Mwm Wealth Advisory, LLC

F O R M A D V P A R T 2 A D I S C L O S U R E B R O C H U R E Office Address: th 18200 45 Avenue North Suite 100A Plymouth, MN 55446 Telephone: 763-478-9934 Email: Website: nate@mwm4wealth.com www.mwm4wealth.com SEPTEMBER 21, 2026 This brochure provides information about the qualifications and business practices of MWM Wealth Advisory, LLC. Being registered as a registered investment adviser does not imply a certain level of skill or training. If you have any questions about the contents of this brochure, please contact us at 763-478- 9934. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about MWM Wealth Advisory, LLC (CRD #287705) is available on the SEC’s website at www.adviserinfo.sec.gov i MWM Wealth Advisory, LLC  Item 2: Material Changes Annual Update The Material Changes section of this brochure will be updated annually or when material Material Changes since the Last Update changes occur since the previous release of the Firm Brochure. • Since the last filing on May 22, 2026, the following updates have been made: • Item 4 Client assets under management has been updated. Full Brochure Available Items 4 and 16 have been updated to reflect the firm offers discretionary asset under management services. This Firm Brochure being delivered is the complete brochure for the Firm. ii MWM Wealth Advisory, LLC  Item 3: Table of Contents Form ADV – Part 2A – Firm Brochure Item 1: Cover Page Item 2: Material Changes .................................................................................................................... ii Annual Update ................................................................................................................................................................... ii Material Changes since the Last Update.................................................................................................................. ii Item 3: Table of Contents ................................................................................................................... iii Full Brochure Available .................................................................................................................................................. ii Item 4: Advisory Business .................................................................................................................. 6 Firm Description ............................................................................................................................................................... 6 Types of Advisory Services ........................................................................................................................................... 6 Client Tailored Services and Client Imposed Restrictions ............................................................................... 7 Wrap Fee Programs ......................................................................................................................................................... 8 Item 5: Fees and Compensation ....................................................................................................... 8 Client Assets under Management .............................................................................................................................. 8 Method of Compensation and Fee Schedule .......................................................................................................... 8 Client Payment of Fees ................................................................................................................................................... 9 Additional Client Fees Charged ................................................................................................................................... 9 Prepayment of Client Fees ............................................................................................................................................ 9 Item 6: Performance-Based Fees and Side-by-Side Management ........................................ 9 External Compensation for the Sale of Securities to Clients ........................................................................... 9 Item 7: Types of Clients ....................................................................................................................... 9 Sharing of Capital Gains ................................................................................................................................................. 9 Description .......................................................................................................................................................................... 9 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss .............................. 10 Account Minimums .......................................................................................................................................................... 9 Methods of Analysis ...................................................................................................................................................... 10 Investment Strategy ..................................................................................................................................................... 10 Item 9: Disciplinary Information ................................................................................................... 11 Security Specific Material Risks ............................................................................................................................... 10 Criminal or Civil Actions ............................................................................................................................................. 11 Administrative Enforcement Proceedings .......................................................................................................... 11 Self-Regulatory Organization Enforcement Proceedings ............................................................................. 11 iii MWM Wealth Advisory, LLC  Item 10: Other Financial Industry Activities and Affiliations ............................................. 11 Broker-Dealer or Representative Registration ................................................................................................. 11 Futures or Commodity Registration ...................................................................................................................... 11 Material Relationships Maintained by this Advisory Business and Conflicts of Interest ................ 11 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Recommendations or Selections of Other Investment Advisors and Conflicts of Interest ............. 12 Trading ................................................................................................................................................... 12 Code of Ethics Description ......................................................................................................................................... 12 Investment Recommendations Involving a Material Financial Interest and Conflict of Interest. 12 Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest 12 Client Securities Recommendations or Trades and Concurrent Advisory Firm Securities Item 12: Brokerage Practices ......................................................................................................... 13 Transactions and Conflicts of Interest .................................................................................................................. 13 Factors Used to Select Broker-Dealers for Client Transactions ................................................................. 13 Item 13: Review of Accounts ........................................................................................................... 14 Aggregating Securities Transactions for Client Accounts ............................................................................. 14 Schedule for Periodic Review of Client Accounts or Financial Plans and Advisory Persons Involved ............................................................................................................................................................................. 14 Review of Client Accounts on Non-Periodic Basis ........................................................................................... 14 Item 14: Client Referrals and Other Compensation ................................................................ 14 Content of Client Provided Reports and Frequency ........................................................................................ 14 Economic benefits provided to the Advisory Firm from External Sources and Conflicts of Interest ............................................................................................................................................................................... 14 Item 15: Custody .................................................................................................................................. 14 Advisory Firm Payments for Client Referrals .................................................................................................... 14 Item 16: Investment Discretion ..................................................................................................... 15 Account Statements ...................................................................................................................................................... 14 Item 17: Voting Client Securities ................................................................................................... 16 Discretionary Authority for Trading...................................................................................................................... 15 Item 18: Financial Information ...................................................................................................... 