations, which may include a desire to incorporate impact objectives or the incorporation of a concentrated stock position. Strategic Asset Allocation The establishment of a strategic asset allocation sets the framework for a client’s investment portfolio construction. Asset allocation is the process of determining the asset classes and sub-asset classes in which to invest and the percentage of the total portfolio that goes to each. That it is strategic speaks to LNW’s discipline and long-term orientation. Once implemented, each client’s strategic asset allocation is regularly reviewed to maintain its risk- return characteristics via necessary rebalancing, and in light of market and economic developments or for opportunities to reduce the tax burden via tax loss harvesting. Short-Term Adjustments Any short-term adjustments on account of near-term opportunities or risks are based on analysis conducted by LNW’s investment team, which actively monitors a multitude of financial and economic indicators to help gauge market cycles and the near-term attractiveness of investments. For example, the team looks at the relative valuation of asset classes and sub-asset classes against both historical averages and each other. When recommended, short- term strategy positions are sized to take advantage of large discrepancies in the markets while not overpowering clients’ strategic allocations. Often these allocations are simply overweight or underweight positions within the strategic rebalancing thresholds. Globally Diversified Portfolios It can be difficult to predict what geographic segment is likely to outperform the others over time. Consequently, LNW employs a global approach and maintains exposure to non-U.S. developed and emerging markets not only through equity allocations but in most asset classes. Although LNW will regularly analyze world markets in terms of market capitalization, currency fluctuations, and GDP, LNW will tend to allocate globally in line with global market benchmark exposures and allow the managers LNW selects to add value by overweighting countries and securities of their choosing. Active Management and Core-Satellite Where LNW recommends active management in portfolios, LNW will generally implement with a Core-Satellite approach. This strategy combines a fundamental exposure to an asset class that LNW believes will deliver on their assumptions for the asset class over time and, where possible, more idiosyncratic exposures that may perform quite differently than market benchmarks over the short-term. The intention is for clients to benefit from managers with unique strategies but still have a majority of exposure to more core strategies. Alternative Investments 8  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV LNW believes that alternative assets complement a traditional portfolio, reducing volatility by incorporating strategies less correlated to traditional stock and bond exposures and/or increasing return through the exploitation of the illiquidity premium of private investments. That said, while LNW believes that adding alternative investments to a traditional portfolio can be beneficial, LNW does recognize that these vehicles and strategies are not suitable for all clients. LNW focuses on three general alternative asset categories: “Diversifiers,” which includes but is not limited to hedge funds and private debt; “Private Real Assets,” which includes real estate, infrastructure, and similar exposures with the common thread of inflation sensitivity; and “Private Equity.” These categories are broad enough to include several strategies offering diversification and return benefits to clients. For instance, an allocation to private equity may include venture capital, buyout, distressed, and secondary strategies. The dispersion of manager success is wide in the universe of alternative investments, which means that a rigorous due diligence approach is warranted. Appropriate Investment Vehicles LNW is not constrained to using a particular investment vehicle, and LNW executes client exposures with the structure that best suits the investment and the client. Consequently, LNW will use exchange-traded funds (“ETFs”), mutual funds, and separately managed accounts for most positions in liquid markets. LNW may also offer clients investment vehicles that LNW will help organize with the intention of providing access to third party strategies at minimums and fees that would not otherwise be available to many of LNW’s clients. Tax-Aware Investment Management Where appropriate, LNW invests with a tax-aware lens. This means not avoiding the realization of gains or losses but considering the consequences of gains or losses in the investment process. For example, LNW seeks to incorporate consideration of taxes into the asset allocation and manager selection framework and generally prefers managers who invest with an eye toward efficient tax-management. LNW will also attempt to place managers and strategies in specific accounts to enhance the tax efficiency of the overall portfolio. Impact Investing LNW can help a client invest in a way that reflects their personal values and that seeks to make an impact in areas important to them. This can include assessing the quality of an investment on values-based merits. Depending on the client’s goals, LNW may use mutual funds, ETFs, and other investment vehicles that incorporate research related to governance structures, environmental or employment practices, societal impact and other considerations, as well as positive and negative screens related to specific business practices. LNW will generally use third-party managers, including fund managers, in constructing portfolios focused on impact. While LNW will review these managers’ own policies and practices with