PHYSICIAN WEALTH SOLUTIONS

Item 1 – Cover Page Physician Wealth Solutions Inc. d/b/a Physician Wealth Solutions 3844 Andorian Avenue North Las Vegas, NV 89084 404-386-7641 www.physicianwealthsolutions.com setu@financialplannerfordoctors.com Date of Brochure: February 9, 2026 ______________________________________________________________________ This brochure provides information about the qualifications and business practices of Physician Wealth Solutions Inc. d/b/a Physician Wealth Solutions. If you have any questions about the contents of this brochure, please contact us at 404-386-7641 or setu@financialplannerfordoctors.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Physician Wealth Solutions Inc. is also available on the SEC’s website at www.adviserinfo.sec.gov. The searchable IARD/CRD number for Physician Wealth Solutions Inc. is 151570. Physician Wealth Solutions Inc. is a Registered Investment Adviser. Registration with the United States Securities and Exchange Commission or any state securities authority does not imply a certain level of skill or training. 1  Item 2 – Material Changes Physician Wealth Solutions Inc.'s Brochure has been updated with the following material changes that have occurred since the last required annual update of our brochure in February 2025: 1. The firm has updated the Client Assets Managed by Physician Wealth Solutions Inc. Please refer to Item 4 – Advisory Business for more specific information. 2  Item 3 – Table of Contents Table of Contents ITEM 1 – COVER PAGE ......................................................................................................................... 1 ITEM 2 – MATERIAL CHANGES ............................................................................................................. 2 ITEM 3 – TABLE OF CONTENTS ............................................................................................................. 3 ITEM 4 – ADVISORY BUSINESS ............................................................................................................. 6 A. DESCRIPTION OF THE ADVISORY FIRM ........................................................................................................ 6 B. TYPES OF ADVISORY SERVICES ................................................................................................................. 6 Investment Management Services ..................................................................................................... 6 Assets Under Advisement / Held-Away Asset Services ....................................................................... 7 Financial Planning Services .............................................................................................................. 7 Retirement Plan Consulting Services ................................................................................................. 7 IRA Rollover Recommendations ........................................................................................................ 9 C. TAILORING OF ADVISORY SERVICES ......................................................................................................... 10 D. PARTICIPATION IN WRAP FEE PROGRAMS ................................................................................................. 10 E. CLIENT ASSETS MANAGED BY PHYSICIAN WEALTH SOLUTIONS INC. ................................................................. 10 ITEM 5 – FEES AND COMPENSATION .................................................................................................. 10 A. FEE SCHEDULES ................................................................................................................................. 11 Investment Management Services for Individuals and Families ......................................................... 11 Asset-Based Advisory Fee Schedule ................................................................................................ 11 Fixed Annual Advisory Fee .............................................................................................................. 12 Financial Planning Services ............................................................................................................ 12 Retirement Plan Services ................................................................................................................ 13 Fee Reasonableness ...................................................................................................................... 13 B. FEE PAYMENT OPTIONS ........................................................................................................................ 14 C. OTHER FEES AND CHARGES .................................................................................................................. 14 D. REFUNDS AND TERMINATION ................................................................................................................. 14 E. COMPENSATION FOR THE SALE OF SECURITIES OR OTHER INVESTMENT PRODUCTS .............................................. 15 ITEM 6 – PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENT ........................................... 15 ITEM 7 – TYPES OF CLIENTS ............................................................................................................... 15 Minimum Investment Amounts ....................................................................................................... 15 ITEM 8 – METHODS OF ANALYSIS, INVESTMENT STRATEGIES, AND RISK OF LOSS ................................ 16 A. METHODS OF ANALYSIS AND INVESTMENT STRATEGIES ................................................................................. 16 B. RISK OF LOSS .................................................................................................................................... 17 C. PRIMARILY RECOMMEND A PARTICULAR TYPE OF SECURITY ........................................................................... 18 ITEM 9 – DISCIPLINARY INFORMATION .............................................................................................. 18 A. CRIMINAL OR CIVIL ACTIONS ................................................................................................................. 