16 Proxy Votes ...................................................................................................................................................................... 16 Balance Sheet .................................................................................................................................................................. 16 Financial Conditions Reasonably Likely to Impair Advisory Firm’s Ability to Meet Commitments to Clients ............................................................................................................................................................................ 16 iv MWM Wealth Advisory, LLC  Bankruptcy Petitions during the Past Ten Years .............................................................................................. 16 Principal Executive Officer ........................................................................................................................................ 18 Nathan D. Millerbernd ................................................................................................................................................. 18 Item 2 Educational Background and Business Experience .......................................................................... 18 Item 3 Disciplinary Information .............................................................................................................................. 18 Item 4 Other Business Activities ............................................................................................................................. 18 Item 5 Additional Compensation ............................................................................................................................ 19 Item 6 Supervision ........................................................................................................................................................ 19 v MWM Wealth Advisory, LLC  Item 4: Advisory Business Firm Description MWM Wealth Advisory, LLC (“MWM”) was founded in 2017 and began offering advisory services in 2017. Nathan Millerbernd is 100% owner. MWM is a fee based investment management firm. The firm does not sell annuities, insurance or other commissioned products, however, Investment Advisor Representatives of the firm may offer insurance and annuity services for a fee to clients. MWM does not act as a custodian of client assets. An evaluation of each client's initial situation is provided to the client, often in the form of a net worth statement, risk analysis or similar document. Periodic reviews are also communicated to provide reminders of the specific courses of action that need to be taken. More frequent reviews occur but are not necessarily communicated to the client unless immediate changes are recommended. Other professionals (e.g., lawyers, accountants, tax preparers, insurance agents, etc.) are engaged directly by the client on an as-needed basis and may charge fees of their own. Types of Advisory Services Conflicts of interest will be disclosed to the client in the event they should occur. ASSET MANAGEMENT MWM offers discretionary asset management services to advisory clients through a wrap fee program. Details for these services are detailed in Form ADV2A, Appendix 1. ERISA PLAN SERVICES MWM provides service to qualified retirement plans including 401(k) plans, 403(b) plans, pension and profit sharing plans, cash balance plans, and deferred compensation plans. Limited Scope ERISA 3(21) Fiduciary. MWM acts as a 3(21) advisor: MWM acts as a limited scope ERISA 3(21) fiduciary that can advise, help and assist plan sponsors with their investment decisions on a non- discretionary basis. As an investment advisor MWM has a fiduciary duty to act in the best interest of the client. The plan sponsor is still ultimately responsible for the decisions made in their plan, though using MWM can help the plan sponsor delegate liability by following a diligent process.  1. Fiduciary Services are:  Provide non-discretionary investment advice to the Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s investment policies and objectives. Client will make the final decision regarding the initial selection, retention, removal and addition of investment options. MWM acknowledges that it is a fiduciary as defined in ERISA section 3 (21) (A) (ii).  Assist the Client in the development of an investment policy statement (“IPS”). The IPS establishes the investment policies and objectives for the Plan. Client shall have the ultimate responsibility and authority to establish such policies and objectives and to adopt and amend the IPS. Provide non-discretionary investment advice to the Plan Sponsor with respect to the selection of a qualified default investment alternative for participants who are automatically enrolled in the Plan or who have otherwise failed to make 6 MWM Wealth Advisory, LLC  investment elections. The Client retains the sole responsibility to provide all notices to the Plan participants required under ERISA Section 404(c) (5) and  404(a)-5.  Assist in monitoring investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and make recommendations to maintain, remove or replace investment options. Meet with Client on a periodic basis to discuss the reports and the investment recommendations.  2. Non-fiduciary Services are: in the education of Plan participants about general  Assist investment information and the investment alternatives available to them under the Plan. Client understands the MWM’s assistance in education of the Plan participants shall be consistent with and within the scope of the Department of Labor’s definition of investment education (Department of Labor Interpretive Bulletin 96-1). As such, MWM is not providing fiduciary advice as defined by ERISA 3(21)(A)(ii) to the Plan participants. MWM will not provide investment advice concerning the prudence of any investment option or combination of investment options for a particular participant or beneficiary under the Plan. Assist in the group enrollment meetings designed to increase retirement plan participation among the employees and investment and financial understanding by the employees. MWM may provide these services or, alternatively, may arrange for the Plan’s other providers to offer these services, as agreed upon between MWM and Client. 3. MWM has no responsibility to provide services related to the following types of assets (“Excluded Assets”): 1. Employer securities; 2. Real estate (except for real estate funds or publicly traded REITs); 3. Stock brokerage accounts or mutual fund windows; 4. Participant loans; 5. Non-publicly traded partnership interests; 6. Other non-publicly traded securities or property (other than collective trusts and similar vehicles); or not 7. Other hard-to-value or illiquid securities or property. be included in calculation of Fees paid to the MWM as disclosed on Excluded Assets will the Agreement. Client Tailored Services and Client Imposed Restrictions Specific services will be outlined in detail to each plan in the 408(b)2 disclosure. The goals and objectives for each client are documented in our client files. Investment strategies are created that reflect the stated goals and objectives. Clients may impose restrictions on investing in certain securities or types of securities. 7 MWM Wealth Advisory, LLC  Wrap Fee Programs Agreements may not be assigned without written client consent. Client Assets under Management MWM sponsors a wrap fee program. The client pays one fee to MWM which includes MWM’s Management Fee and the transaction costs associated with the transactions. More information is available in the Form ADV Part 2, Appendix 1. MWM has the following assets under management: Discretionary Amounts: Non-discretionary Amounts: $0 $144,400,000 Date Calculated: September 8, 2026 Item 5: Fees and Compensation Method of Compensation and Fee Schedule ASSET MANAGEMENT Fees for asset management services are detailed in our Form ADV2A, Appendix 1. ERISA PLAN SERVICES The annual fees are based on the market value of the Included Assets. The fees are as follows: Plan Size $0.00 - $3,000,000 $3,000,001 - $5,000,000 $5,000,001 - $15,000,000 $15,000,001 - $25,000,000 $25,000,001 -$35,000,000 Over $35,000,000 Annual Fee 0.50% 0.45% 0.40% 0.35% 0.30% 0.20% Fees may be charged quarterly or monthly in arrears or in advance based on the assets as calculated by the custodian or record keeper of the Included Assets (without adjustments for anticipated withdrawals by Plan participants or other anticipated or scheduled transfers or distribution of assets) on the last business day of the previous quarter or month. If the services to be provided start any time other than the first day of a quarter or month, the fee will be prorated based on the number of days remaining in the quarter or month. If this Agreement is terminated prior to the end of the fee period, MWM shall be entitled to a prorated fee based on the number of days during the fee period services were provided. The fee schedule, which includes compensation of MWM for the services is described in detail in Schedule A of the ERISA Plan Agreement. The Plan is obligated to pay the fees, however the Plan Sponsor may elect to pay the fees. Client may elect to be billed directly or have fees deducted from Plan Assets. MWM does not reasonably expect to receive any additional compensation, directly or indirectly, for its services under this Agreement. If additional compensation is received, MWM will disclose this compensation, the services rendered, and the payer of compensation. MWM will offset the compensation against the fees agreed upon under this Agreement. 