respect to impact investing, LNW is highly dependent on their self-reported information. Impact investing can encompass a variety of approaches including, but not limited to, negative/positive screening, systematic consideration and inclusion of environmental, social, and governance (“ESG”) factors, impact of investments structured to address specific environmental or social problems, and/or innovative business models and/or financial structures designed to reach underserved populations. When investing “sustainably,” LNW seeks to achieve a measurable social or environmental outcome in addition to a competitive risk-adjusted financial return over a full market cycle (unless a client has specifically stipulated the objective of investing for concessionary returns). For example, an investment in an affordable housing project might satisfy both client objectives. Impact investing carries the same risks as traditional investing, as well as the risk that the desired impact will not be achieved. 9  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV Impact investing may alter the client’s exposure to certain companies, sectors, regions, countries or types of investments in a way that could negatively affect performance. Applying impact goals to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by LNW, or any judgment exercised by LNW, will reflect the beliefs or values of any particular client. In evaluating a potential investment, LNW is dependent upon information and data obtained through voluntary or third-party reporting that may be incomplete, inaccurate or unavailable, which could cause LNW to incorrectly assess an investment’s practices and/or related risks and opportunities. Impact investing practices differ by region, industry, and issue and are evolving accordingly, and a company’s practices or LNW’s assessment of such practices may change over time. Risk of Loss Investing in securities involves many inherent risks, including the risk of loss that clients should be prepared to bear. Investments managed by LNW are no exception, and LNW is unable to guarantee, represent, or imply that LNW’s services and methods of analysis will achieve any particular result, successfully identify market tops or bottoms, or insulate a client from losses due to market corrections or declines. Securities fluctuate in value, depending on many factors that are unpredictable and outside of LNW’s control. All investments involve a level of risk, and past performance is not a guarantee of future investment results. The value of investments and the income derived from them can go down as well as up, and a loss of principal may occur. Below is a non-exclusive list of risks applicable to LNW strategies. Other risks also apply. Clients should work with LNW on an ongoing basis to understand and determine an appropriate risk tolerance for their accounts. Market Risk. There are certain general market conditions in which any given investment strategy is unlikely to be profitable. Neither LNW nor the managers LNW recommend have the ability to control or predict such market conditions, including such important market conditions as the level of economic activity and interest rates. Cybersecurity Risk. Cybersecurity vulnerabilities may present weaknesses in information systems that hackers could exploit. Investment advisors, the securities they recommend, and all service providers are subject to risks associated with cybersecurity breaches. Business Catastrophic Risk. Natural and manmade catastrophes can result in investment losses, even with indirect exposure to such events. Examples include natural disasters such as floods, hurricanes, and earthquakes; military or terrorist attacks (see the discussion of Extraordinary Events, below); or other catastrophic events such as a large- scale industrial accidents. Losses from catastrophic events can be substantial and could have a material adverse effect on investment advisory businesses and their clients’ portfolios. Manager Risk. Manager fraud, intentional or inadvertent deviation from a predefined investment strategy, or simply poor judgment can create a risk of loss. General Economic Conditions. General economic conditions can affect the level and volatility of interest rates and the extent and timing of client participation in the markets for equities, interest-sensitive securities, commodities, and other investments. Unexpected volatility or illiquidity in the markets can result in losses. Government Policy Risk. U.S. and international trade policies, legislation, treaties, and tariffs have changed significantly in recent years and can continue to change. Markets are often volatile during periods of uncertainty related to trade or tariffs, which increases the uncertainty of the investing climate and can affect the performance of various portfolio investments that are sensitive to such market movements. 10  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV Bank Failures. The economic and regulatory environment has previously raised the risk of bank failures. LNW may be exposed to the risk of bank failure directly through depository accounts exceeding FDIC limits and also through loans, subscription facilities, and letters of credit issued by failing banks that can no longer be drawn from. These risks can apply at the client and/or investment level. LNW mitigates these risks by keeping track of various banking and custodial relationships; acting on contractual provisions where a bank failure triggers a change; and by limiting depository account amounts to the FDIC insured levels where practical. LNW periodically reviews direct banking relationships as part of the ongoing diligence of key service providers. Market Disruptions and Governmental Intervention. Government intervention in the case