META WEALTH ADVISORY

Ite m 1: Co ve r Pa ge Th o m p so n We a lth So lu tio n s, LLC d b a Me ta We a lth Ad viso ry 1954 Gre e n sp rin g Dr, Su ite 310 Tim o n iu m , MD 21093 (410) 683-9263 Fo r m ADV Pa r t 2A – Fir m Br o ch u r e Da te d : Ma rch 2026 Th is Bro ch u re p ro vid e s in fo rm a tion a b o u t th e q u a lifica tion s a n d b u sin e ss p ra ctice s of Th o m p son We a lth So lu tio n s, LLC d b a Me ta We a lth Ad viso ry. If you h a ve a n y q u e stion s a b o u t th e con te n ts o f th is Broch u re , p le a se con ta ct u s a t (410) 683-9263. Th e in fo rm a tio n in th is Bro ch u re h a s n o t b e e n a p p ro ve d o r ve rifie d b y th e Un ite d Sta te s Se cu ritie s a n d Exch a n ge Co m m issio n o r b y a n y sta te se cu ritie s a u th o rity. Th o m p so n We a lth So lu tio n s, LLC d b a Me ta We a lth Ad viso ry is a re giste re d in ve stm e n t a d vise r. Re gistra tion d o e s n o t im p ly a ce rta in le ve l o f skill o r tra in in g. Ad d itio n a l in fo rm a tion a b o u t Th o m p so n We a lth Solu tion s, LLC d b a Me ta We a lth Ad viso ry a lso is a va ila b le on th e SEC’s we b site a t www.a d vise rin fo .se c.gov, wh ich ca n b e fou n d u sin g th e firm ’s id e n tifica tion n u m b e r, 338023. 1  Ite m 2: Ma te ria l Ch a n ge s Sin ce b e co m in g a p p rove d o n Au gu st 29, 2025, th e fo llo win g ch a n ge s h a ve occu rre d : ● Th e firm ’s p rim a ry b u sin e ss a d d re ss a n d p h on e n u m b e r h a ve b e e n u p d a te d o n th e co ve r p a ge of th is ADV Pa rt 2A b ro ch u re . ● Up d a te s h a ve b e e n m a d e to Ite m s 4, 5 a n d 10 to e xp la in h o w, in ce rta in circu m sta n ce s, we p a y a ll o r a p o rtio n o f fe e s ch a rge d b y th ird -p a rty p ro fe ssion a ls (su ch a s a tto rn e ys o r a ccou n ta n ts) to a ssist clie n ts with sp e cia lize d n e e d s. Th e se p a ym e n ts a re se p a ra te from a n d in a d d itio n to th e a d viso ry fe e s yo u p a y to Me ta We a lth Ad viso ry. Se e Ite m 5 fo r sp e cific d e ta ils a n d co n d ition s. ● Th e firm 's m e th o d u se d to ca lcu la te fe e s h a s b e e n u p d a te d in Ite m 5. ● ● Ite m 12 h a s b e e n u p d a te d to re fle ct Ch a rle s Sch wa b & Co m p a n y, In c a s b ro ke r/d e a le r-cu sto d ia n wh e re ou r clie n ts ca n e sta b lish a ccou n ts. Ite m 5 h a s b e e n u p d a te d to re fle ct e n h a n ce d la n gu a ge loca te d d ire ctly b e n e a th th e fe e sch e d u le to e n su re th a t it cle a rly d e p icts ou r fe e s a n d a cco m p a n yin g fe e sch e d u le . In th e fu tu re , a n y m a te ria l ch a n ge s m a d e d u rin g th e ye a r will b e re p o rte d h e re . 2  Ite m 3: Ta b le o f Co n te n ts Ite m 1: Co ve r Pa ge 1 Ite m 2: Ma te ria l Ch a n ge s 2 Ite m 3: Ta b le o f Co n te n ts 3 Ite m 4: Ad viso ry Bu sin e ss 4 Ite m 5: Fe e s a n d Co m p e n sa tio n 8 Ite m 6: Pe rfo rm a n ce -Ba se d Fe e s a n d Sid e -By-Sid e Ma n a ge m e n t 11 Ite m 7: Typ e s o f Clie n ts 12 Ite m 8: Me th o d s o f An a lysis, In ve stm e n t Stra te gie s, a n d Risk o f Lo ss 13 Ite m 9: Discip lin a ry In fo rm a tio n 16 Ite m 10: Oth e r Fin a n cia l In d u stry Activitie s a n d Affilia tio n s 17 Ite m 11: Co d e o f Eth ics, Pa rticip a tio n o r In te re st in Clie n t Tra n sa ctio n s a n d Pe rso n a l Tra d in g 18 Ite m 12: Bro ke ra ge Pra ctice s 20 Ite m 13: Re vie w o f Acco u n ts 24 Ite m 14: Clie n t Re fe rra ls a n d Oth e r Co m p e n sa tio n 25 Ite m 15: Cu sto d y 26 Ite m 16: In ve stm e n t Discre tio n 27 Ite m 17: Vo tin g Clie n t Se cu ritie s 28 Ite m 18: Fin a n cia l In fo rm a tio n 29 3  Ite m 4: Ad viso ry Bu sin e ss De s cr ip t io n o f Ad vis o r y Fir m Th o m p so n We a lth So lu tio n s, LLC d b a Me ta We a lth Ad viso ry is a n In ve stm e n t Ad vise r p rin cip a lly lo ca te d in th e sta te of Ma ryla n d . We a re a lim ite d lia b ility co m p a n y fou n d e d in Ju ly 2025. Th o m p so n We a lth So lu tio n s, LLC d b a Me ta We a lth Ad visory b e ca m e re giste red in 2025. An d re w Th o m p so n is th e p rin cip a l o wn e r a n d Ch ie f Co m p lia n ce Office r (“CCO”). As u se d in th is b ro ch u re , th e wo rd s “Me ta We a lth Ad viso ry”, “MWA”, "we ", "o u r firm ", “Ad viso r” a n d "u s" re fe r to Th o m p son We a lth So lu tion s, LLC a n d th e wo rd s "yo u ", "you r" a n d "Clie n t" re fe r to you a s e ith e r a clie n t o r p ro sp e ctive clie n t o f ou r firm . Typ e s o f Ad vis o r y Se r vice s MWA is a fe e -o n ly firm , m e a n in g th e on ly co m p e n sa tio n we re ce ive is fro m o u r Clie n ts fo r o u r se rvice s. Fro m tim e to tim e , MWA re com m e n d s th ird -p a rty p ro fe ssion a ls su ch a s a tto rn e ys, a ccou n ta n ts, ta x a d viso rs, in su ra n ce a ge n ts, o r o th e r fin a n cia l p ro fe ssio n a ls. Clie n ts a re n e ve r o b liga te d to u tilize a n y th ird -p a rty p ro fe ssion a l we re co m m e n d . MWA is n o t a ffilia te d with n o r d o e s MWA re ce ive a n y co m p e n sa tion from th ird - p a rty p ro fe ssio n a ls we m a y re co m m e n d . We a lt h Ma n a ge m e n t Se r vice s We a lth Ma n a ge m e n t e n co m p a sse s in ve stm e n t m a n a ge m e n t se rvice s a n d fin a n cia l p la n n in g. Ou r firm p ro vid e s con tin u o u s a d vice to a Clie n t re ga rd in g th e in ve stm e n t o f Clie n t fu n d s b a se d on th e in d ivid u a l n e e d s o f th e Clie n t. Th ro u gh p e rson a l d iscu ssion s in wh ich goa ls a n d o b je ctive s b a se d on a Clie n t's p a rticu la r circu m sta n ce s a re e sta b lish e d , we d e ve lo p a Clie n t's p e rso n a l in ve stm e n t p o licy o r a n in ve stm e n t p la n with a n a sse t a llo ca tion ta rge t a n d cre a te a n d m a n a ge a p o rtfo lio b a se d o n th a t p o licy a n d a llo ca tio n ta rge ts. We will a lso re vie w a n d d iscu ss a Clie n t’s p rio r in ve stm e n t h isto ry, a s we ll a s fa m ily co m p o sitio n a n d b a ckgrou n d . Accou n t su p e rvision is gu id e d b y th e sta te d o b je ctive s of th e Clie n t (e .g., m a xim u m ca p ita l a p p re cia tion , gro wth , in com e , o r growth a n d in co m e ), a s we ll a s risk to le ra n ce a n d ta x con sid e ra tion s. We p rim a rily a d vise o u r Clie n ts re ga rd in g in ve stm e n ts in sto cks, b o n d s, m u tu a l fu n d s, ETFs, U.S. go ve rn m e n t a n d m u n icip a l se cu ritie s, a n d ca sh a n d ca sh e q u iva le n ts. We m a y a lso p ro vid e a d vice re ga rd in g in ve stm e n ts h e ld in Clie n t’s p o rtfo lio a t th e in ce p tion of ou r a d viso ry re la tion sh ip a n d /o r o th e r in ve stm e n t typ e s n o t liste d a b o ve , a t th e Clie n t’s re q u e st. Wh e n we p ro vid e in ve stm e n t m a n a ge m e n t se rvice s, Clie n ts gra n t u s lim ite d a u th ority to b u y a n d se ll se cu ritie s on a d iscre tion a ry b a sis o r n on -d iscre tio n a ry b a sis. Mo re in fo rm a tio n on o u r tra d in g a u th o rity is e xp la in e d in Ite m 16 o f th is Bro ch u re . Clie n ts m a y im p o se re a son a b le re strictio n s in writin g on in ve stin g in ce rta in se cu ritie s, typ e s o f se cu ritie s, or in d u stry se cto rs. MWA a lso p ro vid e s th e Clie n t with a fin a n cia l p la n . A Clie n t will b e ta ke n th ro u gh e sta b lish in g th e ir go a ls a n d va lu e s a ro u n d m o n e y. Clie n ts will b e re q u ire d to p ro vid e p e rtin e n t in fo rm a tion to h e lp com p le te th e fo llo win g a re a s o f a n a lysis: n e t wo rth , ca sh flo w, cre d it sco re s/re p orts, e m p lo ye e b e n e fits, re tire m e n t p la n n in g, in su ra n ce , in ve stm e n ts, co lle ge p la n n in g, a n d e sta te p la n n in g. On ce th e Clie n t's in fo rm a tio n is re vie we d , th e ir 4  p la n will b e b u ilt a n d a n a lyze d , a n d th e n th e fin d in gs, a n a lysis a n d p o te n tia l ch a n ge s to th e ir cu rre n t situ a tion will b e re vie we d with th e Clie n t. Clie n ts will re ce ive a d e ta ile d fin a n cia l p la n d e sign e d to h e lp a ch ie ve Clie n t’s sta te d fin a n cia l go a ls a n d o b je ctive s. Th e p la n a n d th e Clie n t's fin a n cia l situ a tio n a n d go a ls will b e m on ito re d th rou gh o u t th e ye a r. In ge n e ra l, th e fin a n cia l p la n will a d d re ss so m e o r a ll o f th e fo llo win g a re a s o f con ce rn . Th e Clie n t a n d MWA will wo rk toge th e r to se le ct sp e cific a re a s to cove r. Th e se a re a s m a y in clu d e , b u t a re n o t lim ite d to , th e fo llo win g: ● Bu s in e s s Pla n n in g: We p ro vid e con su ltin g se rvice s fo r Clie n ts wh o cu rre n tly o p e ra te th e ir o wn b u sin e ss, a re co n sid e rin g sta rtin g a b u sin e ss, o r a re p la n n in g for a n e xit from th e ir cu rre n t b u sin e ss. Un d e r th is typ e o f e n ga ge m e n t, we wo