8 MWM Wealth Advisory, LLC  Client Payment of Fees Investment management fees are billed quarterly in arrears, meaning we bill you at the end of the quarter. Payment in full is expected upon invoice presentation. Fees are usually deducted from a designated client account to facilitate billing. The client must consent in Additional Client Fees Charged advance to direct debiting of their investment account. Custodians may charge transaction fees on purchases or sales of certain mutual funds, equities, and exchange-traded funds. These charges may include Mutual Fund transactions fees, postage and handling and miscellaneous fees (fee levied to recover costs associated with fees assessed by self-regulatory organizations). MWM, in its sole discretion, may waive its minimum fee and/or charge a lesser investment advisory fee based upon certain criteria (e.g., historical relationship, type of assets, anticipated future earning capacity, anticipated future additional assets, dollar amounts of assets to be managed, related accounts, account composition, negotiations with clients, etc.). Prepayment of Client Fees For more details on the brokerage practices, see Item 12 of this brochure. External Compensation for the Sale of Securities to Clients MWM does not charge fees in advance. Investment Advisor Representatives of MWM receive external compensation from sales of investment related products such as insurance as licensed insurance agents. This represents a conflict of interest because it gives an incentive to recommend products based on the commission received. This conflict is mitigated by disclosures, procedures, and MWM’s fiduciary obligation to place the best interest of the Client first and Clients are not required to purchase any products or services. Clients have the option to purchase these products through another insurance agent of their choosing. Item 6: Performance-Based Fees and Side-by-Side Management Sharing of Capital Gains Fees are not based on a share of the capital gains or capital appreciation of managed securities. MWM does not use a performance-based fee structure because of the conflict of interest. Performance based compensation may create an incentive for the adviser to recommend an Item 7: Types of Clients investment that may carry a higher degree of risk to the client. Description MWM generally provides investment advice to individuals, high net worth individuals, and small businesses. Account Minimums Client relationships vary in scope and length of service. MWM does not require an account minimum. 9 MWM Wealth Advisory, LLC  Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis Security analysis methods may include fundamental analysis and technical analysis. Investing in securities involves risk of loss that clients should be prepared to bear. Past performance is not a guarantee of future returns. Fundamental analysis involves evaluating a stock using real data such as company revenues, earnings, return on equity, and profits margins to determine underlying value and potential growth. Technical analysis involves evaluating securities based on past prices and volume. Sources of information may include Morningstar as well as other internal and external research. This may include online financial news, charts & graphs, data driven websites as well as financial newspapers and magazines, annual reports, prospectuses, and filings with Investment Strategy the Securities and Exchange Commission. The investment strategy for a specific client is based upon the objectives stated by the client during consultations. The client may change these objectives at any time. Each client executes an Investment Policy Statement or Risk Tolerance that documents their objectives and their desired investment strategy. Security Specific Material Risks This strategy may include long-term purchases. All investment programs have certain risks that are borne by the investor. Fundamental analysis may involve interest rate risk, market risk, business risk, and financial risk. Risks involved in technical analysis are inflation risk, reinvestment risk, and market risk. Interest-rate Risk • Our investment approach constantly keeps the risk of loss in mind. Investors face the following investment risks and should discuss these risks with MWM: • Market Risk : Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline. • : The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s particular underlying circumstances. For example, political, economic and social conditions may trigger market Inflation Risk events. • Reinvestment Risk : When any type of inflation is present, a dollar today will buy more than a dollar next year, because purchasing power is eroding at the rate of inflation. • Business Risk : This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities. : These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric 10 MWM Wealth Advisory, LLC  • Financial Risk company which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like. • Long-term purchases : Excessive borrowing to finance a business’ operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value. : Long-term investments are those vehicles purchased with the intention of being held for more than one year. Typically the expectation of the investment is to increase in value so that it can eventually be sold for a profit. In addition, there may be an expectation for the investment to provide income. One of the biggest risks associated with long-term investments is volatility, the fluctuations in the financial markets that can cause investments to lose value. Item 9: Disciplinary Information Criminal or Civil Actions Administrative Enforcement Proceedings The firm and its management have not been involved in any criminal or civil action. The firm and its management have not been involved in administrative enforcement Self-Regulatory Organization Enforcement Proceedings proceedings. The firm and its management have not been involved in legal or disciplinary events related to past or present investment clients. Item 10: Other Financial Industry Activities and Affiliations Broker-Dealer or Representative Registration MWM is not registered as a broker-dealer and no affiliated representatives of MWM are Futures or Commodity Registration registered representatives of a broker-dealer Neither MWM nor its employees are registered or has an application pending to register as Material Relationships Maintained by this Advisory Business and Conflicts of Interest a futures commission merchant, commodity pool operator, or a commodity trading advisor. Managing Member Nathan Millerbernd is also an insurance agent. Approximately 1% of Mr. Millerbernd’s time is spent in this practice. From time to time, he will offer clients advice or products from those activities. These practices represent conflicts of interest because it gives Mr. Millerbernd an incentive to recommend products based on the commission amount received. This conflict is mitigated by disclosures, procedures, and the firm’s Fiduciary obligation to place the best interest of the client first and clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent of their choosing. Nathan Millerbernd has passive ownership in farmland under the business name: Greenfield Harvest, LLC. He is also the owner of Millerbernd Holdings LLC, a holding company for his condo ownership and N8 Vacation Properties, LLC for his short term 11 MWM Wealth Advisory, LLC  vacation property. Nathan Millerbernd does not solicit, nor engage any clients in these Recommendations or Selections of Other Investment Advisors and Conflicts of businesses. Therefore, there is no conflict of interest to disclose. Interest MWM does not currently utilize the services of third party money managers to manage client accounts. Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Description The employees of MWM have committed to a Code of Ethics (“Code”). The purpose of our Code is to set forth standards of conduct expected of MWM employees and addresses conflicts that may arise. The Code defines acceptable behavior for employees of MWM. The Code reflects MWM and its supervised persons’ responsibility to act in the best interest of their client. One area the Code addresses is when employees buy or sell securities for their personal accounts and how to mitigate any conflict of interest with our clients. We do not allow any employees to use non-public material information for their personal profit or to use internal research for their personal benefit in conflict with the benefit to our clients. MWM’s policy prohibits any person from acting upon or otherwise misusing non-public or inside information. No advisory representative or other employee, officer or director of MWM may recommend any transaction in a security or its derivative to advisory clients or engage in personal securities transactions for a security or its derivatives if the advisory representative possesses material, non-public information regarding the security. MWM’s Code is based on the guiding principle that the interests of the client are our top priority. MWM’s officers, directors, advisors, and other employees have a fiduciary duty to our clients and must diligently perform that duty to maintain the complete trust and confidence of our clients. When a conflict arises, it is our obligation to put the client’s interests over the interests of either employees or the company. to clients, or who have access The Code applies to “access” persons. “Access” persons are employees who have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund, who are involved in making securities recommendations to such recommendations that are non-public. The firm will provide a copy of the Code of Ethics to any client or prospective client upon Investment Recommendations Involving a Material Financial Interest and Conflict of request. Interest MWM and its employees do not recommend to clients securities in which we have a Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of material financial interest. Interest MWM and its employees may buy or sell securities that are also held by clients. In order to mitigate conflicts of interest such as trading ahead of client transactions, employees are 