of market disruption can suddenly and substantially impact market participants’ ability to implement certain strategies or manage the risk of portfolio positions. These interventions can be unclear in scope and application, resulting in uncertainty that can unpredictably and detrimentally impact investment strategies. Risks of Investments in Non-U.S. Securities. Non-U.S. investments, and those in emerging markets, involve special risks. These risks include fluctuations in currency exchange rates, foreign government intervention or expropriation, failure of markets to function properly, political or economic instability, and differences in regulatory, financial disclosure, accounting, and auditing standards. Artificial Intelligence. Artificial Intelligence (“AI”) is used as an umbrella term that encompasses a broad spectrum of different technologies and applications, and its usage has expanded greatly in recent years. LNW defines AI as computer systems able to perform tasks that normally require human intelligence, more commonly known as generative AI, such as visual perception, speech recognition, decision-making, and translation between languages. LNW uses AI to create efficiencies related to its business operations and processes. AI risks that LNW may face, and that it tries to mitigate, include data errors, copyright and trade secret violations, confidentiality breaches, unauthorized access or other cybersecurity risks, breach of contract, and privacy law violations. Data inputs and outputs are assessed and evaluated for data integrity, however, there is no assurance of accuracy. Inflation Risk. As interest rates rise, the value of fixed-income investments falls, and vice versa. Higher rates of inflation generally adversely affect economies and financial markets and the ability of governments to create conditions that stimulate or maintain economic growth. In addition, governmental measures to curb inflation and speculation about future governmental measures may contribute to the negative economic impact of inflation and may create general economic uncertainty. Future governmental economic measures, such as interest rate increases, intervention in foreign exchange markets, and actions to adjust or fix currency values, may trigger, or exacerbate increases in inflation, and consequently have an adverse impact on investment returns. Extraordinary Events. Global terrorist activity and armed conflicts may negatively affect general economic conditions, including sales, profits, and production, and may materially affect prices and/or impair LNW’s trading facilities and infrastructure or the trading facilities and infrastructure of the exchanges or markets on which LNW trades. The extent and duration of any military action, the possibility of a conflict expanding, and resulting sanctions and other economic and political measures and future market disruptions in the region and worldwide are impossible to predict, but could be significant and have a severe adverse effect on the region in conflict and collateral effects globally, including significant negative impacts on the global economy and the markets for certain securities and commodities. Such effects and impacts could have a material adverse effect on certain investments. 11  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV The impact of disease and epidemics may have a negative impact on the performance and financial position of LNW and the funds it recommends. Outbreaks of existing or new epidemics could result in health or other government authorities requiring the closure of offices or other businesses, as well as a general economic decline. Consequently, LNW’s operations and business results, including with respect to LNW and funds it recommends, could be materially adversely affected by future outbreaks. Regulatory Developments. The legal, tax, and regulatory environment for investments worldwide is evolving. Changes in laws, regulations, and regulatory interpretation may affect LNW’s operations, financial instruments held in a client’s account, and LNW’s ability to pursue its preferred investment strategies. For example, various national governments have expressed concern regarding the disruptive effects of speculative trading and the need to regulate the financial markets in general, and state and local governments have experimented with new taxes. New laws and regulations or actions taken by regulators that restrict LNW’s ability to pursue investment strategies or conduct business with broker-dealers and other counterparties could adversely affect a client’s account. Impact and Sustainability Risks. The potential non-financial risks associated with sustainability-related factors could negatively impact a company’s reputation, earnings, assets, cost of capital, and valuation. Examples of these may include, but are not limited to, (i) losses related to changes in weather patterns and extreme events associated with climate change, inefficient use or pollution of the earth’s resources such as water and land, or damage to ecosystems; (ii) reputational damage and affiliated losses from poor labor relations and policies, lack of gender and/or racial equality, or discriminatory practices and products that are detrimental to health or the environment; or (iii) opportunity costs or direct losses stemming from poor corporate management and oversight practices or lack of robust worker safety protocols. Attempts to rate or screen companies based on ESG or other non-financial metrics are often based on subjective measures, and may include corporate self-reporting, different and inconsistent third- party rating systems, or data points that are associated with positive or negative outcomes but where causation has not been established. It is also possible that