18 B. ADMINISTRATIVE PROCEEDINGS ............................................................................................................. 18 3  C. SELF-REGULATORY ORGANIZATION PROCEEDINGS ..................................................................................... 18 ITEM 10 – OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS .............................................. 18 A. BROKER-DEALER REGISTRATION ............................................................................................................. 18 B. REGISTRATION AS A FUTURES COMMISSION MERCHANT, COMMODITY POOL OPERATOR, OR COMMODITY TRADING ADVISOR .............................................................................................................................................. 19 C. OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONS ........................................................................... 19 D. SELECTION OF OTHER ADVISERS ............................................................................................................ 19 E. OTHER BUSINESS ACTIVITIES ................................................................................................................. 19 ITEM 11 – CODE OF ETHICS, PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS, AND PERSONAL TRADING.......................................................................................................................................... 20 A. CODE OF ETHICS ................................................................................................................................ 20 B. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS ................................................................................ 20 C. PERSONAL SECURITIES TRADING ............................................................................................................ 20 D. TRADING AT OR ABOUT THE SAME TIME AS CLIENT TRANSACTIONS ................................................................... 21 ITEM 12 – BROKERAGE PRACTICES .................................................................................................... 21 A. SELECTION OF BROKERAGE FIRMS .......................................................................................................... 21 Schwab Institutional Relationship and Conflicts of Interest ............................................................... 22 Soft Dollar Practices ....................................................................................................................... 22 Directed Brokerage ........................................................................................................................ 22 B. TRADING PRACTICES AND AGGREGATION OF ORDERS .................................................................................. 22 ITEM 13 – REVIEW OF ACCOUNTS ...................................................................................................... 23 A. PERIODIC REVIEWS ............................................................................................................................. 23 B. REVIEW TRIGGERS .............................................................................................................................. 23 C. REPORTS AND STATEMENTS .................................................................................................................. 24 ITEM 14 – CLIENT REFERRALS AND OTHER COMPENSATION ............................................................... 24 A. ECONOMIC BENEFITS PROVIDED BY THIRD PARTIES ..................................................................................... 24 B. COMPENSATION FOR CLIENT REFERRALS .................................................................................................. 24 ITEM 15 – CUSTODY .......................................................................................................................... 24 Fee Deduction Authority ................................................................................................................. 24 Standing Letters of Authorization (SLOAs) ........................................................................................ 25 Qualified Custodian and Account Statements .................................................................................. 25 ITEM 16 – INVESTMENT DISCRETION ................................................................................................. 26 ITEM 17 – VOTING CLIENT SECURITIES .............................................................................................. 26 ITEM 18 – FINANCIAL INFORMATION .................................................................................................. 26 A. BALANCE SHEET ................................................................................................................................. 26 B. FINANCIAL CONDITION ........................................................................................................................ 27 C. BANKRUPTCY .................................................................................................................................... 27 FORM ADV PART 2B BROCHURE SUPPLEMENT .................................................................................. 28 4  ITEM 2 – EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE..................................................................... 28 ITEM 3 – DISCIPLINARY INFORMATION .......................................................................................................... 29 ITEM 4 – OTHER BUSINESS ACTIVITIES .......................................................................................................... 29 ITEM 5 – ADDITIONAL COMPENSATION ......................................................................................................... 29 ITEM 6 – SUPERVISION ............................................................................................................................. 