12 MWM Wealth Advisory, LLC  required to disclose all reportable securities transactions as well as provide MWM with copies of their brokerage statements. The Chief Compliance Officer of MWM is Nathan Millerbernd. He reviews all employee trades each quarter. The personal trading reviews ensure that the personal trading of employees does not affect the markets and that clients of the firm receive preferential Client Securities Recommendations or Trades and Concurrent Advisory Firm treatment over employee transactions. Securities Transactions and Conflicts of Interest MWM does not maintain a firm proprietary trading account and does not have a material financial interest in any securities being recommended and therefore no conflicts of interest exist. However, employees may buy or sell securities at the same time they buy or sell securities for clients. In order to mitigate conflicts of interest such as front running, employees are required to disclose all reportable securities transactions as well as provide MWM with copies of their brokerage statements. The Chief Compliance Officer of MWM is Nathan Millerbernd. He reviews all employee trades each quarter. The personal trading reviews ensure that the personal trading of employees does not affect the markets and that clients of the firm receive preferential treatment over employee transactions. Item 12: Brokerage Practices Factors Used to Select Broker-Dealers for Client Transactions MWM, will recommend the use of a particular broker-dealer based on their duty to seek best execution for the client, meaning they have an obligation to obtain the most favorable terms for a client under the circumstances. The determination of what may constitute best execution and price in the execution of a securities transaction by a broker involves a number of considerations and is subjective. Factors affecting brokerage selection include the overall direct net economic result to the portfolios, the efficiency with which the transaction is affected, the ability to effect the transaction where a large block is involved, the operational facilities of the broker-dealer, the value of an ongoing relationship with such broker and the financial strength and stability of the broker. MWM will select appropriate brokers based on a number of factors including but not limited to their relatively low transaction fees and reporting ability. MWM relies on its broker to provide its execution services at the best prices available. Lower fees for comparable services may be available from other sources. Clients pay for any and all custodial fees in addition to the advisory fee charged by MWM. MWM does not receive any portion of the trading fees. • Directed Brokerage MWM will require the use of Charles Schwab & Co., Inc. • Best Execution MWM does not accept directed brokerage. • Soft Dollar Arrangements Investment advisors who manage or supervise client portfolios on a discretionary basis have a fiduciary obligation of best execution. MWM does not exercise discretion over client accounts. The Securities and Exchange Commission defines soft dollar practices as arrangement under which products or services other than execution services are 13 MWM Wealth Advisory, LLC  obtained by an advisor from or through a broker-dealer in exchange for directing client transactions to the broker-dealer. This would be permitted by Section 28(e) of the Securities Exchange Act of 1934, an advisor would receive economic benefits as a result of commissions generated from securities transactions by the broker-dealer from the accounts of an advisor. These benefits include both proprietary research from the broker and other research written by third parties. Aggregating Securities Transactions for Client Accounts A conflict of interest exists when MWM receives soft dollars. This conflict is mitigated by disclosures, procedures, and the firm’s Fiduciary obligation. MWM is not authorized to aggregate purchases and sales and other transactions. Item 13: Review of Accounts Schedule for Periodic Review of Client Accounts or Financial Plans and Advisory Persons Involved Account reviews are performed quarterly by the Chief Compliance Officer of MWM. Review of Client Accounts on Non-Periodic Basis Account reviews are performed more frequently when market conditions dictate. Other conditions that may trigger a review of clients’ accounts are changes in the tax laws, Content of Client Provided Reports and Frequency new investment information, and changes in a client's own situation. Clients receive written account statements no less than quarterly for managed accounts. Account statements are issued by the client’s custodian. Client receives confirmations of each transaction in account from Custodian and an additional statement during any month in which a transaction occurs. Item 14: Client Referrals and Other Compensation Economic benefits provided to the Advisory Firm from External Sources and Conflicts of Interest Nathan Millerbernd offers services as a licensed insurance agent and from time to time, clients will be offered insurance products and/or services. Mr. Millerbernd will receive separate yet typical commissions on the sale of insurance products. The above activities represent a conflict of interest because it gives an incentive to recommend products and services based on the commission and/or fee amount received. This conflict is mitigated by the fact that MWM has a fiduciary responsibility to place the best interest of the client first and the clients are not required to purchase any products or services. Clients have the option to purchase these products or services through another Advisory Firm Payments for Client Referrals insurance agent, or broker dealer of their choosing. MWM does not compensate for client referrals. Item 15: Custody Account Statements All assets are held at qualified custodians, which means the custodians provide account statements directly to clients at their address of record at least quarterly. 14 MWM Wealth Advisory, LLC  MWM is deemed to have constructive custody solely because advisory fees are directly deducted from client’s account by the custodian on behalf of MWM. MWM is also deemed to have limited custody due to its Third-Party Standing Letters of Authorization (“SLOA”). MWM and its qualified custodian meet the following seven (7) conditions in order to avoid maintaining full custody and be subject to the surprise exam requirement: 1. The Client provides an instruction to the qualified custodian, in writing, that includes the Client’s signature, the third party’s name, and either the third party’s address or the third party’s account number at a custodian to which the transfer should be directed. 2. The Client authorizes MWM, in writing, either on the qualified custodian’s form or separately, to direct transfers to the third party either on a specified schedule or from time to time. 3. The Client’s qualified custodian performs appropriate verification of the instruction, such as a signature review or other method to verify the Client’s authorization and provides a transfer of funds notice to the Client promptly after each transfer. 4. The Client has the ability to terminate or change the instruction to the Client’s qualified custodian. 5. MWM has no authority or ability to designate or change the identity of the third party, the address, or any other information about the third party contained in the Client’s instruction. 6. MWM maintains records showing that the third party is not a related party nor located at the same address as MWM. 7. The Client’s qualified custodian sends the Client, in writing, an initial notice confirming the instruction and an annual notice reconfirming the instruction. Item 16: Investment Discretion Discretionary Authority for Trading If applicable, Client will authorize MWM discretionary authority, via the advisory agreement, to determine, without obtaining specific Client consent, the securities to be bought or sold, and the amount of the securities to be bought or sold. If applicable, Client will authorize MWM discretionary authority to execute selected investment program transactions as stated within the Investment Advisory Agreement. If however, consent for discretion is not given, MWM will obtain prior Client approval before executing each transaction. MWM allows Client’s to place certain restrictions, as outlined in the Client’s Investment Policy Statement or similar document. Such restrictions could include only allowing purchases of socially conscious investments. These restrictions must be provided to MWM in writing. The client approves the custodian to be used and the commission rates paid to the custodian. MWM does not receive any portion of the transaction fees or commissions paid by the client to the custodian on certain trades. 15 MWM Wealth Advisory, LLC  Item 17: Voting Client Securities Proxy Votes MWM does not vote proxies on securities. Clients are expected to vote their own proxies. The client will receive their proxies directly from the custodian of their account or from a transfer agent. When assistance on voting proxies is requested, MWM will provide recommendations to the client. If a conflict of interest exists, it will be disclosed to the client. Item 18: Financial Information Balance Sheet A balance sheet is not required to be provided because MWM does not serve as a custodian for client funds or securities and MWM does not require prepayment of fees of more than Financial Conditions Reasonably Likely to Impair Advisory Firm’s Ability to Meet $1,200 per client and six months or more in advance. Commitments to Clients MWM has no condition that is reasonably likely to impair our ability to meet contractual Bankruptcy Petitions during the Past Ten Years commitments to our clients. Neither MWM nor its management has had any bankruptcy petitions in the last ten years. 