companies that do have positive impact in the areas identified, or that successfully avoid some or most of the risks noted above, will not have favorable financial returns. Accordingly, their stock prices could underperform the stock prices of their peers, despite alignment with sustainability or other impact objectives. Risks Specific to Private Funds General Risk of Loss; Liquidity. Investing in securities involves risk of loss, including the possibility of losing all of the initial investment as well as any unrealized gains on investments. In addition, investment vehicles organized as private funds may underperform in comparison to the general securities markets or other asset classes. These funds may be invested in a variety of unconventional securities and other assets. LNW does not guarantee returns and cannot eliminate private fund risk. In addition, general economic and market conditions, such as interest rates, availability of credit, inflation rates, commodity prices, economic uncertainty, changes in laws, trade barriers, currency fluctuations and controls, and national and international political circumstances can materially affect the investments in a client’s account(s) or in the private funds. For example, any of these factors may affect price volatility and the liquidity of instruments held. Even an instrument that generally is, or recently was, liquid may unexpectedly and suddenly become illiquid. Such volatility or illiquidity could result in substantial losses. Clients should refer to the offering documents for a private fund for information on additional risks. Lack of Diversification. Private funds are not as diversified as other investment vehicles. Accordingly, investments in such funds could be subject to more rapid change in value than would be the case if they were required to maintain a wide diversification among types of securities, geographical areas, issuers, and industries. 12  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV Valuation. Private fund assets may, at any given time, include securities and other financial instruments or obligations that are thinly traded or for which no market exists and/or which are restricted as to their transferability under applicable securities laws. The sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to accurately value any such investments. Concentration. Private funds may hold highly concentrated positions in projects engaged in one or a few industries. This increases the risk of loss relative to the market as a whole. Limited Withdrawal Rights. Private funds typically contain significant limitations on clients’ right to withdraw from the investment or transfer their interests, which creates a higher liquidity risk. Accordingly, a client should view an investment in a private fund as a long-term investment. Limited Opportunities. In certain cases, LNW receives a limited allocation of pooled investment vehicles across LNW’s client base. Based on the allocation amount LNW receives, not all clients may receive their desired allocation. 9. Disciplinary Information A registered investment advisor is required to disclose all legal or disciplinary events that would be material to the evaluation of it as an investment advisor or regarding the integrity of its management. LNW has no history of any legal or disciplinary events. 10. Other Financial Industry Activities and Affiliations LNW is currently not registered and does not have any applications pending to register as: • a broker-dealer or a registered representative of a broker-dealer; or • a futures commission merchant, commodities pool operator, a commodity-trading adviser, or an associated person of the foregoing entity. LNW is wholly owned by Laird Norton Wetherby Trust Company, LLC (“LNW Trust Co.”), a Washington state chartered non-depository trust company. Additional information regarding LNW Trust Co. may be obtained from the State of Washington’s Department of Financial Institutions, Division of Banks: www.dfi.wa.gov/banks. LNW Trust Co. also owns LNW Trust Company of South Dakota, LLC (“LNW Trust Co. of SD”), a South Dakota state chartered non-depository trust company. Additional information about LNW Trust Co. of SD may be obtained from the State of South Dakota’s Department of Labor and Regulation – Division of Banking: https://dlr.sd.gov/banking/default.aspx. LNW employees who provide investment advisory services to LNW’s investment advisory clients may provide similar services to clients of LNW affiliates or the beneficiaries of trusts for which LNW affiliates serve as trustee. There is a contract between LNW and its affiliates that allows them to share employees, office space, equipment, and other typical business resources. LNW or its individual employees sometimes serve on a private fund’s advisory board or limited partner advisory committee (“LPAC”). These advisory bodies are typically composed of fund investors and may be asked to review or vote on certain matters affecting the fund. Service on an advisory board or an LPAC can give LNW additional insights into a fund but can also create conflicts of interest. For example, LNW may develop biases toward fund managers with 13  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV whom it works closely or may be asked to vote on a matter that could impact an LNW client negatively or that affects LNW clients differently. LNW accepts advisory board or LPAC seats only after consulting with Compliance about potential risks and conflicts. An LNW representative currently sits on the advisory board of a growth-equity focused fund-of-funds. 11. Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading LNW has adopted a Code of Ethics (the “Code”) that reflects LNW’s expectations of appropriate ethical conduct by LNW’s employees. The Code provides guidance and specific standards of conduct for situations where violations, inadvertent or otherwise, could occur in the conduct of business. Employees must avoid situations where their personal interests conflict with the interests of the company or LNW’s clients. The Code describes appropriate conduct surrounding gifts, outside employment, fiduciary appointments, and personal investments and trading activities. In addition, the Code prohibits dishonest and fraudulent acts and reaffirms LNW’s commitment to client confidentiality. Every employee is required annually to sign a statement acknowledging that he or she agrees to follow the standards set forth in the Code. A copy of LNW’s Code of Ethics is available upon request by contacting LNW at the telephone number on the cover page of this Brochure. LNW and its employees can, and sometimes do, invest in publicly-traded funds and securities that are also recommended to or held by clients. Given the large size of most funds and securities recommended to clients, and the daily trading volume they experience, LNW generally does not expect employee trades to be detrimental to LNW’s clients, even when placed at or near the time of client trades. In the rare instance when LNW thinks a client trade or a block of trades would impact the price of a security, LNW will restrict employees from trading in that security while the client trade(s) are ongoing. In addition, employees may occasionally invest in private funds in which LNW’s clients are also invested. Employees are prohibited from insider trading, including tipping or trading on material non-public information. This prohibition extends to trading on information learned about client trades that may impact the market for those securities. Generally, LNW and its employees do not buy or sell securities and private investments from LNW’s clients. However, under exceptional circumstances, LNW or an employee may engage in a principal transaction. In such circumstances, LNW will disclose to the client in writing the capacity in which LNW is acting and obtain client consent prior to the transaction. 12. Brokerage Practices LNW has negotiated a commission schedule for clients with the Schwab Institutional division of Charles Schwab & Co., Inc. (“Schwab” or “Schwab Institutional”), a FINRA-registered broker-dealer, member SIPC, to maintain custody of clients’ assets and to effect trades for their accounts. LNW typically recommends that clients establish brokerage accounts with Schwab to maintain custody of the clients’ assets and effect trades for their accounts. If clients select Schwab to be their custodian, they sign a separate agreement with Schwab. Schwab provides custody and brokerage services, monthly reporting to clients, and daily electronic reporting to LNW and LNW’s clients (via web-based access). Each client maintains one or more separate accounts with Schwab for this purpose and pays Schwab directly for its custody and brokerage services. The amount of Schwab’s fee is included in 14  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV the agreement clients sign with Schwab. LNW believes its selection of Schwab as custodian and broker is in the best interests of LNW’s clients because of the scope, quality, and price of Schwab’s services. In some situations, LNW will consent to a client’s use of a different custodian with the understanding that the client may pay custodial fees that are higher than those imposed by Schwab. Schwab provides LNW with access to its institutional trading, consulting, and custody services, which are typically not available to Schwab retail clients. These services generally are available to independent investment advisors on an unsolicited basis, at no charge to them so long as a total of at least $10 million of the advisor’s clients’ assets are maintained in accounts at Schwab Institutional. These services are not contingent upon LNW committing to Schwab any specific amount of business (assets in custody or trading commissions). Schwab’s brokerage services include the execution of securities transactions, custody, research, and access to mutual funds and other investments that are otherwise generally available only to institutional clients or would require a significantly higher minimum initial investment. For LNW client accounts maintained in its custody, Schwab generally does not charge separately for custody services but is compensated by account holders through commissions and other transaction-related or asset-based fees for securities trades that are executed through Schwab or that settle into Schwab accounts. • Schwab Institutional and other custodians/brokers also make available to LNW other products and services that benefit LNW but do not necessarily benefit its clients’ accounts. Many of these products and services are used to service all or some substantial number of LNW’s accounts, including accounts not maintained at Schwab and other respective custodians/brokers who are providing said products and services. Schwab’s products and services that assist LNW in managing and administering clients’ accounts include software and other technology that (i) provide access to client account data (such as trade confirmations and account statements); (ii) facilitate trade execution and allocate aggregated trade orders for multiple client accounts; (iii) provide research, pricing, and other market data; (iv) facilitate payment of LNW’s fees from its clients’ accounts; and (v) assist with back-office functions, recordkeeping, and client reporting. • Schwab Institutional or other custodians/brokers also offer other services intended to help LNW manage and further develop its business enterprise. These services include: (i) compliance and business consulting; (ii) publications