rk with yo u to a sse ss yo u r cu rre n t situ a tio n , id e n tify yo u r o b je ctive s, a n d d e ve lo p a p la n a im e d a t a ch ie vin g yo u r go a ls. ● Ca s h Flo w a n d De b t Ma n a ge m e n t : We will con d u ct a re vie w o f you r in co m e a n d e xp e n se s to d e te rm in e yo u r cu rre n t su rp lu s o r d e ficit a lo n g with a d vice on p rio ritizin g h o w a n y su rp lu s sh ou ld b e u se d o r h o w to re d u ce e xp e n se s if th e y e xce e d you r in co m e . Ad vice m a y a lso b e p ro vid e d on wh ich d e b ts to p a y o ff first b a se d o n fa cto rs su ch a s th e in te re st ra te o f th e d e b t a n d a n y in co m e ta x ra m ifica tion s. We m a y a lso re co m m e n d wh a t we b e lie ve to b e a n a p p ro p ria te ca sh re se rve th a t sh ou ld b e con sid e re d fo r e m e rge n cie s a n d oth e r fin a n cia l go a ls, a lo n g with a re vie w of a ccou n ts (su ch a s sa ve d e sire d a m o u n ts. m o n e y m a rke t fu n d s) fo r su ch re se rve s, p lu s stra te gie s to ● Co lle ge Sa vin gs : In clu d e s p ro je ctin g th e a m o u n t th a t will b e n e e d e d to a ch ie ve co lle ge o r o th e r p o st- se con d a ry e d u ca tion fu n d in g goa ls, a lo n g with a d vice o n wa ys fo r yo u to sa ve th e d e sire d a m o u n t. Re co m m e n d a tio n s a s to sa vin gs stra te gie s a re in clu d e d , a n d , if n e e d e d , we will re vie w yo u r fin a n cia l p ictu re a s it re la te s to e ligib ility fo r fin a n cia l a id o r th e b e st wa y to co n trib u te to ch ild re n a n d gra n d ch ild re n (if a p p ro p ria te ). ● Em p lo ye e Be n e fit s Op t im iza t io n : We will p ro vid e re vie w a n d a n a lysis a s to wh e th e r yo u , a s a n e m p lo ye e , a re ta kin g th e m a xim u m a d va n ta ge p o ssib le of yo u r e m p lo ye e b e n e fits. If you a re a b u sin e ss o wn e r, we will co n sid e r a n d /o r re co m m e n d th e va rio u s b e n e fit p ro gra m s th a t ca n b e goa ls. stru ctu re d to m e e t b oth b u sin e ss a n d p e rson a l re tire m e n t ● Es t a t e Pla n n in g: Th is u su a lly in clu d e s a n a n a lysis o f yo u r e xp o su re to e sta te ta xe s a n d yo u r cu rre n t e sta te p la n , wh ich m a y in clu d e wh e th e r yo u h a ve a will, p o we rs o f a tto rn e y, tru sts, a n d o th e r re la te d d o cu m e n ts. Ou r a d vice a lso typ ica lly in clu d e s wa ys fo r yo u to m in im ize o r a vo id fu tu re e sta te ta xe s b y im p le m e n tin g a p p rop ria te e sta te p la n n in g stra te gie s su ch a s th e u se o f a p p lica b le tru sts. We a lwa ys re com m e n d th a t yo u con su lt with a q u a lifie d a tto rn e y wh e n yo u in itia te , u p d a te , o r co m p le te e sta te p la n n in g a ctivitie s. We m a y p rovid e yo u with con ta ct in fo rm a tion fo r a tto rn e ys wh o sp e cia lize in e sta te p la n n in g wh e n yo u wish to h ire a n a tto rn e y fo r su ch p u rp o se s. Fro m tim e -to -tim e , we will p a rticip a te in m e e tin gs o r p h on e ca lls b e twe e n you a n d you r a tto rn e y with yo u r a p p rova l o r re q u e st. ● Fin a n cia l Go a ls : We will h e lp Clie n ts id e n tify fin a n cia l go a ls a n d d e ve lo p a p la n to re a ch th e m . We will id e n tify wh a t yo u p la n to a cco m p lish , wh a t re sou rce s yo u will n e e d to m a ke it h a p p e n , h o w m u ch tim e th e goa l, a n d h o w m u ch you sh ou ld b u d ge t fo r yo u r go a l. yo u will n e e d to re a ch 5  ● In s u r a n ce : Re vie w of e xistin g p o licie s to e n su re p ro p e r co ve ra ge fo r life , h e a lth , d isa b ility, lo n g-te rm ca re , lia b ility, h o m e , a n d a u to m o b ile . ● In ve s t m e n t An a lys is : Th is m a y in vo lve d e ve lo p in g a n a sse t a llo ca tion stra te gy to m e e t Clie n ts’ fin a n cia l goa ls a n d risk to le ra n ce , p ro vid in g in fo rm a tion on in ve stm e n t ve h icle s a n d stra te gie s, re vie win g e m p lo ye e stock o p tion s, a s we ll a s a ssistin g yo u in e sta b lish in g you r o wn in ve stm e n t a ccou n t a t a se le cte d b ro ke r/d e a le r o r cu sto d ia n . Th e stra te gie s a n d typ e s o f in ve stm e n ts we m a y re co m m e n d a re fu rth e r d iscu sse d in Ite m 8 o f th is b ro ch u re . ● Re t ir e m e n t Pla n n in g: Ou r re tire m e n t p la n n in g se rvice s typ ica lly in clu d e p ro je ctio n s o f you r like lih oo d of a ch ie vin g yo u r fin a n cia l go a ls, typ ica lly focu sin g o n fin a n cia l in d e p e n d e n ce a s th e p rim a ry o b je ctive . Fo r situ a tion s wh e re p ro je ction s sh ow le ss th a n th e d e sire d re su lts, we m a y m a ke re co m m e n d a tio n s, in clu d in g th o se th a t m a y im p a ct th e o rigin a l p ro je ctio n s b y a d ju stin g ce rta in va ria b le s (e .g., wo rkin g lo n ge r, sa vin g m o re , sp e n d in g le ss, ta kin g m o re risk with in ve stm e n ts). If you a re n e a r re tire m e n t o r a lre a d y re tire d , a d vice m a y b e give n on a p p ro p ria te d istrib u tion stra te gie s to m in im ize th e like lih o o d o f ru n n in g o u t o f m o n e y o r h a vin g to a d ve rse ly a lte r sp e n d in g ye a rs. d u rin g yo u r re tire m e n t ● Ris k Ma n a ge m e n t : A risk m a n a ge m e n t re vie w in clu d e s a n a n a lysis o f you r e xp osu re to m a jo r risks th a t cou ld h a ve a sign ifica n t a d ve rse im p a ct on yo u r fin a n cia l p ictu re , su ch a s p re m a tu re d e a th , d isa b ility, p ro p e rty a n d ca su a lty lo sse s, o r th e n e e d fo r lon g-te rm ca re p la n n in g. Ad vice m a y b e p ro vid e d on wa ys to m in im ize su ch risks a n d a b o u t we igh in g th e costs o f p u rch a sin g in su ra n ce ve rsu s th e b e n e fits o f d o in g so a n d , like wise , th e p o te n tia l cost of n o t p u rch a sin g in su ra n ce (“se lf-in su rin g”). ● Ta x Pla n n in g St r a t e gie s : Ad vice m a y in clu d e wa ys to m in im ize cu rre n t a n d fu tu re in co m e ta xe s a s a p a rt o f you r o ve ra ll fin a n cia l p la n n in g p ictu re . Fo r e xa m p le , we m a y m a ke re co m m e n d a tio n s o n wh ich typ e o f a ccou n t(s) o r sp e cific in ve stm e n ts sh o u ld b e o wn e d b a se d in p a rt o n th e ir “ta x e fficie n cy,” with th e con sid e ra tio n th a t th e re is a lwa ys a p o ssib ility o f fu tu re ch a n ge s to fe d e ra l, sta te o r lo ca l ta x la ws a n d ra te s th a t m a y im p a ct you r situ a tio n . We re co m m e n d th a t you con su lt with a q u a lifie d ta x p rofe ssion a l b e fo re in itia tin g a n y ta x p la n n in g stra te gy, a n d we m a y p ro vid e you with con ta ct in fo rm a tio n fo r a ccou n ta n ts o r a tto rn e ys wh o sp e cia lize in th is a re a if yo u wish to h ire so m e on e fo r su ch p u rp o se s. We will p a rticip a te in m e e tin gs o r p h on e ca lls b e twe e n yo u a n d yo u r ta x p rofe ssion a l with yo u r a p p ro va l. In ce rta in circu m sta n ce s, we p a y a ll o r a p o rtio n o f fe e s ch a rge d b y th ird- p a rty p ro fe ssio n a ls (su ch a s a tto rn e ys o r a cco u n ta n ts) to a ssist clie n ts with sp e cia lize d n e e d s. Th e se p a ym e n ts a re se p a ra te fro m a n d in a d d itio n to th e a d viso ry fe e s yo u p a y to Me ta We a lth Ad viso ry. Se e Ite m 5 fo r m o re in fo rm a tio n . Ta x Pr e p a r a t io n Se r vice s We offe r ta x p re p a ra tion se rvice s fo r o u r Clie n ts to a ssist with th e filin g of fe d e ra l a n d sta te ta x re tu rn s fo r in d ivid u a ls a n d b u sin e sse s. We m a y a sk fo r a n e xp la n a tio n o r cla rifica tion o f so m e ite m s, b u t we will n o t a u d it o r o th e rwise ve rify Clie n t d a ta . Th e Clie n t is re sp on sib le fo r th e co m p le te n e ss a n d a ccu ra cy of in fo rm a tio n u se d to p re p a re th e re tu rn s. We m a y u tilize th e se rvice s o f a th ird p a rty a ccou n tin g, b oo kke e p in g, a n d ta x 6  p re p a ra tion firm to fa cilita te th e p re p a ra tion a n d filin g o f yo u r ta x re tu rn a n d we will wo rk with yo u a n d th e th ird p a rty in o rd e r to ga th e r th e n e ce ssa ry in fo rm a tio n a s p a rt o f th is se rvice . We m a y o b se rve o p p o rtu n itie s fo r ta x sa vin gs th a t re q u ire p la n n in g o r ch a n ge s in th e wa y th e Clie n t h a n d le s so m e tra n sa ction s. Wh ile a n e n ga ge m e n t fo r ta x re tu rn p re p a ra tio n d o e s n ot in clu d e sign ifica n t ta x p la n n in g se rvice s, we will sh a re a n y id e a s we h a ve with yo u a n d d iscu ss te rm s fo r a n y a d d itio n a l wo rk th a t m a y b e re q u ire d to im p le m e n t th o se id e a s. Clie n t Ta ilo r e d Se r vice s a n d Clie n t Im p o s e d Re s t r ict io n s We ta ilo r th e d e live ry of o u r se rvice s to m e e t th e in d ivid u a l n e e d s o f ou r Clie n