16 MWM Wealth Advisory, LLC  S U P E R V I S E D P E R S O N B R O C H U R E Item 1 Cover Page F O R M A D V P A R T 2 B Nathan D. Millerbernd Office Address: th 18200 45 Avenue North Suite 100A Plymouth, MN 55446 Telephone: 763-478-9934 Email: Website: nate@mwm4wealth.com www.mwm4wealth.com SEPTEMBER 21, 2026 This brochure supplement provides information about Nathan D. Millerbernd and supplements the MWM Wealth Advisory, LLC’s brochure. You should have received a copy of that brochure. Please contact Nathan D. Millerbernd if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Nathan D. Millerbernd (CRD #4016340) is available on the SEC’s website at www.adviserinfo.sec.gov. 17 MWM Wealth Advisory, LLC  Brochure Supplement (Part 2B of Form ADV) Supervised Person Brochure Principal Executive Officer Nathan D. Millerbernd • Year of birth: 1975 Item 2 Educational Background and Business Experience Educational Background: • Business Experience: South Dakota State University; Bachelor of Science in Economics; 1998 • • MWM Wealth Advisory, LLC; Managing Member/Investment Advisor Representative; 05/2017 – Present • N8 Vacation Properties, LLC; Owner; 07/2024 – Present • Greenfield Harvest, LLC; Owner; 07/2023 - Present • Millerbernd Holdings LLC; Owner; 06/2023 - Present • Millerbernd Wealth Management; Owner/Insurance Agent; 04/2009 – Present • RiverCrest Financial Group; Co-Owner; 08/2009 – 06/2023 • Harbour Investments, Inc.; Registered Representative; 05/2017 – 12/2021 Investment Advisor Representative/Registered • Voya Financial Advisors; Representative; 11/2005 – 05/2017 • Hogan, Millerbernd & Associates; Co-Owner; 07/2009 – 12/2016 • Income Planning Group; Financial Advisor; 10/2005 – 06/2008 Investment Corp; Investment Advisor Financial Representative/Registered Representative; 07/1999 – 10/2005 None to report. Network Item 3 Disciplinary Information Criminal or Civil Action: Administrative Proceeding: Self-Regulatory Proceeding: Item 4 Other Business Activities None to report. None to report. Managing Member Nathan Millerbernd is also an insurance agent. Approximately 1% of Mr. Millerbernd’s time is spent in this practice. From time to time, he will offer clients advice or products from those activities. These practices represent conflicts of interest because it gives Mr. Millerbernd an incentive to recommend products based on the commission amount received. This conflict is mitigated by disclosures, procedures, and the firm’s Fiduciary obligation to place the best interest of the client first and clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent of their choosing. Nathan Millerbernd has passive ownership in farmland under the business name: Greenfield Harvest, LLC. He is also the owner of Millerbernd Holdings LLC, a holding company for his condo ownership and N8 Vacation Properties, LLC for his short term 18 MWM Wealth Advisory, LLC  vacation property. Nathan Millerbernd does not solicit, nor engage any clients in these Item 5 Additional Compensation businesses. Therefore, there is no conflict of interest to disclose. Nathan D. Millerbernd does receive additional compensation for his insurance services. Mr. Item 6 Supervision Millerbernd does not receive any performance based fees. Nathan D. Millerbernd is the owner of MWM Wealth Advisory, LLC; therefore he is responsible for all supervision, formulation and monitoring of investment advice offered to clients. He will adhere to the policies and procedures as describe in the firm’s Compliance Manual. can be contacted by telephone at: 763-478-9934 or via email at: He nate@mwm4wealth.com. 19 MWM Wealth Advisory, LLC 

W R A P F E E P R O G R A M B R O C H U R E ( P A R T 2 A A P P E N D I X O F F O R M A D V ) Office Address: th 18200 45 Avenue North Suite 100A Plymouth, MN 55446 Telephone: 763-478-9934 Email: Website: nate@mwm4wealth.com www.mwm4wealth.com SEPTEMBER 21, 2026 This wrap fee program brochure provides information about the qualifications and business practices of MWM Wealth Advisory, LLC. Being registered as a registered investment adviser does not imply a certain level of skill or training. If you have any questions about the contents of this brochure, please contact us at 763-478-9934. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority. Additional information about MWM Wealth Advisory, LLC (IARD#287705) is available on the SEC’s website at www.adviserinfo.sec.gov i MWM Wealth Advisory, LLC  Item 2: Material Changes Annual Update Material Changes since the Last Update The Material Changes section of this brochure will be updated annually or when material changes occur since the previous release of the Firm Brochure. • Since the last filing on May 22, 2026, the following changes have been made: Item 4 has been updated to reflect the firm offers discretionary asset under management services. ii MWM Wealth Advisory, LLC  Item 3: Table of Contents Form ADV – Part 2A Appendix 1 – Firm Brochure Item 1: Cover Page Item 2: Material Changes ...................................................................................................................... ii Annual Update ................................................................................................................................................ ii Item 3: Table of Contents ..................................................................................................................... 1 Material Changes since the Last Update ............................................................................................... ii Item 4: Services, Fees and Compensation ...................................................................................... 3 Firm Description ............................................................................................................................................ 3 Program Services ........................................................................................................................................... 3 Item 5: Account Requirements and Types of Clients.................................................................. 5 Program Fees .................................................................................................................................................. 4 Account Minimum ......................................................................................................................................... 5 Item 6: Portfolio Manager Selection and Evaluation .................................................................. 5 Types of Clients .............................................................................................................................................. 5 Portfolio Manager .......................................................................................................................................... 5 Conflicts of Interest ....................................................................................................................................... 6 Advisory Business ......................................................................................................................................... 6 Sharing of Capital Gains .............................................................................................................................. 6 Methods of Analysis ...................................................................................................................................... 6 General Investment Strategy ..................................................................................................................... 7 Security Specific Material Risks ............................................................................................................... 7 Item 7: Client Information Provided to Portfolio Managers.................................................... 8 Proxy Voting .................................................................................................................................................... 8 Item 8: Client Contact with Portfolio Managers ........................................................................... 8 Description ....................................................................................................................................................... 8 Item 9: Additional Information .......................................................................................................... 8 Restrictions ...................................................................................................................................................... 8 Disciplinary Information ............................................................................................................................ 8 Criminal or Civil Actions ............................................................................................................................. 8 Administrative Enforcement Proceedings ........................................................................................... 8 Self-Regulatory Organization Enforcement Proceedings .............................................................. 8 Other Financial Industry Activities and Affiliations ......................................................................... 8 Broker-Dealer or Representative Registration .................................................................................. 8 - 1 - MWM Wealth Advisory, LLC  Futures or Commodity Registration ...................................................................................................... 8 Material Relationships Maintained by this Advisory Business and Conflicts of Interest .. 9 Code of Ethics Description ......................................................................................................................... 9 Investment Recommendations Involving a Material Financial Interest and Conflict of Interest ............................................................................................................................................................ 