29 5  Item 4 – Advisory Business A. Description of the Advisory Firm Physician Wealth Solutions Inc. (“PWS”) is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). PWS is a fee-only investment advisory and financial planning firm. PWS conducts business under the name Physician Wealth Solutions. PWS was established in September 2013. The firm is owned and controlled by its principal, Setu Mazumdar. B. Types of Advisory Services PWS provides the following primary advisory services: Investment management services for individuals and families • • Financial planning services for individuals and families • Retirement plan consulting services for retirement plan sponsors and plan participants More detailed information regarding fees and compensation for these services is provided in Item 5 – Fees and Compensation. Investment Management Services PWS provides discretionary investment management services to individuals and families. Investment management services include the ongoing and continuous supervision of client investment portfolios held in accounts mutually agreed upon by the client and PWS. These accounts may include, but are not limited to, taxable brokerage accounts, traditional IRAs, Roth IRAs, SEP IRAs, and other retirement and investment accounts. Clients grant PWS discretionary authority to manage their accounts, which allows PWS to determine the securities to be bought or sold, the amount of securities to be bought or sold, and the timing of such transactions, without obtaining prior client approval for each transaction. Clients may impose reasonable restrictions on the management of their accounts, which must be provided to PWS in writing. PWS primarily constructs and manages portfolios using broadly diversified mutual funds and exchange-traded funds (“ETFs”). These investments are designed to provide diversified exposure across asset classes, with an emphasis on cost efficiency, tax awareness, and long-term risk-adjusted returns. PWS does not engage in frequent trading or short-term speculation. 6  Assets Under Advisement / Held-Away Asset Services At a client’s request, PWS provides advisory services with respect to assets that are not directly managed by PWS and are held at unaffiliated custodians (“held-away assets”). These assets may include, but are not limited to, employer-sponsored retirement plans (such as 401(k) or 403(b) plans), 529 education savings plans, annuities, trusts, or accounts held at other financial institutions. For held-away assets, PWS provides advice, monitoring, and recommendations and may incorporate such assets into the client’s overall financial plan or asset allocation. PWS does not have authority to execute transactions in held-away accounts. The client remains solely responsible for implementing any recommendations related to such accounts. Financial Planning Services Financial planning services are provided to clients as part of PWS’s overall advisory relationship and are included under the client’s advisory agreement. PWS does not offer financial planning as a standalone service separate from its investment advisory services. Financial planning services may include, but are not limited to, analysis and recommendations related to retirement planning, investment strategy, cash flow and savings planning, tax planning strategies, insurance planning, education funding, estate planning considerations, and other financial matters. The scope and depth of financial planning services provided will vary based on the client’s individual needs, goals, and preferences. While financial planning services are available to all clients, clients determine whether and to what extent they wish to engage in financial planning discussions or analyses. Some clients may primarily seek investment management services with limited financial planning support, while others may engage in more comprehensive planning. Financial planning services are not separately billed and are included as part of the advisory fee described in Item 5 – Fees and Compensation. Recommendations provided as part of financial planning services are based on information provided by the client and may require coordination with other professional advisors, such as accountants or attorneys. PWS does not provide legal or tax advice. Retirement Plan Consulting Services PWS provides retirement plan consulting services to retirement plan sponsors and, in certain circumstances, to individual participants in employer-sponsored retirement plans. 7  Fiduciary Retirement Plan Consulting Services When agreed upon in writing, PWS provides non-discretionary investment advisory services to retirement plan sponsors and acts as a fiduciary under Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (“ERISA”) solely with respect to the provision of investment advice. Such services may include, but are not limited to: • Assistance with the development or review of an Investment Policy Statement (“IPS”) • Recommendations regarding investment options consistent with the plan’s IPS • Ongoing monitoring of plan investment options and performance • Non-discretionary advice regarding asset classes and investment options • Non-discretionary advice regarding Qualified Default Investment Alternatives (“QDIAs”) The plan sponsor retains full responsibility and authority for all investment decisions, including the selection, monitoring, and replacement of investment options. PWS does not: • Exercise discretionary authority or control over plan assets • Act as an ERISA Section 3(38) investment manager • Serve as the plan administrator or trustee • Interpret plan documents or administer the plan Non-Fiduciary Retirement Plan Services PWS may also provide non-fiduciary services to retirement plans, including: • Participant education regarding general investment principles and plan investment options • Assistance with participant enrollment or group education meetings These services are educational in nature and are intended to comply with Department of Labor Interpretive Bulletin 96-1. Such services do not include individualized investment advice unless otherwise agreed upon in writing. Participants are responsible for implementing transactions in their own accounts. The specific services provided to a retirement plan client are detailed in the applicable retirement plan agreement. 