ts. We co n su lt with Clie n ts in itia lly a n d o n a n on go in g b a sis, th ro u gh th e d u ra tio n of th e ir e n ga ge m e n t with u s, to d e te rm in e risk to le ra n ce , tim e h o rizon a n d o th e r fa cto rs th a t m a y im p a ct th e Clie n ts’ in ve stm e n t a n d /o r p la n n in g n e e d s. Clie n ts a re a b le to sp e cify, with in re a son , a n y re striction s th e y wo u ld like to p la ce a s it p e rta in s to in d ivid u a l se cu ritie s a n d /o r se cto rs th a t will b e tra d e d in th e ir a ccou n t. All su ch re q u e sts m u st b e p ro vid e d to MWA in writin g. MWA will n o tify Clie n ts if th e y a re u n a b le to a cco m m od a te a n y re q u e sts. Wr a p Fe e Pr o gr a m s We d o n o t p a rticip a te in wra p fe e p rogra m s. As s e t s Un d e r Ma n a ge m e n t As of De ce m b e r 31, 2025, MWA h a s $172,057,328 in d iscre tion a ry a n d $0 in n on -d iscre tio n a ry a sse ts u n d e r m a n a ge m e n t. 7  Ite m 5: Fe e s a n d Co m p e n sa tio n Ple a se n o te , u n le ss a Clie n t h a s re ce ive d th is b roch u re a t le a st 48 h ou rs p rio r to sign in g a n Ad viso ry Co n tra ct, th e Ad viso ry Co n tra ct m a y b e te rm in a te d b y th e Clie n t with in five (5) b u sin e ss d a ys o f sign in g th e Ad viso ry Co n tra ct with ou t p e n a lty o r in cu rrin g a n y fe e s. At n o tim e d o we re q u ire p re p a ym e n t of $1,200 o r m o re six m o n th s o r m o re in a d va n ce of re n d e rin g th e se rvice s. Ho w we a re p a id d e p e n d s o n th e typ e o f a d viso ry se rvice s we p e rfo rm . Be lo w is a b rie f d e scrip tion o f ou r fe e s, h o we ve r, yo u sh ou ld re vie w yo u r e xe cu te d Ad viso ry Co n tra ct fo r m o re d e ta ile d in fo rm a tion re ga rd in g th e e xa ct fe e s yo u will b e p a yin g. Fe e s a re n ego tia b le a n d so m e fe e s m a y va ry b y Clie n t for sim ila r se rvice s. No in cre a se to th e a gre e d -u p on a d viso ry fe e s ou tlin e d in th e Ad viso ry Co n tra ct sh a ll o ccu r with ou t p rio r Clie n t con se n t. We a lt h Ma n a ge m e n t Se r vice s Th e fe e is b a se d on a p e rce n ta ge o f a sse ts u n d e r m a n a ge m e n t a n d is n e go tia b le . Th e a n n u a lize d fe e is b a se d o n th e fo llo win g fe e sch e d u le : As s e t s Un d e r Ma n a ge m e n t An n u a l Ad vis o r y Fe e $0 - $3,000,000 0.95% $3,000,001 a n d Ab o ve 0.65% Th e a n n u a l a d viso ry fe e is p a id q u a rte rly in a d va n ce of e a ch q u a rte r b a se d o n th e a ctu a l b a la n ce o f th e Clie n t’s a ccou n t(s) a s o f th e la st d a y o f e a ch p rior q u a rte r. Th e a d viso ry fe e is b a se d on a sse t ra n ge s with d iffe re n t ra te s a p p lie d to e a ch ra n ge . Fo r e xa m p le , fo r a sse ts u n d e r m a n a ge m e n t o f $4,000,000, a Clie n t wo u ld p a y 0.95% on th e first $3,000,000 a n d 0.65% on th e re m a in in g b a la n ce (u sin g MWA’s sta n d a rd fe e sch e d u le ). Th e fo rm u la fo r th e q u a rte rly fe e is d e te rm in e d b y th e fo llo win g ca lcu la tion :(($3,000,000 x 0.95%) + ($1,000,000 x 0.65%)) /4. Th e e ffe ctive ra te is 0.875 p e rce n t. MWA re lie s on th e va lu a tio n a s p ro vid e d b y Clie n t’s cu sto d ia n in d e te rm in in g a sse ts u n d e r m a n a ge m e n t. Ou r a d viso ry fe e is p ro ra te d fo r a n y p a rtia l b illin g p e riod s o ccu rrin g d u rin g th e e n ga ge m e n t, in clu d in g th e in itia l a n d te rm in a tin g b illin g p e rio d s. Ta x Pr e p a r a t io n Se r vice s We ch a rge a n h ou rly fe e o f $350 fo r Ta x Pre p a ra tio n Se rvice s. Fe e s m a y b e n e go tia te d o r wa ive d a t th e d iscre tio n o f MWA; th e fin a l a gre e d u p o n fe e will b e o u tlin e d in you r Ad viso ry Co n tra ct. Fe e s a re d u e u p on co m p le tio n of th e se rvice s. Fe e Pa ym e n t Fo r We a lth Ma n a ge m e n t se rvice s, we d e d u ct ou r a d viso ry fe e fro m on e o r m o re a ccou n t(s) h e ld a t a n u n a ffilia te d th ird -p a rty cu sto d ia n , a s d ire cte d b y th e Clie n t. Ple a se re fe r to Ite m 15 of th is Bro ch u re re ga rd in g o u r p o licy on d ire ct fe e d e d u ctio n . 8  Fo r Ta x Pre p a ra tion se rvice s, fe e s a re p a id b y e le ctro n ic fu n d s tra n sfe r (EFT) o r ch e ck. We u se a n in d e p e n d e n t th ird p a rty p a ym e n t p ro ce sso r in wh ich th e Clie n t ca n se cu re ly in p u t th e ir b a n kin g in fo rm a tio n a n d p a y th e ir fe e . We d o n o t h a ve a cce ss to th e Clie n t’s b a n kin g in fo rm a tion a t a n y tim e . Th e Clie n t will b e p ro vid e d with th e ir own se cu re p o rta l in o rd e r to m a ke p a ym e n ts. Ot h e r Typ e s o f Fe e s a n d Exp e n s e s Ou r fe e s a re e xclu sive o f b ro ke ra ge co m m ission s, tra n sa ction fe e s, a n d o th e r re la te d co sts a n d e xp e n se s wh ich m a y b e in cu rre d b y th e Clie n t. Clie n ts m a y in cu r ce rta in ch a rge s im p o se d b y cu sto d ia n s, b ro ke rs, a n d o th e r th ird p a rtie s su ch a s cu sto d ia l fe e s, de fe rre d sa le s ch a rge s, o d d -lo t d iffe re n tia ls, tra n sfe r ta xe s, wire tra n sfe r, a n d e le ctro n ic fu n d fe e s, a n d o th e r fe e s a n d ta xe s on b ro ke ra ge a cco u n ts a n d se cu ritie s tra n sa ction s. Mu tu a l fu n d a n d e xch a n ge -tra d e d fu n d s a lso ch a rge in te rn a l m a n a ge m e n t fe e s, wh ich a re d isclose d in a fu n d 's p ro sp e ctu s. Su ch ch a rge s, fe e s, a n d co m m ission s a re e xclu sive o f a n d in a d d itio n to o u r fe e , a n d we sh a ll n ot re ce ive a n y p o rtion o f th e se com m ission s, fe e s, a n d co sts. Ite m 12 fu rth e r d e scrib e s th e fa cto rs th a t we con sid e r in se le ctin g o r re com m e n d in g cu sto d ia n s for Clie n t’s tra n sa ction s a n d d e te rm in in g th e re a so n a b le n e ss o f th e ir co m p e n sa tion (e .g., co m m issio n s). Clie n ts m a y in cu r fe e s fro m th ird -p a rty p ro fe ssion a ls su ch a s a ccou n ta n ts a n d a tto rn e ys th a t MWA m a y re co m m e n d , u p o n Clie n t re q u e st. Su ch fe e s a re se p a ra te a n d d istin ct fro m MWA’s a d viso ry fe e s. Wh e n a p p ro p ria te a n d b a se d on th e clie n t’s in d ivid u a l n e e d s, Me ta We a lth Ad viso ry will re co m m e n d th e u se o f o u tsid e p ro fe ssio n a ls (e .g., a tto rn e ys o r a ccou n ta n ts) wh ile p ro vid in g fin a n cia l p la n n in g a n d /o r in ve stm e n t a d viso ry se rvice s to clie n ts. Th is is m o st co m m o n ly d o n e fo r ta x p la n n in g a n d p re p a ra tio n se rvice s, e sta te p la n n in g a n d d ra ftin g o f le ga l d o cu m e n ts b y a n a tto rn e y. Fe e s fo r th e se rvice s o f a n o u tsid e p ro fe ssio n a l a re in a d d itio n to a n d se p a ra te fro m th e fe e s ch a rge d b y Me ta We a lth Ad viso ry. De p e n d in g on th e clie n t’s situ a tion , Me ta We a lth Ad viso ry ca n o ffe r to p a y th e e n tire th ird - p a rty fe e o r a p o rtion of th e fe e , a n d th e clie n t will n o t b e re q u ire d to re im b u rse Me ta We a lth Ad viso ry fo r th e p a ym e n ts. Ho we ve r, we d o n o t cove r th e costs of o u tsid e p ro fe ssio n a ls in a ll situ a tion s o r fo r a ll clie n ts. Fo r e xa m p le , to th e e xte n t th a t you p e rso n a lly e n ga ge a n o u tsid e p ro fe ssion a l o n you r own a n d with o u t th e kn o wle d ge of Me ta We a lth Ad viso ry, yo u will b e re sp o n sib le fo r th e th ird -p a rty fe e s, a n d Me ta We a lth Ad viso ry will n o t b e re q u ire d to re im b u rse yo u fo r su ch p a ym e n ts. We ge n e ra lly o ffe r to p a y a ll o r a p o rtio n of ta x se rvice s fo r clie n ts wh o m e e t o u r d e fin itio n of h igh -n e t wo rth ($5 m illio n of in ve sta b le a sse ts), b u t we a re willin g to co n sid e r co ve rin g a ll o r a p o rtio n o f th e co sts fo r a n y clie n t d e p e n d in g on th e clie n t’s situ a tio n a n d n e e d s. We m ost co m m o n ly offe r to p a y a ll o r a p o rtio n o f th ird- p a rty se rvice p ro vid e r fe e s wh e n a clie n t’s ta x situ a tion is com p le x e n ou gh fo r u s to m a ke a n im p a ctfu l d iffe re n ce in a ssistin g with th e ir ta x p la n n in g o r re co m m e n d in g a re b u tta b le th ird -p a rty ta x se rvice p ro vid e r. Co m p le x wou ld m e a n sign ifica n t ta x p la n n in g th ro u gh o u t th e ye a r is re q u ire d d u e to th e ca lcu la tio n o f e stim a te d p a ym e n ts, u n iq u e n e e d s o f a sm a ll b u sin e ss o wn e r, th ose wh o o wn p riva te e n titie s a n d /o r p a rtn e rsh ip s ge n e ra tin g K-1’s, ce rta in re a l e sta te o wn e rsh ip , fo re ign e n tity o wn e rsh ip , a n d o th e r so p h istica te d sce n a rio s. In th e se ca se s we wou ld o ffe r to a ssist with th e ir ta x se rvice s (in h ou se o r re fe r o u t to a th ird -p a rty se rvice p ro vid e r) a n d cove r a ll o r a p o rtio n o f th e cost of th ose se rvice s. We d o n o t p a y fo r clie n ts wh o ca n /sh ou ld e ith e r se lf-p re p a re o r wh o u se a lo w-co st ta x p re p a re r b e ca u se th e ir ta x situ a tio n is re la tive ly sim p le . 