10 Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest ............................................................................................................................................................ 10 Client Securities Recommendations or Trades and Concurrent Advisory Firm Securities Transactions and Conflicts of Interest ................................................................................................. 10 Review of Accounts ..................................................................................................................................... 10 Schedule for Periodic Review of Client Accounts and Advisory Persons Involved ........... 10 Review of Client Accounts on Non-Periodic Basis .......................................................................... 10 Content of Client Provided Reports and Frequency ....................................................................... 10 Client Referrals and Other Compensation ......................................................................................... 10 Economic Benefits Provided to the Advisory Firm from External Sources and Conflicts of Interest ............................................................................................................................................................ 10 Advisory Firm Payments for Client Referrals ................................................................................... 10 Financial Information ................................................................................................................................ 11 Balance Sheet ................................................................................................................................................ 11 Financial Conditions Reasonably Likely to Impair Advisory Firm’s Ability to Meet Commitments to Clients ............................................................................................................................ 11 Bankruptcy Petitions during the Past Ten Years ............................................................................ 11 Principal Executive Officer ....................................................................................................................... 13 Nathan D. Millerbernd ............................................................................................................................... 13 Item 2 Educational Background and Business Experience ......................................................... 13 Item 3 Disciplinary Information ............................................................................................................ 13 Item 4 Other Business Activities ............................................................................................................ 13 Item 5 Additional Compensation ........................................................................................................... 14 Item 6 Supervision ...................................................................................................................................... 14 - 2 - MWM Wealth Advisory, LLC  Item 4: Services, Fees and Compensation Firm Description MWM Wealth Advisory, LLC (“MWM”) was founded in 2017 and began offering advisory services in 2017.MWM offers investment advice to clients through the Wrap Fee Program (“Program”) based on the individual needs of the client. MWM is the sponsor of the Program. Nathan Millerbernd is 100% owner of the MWM and responsible for management of the Program accounts. Program Services This disclosure brochure is limited to describing the Program and other information that a client should consider prior to establishing an account in the Program. For a complete description of other programs and services offered by MWM, clients should refer to MWM’s Form ADV Part 2A, a copy of which will be provided by MWM to the client upon request. MWM provides continuous and regular supervisory services on a discretionary basis. MWM will offer clients ongoing portfolio management services through determining individual investment goals, time horizons, objectives, and risk tolerance. Investment strategies, investment selection, assets allocation, portfolio monitoring and the overall investment program will be based on the above factors. MWM will contact the client prior to executing transactions in the account. Through a multiple step discovery process, MWM obtains the necessary financial data from the client and assists the client in setting appropriate investment objectives for the Program account. MWM obtains updated information from the client during regularly scheduled client performance reviews, as necessary in order to provide personalized investment advice to the client. The client will be required to enter into a written agreement with MWM in order to establish a Program account. The client will also be required to complete an application with the broker/dealer that will act as custodian for Program account assets. A Wrap Fee Program is an investment advisory program in which clients pay one fee for both the investment advisory services and the transaction costs in the account(s). The fee is bundled with MWM’ costs for executing transactions in the account(s). This may result in a higher advisory fee to the client. MWM does not charge clients higher advisory fees based on the trading activity, but clients should be aware that MWM may have an incentive to limit the trading activities in the account(s) because MWM is charged for executed trades. By participating in a wrap fee program, clients may end up paying more or less than they would through a non-wrap fee program where a lower advisory fee may be charged, but trade execution costs are passed directly through to the client by the executing broker. The Program Fee is not based directly upon the actual transaction or execution costs for the transactions within the account(s). Depending on the underlying investments in the Program and how much trading activity occurs, clients may pay more or less than if they chose another advisory program that does not have a wrap fee, or if clients chose to pay separately for all of the transaction costs (e.g., pay the advisory fee plus all transaction - 3 - MWM Wealth Advisory, LLC  Program Fees charges). Similar services to those offered in the Program may be purchased from another unaffiliated financial services provider. MWM offers discretionary direct asset management services to advisory clients. The fee will be negotiable and based on the following Fee Schedule: Value of Assets Annual Fee Quarterly Fee First $0.00 - $500,000 1.00% 0.2500% Next $500,001 - $3,000,000 0.85% 0.2125% Next $3,000,001 - $5,000,000 0.70% 0.1750% Next $5,000,001 - $10,000,000 0.55% 0.1375% Next $10,000,001 - $25,000,000 0.35% 0.0875% Next $25,000,001 and over 0.25% 0.0625% This is a blended fee schedule, the portfolio management fee is calculated by applying different rates to different portions of the portfolio. MWM may group certain related client accounts for the purposes of achieving the minimum account size and determining the annualized fee. MWM’s annual fee may be negotiable based on a number of factors, which include but are not limited to “grandfathered” accounts, related accounts, and other structures that we may consider in special situations. Accounts within the same household may be combined for a reduced fee. Fees are billed quarterly in arrears based on the average daily balance. The calculation for the average daily balance is based on the formula (A/D) x (F/P). For example (based on quarterly billing period): A = the sum of the daily balances in the billing period D = number of days in the billing period F = annual management fee P = number of billing periods per year (i.e. quarterly or monthly) the first step taken using the average- daily-balance calculation method would be to take the average of the values of the client’s account over the course of the entire quarter. For example, a client with an account value of $850,000 would be charged the following: $850,000 being managed would be calculated as: 20 days at $850,000 plus 10 days at $230,000 averages out to approximately $643,333.33 Based on the formula (A/D) x (F/P), the example would be: the fee for the first $500,000 would be (.0025 x 500,000) = $1,250. The fee for the remaining $143,333.33 would be (.002125 x 143,333.33) = $304.58. The total quarterly fee would be: ($1,250+$304.58) = $1,554.58. Initial fees for partial quarters are pro-rated. Lower fees for comparable services may be available from other sources. Clients may terminate their account within five (5) business days of signing the Investment Advisory Agreement for a full refund. Clients may terminate advisory services with thirty (30) days written notice. For accounts closed mid-quarter, - 4 - MWM Wealth Advisory, LLC  MWM will be entitled to a pro rata fee for the days of service that was provided in the final quarter. Client shall be given thirty (30) days prior written notice of any increase in fees. Client will acknowledge, in writing, any agreement of increase in said fees before any increase in fees occurs. The Annual Fee is paid to and retained by MWM and the advisory representatives. In addition to the Annual Fee, clients may also incur certain charges imposed by third parties in connection with investments made through Program accounts, including those imposed by the custodian. These may include, but are not limited to, the following: mutual fund or money market 12b-1 fees, sub-transfer agent fees, certain deferred sales charges on previously purchased mutual funds transferred into the account, other transaction charges and service fees, IRA and qualified retirement plan fees, alternative investment administrative fees, administrative servicing fees for trust accounts, creation and development fees or similar fees imposed by unit investment trust