and conferences on practice management and business succession; and (iii) access to employee benefits providers, human capital consultants, and insurance providers. • Schwab Institutional and other custodians/brokers make available, arrange and/or pay third-party vendors for the types of services rendered to LNW. Schwab Institutional and other custodians/brokers often discount or waive fees it would otherwise charge for some of these services or pay all or a part of the fees of a third party providing these services to LNW. • Schwab Institutional and other custodians/brokers also provide other benefits such as access to and/or subsidies for hosted educational events or occasional business entertainment of LNW personnel. • Schwab Institutional has also agreed to pay a portion of certain technology and consulting products and services on LNW's behalf. If LNW did not receive some of these types of services from Schwab, it would purchase them elsewhere at additional cost. These products and services have economic value to LNW apart from any benefit to LNW’s clients. These unsolicited products include practice management aids (consulting, publications, conferences, and seminars) and compliance assistance. This creates an additional conflict of interest. 15  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV Kristen Bauer, CEO of LNW, serves on the Schwab Advisor Services Advisory Board (the “Advisory Board”). The Advisory Board consists of representatives of independent investment advisory firms who have been invited by Schwab management to participate in meetings and discussions of Schwab Advisor Services’ services for independent investment advisory firms and their clients. Participation does not involve decision-making authority over Schwab’s policies or services. Generally, Board members serve for two-year terms. Ms. Bauer’s term ends at the end of 2026. Advisory Board members enter into a nondisclosure agreement with Schwab under which they agree not to disclose confidential information shared with them. This information generally does not include material nonpublic information about the Charles Schwab Corporation, whose common stock is listed for trading on the New York Stock Exchange (symbol SCHW). The Advisory Board meets in person or virtually approximately twice per year and has periodic conference calls scheduled as needed. Advisory Board members are not compensated by Schwab for their service, but Schwab does pay for or reimburse Advisory Board members’ travel, lodging, meals, and other incidental expenses incurred in attending Advisory Board meetings. Schwab may also provide members of the Advisory Board a fee waiver for attendance at Schwab conferences such as IMPACT. Soft Dollar Benefits As stated above, Schwab may provide additional benefits or services to LNW and its clients. Since clients do not pay a higher commission for these services, none of these benefits are soft-dollar credit arrangements. The Selection of Trading Counterparties LNW can typically trade accounts held at Schwab using other broker/dealers. However, Schwab charges clients trade- away fees that LNW believes outweigh any benefits from trading stocks, mutual funds, or ETFs with other brokers. The availability and pricing of bonds vary more widely, so before placing a bond trade, LNW can solicit bids from several dealers (through a singular trading platform) and then execute the trade with the dealer that offers sufficient liquidity and the most favorable pricing. Alternatively, LNW can transfer the fixed-income security to a separate account manager to execute the trades, since the separate account manager has greater access to fixed-income dealers. The separate account manager is not affiliated with LNW. For clients who elect to have their accounts held by firms other than Schwab, LNW’s approach is generally to trade stocks, mutual funds, and ETFs with the chosen custodian, and to trade bonds with the dealer that offers sufficient liquidity and the most favorable pricing or to transfer the bond to a separate account manager who has access to dealers that offer sufficient liquidity and favorable pricing. Certain clients have requested LNW to execute all of their securities transactions through one registered representative at a particular broker/dealer. Such clients are cautioned on the following: When possible, LNW will attempt to negotiate a more favorable fee schedule, but LNW cannot guarantee that client-directed broker commissions, transaction fees, and other charges will be as beneficial as those charged other clients not requesting directed brokerage arrangements. A client that directs LNW to use a specific broker may not be able to participate in aggregate securities transactions and may trade after such aggregate transactions and receive less favorable pricing and execution. 16  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV The execution price, commissions paid, and the timing of trade execution can be negatively affected by directed brokerage arrangements. Best Execution Reviews Periodically, LNW evaluates the pricing and services offered by Schwab and other trading counterparties. LNW has sought to make a good-faith determination that Schwab and other chosen trading counterparties provide clients with good services at competitive prices. However, clients should be aware that this determination could have been influenced by LNW’s receipt of products and services from Schwab. Historically LNW has concluded that Schwab is as good as, or better than, the other firms that have been considered. LNW would notify its clients if it were to determine that another firm offered better pricing and services than Schwab. Third-party managers typically determine the broker/dealers to be used to trade securities