9  Sim ila rly, we a re willin g to p a y a ll o r a p o rtio n of le ga l fe e s fo r e sta te p la n n in g a n d o th e r n e e d s th a t re q u ire th e u se of a q u a lifie d a tto rn e y (d ra ftin g o f d o cu m e n ts a n d sp e cific le ga l a d vice ). Th is a lso typ ica lly a p p lie s to th e firm ’s h igh -n e t wo rth clie n t b a se , b u t we a re willin g to con sid e r cove rin g th e co sts fo r a n y clie n t d e p e n d in g o n th e clie n t’s situ a tio n a n d n e e d s. Lim ita tio n s o n th e a m ou n t o f le ga l fe e s we p a y will a p p ly d u e to u n fo re se e n circu m sta n ce s we ca n n ot a lwa ys a n ticip a te in a d va n ce . Fo r e xa m p le , we will n o t co ve r a ll le ga l fe e s if th e a tto rn e y id e n tifie s a m o re co m p lica te d le ga l situ a tion th a t re q u ire s e xte n sive le ga l re se a rch , tim e a n d a tte n tion . Ho we ve r, in su ch a situ a tion , we will e n su re th e a tto rn e y p ro vid e s a q u o te fo r a n ticip a te d se rvice s so yo u ca n a gre e o r d e clin e su ch se rvice s in a d va n ce . Th e re m a y b e o th e r firm s th a n th ose we su gge st th a t a re m o re a p p ro p ria te fo r you r ta x p la n n in g a n d le ga l n e e d s a n d o th e r firm s th a t ch a rge lo we r fe e s fo r su ch se rvice s. Co ve rin g th ird -p a rty fe e s cre a te s a p ote n tia l con flict of in te re st b e ca u se clie n ts cou ld p e rce ive a n in ce n tive to u se p ro fe ssion a ls re com m e n d e d b y Me ta We a lth Ad viso ry. We a d d re ss th is con flict b y: • No t a cce p tin g a n y co m p e n sa tion , re fe rra l fe e s, o r o th e r b e n e fits fro m re com m e n d e d p ro fe ssio n a ls. • Pro vid in g m u ltip le o p tion s a n d e n cou ra gin g clie n ts to co n d u ct in d e p e n d e n t d u e d ilige n ce . • Allo win g clie n ts to se le ct a n y p ro vid e r o f th e ir ch o ice . Te r m in a t io n s a n d Re fu n d s Fo r We a lth Ma n a ge m e n t se rvice s, th e Ad viso ry Co n tra ct m a y b e te rm in a te d with writte n n o tice 30 ca le n d a r d a ys in a d va n ce . Up o n te rm in a tion of th e Ad viso ry Co n tra ct, a p ro ra te d re fu n d will b e p ro vid e d to th e Clie n t. Fo r Ta x Pre p a ra tion se rvice s, th is se rvice is n o t a n o n go in g e n ga ge m e n t, th u s u p on re ce ip t o f th e fin a l fe e s, th e Ad viso ry Co n tra ct will a u to m a tica lly b e te rm in a te d . Clie n ts m a y te rm in a te a t a n y tim e p ro vid e d writte n n o tice . Clie n t sh a ll b e ch a rge d a p ro -ra ta fe e b a se d u p o n th e n u m b e r of h ou rs wo rk th a t wa s p e rfo rm e d b y MWA u p to th e d a te o f te rm in a tion . Sa le o f Se cu r it ie s o r Ot h e r In ve s t m e n t Pr o d u ct s Ad viso r a n d its su p e rvise d p e rso n s d o n o t a cce p t co m p e n sa tion fo r th e sa le o f se cu ritie s o r o th e r in ve stm e n t p ro d u cts in clu d in g a sse t-b a se d sa le s ch a rge s o r se rvice fe e s from th e sa le o f m u tu a l fu n d s. 10  Ite m 6: Pe rfo rm a n ce -Ba se d Fe e s a n d Sid e -By-Sid e Ma n a ge m e n t We d o n o t offe r p e rfo rm a n ce -b a se d fe e s a n d d o n ot e n ga ge in sid e -b y-sid e m a n a ge m e n t. 11  Ite m 7: Typ e s o f Clie n ts We p rovid e fin a n cia l p la n n in g a n d in ve stm e n t m a n a ge m e n t se rvice s to in d ivid u a ls a n d h igh n e t-wo rth in d ivid u a ls. Ou r m in im u m a ccou n t size re q u ire m e n t is $1,000,000 to o p e n o r m a in ta in a n a ccou n t u n d e r o u r m a n a ge m e n t. MWA m a y re d u ce o r wa ive th e m in im u m a ccou n t size re q u ire m e n t on a ca se- b y-ca se b a sis. 12  Ite m 8: Me th o d s o f An a lysis, In ve stm e n t Stra te gie s, a n d Risk o f Lo ss Be lo w is a b rie f d e scrip tion o f ou r m e th o d s of a n a lysis a n d p rim a ry in ve stm e n t stra te gie s. Me t h o d s o f An a lys is Mu t u a l Fu n d a n d / o r ETF An a lys is : We lo ok a t th e e xp e rie n ce a n d tra ck re co rd o f th e m a n a ge r o f th e m u tu a l fu n d o r ETF in a n a tte m p t to d e te rm in e if th a t m a n a ge r h a s d e m o n stra te d a n a b ility to in ve st o ve r a p e rio d o f tim e a n d in d iffe re n t e con o m ic con d itio n s. We a lso lo o k a t th e u n d e rlyin g a sse ts in a m u tu a l fu n d o r ETF in a n a tte m p t to d e te rm in e if th e re is sign ifica n t ove rla p in th e u n d e rlyin g in ve stm e n ts h e ld in o th e r fu n d s in th e Clie n t’s p o rtfo lio . In a d d itio n , we m o n ito r th e fu n d s o r ETFs in a n a tte m p t to d e te rm in e if th e y a re con tin u in g to fo llo w th e ir sta te d in ve stm e n t stra te gy. A risk of m u tu a l fu n d a n d /o r ETF a n a lysis is th a t, a s in a ll se cu ritie s in ve stm e n ts, p a st p e rfo rm a n ce d oe s n o t gu a ra n te e fu tu re re su lts. A m a n a ge r wh o h a s b e e n su cce ssfu l m a y n o t b e a b le to re p lica te th a t su cce ss in th e fu tu re . In a d d itio n , a s we d o n o t co n tro l th e u n d e rlyin g in ve stm e n ts in a fu n d o r ETF, m a n a ge rs o f d iffe re n t fu n d s h e ld b y th e clie n t m a y p u rch a se th e sa m e se cu rity, in cre a sin g th e risk to th e clie n t if th a t se cu rity we re to fa ll in va lu e . Th e re is a lso a risk th a t a m a n a ge r m a y d e via te from th e sta te d in ve stm e n t m a n d a te o r stra te gy o f th e fu n d or ETF, wh ich cou ld m a ke th e fu n d o r ETF le ss su ita b le fo r th e Clie n t’s p o rtfo lio . In ve s t m e n t St r a t e gie s Evid e n ce -Ba s e d In ve s t m e n t Ma n a ge m e n t Th e Ad viso r e m p lo ys a n e vid e n ce -b a se d in ve stm e n t a p p ro a ch , re lyin g on a ca d e m ic re se a rch , h isto rica l m a rke t d a ta , a n d e m p irica l stu d ie s ra th e r th a n sp e cu la tion o r m a rke t tim in g. Th is p h iloso p h y su p p orts a d iscip lin e d , lo n g-te rm stra te gy grou n d e d in d ive rsifica tion , a sse t a llo ca tio n , a n d risk m a n a ge m e n t, ra th e r th a n sh o rt-te rm tra d in g o r a tte m p ts to b e a t th e m a rke t. Ma t e r ia l Ris k s In vo lve d All in ve s t in g s t r a t e gie s w e o ffe r in vo lve r is k a n d m a y r e s u lt in a lo s s o f yo u r o r igin a l in ve s t m e n t w h ich yo u s h o u ld b e p r e p a r e d t o b e a r . Ma n y of th e se risks a p p ly e q u a lly to stocks, b o n d s, com m o d itie s, a n d a n y o th e r in ve stm e n t o r se cu rity. Ma te ria l risks a ssocia te d with ou r in ve stm e n t stra te gie s a re liste d b e lo w. Ma r k e t Ris k : Ma rke t risk in vo lve s th e p o ssib ility th a t a n in ve stm e n t’s cu rre n t m a rke t va lu e will fa ll b e ca u se o f a ge n e ra l m a rke t d e clin e , re d u cin g th e va lu e o f th e in ve stm e n t re ga rd le ss o f th e o p e ra tio n a l su cce ss o f th e issu e r’s o p e ra tio n s o r its fin a n cia l con d itio n . St r a t e gy Ris k : Th e Ad vise r’s in ve stm e n t stra te gie s a n d /o r in ve stm e n t te ch n iq u e s m a y n ot wo rk a s in te n d e d . Sm a ll a n d Me d iu m Ca p Co m p a n y Ris k : Se cu ritie s o f com p a n ie s with sm a ll a n d m e d iu m m a rke t ca p ita liza tion s a re o fte n m o re vo la tile a n d le ss liq u id th a n in ve stm e n ts in la rge r com p a n ie s. Sm a ll a n d m e d iu m ca p co m p a n ie s m a y fa ce a gre a te r risk o f b u sin e ss fa ilu re , wh ich co u ld in cre a se th e vo la tility o f th e Clie n t’s p o rtfo lio . In t e r e s t Ra t e Ris k : Bo n d (fixe d in co m e ) p rice s ge n e ra lly fa ll wh e n in te re st ra te s rise , a n d th e va lu e m a y fa ll b e lo w p a r va lu e o r th e p rin cip a l in ve stm e n t. Th e op p o site is a lso ge n e ra lly tru e : b on d p rice s ge n e ra lly rise 13  wh e n in te re st ra te s fa ll. In ge n e ra l, fixe d in co m e se cu ritie s with lo n ge r m a tu ritie s a re m o re se n sitive to th e se p rice ch a n ge s. Mo st oth e r in ve stm e n ts a re a lso se n sitive to th e le ve l a n d d ire ction o f in te re st ra te s. Le ga l o r Le gis la t ive Ris k : Le gisla tive ch a n ge s o r Co u rt ru lin gs m a y im p a ct th e va lu e o f in ve stm e n ts, o r th e se cu ritie s’ cla im o n th e issu e r’s a sse ts a n d fin a n ce s. In fla t io n : In fla tio n m a y e ro d e th e b u yin g p owe r o f yo u r in ve stm e n t p o rtfo lio , e ve n if th e d o lla r va lu e o f yo u r in ve stm e n ts re m a in s th e sa m e . Ris k s As s o cia t e d w it h Se cu r it ie s Ap