8  IRA Rollover Recommendations PWS may provide investment advice to clients regarding whether to maintain assets in an employer-sponsored retirement plan, rollover assets to an individual retirement account (“IRA”), or take a distribution from a retirement plan. When making such recommendations, PWS considers the client’s individual financial circumstances, investment objectives, services available under each option, and other relevant factors. PWS and its supervised persons have a conflict of interest when recommending a rollover from an employer-sponsored retirement plan to an IRA, because PWS may earn advisory fees on assets rolled into an IRA, whereas PWS may not earn advisory fees if the client leaves assets in the employer-sponsored plan. This creates a financial incentive to recommend a rollover. To address this conflict, PWS evaluates rollover recommendations based on the client’s best interest and does not recommend rollovers solely to increase compensation. As part of this evaluation, PWS seeks to ensure that any compensation received in connection with rollover assets is reasonable in light of the services provided, and PWS does not recommend investments or strategies that would result in unreasonable compensation to PWS or its supervised persons. Factors that may be considered in evaluating a rollover recommendation include, but are not limited to: • The investment options available in the employer-sponsored plan compared to those available in an IRA • The services and level of advice available under each option • Applicable fees and expenses, including whether advisory compensation would be reasonable relative to the services provided • The client’s investment objectives, time horizon, and risk tolerance • Distribution flexibility, required minimum distribution considerations, and withdrawal options • Estate planning and beneficiary considerations • The client’s need for ongoing investment management and financial planning services Clients are not required to rollover assets into an IRA managed by PWS and may choose to leave assets in an employer-sponsored plan, rollover assets to an IRA with another adviser or custodian, or take a distribution, subject to applicable taxes and penalties. 9  To the extent PWS provides investment advice to a participant in an ERISA-covered retirement plan regarding whether to maintain assets in the plan, rollover assets to an IRA, or take a distribution, PWS acknowledges that it is acting as a fiduciary with respect to such advice and will act in accordance with applicable fiduciary standards. PWS and its supervised persons agree to act with care, skill, prudence, and diligence under the circumstances then prevailing, based on the client’s objectives, risk tolerance, financial circumstances, and needs, and without placing the financial or other interests of PWS ahead of the client’s interests. PWS does not receive commissions, sales loads, or third-party compensation in connection with rollover recommendations. All compensation received by PWS in connection with rollover assets is limited to the advisory fees described in Item 5 – Fees and Compensation, which are fully disclosed to clients. Clients are encouraged to consider all available options and ask questions before making a rollover decision. C. Tailoring of Advisory Services PWS tailors its advisory services to the individual needs and circumstances of each client. Clients may impose reasonable restrictions on their accounts, including restrictions on specific investments or investment types. PWS gathers information regarding each client’s financial situation, investment objectives, risk tolerance, and time horizon through client discussions and questionnaires. D. Participation in Wrap Fee Programs PWS does not participate in wrap fee programs. E. Client Assets Managed by Physician Wealth Solutions Inc. As of December 31, 2025, Physician Wealth Solutions Inc. managed approximately $298,874,272 in client assets on a discretionary basis. PWS did not manage any client assets on a non-discretionary basis as of that date. Item 5 – Fees and Compensation In addition to the information provided in Item 4 – Advisory Business, this section describes the fees and compensation arrangements for advisory services provided by Physician Wealth Solutions Inc. (“PWS”). 10  A. Fee Schedules Investment Management Services for Individuals and Families PWS provides discretionary investment management services to individuals and families. Advisory fees are charged either as: • An asset-based fee calculated as a percentage of assets under management and advisement, or • A fixed annual advisory fee The applicable fee structure is set forth in the client’s advisory agreement and is determined based on factors such as the size of the client’s portfolio, complexity of the client’s financial situation, scope of services provided, and other relevant considerations. Asset-Based Advisory Fee Schedule Portfolio Value Annual Fee First $1 million 1.0% Next $1 million 0.8% Amounts above $2 million 0.6% Clients are subject to a minimum annual advisory fee. Clients pay the higher of the minimum annual fee or the fee calculated using the asset-based schedule. Both the fee schedule and minimum annual fee are negotiable and disclosed in the client agreement. Portfolio Value is defined as the combined value of investment accounts directly managed by PWS and, when applicable, certain assets under advisement that are not directly managed by PWS (“held-away assets”). Held-away assets may be included in Portfolio Value only when such accounts are electronically connected and reasonably valued through third-party account aggregation services or through other methods mutually agreed upon in writing. Although the client agreement may permit PWS to provide advice on held-away assets, held-away assets are included for fee-calculation purposes only when reliable account data is available. If held-away accounts are not connected or otherwise made available for valuation, such assets are not included in Portfolio Value for billing purposes, even if PWS provides advisory guidance related to those accounts. Clients remain responsible for implementing any recommendations related to held-away assets, as PWS does not have authority to execute transactions in such accounts. 