in the client accounts they manage. Third-party investment managers making trades on behalf of LNW’s clients are responsible for obtaining best execution for those trades. Aggregated Trades Blocking or aggregating trades is the practice of buying or selling a security for the accounts of multiple clients in a single transaction. Blocking permits the trading of aggregate blocks of a security for multiple client accounts so long as transaction costs are shared equally and on a pro-rated basis between all accounts included in any blocked trade. LNW typically aggregates client trades in an effort to treat all clients fairly. LNW’s policy is to allocate orders among clients in a manner that is fair and equitable over time and does not favor one client or group of clients. Allocations among clients will generally be based on consistently applied objective criteria tailored to an investment strategy, including but not limited to, pro rata based on the clients’ net asset values, total assets, available cash, or target position. For clients who invest in pooled investment vehicles, LNW will generally allocate opportunities on a randomized basis. In many instances, there is greater client interest than there is capacity for the pooled investment vehicle. LNW will seek to allocate to as many clients as possible, however, there could still be cases where clients do not receive an allocation. Principal and Agency Cross Transactions LNW does not participate in principal or agency cross transactions. Client Referrals LNW does not compensate Schwab or any other custodian or broker/dealer for referring client accounts to it. 13. Review of Accounts Client portfolios managed by LNW are assigned to a client wealth management team (the “Team”) which has the primary responsibility for the account. The Team reviews client portfolios as far as implementing any changes in investment strategy or policy, or in the fundamentals of a security owned in a managed account. The Team will generally meet as needed to review each portfolio. The reviews can be annual but particularly in larger or newer accounts, or when dictated by circumstances, client meetings may be held quarterly or more frequently as required or as desired by the client. Multiple factors may trigger a portfolio review, such as changes in the client's 17  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV circumstances or objectives, a need to rebalance the portfolio to reflect the asset allocation, or changes in the investment or tax environment that would impact the portfolio performance. Clients receive account statements directly from their chosen custodian on at least a quarterly basis. Clients are encouraged to compare these statements to information they receive from LNW on a regular basis. Custodians also provide clients with additional reports, trade confirmations, and tax information such as 1099s and 5498s. Clients invested in private funds or other similar investment vehicles generally receive financial statements directly from the fund. LNW may supplement these custodial statements with reports provided during client meetings or as requested. 14. Client Referrals and Other Compensation LNW does not pay for client referrals and does not directly compensate any individual or organization for introducing prospective clients. New client relationships are generally developed through existing client relationships, professional networks, and other connections developed in the ordinary course of business. These referrals typically arise from personal or professional familiarity with LNW’s services and reputation. In addition, LNW does not directly or indirectly receive any commissions or other compensation from brokers, dealers, custodians, or other third parties. The products and services provided by Schwab and how they benefit LNW are described above in Item 12. LNW does not use placement agents for clients or any funds it may recommend to clients. IRA Rollovers In appropriate circumstances, LNW may recommend that a client roll over an account held in a former employer's retirement plan to an Individual Retirement Account ("IRA") for LNW to manage. When providing investment advice to clients regarding retirement plan accounts or IRAs, LNW may be considered a fiduciary under the Internal Revenue Code or other rules governing retirement accounts. LNW’s recommendation to roll over retirement plan assets into an IRA creates a potential conflict of interest because such a recommendation may create an incentive to recommend the rollover for the purpose of generating additional compensation rather than solely based on the client’s needs. Accordingly, LNW will only recommend that a client roll over assets from a retirement plan or an IRA to LNW if it concludes that it is in the client’s best interest and it has complied with applicable regulatory guidance. Client Investment Strategies It is possible that certain advisory clients of LNW or an affiliate may serve in an ownership or managerial role with respect to an investment strategy, issuer, or sponsor (a “Client Investment Strategy”) that is recommended by LNW to its other clients. LNW addresses these conflicts of interest by providing specific disclosure to clients to whom the Client Investment Strategy is recommended or offered. LNW will only recommend Client Investment Strategies to clients when it believes such a recommendation to be in a client’s best interest. For avoidance of doubt, other than any investment advisory fees paid by the client, LNW receives no separate compensation in connection with a client’s decision to invest in the Client Investment Strategy. Clients are encouraged to request further information from LNW regarding any Client Investment Strategy or the foregoing conflicts of interest. 