a rt fro m th e ge n e ra l risks o u tlin e d a b o ve wh ich a p p ly to a ll typ e s o f in ve stm e n ts, sp e cific se cu ritie s m a y h a ve o th e r risks. Ba n k Ob liga t io n s in clu d in g b o n d s a n d ce rtifica te s o f d e p o sit m a y b e vu ln e ra b le to se tb a cks o r p a n ics in th e b a n kin g in d u stry. Ba n ks a n d o th e r fin a n cia l in stitu tion s a re gre a tly a ffe cte d b y in te re st ra te s a n d m a y b e a d ve rse ly a ffe cte d b y d o wn tu rn s in th e U.S. a n d fo re ign e con om ie s o r ch a n ge s in b a n kin g re gu la tion s. Co m m e r cia l Pa p e r is, in m o st ca se s, a n u n se cu re d p ro m isso ry n o te th a t is issu e d with a m a tu rity of 270 d a ys o r le ss. Be in g u n se cu re d th e risk to th e in ve sto r is th a t th e issu e r m a y d e fa u lt. Co m m o n s t o ck s m a y go u p a n d d own in p rice q u ite d ra m a tica lly, a n d in th e e ve n t of a n issu e r’s b a n kru p tcy o r re stru ctu rin g cou ld lo se a ll va lu e . A slo we r-gro wth o r re ce ssio n a ry e co n om ic e n viron m e n t cou ld h a ve a n a d ve rse e ffe ct on th e p rice o f a ll stocks. Co r p o r a t e Bo n d s a re d e b t se cu ritie s to b o rro w m o n e y. Ge n e ra lly, issu e rs p a y in ve sto rs p e rio d ic in te re st a n d re p a y th e a m o u n t b o rrowe d e ith e r p e rio d ica lly d u rin g th e life o f th e se cu rity a n d /o r a t m a tu rity. Alte rn a tive ly, in ve sto rs ca n p u rch a se oth e r d e b t se cu ritie s, su ch a s ze ro cou p o n b on d s, wh ich d o n o t p a y cu rre n t in te re st, b u t ra th e r a re p rice d a t a d iscou n t from th e ir fa ce va lu e s a n d th e ir va lu e s a ccre te o ve r tim e to fa ce va lu e a t m a tu rity. Th e m a rke t p rice s o f d e b t se cu ritie s flu ctu a te d e p e n d in g o n fa cto rs su ch a s in te re st ra te s, cre d it q u a lity, a n d m a tu rity. In ge n e ra l, m a rke t p rice s o f d e b t se cu ritie s d e clin e wh e n in te re st ra te s rise a n d in cre a se wh e n in te re st ra te s fa ll. Th e lon ge r th e tim e to a b o n d ’s m a tu rity, th e gre a te r its in te re st ra te risk. Exch a n ge Tr a d e d Fu n d s p rice s m a y va ry sign ifica n tly fro m th e Ne t Asse t Va lu e d u e to m a rke t con d itio n s. Ce rta in Exch a n ge Tra d e d Fu n d s m a y n o t tra ck u n d e rlyin g b e n ch m a rks a s e xp e cte d . ETFs a re a lso su b je ct to th e fo llo win g risks: (i) a n ETF’s sh a re s m a y tra d e a t a m a rke t p rice th a t is a b ove (p re m iu m ) o r b e lo w (d iscou n t) th e ir n e t a sse t va lu e a n d a n ETF p u rch a se d a t a p re m iu m m a y u ltim a te ly b e so ld a t a d isco u n t; (ii) tra d in g o f a n ETF’s sh a re s m a y b e h a lte d if th e listin g e xch a n ge ’s o fficia ls d e e m su ch a ction a p p ro p ria te , th e sh a re s a re d e liste d from th e e xch a n ge , o r th e a ctiva tion o f m a rke t-wid e “circu it b re a ke rs” (wh ich a re tie d to la rge d e cre a se s in stock p rice s) h a lts sto ck tra d in g ge n e ra lly. Th e Ad vise r h a s n o con tro l ove r th e risks ta ke n b y th e u n d e rlyin g fu n d s in wh ich th e Clie n ts in ve st. Mu n icip a l Bo n d s a re d e b t o b liga tion s ge n e ra lly issu e d to o b ta in fu n d s fo r va rio u s p u b lic p u rp o se s, in clu d in g th e con stru ctio n of p u b lic fa cilitie s. Mu n icip a l b o n d s p a y a lo we r ra te o f re tu rn th a n m o st o th e r typ e s of b o n d s. Ho we ve r, b e ca u se o f a m u n icip a l b o n d ’s ta x-fa vo re d sta tu s, in ve sto rs sh ou ld co m p a re th e re la tive a fte r-ta x re tu rn to th e a fte r-ta x re tu rn of o th e r b o n d s, d e p e n d in g on th e in ve sto r’s ta x b ra cke t. In ve stin g in m u n icip a l b on d s ca rrie s th e sa m e ge n e ra l risks a s in ve stin g in b o n d s in ge n e ra l. Th o se risks in clu d e in te re st 14  ra te risk, re in ve stm e n t risk, in fla tion risk, m a rke t risk, ca ll o r re d e m p tion risk, cre d it risk, a n d liq u id ity a n d va lu a tion risk. Mu t u a l Fu n d s Wh e n a Clie n t in ve sts in o p e n -e n d m u tu a l fu n d s o r ETFs, th e Clie n t in d ire ctly b e a rs its p ro p o rtio n a te sh a re o f a n y fe e s a n d e xp e n se s p a ya b le d ire ctly b y th ose fu n d s. Th e re fo re , th e Clie n t will in cu r h igh e r e xp e n se s, m a n y o f wh ich m a y b e d u p lica tive . In a d d itio n , th e Clie n t's ove ra ll p o rtfo lio m a y b e a ffe cte d b y lo sse s o f a n u n d e rlyin g fu n d a n d th e le ve l o f risk a risin g from th e in ve stm e n t p ra ctice s of a n u n d e rlyin g fu n d (su ch a s th e u se of d e riva tive s). Op t io n s a n d o t h e r d e r iva t ive s ca rry m a n y u n iq u e risks, in clu d in g tim e -se n sitivity, a n d ca n re su lt in th e co m p le te lo ss o f p rin cip a l. Wh ile cove re d ca ll writin g d o e s p ro vid e a p a rtia l h e d ge to th e sto ck a ga in st wh ich th e ca ll is writte n , th e h e d ge is lim ite d to th e a m o u n t o f ca sh flo w re ce ive d wh e n writin g th e o p tion . Wh e n se llin g co ve re d ca lls, th e re is a risk th e u n d e rlyin g p o sition m a y b e ca lle d a wa y a t a p rice lo we r th a n th e cu rre n t m a rke t p rice . 15  Ite m 9: Discip lin a ry In fo rm a tio n Cr im in a l o r Civil Act io n s MWA a n d its m a n a ge m e n t p e rson s h a ve n o t b e e n in vo lve d in a n y crim in a l or civil a ction . Ad m in is t r a t ive En fo r ce m e n t Pr o ce e d in gs MWA a n d its m a n a ge m e n t p e rson s h a ve n o t b e e n in vo lve d in a n y a d m in istra tive e n fo rce m e n t p roce e d in gs. Se lf-Re gu la t o r y Or ga n iza t io n En fo r ce m e n t Pr o ce e d in gs MWA a n d its m a n a ge m e n t p e rson s h a ve n o t b e e n in vo lve d in a n y se lf-re gu la to ry o rga n iza tion (SRO) p ro ce e d in gs. 16  Ite m 10: Oth e r Fin a n cia l In d u stry Activitie s a n d Affilia tio n s As d e scrib e d in Ite m 4 a n d Ite m 5, Me ta We a lth Ad viso ry re co m m e n d s th e u se of sp e cific la w firm s, a ccou n tin g firm s, a n d o th e r p ro fe ssion a l se rvice p ro vid e rs b u t we a re n o t a ffilia te d o r u n d e r co m m on o wn e rsh ip with a n y th ird -p a rty se rvice p ro vid e r. We d o n o t re ce ive co m p e n sa tio n , re fe rra l fe e s, o r a n y o th e r b e n e fits from th ird -p a rty p ro fe ssion a ls we re co m m e n d . Ou r re co m m e n d a tio n s a re b a se d so le ly on q u a lifica tion s a n d clie n t n e e d s. Br o k e r -De a le r Affilia t io n Ne ith e r MWA o r its m a n a ge m e n t p e rso n s is re giste re d , o r h a ve a n a p p lica tion p e n d in g to re giste r, a s a b ro ke r- d e a le r o r a re giste re d re p re se n ta tive o f a b ro ke r-d e a le r. Ot h e r Affilia t io n s Ne ith e r MWA o r its m a n a ge m e n t p e rso n s is re giste re d , o r h a ve a n a p p lica tion p e n d in g to re giste r, a s a fu tu re s co m m ission m e rch a n t, com m o d ity p o o l o p e ra to r, co m m o d ity tra d in g a d viso r, o r a n a sso cia te d p e rso n of th e fo re go in g e n titie s. Re la t e d Pe r s o n s Ne ith e r MWA o r its m a n a ge m e n t p e rson s h a ve a n y re la tio n sh ip o r a rra n ge m e n t with a n y ou tsid e fin a n cia l in d u stry re la te d p a rtie s. An d re w Th om p so n is cu rre n tly a lice n se d in su ra n ce a ge n t, h o we ve r, h e n o lon ge r se lls a n y in su ra n ce p ro d u cts, a n d is n o t a ffilia te d with a n y in su ra n ce co m p a n ie s. An d re w Th om p so n will n o t se ll a n y in su ra n ce p ro d u cts to clie n ts o r p ro sp e ctive clie n ts of MWA. Re co m m e n d a t io n s o r Se le ct io n s o f Ot h e r In ve s t m e n t Ad vis e r s MWA d o e s n o t re co m m e n d o r se le ct o th e r in ve stm e n t a d vise rs fo r ou r clie n ts. 17  Ite m 11: Co d e o f Eth ics, Pa rticip a tio n o r In te re st in Clie n t Tra n sa ctio n s a n d Pe rso n a l Tra d in g As a fid u cia ry, o u r firm h a s a d u ty o f u tm ost goo d fa ith to a ct so le ly in th e b e st in te re sts o f e a ch Clie n t. Ou r Clie n ts e n tru st u s with th e ir fu n d s a n d p e rso n a l in fo rm a tion , wh ich in tu rn p la ce s a h igh sta n d a rd o n ou r con d u ct a n d in te grity. Ou r fid u cia ry d u ty is a co re a sp e ct o f ou r Co d e o f Eth ics a n d re p re se n ts th e e xp e cte d b a sis o f a ll o f o u r d e a lin gs. Th e firm a lso a d h e re s to th e Co d e of Eth ics a n d Profe ssio n a l Re sp o n sib ility a d o p te d b y th e CFP® Bo a rd o f Sta n d a rd s In c., a n d a cce p ts th e o b liga tion n o t on ly to co m p ly with th e m a n d a te s a n d re q u ire m e n ts o f a ll a p p lica b le la ws a n d re gu la tion s b u t a lso to ta ke re sp on sib ility to a ct in a n e th ica