sponsors, managed futures investor servicing fees, and other charges required by law. MWM does not receive any portion of these fees. Further information regarding charges and fees assessed by a mutual fund are available in the appropriate prospectus. Mutual funds may also charge a redemption fee if a redemption is made within a specific time period following the investment. The terms of any redemption fee are disclosed in the fund’s prospectus. Transactions in mutual fund shares (e.g., for rebalancing, liquidations, deposits or tax harvesting) may be subject to a fund’s frequent trading policy. Since Mr. Millerbernd is the only advisor and owner of the firm, he will receive 100% of the fees paid for management of the wrap program, this may create an incentive to recommend that clients participate in a wrap fee program rather than a brokerage account where commissions are charged. This is because, in some cases, MWM may stand to earn more compensation from advisory fees paid through a wrap fee program arrangement if clients’ accounts are not actively traded. As an investment philosophy, MWM practices an investment strategy that allocates and diversifies assets according the unique characteristics and risk tolerance of each client. Item 5: Account Requirements and Types of Clients Account Minimum Types of Clients MWM does not require a minimum to open an account. MWM generally provides investment advice to individuals, high net worth individuals, and small businesses. Client relationships vary in scope and length of service. Item 6: Portfolio Manager Selection and Evaluation Portfolio Manager Nathan Millerbernd, Managing Member, will manage all Program accounts. He has been in the financial services industry since 1999 and an investment advisor representative since 2000. Since no other persons, affiliated or unaffiliated will manage the wrap program, there are no additional processes for selection or review of managers. Clients make the decision to select MWM as their portfolio manager. - 5 - MWM Wealth Advisory, LLC  Conflicts of Interest Since all programs are managed by Nathan Millerbernd, there is no conflict of interest regarding portfolio managers. The Program may cost the Client more or less than purchasing Program services separately. Factors that bear upon the cost of the Program account in relation to the cost of the same services purchased separately include: the type and size of the account, the historical and/or expected size or number of trades for the account, and the number and range of supplementary advisory and Client related services provided to the account. The Annual Fee is an ongoing fee for investment advisory services and may cost the Client more than if the assets were held in a traditional brokerage account. In a brokerage account, a Client is charged a commission for each transaction and the representative has no duty to provide ongoing advice with respect to the account. If the Client plans to follow a buy and hold strategy for the account or does not wish to purchase ongoing investment advice or management services, the Client should consider opening a brokerage account rather than a Program account. MWM receives compensation as a result of the Client’s participation in the Program. The amount of this compensation may be more or less than what MWM would receive if the Client participated in other programs or paid separately for investment advice, brokerage and other Client services. Therefore, MWM may have a financial incentive to recommend the Program account over other programs and services. MWM acts as the portfolio manager for the Program and retains the management fee less execution costs. This may create a conflict of interest because MWM may have a disincentive to trade securities in the account to keep the execution costs low therefore retaining a larger portion of the Advisory Business management fee. MWM offers clients an asset management account through the Program in which MWM directs and manages Program assets for client. Sharing of Capital Gains Client provided goals and objectives are documented in individual client files. Investment strategies are created that reflect the stated goals and objective. Fees are not based on a share of the capital gains or capital appreciation of managed securities. Methods of Analysis MWM does not use a performance-based fee structure because of the potential conflict of interest. Performance-based compensation may create an incentive for the adviser to recommend an investment that may carry a higher degree of risk to the client. Security analysis methods may include fundamental analysis and technical analysis. Investing in securities involves risk of loss that clients should be prepared to bear. Past performance is not a guarantee of future returns. Fundamental analysis involves evaluating a stock using real data such as company revenues, earnings, return on equity, and profits margins to determine underlying value and potential growth. Technical analysis involves evaluating securities based on past prices and volume. - 6 - MWM Wealth Advisory, LLC  General Investment Strategy Sources of information may include Value Line, Morningstar, as well as other internal and external research. This may include online financial news, charts & graphs, data driven websites as well as financial newspapers and magazines, annual reports, prospectuses, and filings with the Securities and Exchange Commission. The investment strategy for a specific client is based upon the objectives stated by the client during consultations. The client may change these objectives at any time. Each client executes an Investment Policy Statement, Risk Tolerance or similar form that documents their objectives and their desired investment strategy. Security Specific Material Risks Other strategies may include long-term purchases and short-term purchases. All investment programs have certain risks that are borne by the investor. Fundamental analysis may involve interest rate risk, market risk, business risk, and financial risk. Risks involved in technical analysis are inflation risk, reinvestment risk, and market risk.  Our investment approach constantly keeps the risk of loss in mind. Investors face the following investment risks and should discuss these risks with MWM:  Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline.  Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security’s particular underlying circumstances. For example, political, economic and social conditions may trigger market events.  Inflation Risk: When any type of inflation is present, a dollar today will buy more than a dollar next year, because purchasing power is eroding at the rate of inflation.  Reinvestment Risk: This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities.  Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric company which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like.  Financial Risk: Excessive borrowing to finance a business’ operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value. Long-term purchases: Long-term investments are those vehicles purchased with the intention of being held for more than one year. Typically the expectation of the investment is to increase in value so that it can eventually be sold for a profit. In addition, there may be an expectation for the investment to provide income. One of - 7 - MWM Wealth Advisory, LLC  Proxy Voting the biggest risks associated with long-term investments is volatility, the fluctuations in the financial markets that can cause investments to lose value. MWM does not vote proxies on securities. Clients are expected to vote their own proxies. The client will receive their proxies directly from the custodian of their account or from a transfer agent. When assistance on voting proxies is requested, MWM will provide recommendations to the client. If a conflict of interest exists, it will be disclosed to the client Item 7: Client Information Provided to Portfolio Managers Description MWM obtains the necessary financial data from the client and assists the client in setting appropriate investment objectives for the Program account. MWM obtains updated information from the client as necessary in order to provide personalized investment advice to the client. It is the client’s responsibility to inform MWM of any changes in their stated objectives, financial situation, life circumstances or risk tolerance. Client will be required to enter into a written agreement with MWM in order to establish a Program account. Client will also be required to complete an application with the broker/dealer that will act as custodian for Program account assets. Item 8: Client Contact with Portfolio Managers Restrictions There are no restrictions placed on clients’ ability to contact and consult with the portfolio managers since Nathan Millerbernd is the portfolio manager. Item 9: Additional Information Disciplinary Information Criminal or Civil Actions MWM and its management have not been involved in any criminal or civil action. Administrative Enforcement Proceedings MWM and its management have not been involved in administrative enforcement proceedings. Other Financial Industry Activities and Affiliations Self-Regulatory Organization Enforcement Proceedings MWM and its management have not been involved in legal or disciplinary events related to past or present investment clients. Broker-Dealer or Representative Registration MWM is not registered as a broker-dealer and no affiliated representatives of MWM are registered representatives of a broker-dealer. Futures or Commodity Registration MWM does not have an application pending to register as a futures commission merchant, commodity pool operator, or a commodity trading advisor. - 8 - MWM Wealth Advisory, LLC  Material Relationships Maintained by this Advisory Business and Conflicts of Interest Managing Member Nathan Millerbernd is also a licensed insurance agent. Approximately 1% of Mr. Millerbernd’s time