15. Custody 18  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV LNW does not act as custodian for client assets and securities and does not have physical custody of client funds or securities. Generally, client accounts will be held with a qualified custodian who will maintain custody of the client’s funds and securities. Clients will receive account statements and transaction confirmation notices directly from the custodian on at least a quarterly basis. LNW urges clients to carefully compare the custodian’s account statements with the periodic data clients receive from LNW and to notify LNW promptly of any discrepancies. Pursuant to Rule 206(4)-2 of the Investment Advisers Act (the "Custody Rule"), LNW has or may be deemed to have custody of client funds or securities because: • LNW has the ability to deduct advisory fees directly from client accounts; and/or • Certain clients have signed a Standing Letter of Authorization (“SLOA”) allowing LNW to transfer the client's assets to a client-specified third party’s account; and/or • One or more clients has granted LNW online access to her/his account(s) which allows LNW to independently change the primary address associated with the account holder or effect disbursements from the account; and/or • Even though the registered investment advisor does not offer trust services, an employee agreed to serve as a Trustee, Executor, or Personal Administrator in their personal capacity at the request of a client; and/or • An employee of LNW serves as the Managing Director of pooled investment vehicles that are offered to its clients. LNW complies with the requirements of the custody rules by ensuring that the terms of the signed SLOAs comply with SEC guidance, obtaining an annual surprise audit of the asset authorizations described above, and delivering the independently audited financial statements of its pooled investment vehicles to clients within 180 days of the pooled investment vehicles’ fiscal year-end. 16. Investment Discretion LNW enters into written investment advisory agreements with clients that set the scope of its discretionary authority. Unless otherwise directed by the client and except with respect to private placements which require written authorization by the client, LNW’s discretionary authority allows LNW to purchase and sell securities in client account(s), select and retain sub-advisors, and generally act on behalf of the client in matters related to the accounts without prior review and approval by the client of each specific transaction. Clients grant LNW trading discretion through the execution of a limited power of attorney included in LNW’s advisory contract. Clients can place reasonable restrictions on LNW’s investment discretion. For example, some clients may direct LNW not to buy securities issued by companies in certain industries, or not to sell certain securities where the client has a particularly low tax basis. At all times, clients retain the authority to provide LNW with direction regarding investments, including limitations regarding types of securities and the timing of transactions. If LNW has not been granted discretionary authority with respect to certain accounts or investments, LNW cannot execute any transactions without the client’s prior approval. 17. Voting Client Securities 19  Laird Norton Wetherby Wealth Management, LLC Part 2A of Form ADV LNW’s policy is to vote proxies that are solicited for securities held in clients’ accounts unless the client has retained the right or LNW has specified otherwise. LNW’s policy is to vote proxies solely in the best interests of its clients, to retain records of how LNW voted and why, and to provide information to the clients who wish to know how LNW voted. LNW has retained a proxy administrator and voting service provider (the “Proxy Administrator”) to assist in the proxy voting process. The Chief Compliance Officer (“CCO”) manages LNW’s relationship with the Proxy Administrator and ensures all proxies are voted in accordance with the best interest of its clients. In general, LNW will utilize the recommendations of the Proxy Administrator. LNW has not identified any material conflicts of interest in connection with past proxy votes. Absent specific client instructions, if LNW identifies a material conflict of interest, it will follow the voting recommendation of the Proxy Administrator that it has retained. Both LNW and the Proxy Administrator will also retain certain required documents associated with proxy voting. In addition to maintaining oversight of individual proxy recommendations, LNW may also conduct a review of the Proxy Administrator’s conflict management procedures to confirm that the Proxy Administrator continues to have the competency and capacity to vote proxies on an unbiased and informed basis. Clients who retain voting authority in their accounts will receive their proxies and other solicitations directly from the custodian or transfer agent. Where pre-agreed with the client, LNW may help clients respond to securities class-action notifications or hire a service to handle such notifications on behalf of clients, with the service provider typically compensated with a percentage of the recovery. Clients of LNW may obtain a copy of its proxy policies and procedures and a summary of class-action practices applicable to their account, as well as details as to how the securities or corporate actions were voted or class- actions processed in their respective portfolios upon request to the CCO at LNW’s principal address. 18. Financial Information LNW does not require or solicit prepayment of fees six months or more in advance. LNW is not aware of any financial condition that is expected to affect its ability to manage client accounts and has never filed for bankruptcy. 20