l a n d p ro fe ssion a lly re sp on sib le m a n n e r in a ll p ro fe ssion a l se rvice s a n d a ctivitie s. Co d e o f Et h ics De s cr ip t io n Th is Co d e o f Eth ics d oe s n o t a tte m p t to id e n tify a ll p o ssib le con flicts of in te re st, a n d co m p lia n ce with e a ch of its sp e cific p ro vision s will n o t sh ie ld o u r firm o r its a cce ss p e rson s fro m lia b ility fo r m iscon d u ct th a t vio la te s a fid u cia ry d u ty to o u r Clie n ts. A su m m a ry o f th e Cod e o f Eth ics' Prin cip le s is o u tlin e d b e lo w. In te grity - Acce ss p e rson s sh a ll o ffe r a n d p ro vid e p ro fe ssio n a l se rvice s with in te grity. ● ● Ob je ctivity - Acce ss p e rson s sh a ll b e ob je ctive in p ro vid in g p ro fe ssio n a l se rvice s to Clie n ts. ● Co m p e te n ce - Acce ss p e rson s sh a ll p ro vid e se rvice s to Clie n ts co m p e te n tly a n d m a in ta in th e n e ce ssa ry kn o wle d ge a n d skill to con tin u e to d o so in th ose a re a s in wh ich th e y a re e n ga ge d . ● Fa irn e ss - Acce ss p e rso n s sh a ll p e rfo rm p ro fe ssion a l se rvice s in a m a n n e r th a t is fa ir a n d re a son a b le to Clie n ts, p rin cip a ls, p a rtn e rs, a n d e m p lo ye rs, a n d sh a ll d isclo se con flict(s) o f in te re st in p ro vid in g su ch se rvice s. ● Co n fid e n tia lity - Acce ss p e rson s sh a ll n o t d isclo se con fid e n tia l Clie n t in fo rm a tio n with ou t th e sp e cific con se n t o f th e Clie n t u n le ss in re sp on se to p ro p e r le ga l p ro ce ss, o r a s re q u ire d b y la w. ● Pro fe ssion a lism - Acce ss p e rson s con d u ct in a ll m a tte rs sh a ll re fle ct th e cre d it o f th e p ro fe ssion . ● Dilige n ce - Acce ss p e rso n s sh a ll a ct d ilige n tly in p rovid in g p rofe ssio n a l se rvice s. We p e rio d ica lly re vie w a n d a m e n d o u r Co d e o f Eth ics to e n su re th a t it re m a in s cu rre n t, a n d we re q u ire a ll firm a cce ss p e rson s to a tte st to th e ir u n d e rsta n d in g o f a n d a d h e re n ce to th e Co d e o f Eth ics a t le a st a n n u a lly. Ou r firm will p ro vid e a cop y o f its Co d e o f Eth ics to a n y Clie n t o r p ro sp e ctive Clie n t u p o n re q u e st. In ve s t m e n t Re co m m e n d a t io n s In vo lvin g a Ma t e r ia l Fin a n cia l In t e r e s t a n d Co n flict s o f In t e r e s t Ne ith e r ou r firm , its a cce ss p e rso n s, o r a n y re la te d p e rson is a u th o rize d to re co m m e n d to a Clie n t o r e ffe ct a tra n sa ction fo r a Clie n t, in vo lvin g a n y se cu rity in wh ich ou r firm o r a re la te d p e rso n h a s a m a te ria l fin a n cia l in te re st, su ch a s in th e ca p a city a s a n u n d e rwrite r, a d vise r to th e issu e r, p rin cip a l tra n sa ctio n , a m o n g o th e rs. Ad vis o r y Fir m Pu r ch a s e o f Sa m e Se cu r it ie s Re co m m e n d e d t o Clie n t s a n d Co n flict s o f In t e r e s t In o rd e r to m itiga te a n y con flicts o f in te re st, n e ith e r th e firm o r its re la te d p e rson s b u ys o r se lls th e sa m e se cu ritie s we re co m m e n d to clie n ts. 18  Tr a d in g Se cu r it ie s At / Ar o u n d t h e Sa m e Tim e a s Clie n t ’s Se cu r it ie s Ne ith e r o u r firm o r its re la te d p e rson s b u ys o r se lls se cu ritie s for clie n t a ccou n ts a t o r a b o u t th e sa m e tim e th a t we o r a re la te d p e rso n b u ys o r se lls th e sa m e se cu ritie s for o u r o wn a ccou n ts. 19  Ite m 12: Bro ke ra ge Pra ctice s Fa ct o r s Us e d t o Se le ct Cu s t o d ia n s In re co m m e n d in g cu stod ia n s, we h a ve a n o b liga tio n to se e k th e “b e st e xe cu tion ” o f tra n sa ction s in Clie n t a ccou n ts. Th e d e te rm in a tive fa cto r in th e a n a lysis o f b e st e xe cu tion is n o t th e lo we st p o ssib le co m m ission co st, b u t wh e th e r th e tra n sa ctio n re p re se n ts th e b e st q u a lita tive e xe cu tio n , ta kin g in to co n sid e ra tion th e fu ll ra n ge o f th e cu sto d ia n ’s se rvice s. Th e fa cto rs we co n sid e r wh e n e va lu a tin g a cu sto d ia n fo r b e st e xe cu tion in clu d e , with o u t lim ita tion , th e cu sto d ia n ’s: ● Co m b in a tion o f tra n sa ction e xe cu tion se rvice s a n d a sse t cu sto d y se rvice s (ge n e ra lly with o u t a se p a ra te fe e fo r cu sto d y); ● Ca p a b ility to e xe cu te , cle a r, a n d se ttle tra d e s (b u y a n d se ll se cu ritie s fo r yo u r a ccou n t); ● Ca p a b ility to fa cilita te tra n sfe rs a n d p a ym e n ts to a n d fro m a ccou n ts (wire tra n sfe rs, ch e ck re q u e sts, b ill p a ym e n t, e tc.); ● Bre a d th o f a va ila b le in ve stm e n t p ro d u cts (stocks, b o n d s, m u tu a l fu n d s, e xch a n ge -tra d e d fu n d s (ETFs), e tc.); ● Ava ila b ility of in ve stm e n t re se a rch a n d to o ls th a t a ssist u s in m a kin g in ve stm e n t d e cisio n s; ● Qu a lity of se rvice s; ● Co m p e titive n e ss of th e p rice of th ose se rvice s (com m ission ra te s, m a rgin in te re st ra te s, o th e r fe e s, e tc.) a n d willin gn e ss to n e go tia te th e p rice s; ● Re p u ta tion , fin a n cia l stre n gth , se cu rity a n d sta b ility; ● Prio r se rvice to u s a n d ou r clie n ts. With th is in co n sid e ra tio n , ou r firm re co m m e n d s Fid e lity, Altru ist, a n d /o r Sch wa b , in d e p e n d e n t a n d u n a ffilia te d SEC re giste re d b ro ke r-d e a le r firm s a n d m e m b e rs o f th e Fin a n cia l In d u stry Re gu la to ry Au th o rity (“FINRA”) a n d th e Se cu ritie s In ve sto r Pro te ction Co rp o ra tion (“SIPC”). Re s e a r ch a n d Ot h e r So ft -Do lla r Be n e fit s We d o n o t h a ve a n y soft-d o lla r a rra n ge m e n ts with cu sto d ia n s wh e re b y so ft-d o lla r cre d its, u se d to p u rch a se p ro d u cts a n d se rvice s, a re e a rn e d d ire ctly in p rop o rtio n to th e a m ou n t o f co m m issio n s p a id b y a Clie n t. Ho we ve r, a s a re su lt o f b e in g on th e ir in stitu tion a l p la tfo rm , Fid e lity m a y p ro vid e u s with ce rta in se rvice s th a t m a y b e n e fit u s. Fid e lit y MWA h a s a n a rra n ge m e n t with Na tio n a l Fin a n cia l Se rvice s, LLC, a n d Fid e lity Bro ke ra ge Se rvice s, LLC (toge th e r with a ll a ffilia te s, “Fid e lity”) th ro u gh wh ich Fid e lity p ro vid e s MWA with Fid e lity’s “p la tfo rm ” se rvice s. Th e p la tfo rm se rvice s in clu d e , a m o n g o th e rs, b ro ke ra ge , cu sto d ia l, a d m in istra tive su p p o rt, re co rd ke e p in g a n d re la te d se rvice s th a t a re in te n d e d to su p p o rt in te rm e d ia rie s like MWA in con d u ctin g b u sin e ss a n d in se rvin g th e b e st in te re sts o f th e ir clie n ts, b u t th a t m a y b e n e fit MWA. 1. SERVICES THAT BENEFIT YOU. Fid e lity p ro vid e s a cce ss to a ra n ge o f in ve stm e n t p ro d u cts, e xe cu tion o f se cu ritie s tra n sa ction s, a n d cu sto d y o f clie n t a sse ts th rou gh Na tion a l Fin a n cia l Se rvice s, LLC a n d Fid e lity Bro ke ra ge , LLC. Also , Fid e lity p ro vid e s d isco u n t b ro ke ra ge ra te s th a t a re ge n e ra lly lo we r th a n 20  re ta il in ve sto r ra te s. Fid e lity se rvice s d e scrib e d in th is p a ra gra p h ge n e ra lly b e n e fit yo u a n d you r a ccou n t. 2. SERVICES THAT MAY NOT DIRECTLY BENEFIT YOU. Fid e lity a lso m a ke s a va ila b le to u s o th e r p ro d u cts a n d se rvice s th a t b e n e fit u s, b u t m a y n o t d ire ctly b e n e fit you o r yo u r a ccou n t. Th e se p ro d u cts a n d se rvice s a ssist u s in m a n a gin g a n d a d m in iste rin g o u r clie n ts’ a ccou n ts, su ch a s softwa re a n d te ch n o logy th a t m a y: ● Assist with b a ck-office fu n ctio n s, re cord ke e p in g, a n d clie n t re p o rtin g o f ou r clie n ts’ a ccou n ts. ● Pro vid e a cce ss to clie n t a ccou n t d a ta (su ch a s d u p lica te tra d e con firm a tio n s a n d a ccou n t sta te m e n ts). In ve stm e n t re se a rch . ● Pro vid e p ricin g a n d o th e r m a rke t d a ta . ● Assist with b a ck-office fu n ctio n s, re cord ke e p in g, a n d clie n t re p o rtin g. ● ● Acce ss to Fid e lity’s tra d in g d e sk fo r Ad viso rs. ● Acce ss to b lo ck tra d in g. 3. SERVICES THAT GENERALLY BENEFIT ONLY US. By u sin g Fid e lity, we will b e o ffe re d oth e r se rvice s in te n d e d to h e lp u s m a n a ge a n d fu rth e r d e ve lo p o u r b u sin e ss e n te rp rise . Th e se se rvice s in clu d e : ● Ed u ca tion a l con fe re n ce s a n d e ve n ts. ● Co n su ltin g on te ch n o lo gy, co m p lia n ce , le ga l, a n d b u sin e ss n e e d s. ● Pu b lica tion s a n d co n fe re n ce s on p ra ctice m a n a ge m e n t a n d b u sin e ss su cce ssion . ● Ve n d o r d isco u n ts to p u rch a se b u sin e ss se rvice s, su ch a s con su ltin g, m a rke tin g a n d b ra n d in g, te ch n o logy su p p o rt a n d oth e r sim