is spent in this activity. From time to time, he will offer clients advice or products from this activity. This practice represents a conflict of interest because it gives Mr. Millerbernd an incentive to recommend products/and or services based on the commission amount received. This conflict is mitigated by disclosures, procedures, and the firm’s Fiduciary obligation to place the best interest of the client first and clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent of their choosing. Code of Ethics Description Nathan Millerbernd has passive ownership in farmland under the business name: Greenfield Harvest, LLC. He is also the owner of Millerbernd Holdings LLC, a holding company for his condo ownership and N8 Vacation Properties, LLC for his short term vacation property. Nathan Millerbernd does not solicit, nor engage any clients in these businesses. Therefore, there is no conflict of interest to disclose. The employees of MWM have committed to a Code of Ethics (“Code”). The purpose of our Code is to set forth standards of conduct expected of MWM employees and addresses conflicts that may arise. The Code defines acceptable behavior for employees of MWM. The Code reflects MWM and its supervised persons’ responsibility to act in the best interest of their client. One area the Code addresses is when employees buy or sell securities for their personal accounts and how to mitigate any conflict of interest with our clients. We do not allow any employees to use non-public material information for their personal profit or to use internal research for their personal benefit in conflict with the benefit to our clients. MWM’s policy prohibits any person from acting upon or otherwise misusing non-public or inside information. No advisory representative or other employee, officer or director of MWM may recommend any transaction in a security or its derivative to advisory clients or engage in personal securities transactions for a security or its derivatives if the advisory representative possesses material, non-public information regarding the security. MWM’s Code is based on the guiding principle that the interests of the client are our top priority. MWM’s officers, directors, advisors, and other employees have a fiduciary duty to our clients and must diligently perform that duty to maintain the complete trust and confidence of our clients. When a conflict arises, it is our obligation to put the client’s interests over the interests of either employees or the company. to clients, or who have access The Code applies to “access” persons. “Access” persons are employees who have access to non-public information regarding any clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any reportable fund, who are involved in making securities recommendations to such recommendations that are non-public. The firm will provide a copy of the Code of Ethics to any client or prospective client upon request. - 9 - MWM Wealth Advisory, LLC  Investment Recommendations Involving a Material Financial Interest and Conflict of Interest MWM and its employees do not recommend to clients securities in which we have a material financial interest. Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest MWM employees may buy or sell securities that are also held by clients. In order to avoid conflicts of interest such as front running of client trades, employees are required to disclose all reportable securities transactions as well as provide MWM with copies of their brokerage statements. The Chief Compliance Officer of MWM is Nathan Millerbernd. He reviews all employee trades each quarter. The personal trading reviews ensure that the personal trading of employees does not affect the markets and that clients of the firm receive preferential treatment over employee transactions. Client Securities Recommendations or Trades and Concurrent Advisory Firm Securities Transactions and Conflicts of Interest MWM does not maintain a firm proprietary trading account and does not have a material financial interest in any securities being recommended and therefore no conflicts of interest exist. However, employees may buy or sell securities at the same time they buy or sell securities for clients. In order to mitigate conflicts of interest such as front running, employees are required to disclose all reportable securities transactions as well as provide MWM with copies of their brokerage statements. Review of Accounts The Chief Compliance Officer of MWM is Nathan Millerbernd. He reviews all employee trades each quarter. The personal trading reviews ensure that the personal trading of employees does not affect the markets and that clients of the firm receive preferential treatment over employee transactions. Schedule for Periodic Review of Client Accounts and Advisory Persons Involved Account reviews are performed at least quarterly depending on the nature of the account and client relationship. All reviews are conducted by Nathan Millerbernd. Account reviews are performed more frequently when market conditions dictate. Review of Client Accounts on Non-Periodic Basis Other conditions that may trigger a review of clients’ accounts are changes in the tax laws, new investment information, and changes in a client's own situation. Client Referrals and Other Compensation Content of Client Provided Reports and Frequency Clients receive written account statements usually on a quarterly basis, but no less than quarterly for managed accounts. Economic Benefits Provided to the Advisory Firm from External Sources and Conflicts of Interest MWM does not receive any external economic benefits. Advisory Firm Payments for Client Referrals MWM does compensate for client referrals. - 10 - MWM Wealth Advisory, LLC  Financial Information Balance Sheet A balance sheet is not required to be provided because MWM does not serve as a custodian for client funds or securities and MWM does not require prepayment of fees of more than $500 per client and six months or more in advance. Financial Conditions Reasonably Likely to Impair Advisory Firm’s Ability to Meet Commitments to Clients MWM has no condition that is reasonably likely to impair our ability to meet contractual commitments to our clients. Bankruptcy Petitions during the Past Ten Years Neither MWM nor its management has had any bankruptcy petitions in the last ten years. - 11 - MWM Wealth Advisory, LLC  S U P E R V I S E D P E R S O N B R O C H U R E Item 1 Cover Page F O R M A D V P A R T 2 B Nathan D. Millerbernd Office Address: th 18200 45 Avenue North Suite 100A Plymouth, MN 55446 Telephone: 763-478-9934 Email: Website: nate@mwm4wealth.com www.mwm4wealth.com SEPTEMBER 21, 2026 This brochure supplement provides information about Nathan D. Millerbernd and supplements the MWM Wealth Advisory, LLC’s brochure. You should have received a copy of that brochure. Please contact Nathan D. Millerbernd if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Nathan D. Millerbernd (CRD #4016340) is available on the SEC’s website at www.adviserinfo.sec.gov. - 12 - MWM Wealth Advisory, LLC  Brochure Supplement (Part 2B of Form ADV) Supervised Person Brochure Principal Executive Officer Nathan D. Millerbernd • Year of birth: 1975 Item 2 Educational Background and Business Experience Educational Background: • Business Experience: South Dakota State University; Bachelor of Science in Economics; 1998 • • MWM Wealth Advisory, LLC; Managing Member/Investment Advisor Representative; 05/2017 – Present • N8 Vacation Properties, LLC; Owner; 07/2024 – Present • Greenfield Harvest, LLC; Owner; 07/2023 - Present • Millerbernd Holdings LLC; Owner; 06/2023 - Present • Millerbernd Wealth Management; Owner/Insurance Agent; 04/2009 – Present • RiverCrest Financial Group; Co-Owner; 08/2009 – 06/2023 • Harbour Investments, Inc.; Registered Representative; 05/2017 – 12/2021 Investment Advisor Representative/Registered • Voya Financial Advisors; Representative; 11/2005 – 05/2017 • Hogan, Millerbernd & Associates; Co-Owner; 07/2009 – 12/2016 • Income Planning Group; Financial Advisor; 10/2005 – 06/2008 Investment Corp; Investment Advisor Financial Representative/Registered Representative; 07/1999 – 10/2005 None to report. Network Item 3 Disciplinary Information Criminal or Civil Action: Administrative Proceeding: Self-Regulatory Proceeding: Item 4 Other Business Activities None to report. None to report. Managing Member Nathan Millerbernd is also an insurance agent. Approximately 1% of Mr. Millerbernd’s time is spent in this practice. From time to time, he will offer clients advice or products from those activities. These practices represent conflicts of interest because it gives Mr. Millerbernd an incentive to recommend products based on the commission amount received. This conflict is mitigated by disclosures, procedures, and the firm’s Fiduciary obligation to place the best interest of the client first and clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent of their choosing. Nathan Millerbernd has passive ownership in farmland under the business name: Greenfield Harvest, LLC. He is also the owner of Millerbernd Holdings LLC, a holding company for his condo ownership and N8 Vacation Properties, LLC for his short term vacation property. - 13 - MWM Wealth Advisory, LLC  Nathan Millerbernd does not solicit, nor engage any clients in these businesses. Therefore, Item 5 Additional Compensation there is no conflict of interest to disclose. Nathan D. Millerbernd does receive additional compensation for his insurance services. Mr. Item 6 Supervision Millerbernd does not receive any performance based fees. Nathan D. Millerbernd is the owner of MWM Wealth Advisory, LLC; therefore he is responsible for all supervision, formulation and monitoring of investment advice offered to clients. He will adhere to the policies and procedures as describe in the firm’s Compliance Manual. can be contacted by telephone at: 763-478-9934 or via email at: He nate@mwm4wealth.com. - 14 - MWM Wealth Advisory, LLC