ila r b u sin e ss se rvice s. 4. YOUR BROKERAGE AND CUSTODY COSTS. Fid e lity ch a rge s b ro ke ra ge co m m ission s a n d tra n sa ction fe e s fo r e ffe ctin g ce rta in se cu ritie s tra n sa ctio n s (i.e ., tra n sa ction fe e s a re ch a rge d fo r ce rta in n o-lo a d m u tu a l fu n d s, co m m issio n s a re ch a rge d fo r in d ivid u a l e q u ity a n d d e b t se cu ritie s tra n sa ction s). Fid e lity e n a b le s MWA to o b ta in m a n y n o -lo a d m u tu a l fu n d s with ou t tra n sa ction ch a rge s a n d o th e r n o -lo a d fu n d s a t n o m in a l tra n sa ctio n ch a rge s. Fid e lity’s co m m ission ra te s a re ge n e ra lly con sid e re d d iscou n te d fro m cu sto m a ry re ta il com m ission ra te s. Ho we ve r, th e co m m issio n s a n d tra n sa ctio n fe e s ch a rge d b y Fid e lity m a y b e h igh e r o r lo we r th a n th o se ch a rge d b y o th e r cu sto d ia n s. As p a rt o f its fid u cia ry d u tie s to clie n ts, MWA e n d e a vo rs a t a ll tim e s to p u t th e in te re sts o f its clie n ts first. Clie n ts sh ou ld b e a wa re , h o we ve r, th a t th e re ce ip t o f e co n o m ic b e n e fits b y MWA o r its re la te d p e rson s in a n d o f itse lf cre a te s a p o te n tia l co n flict o f in te re st a n d m a y in d ire ctly in flu e n ce MWA’s ch o ice o f Fid e lity fo r cu sto d y a n d b ro ke ra ge se rvice s. Alt r u is t MWA offe rs in ve stm e n t a d viso ry se rvice s th rou gh th e cu sto d ia l p la tfo rm o ffe re d b y Altru ist Fin a n cia l LLC, a n u n a ffilia te d SEC-re giste re d b ro ke r-d e a le r a n d FINRA/SIPC m e m b e r (“Altru ist”). Cu sto d y, cle a rin g, a n d e xe cu tion se rvice s a re p ro vid e d b y Altru ist a s a se lf-cle a rin g b roke r-d e a le r. MWA’s clie n ts e sta b lish b ro ke ra ge a ccou n ts th ro u gh Altru ist. MWA m a in ta in s a n in stitu tion a l re la tio n sh ip with Altru ist wh e re b y Altru ist p ro vid e s ce rta in b e n e fits to MWA, in clu d in g a fu lly d igita l a ccou n t o p e n in g p ro ce ss, a va rie ty of a va ila b le in ve stm e n ts, a n d in te gra tio n with softwa re too ls th a t ca n b e n e fit MWA a n d its clie n ts. MWA is n ot a ffilia te d with Altru ist. 21  Ch a r le s Sch w a b & Co m p a n y, In c. Clie n ts ca n e sta b lish b ro ke ra ge a cco u n ts with th e Sch wa b Ad viso r Se rvice s d ivision o f Ch a rle s Sch wa b & Co m p a n y, In c. (“Sch wa b ”). Sch wa b p ro vid e s MWA with a cce ss to its in stitu tion a l tra d in g a n d cu sto d y se rvice s, wh ich a re typ ica lly n o t a va ila b le to Sch wa b re ta il in ve sto rs. Th e se se rvice s ge n e ra lly a re a va ila b le to in d e p e n d e n t in ve stm e n t a d viso rs o n a n u n so licite d b a sis, a t n o ch a rge to th e m so lon g a s a p re -d e te rm in e d m in im u m a m o u n t o f th e a d viso r’s clie n ts’ a sse ts a re m a in ta in e d a t Sch wa b Ad viso r Se rvice s. Th e se se rvice s a re n o t co n tin ge n t u p on MWA co m m ittin g to Sch wa b a n y sp e cific a m ou n t of b u sin e ss (a sse ts in cu sto d y o r tra d in g co m m ission s). Sch wa b ’s b ro ke ra ge se rvice s in clu d e th e e xe cu tion o f se cu ritie s tra n sa ctio n s, cu sto d y, re se a rch , a n d a cce ss to m u tu a l fu n d s a n d o th e r in ve stm e n ts th a t a re oth e rwise ge n e ra lly a va ila b le o n ly to in stitu tion a l in ve sto rs o r wo u ld re q u ire sign ifica n tly h igh e r m in im u m in itia l in ve stm e n t. Sch wa b Ad viso r Se rvice s a lso m a ke s a va ila b le to MWA o th e r p ro d u cts a re se rvice s th a t b e n e fit MWA b u t m a y n o t d ire ctly b e n e fit clie n ts’ a ccou n ts. Ma n y o f th e se p ro d u cts a n d se rvice s ca n b e u se d to se rvice a ll o r so m e su b sta n tia l n u m b e r of MWA’s a ccou n ts, in clu d in g a ccou n ts n o t m a in ta in e d Sch wa b . Sch wa b ’s p ro d u cts a n d se rvice s th a t a ssist MWA in m a n a gin g a n d a d m in iste rin g clie n ts’ a ccou n ts in clu d e so ftwa re a n d o th e r te ch n o lo gy th a t (i) p ro vid e s a cce ss to clie n t a ccou n t d a ta (su ch a s tra d e con firm a tio n s a n d a ccou n t sta te m e n ts); (ii) fa cilita te tra d e e xe cu tion a n d a lloca te a ggre ga te d tra d e o rd e rs fo r m u ltip le clie n t a ccou n ts; (iii) p ro vid e re se a rch , p ricin g a n d o th e r m a rke t d a ta ; (iv) fa cilita te p a ym e n t o f MWA’s fe e s from so m e o f its a cco u n ts; a n d (v) a ssist with b a ck-office fu n ctio n s, re co rd ke e p in g a n d clie n t re p o rtin g. Sch wa b Ad viso r Se rvice s a lso offe rs oth e r se rvice s in te n d e d to h e lp MWA m a n a ge a n d fu rth e r d e ve lo p its b u sin e ss e n te rp rise . Th e se se rvice s in clu d e : (i) co m p lia n ce , le ga l a n d b u sin e ss con su ltin g; (ii) p u b lica tion s a n d con fe re n ce s o n p ra ctice m a n a ge m e n t a n d b u sin e ss su cce ssio n ; a n d (iii) a cce ss to e m p lo ye e b e n e fits p ro vid e rs, h u m a n ca p ita l co n su lta n ts a n d in su ra n ce p ro vid e rs. Sch wa b Ad viso r Se rvice s will d iscou n t o r wa ive fe e s it wo u ld o th e rwise ch a rge fo r so m e o f th e se se rvice s o r p a y a ll o r p a rt o f th e fe e s o f a th ird -p a rty p ro vid in g th e se se rvice s to MWA. Sch wa b Ad viso r Se rvice s will a lso p rovid e oth e r b e n e fits su ch a s e d u ca tio n a l e ve n ts o r o cca sio n a l b u sin e ss e n te rta in m e n t o f MWA p e rso n n e l. Wh ile a s a fid u cia ry, MWA e n d e a vo rs to a ct in its clie n ts’ b e st in te re sts, MWA’s re co m m e n d a tion th a t clie n ts m a in ta in th e ir a sse ts in a ccou n ts a t Sch wa b will ta ke in to a ccou n t a va ila b ility o f som e o f th e fo re go in g p ro d u cts a n d se rvice s a n d o th e r a rra n ge m e n ts n ot so le ly o n th e n a tu re o f cost o r q u a lity o f cu sto d y a n d b ro ke ra ge se rvice s p ro vid e d b y Sch wa b , wh ich cre a te s a con flict o f in te re st. Br o k e r a ge fo r Clie n t Re fe r r a ls We re ce ive n o re fe rra ls fro m a cu sto d ia n , b roke r-d e a le r o r th ird p a rty in e xch a n ge fo r u sin g th a t cu sto d ia n , b ro ke r-d e a le r o r th ird p a rty. Clie n t s Dir e ct in g Wh ich Br o k e r / De a le r / Cu s t o d ia n t o Us e Ou r firm re co m m e n d s Clie n ts e sta b lish a cco u n t(s) a t Fid e lity, Altru ist, a n d /o r Sch wa b to e xe cu te tra n sa ction s th rou gh . We will a ssist with e sta b lish in g yo u r a ccou n t(s) a t Fid e lity, Altru ist, a n d /o r Sch wa b h o we ve r, we will n o t h a ve th e a u th o rity to o p e n a ccou n ts o n th e Clie n t's b e h a lf. No t a ll in ve stm e n t a d vise rs re q u ire th e ir Clie n ts to u se th e ir re co m m e n d e d cu sto d ia n . By re co m m e n d in g th a t Clie n ts u se Fid e lity, Altru ist, a n d /o r Sch wa b we m a y b e u n a b le to a ch ie ve m o st fa vo ra b le e xe cu tion of Clie n t tra n sa ction s, a n d th is p ra ctice m a y cost Clie n ts m o re m o n e y. We b a se o u r re co m m e n d a tio n s on th e fa cto rs d isclose d in Ite m 12 h e re in a n d will o n ly re co m m e n d cu sto d ia n s if we b e lie ve it's in th e b e st in te re st of th e Clie n t. 22  If Clie n ts d o n o t wish to u tilize o u r re co m m e n d e d cu sto d ia n , we p e rm it Clie n ts to d ire ct b ro ke ra ge . We will b e a d d e d to yo u r a ccou n t th ro u gh a lim ite d tra d in g a u th o rity. Ho we ve r, d u e to re stra in ts fro m n o t h a vin g a cce ss to a n in stitu tio n a l p la tfo rm , we a re u n a b le to a ch ie ve m ost fa vora b le e xe cu tio n of Clie n t tra n sa ction s. Clie n ts d ire ctin g b roke ra ge m a y co st Clie n ts m o re m o n e y. Fo r e xa m p le , in a d ire cte d b ro ke ra ge a cco u n t, th e Clie n t m a y p a y h igh e r b roke ra ge co m m issio n s b e ca u se we m a y n o t b e a b le to a ggre gate o rd e rs to re d u ce tra n sa ction co sts, o r th e Clie n t m a y re ce ive a h igh e r tra n sa ction p rice a t th e ir se le cte d cu sto d ia n ve rsu s o u r re co m m e n d e d cu sto d ia n . Aggr e ga t in g (Blo ck ) Tr a d in g fo r Mu lt ip le Clie n t Acco u n t s Aggre ga tin g o rd e rs, b a tch tra d in g, o r b lo ck tra d in g is a p ro ce ss wh e re tra d e s fo r th e sa m e se cu ritie s a re p u rch a se d or so ld fo r se ve ra l clie n ts a t a p p ro xim a te ly th e sa m e tim e . We d o n o t e n ga ge in b lock tra d in g. It sh o u ld b e n o te d th a t im p le m e n tin g tra d e s on a b lo ck o r a ggre ga te b a sis m a y b e le ss e xp e n sive for clie n t a ccou n ts; h owe ve r, it is ou r tra d in g p olicy to im p le m e n t a ll clie n t o rd e rs o n a n in d ivid u a l b a sis. Th e re fo re , we d o n o t a ggre ga te o r “b lo ck” clie n t tra n sa ction s. Co n sid e rin g th e typ e s o f in ve stm e n ts we h o ld in a d visory clie n t a ccou n ts, we d o n ot b e lie ve clie n ts a re h in d e re d in a n y wa y b e ca u se we tra d e a cco u n ts in d ivid u a lly. Th is is b e ca u se we d e ve lo p in d ivid u a lize d in ve stm e n t stra te gie s fo r clie n ts a n d h o ld in gs will va ry. Ou r stra te gie s a re p rim a rily d e ve lo p e d fo r th e lo n g-te rm a n d m in o r d iffe re n ce s in p rice e xe cu tio n a re n o t m a te ria l to o u r o ve ra ll in ve stm e n t stra te gy. 23  Ite m 13: Re vie w o f Acco u n ts Pe r io d ic Re vie w s Clie n ts will h a ve th e ir a cco u n t(s) re vie we d re gu la rly o n a q u a rte rly b a sis b y An d re w Th o m p so n , Own e r, Fo u n d e r, CEO a n d CCO. Th e a ccou n t(s) a re re vie we d with re ga rd s to th e Clie n t’s in ve stm e n t o b je ctive s a n d risk to le ra n ce le ve ls. Tr igge r s o f Re vie w s Eve n ts th a t m a y trigge r a sp e cia l re vie w wou ld b e u n u su a l p e rfo rm a n ce , a d d itio n o r d e le tion s of Clie n t- im p o se d re striction s, e xce ssive d ra w-d o wn , vo la tility in p e rfo rm a n ce , o r b u y a n d se ll d e cisio n s fro m th e firm o r p e r Clie n t's n e e d s. Re vie w Re p o r t s Clie n ts will re ce ive tra d e con firm a tio n s fro m th e cu sto d ia n (s) for e a ch tra n sa ction in th e ir a ccou n ts a s we ll a s m o n th ly o r q u a rte rly sta te m e n ts a n d a n n u a l ta x re p o rtin g sta te m e n ts fro m th e ir cu sto d ia n sh owin g a ll a ctivity in th e a ccou n ts, su ch a s re ce ip t o f d ivid e n d s a n d in te re st. MWA d o e s n o t p ro vid e writte n p e rfo rm a n ce o r h o ld in gs re p o rts to Clie n ts o u tsid e o f wh a t is p ro vid e d d ire ctly b y th e ir cu sto d ia n . 24  Ite m 14: Clie n t Re fe rra ls a n d Oth e r Co m p e n sa tio n Co m p e n s a t io n Re ce ive d b y Th o m p s o n We a lt h So lu t io n s , LLC d b a Me t a We a lt h Ad vis o r y MWA is a fe e -o n ly firm th a t is co m p e n sa te d so le ly b y its Clie n ts. MWA d o e s n o t re ce ive com m ission s or o th e r sa le s-re la te d co m p e n sa tio n . Exce p t a s m e n tion e d in Ite m 12 a b o ve , we d o n o t re ce ive a n y e con o m ic b e n e fit, d ire ctly o r in d ire ctly, from a n y th ird p a rty fo r a d vice re n d e re d to o u r Clie n ts. Clie n t Re fe r r a ls fr o m So licit o r s MWA d oe s n o t, d ire ctly o r in d ire ctly, co m p e n sa te a n y p e rso n wh o is n o t a d viso ry p e rson n e l for Clie n t re fe rra ls. 25  Ite m 15: Cu sto d y All a ccou n ts a re h e ld b y a n in d e p e n d e n t Cu sto d ia n se le cte d b y th e Clie n t. With th e e xce p tio n o f MWA’s a b ility to d e b it fe e s, a n d th e a b ility to d isb u rse o r tra n sfe r ce rta in fu n d s to th ird p a rtie s p u rsu a n t to Sta n d in g Le tte rs o f Au th o riza tio n e xe cu te d b y Clie n ts, MWA d o e s n o t o th e rwise h a ve cu sto d y o f th e a sse ts in th e a ccou n t. MWA h a s th e a b ility to d ire ctly d e d u ct its a d viso ry fe e s fro m Clie n t’s cu sto d ia l a ccou n t. Wh e n d o in g so ,(1) th e Cu sto d ia n se n d s q u a rte rly sta te m e n ts to th e clie n t sh owin g a ll d isb u rse m e n ts fo r th e cu sto d ia n a ccou n t, in clu d in g th e a m o u n t o f ou r a d viso ry fe e s, a n d (2) th e clie n t p rovid e s writte n a u th o riza tion p e rm ittin g u s to b e p a id d ire ctly fro m th e ir a cco u n ts h e ld b y th e Cu sto d ia n . MWA ca n e sta b lish a sta n d in g le tte r of in stru ction s o r o th e r sim ila r a sse t tra n sfe r a u th o riza tio n a rra n ge m e n ts (“SLOA”) with q u a lifie d cu sto d ia n s in ord e r fo r u s to d isb u rse fu n d s to a ccou n ts a s sp e cifica lly d e sign a te d b y th e clie n t. With a SLOA a clie n t ca n typ ica lly a u th orize first-p a rty a n d /o r th ird -p a rty tra n sfe rs. If tra n sfe rs a re th ird -p a rty, MWA co m p lie s with e a ch o f th e re q u ire m e n ts a n d con d itio n s e n u m e ra te d b e lo w: 1. Th e clie n t p ro vid e s a n in stru ction to th e q u a lifie d cu sto d ia n , in writin g, th a t in clu d e s th e clie n t’s sign a tu re , th e th ird p a rty’s n a m e , a n d e ith e r th e th ird p a rty’s a d d re ss o r th e th ird p a rty’s a ccou n t n u m b e r a t a cu sto d ia n to wh ich th e tra n sfe r sh ou ld b e d ire cte d . 2. Th e clie n t a u th o rize s MWA, in writin g, e ith e r on th e q u a lifie d cu sto d ia n ’s fo rm o r se p a ra te ly, to d ire ct tra n sfe rs to th e th ird p a rty e ith e r on a sp e cifie d sch e d u le o r from tim e to tim e . 3. Th e clie n t’s q u a lifie d cu sto d ia n p e rfo rm s a p p ro p ria te ve rifica tio n of th e in stru ction , su ch a s a sign a tu re re vie w o r o th e r m e th o d to ve rify th e clie n t’s a u th o riza tio n , a n d p ro vid e s a tra n sfe r o f fu n d s n o tice to th e clie n t p ro m p tly a fte r e a ch tra n sfe r. 4. Th e clie n t h a s th e a b ility to te rm in a te o r ch a n ge th e in stru ction to th e clie n t’s q u a lifie d cu sto d ia n . 5. MWA h a s n o a u th o rity o r a b ility to d e sign a te o r ch a n ge th e id e n tity o f th e th ird p a rty, th e a d d re ss, or a n y o th e r in fo rm a tion a b o u t th e th ird p a rty con ta in e d in th e clie n t’s in stru ctio n . 6. MWA m a in ta in s re co rd s sh o win g th a t th e th ird p a rty is n o t a re la te d p a rty o f MWA o r lo ca te d a t th e sa m e a d d re ss a s MWA. 7. Th e clie n t’s q u a lifie d cu sto d ia n se n d s th e clie n t, in writin g, a n in itia l n o tice co n firm in g th e in stru ction a n d a n a n n u a l n o tice re co n firm in g th e in stru ction . 26  Ite m 16: In ve stm e n t Discre tio n Fo r th o se Clie n t a ccou n ts wh e re we p ro vid e In ve stm e n t Ma n a ge m e n t Se rvice s, MWA h a s d iscre tio n a ry a u th o rity a n d lim ite d p o we r of a tto rn e y to d e te rm in e th e se cu ritie s a n d th e a m o u n t of se cu ritie s to b e b o u gh t o r so ld fo r a Clie n t’s a ccou n t with o u t h a vin g to o b ta in p rio r Clie n t a p p rova l fo r e a ch tra n sa ctio n . In ve stm e n t d iscre tio n is e xp la in e d to Clie n ts in d e ta il wh e n a n a d viso ry re la tio n sh ip h a s co m m e n ce d . At th e sta rt o f th e a d viso ry re la tio n sh ip , th e Clie n t will e xe cu te a Lim ite d Po we r o f Atto rn e y, wh ich will gra n t o u r firm d iscre tion o ve r th e a cco u n t(s). Ad d itio n a lly, th e d iscre tio n a ry re la tion sh ip will b e o u tlin e d in th e Ad viso ry Con tra ct a n d sign e d b y th e Clie n t. Clie n ts m a y lim it o u r d iscre tio n b y re q u e stin g ce rta in re striction s o n in ve stm e n ts. Ho we ve r, a p p ro va l o f su ch re q u e sts a re a t th e firm ’s so le d iscre tio n . If you e n te r in to n on- d iscre tion a ry a rra n ge m e n ts with ou r firm , we will ob ta in you r a p p ro va l p rior to th e e xe cu tion of a n y tra n sa ctio n s fo r yo u r a ccou n t(s). Yo u h a ve a n u n re stricte d righ t to d e clin e to im p le m e n t a n y a d vice p ro vid e d b y o u r firm o n a n on-d iscre tio n a ry b a sis. 27  Ite m 17: Vo tin g Clie n t Se cu ritie s We d o n o t vo te Clie n t p ro xie s. Th e re fo re , Clie n ts m a in ta in e xclu sive re sp on sib ility fo r: (1) votin g p roxie s, a n d (2) a ctin g o n co rp o ra te a ctio n s p e rta in in g to th e Clie n t’s in ve stm e n t a sse ts. Th e Clie n t sh a ll in stru ct th e Clie n t’s q u a lifie d cu sto d ia n to fo rwa rd to th e Clie n t co p ie s o f a ll p ro xie s a n d sh a re h o ld e r co m m u n ica tio n s re la tin g to th e Clie n t’s in ve stm e n t a sse ts. If th e Clie n t h a s a n y q u e stion s o n a p a rticu la r p ro xy vo te , th e y m a y co n ta ct u s a t th e n u m b e r liste d on th e co ve r o f th is b roch u re . In m ost ca se s, you will re ce ive p roxy m a te ria ls d ire ctly fro m th e a ccou n t cu sto d ia n . Ho we ve r, in th e e ve n t we we re to re ce ive a n y writte n o r e le ctron ic p ro xy m a te ria ls, we wo u ld fo rwa rd th e m d ire ctly to yo u b y m a il, u n le ss you h a ve a u th o rize d ou r firm to con ta ct you b y e le ctron ic m a il, in wh ich ca se , we wou ld fo rwa rd yo u a n y e le ctro n ic so licita tion to vo te p ro xie s. 28  Ite m 18: Fin a n cia l In fo rm a tio n We h a ve n o fin a n cia l co m m itm e n t th a t im p a irs o u r a b ility to m e e t con tra ctu a l a n d fid u cia ry co m m itm e n ts to o u r Clie n ts, n o r h a ve we b e e n th e su b je ct o f a n y b a n kru p tcy p ro ce e d in g. We d o n o t h a ve cu sto d y o f Clie n t fu n d s o r se cu ritie s, e xce p t a s d isclose d in Ite m 15 a b o ve , o r re q u ire o r so licit p re p a ym e n t o f m o re th a n $1,200 in fe e s six m o n th s o r m o re in a d va n ce . 29