11  Asset-based advisory fees are billed quarterly in advance and calculated using the Portfolio Value as of the last business day of the preceding calendar quarter. If advisory services begin during a calendar quarter, the initial advisory fee is prorated based on the number of days remaining in the quarter and calculated using the Portfolio Value as of the start date of services (or another date agreed upon in writing). Thereafter, fees are billed quarterly in advance as described above. PWS may, in its discretion, agree to charge a lower advisory fee based on factors such as anticipated future assets, longstanding client relationships, or other circumstances. Existing clients may be subject to fee schedules that differ from current schedules. Fixed Annual Advisory Fee In certain cases, PWS offers investment management services for a fixed annual advisory fee rather than an asset-based fee. Fixed fees are negotiated based on factors including, but not limited to, the complexity of the client’s financial situation, number and type of accounts, scope of services, and total assets under management and advisement. Fixed advisory fees are billed quarterly in advance. If advisory services begin during a calendar quarter, the initial quarterly fee is prorated based on the number of days remaining in the quarter. Fixed-fee arrangements may be reviewed periodically and adjusted over time based on changes in the client’s circumstances, scope of services, or complexity of the engagement. Any changes to the fixed advisory fee or other material terms are communicated to the client in writing, in accordance with the client agreement. The advisory relationship may be terminated by either party at any time in accordance with the terms of the client agreement. If advisory fees are paid in advance, any unearned portion of the fee is promptly refunded based on the effective date of termination. Financial Planning Services Financial planning services are included as part of PWS’s investment advisory relationship and are provided pursuant to the client’s advisory agreement. PWS does not offer financial planning as a standalone service. The scope and depth of financial planning services vary based on client needs and preferences. Financial planning services are not separately billed and are included in the advisory fees described above. 12  Retirement Plan Services PWS provides retirement plan consulting services to employer-sponsored retirement plans. Asset-Based Retirement Plan Fees For retirement plan clients billed on an asset-based basis, the annual advisory fee is 0.50% of the total market value of plan assets, subject to a minimum annual fee. Clients pay the higher of the minimum annual fee or the fee calculated based on plan assets. Both the fee and minimum annual fee are negotiable and disclosed in the applicable retirement plan agreement. Retirement plan asset-based fees are billed quarterly in advance and calculated using the plan asset value as of the last business day of the preceding calendar quarter. If services begin during a calendar quarter, the initial fee is prorated based on the number of days remaining in the quarter. Fixed-Fee Retirement Plan Services PWS may also offer retirement plan services for a fixed annual fee. Fixed fees are negotiated based on plan size, complexity, services requested, and other relevant factors. Fixed-fee retirement plan services are billed quarterly in advance and prorated if services begin mid-quarter. Any fee changes must be disclosed in writing and acknowledged by the client prior to becoming effective. The retirement plan advisory relationship may be terminated by either party at any time, in accordance with the terms of the applicable retirement plan agreement. If advisory fees are paid in advance, any unearned portion of the fee is promptly refunded based on the effective date of termination. Fee Reasonableness PWS believes its advisory fees are reasonable in relation to the services provided and comparable to those charged by other investment advisers offering similar services. However, advisory fees charged by PWS may be higher or lower than those charged by other advisers, and lower-cost alternatives may be available. Clients should understand that, in addition to PWS’s advisory fees, they will incur other costs, including mutual fund or ETF expenses and custodial or brokerage charges, which are not paid to PWS. 13  B. Fee Payment Options Advisory fees are billed and deducted on a quarterly basis in advance. For asset-based advisory arrangements, fees are calculated based on the fair market value of the applicable accounts as of the last business day of the prior calendar quarter. For clients who pay a fixed advisory fee, the fee amount is established in advance in the client’s advisory agreement and is billed quarterly in advance, without regard to account value. Advisory fees are deducted directly from client accounts held at qualified custodians. In certain circumstances, including when advisory services involve held-away assets or retirement plan services for which PWS does not have the ability to directly deduct fees from the advised accounts, advisory fees may be deducted from another account designated by the client and held at a qualified custodian. For clients who begin services during a billing period, advisory fees are prorated based on the number of days services are provided during the initial quarter. Clients receive account statements from the qualified custodian(s) reflecting all transactions, including advisory fee deductions. Qualified custodians do not verify the accuracy of advisory fee calculations, and clients are encouraged to review their statements carefully. C. Other Fees and Charges PWS does not receive commissions, referral fees, sales loads, markups, or other transaction-based compensation. PWS does not receive compensation from mutual fund companies, insurance companies, broker-dealers, or custodians. Clients will incur third-party costs associated with investments and custodial services, including mutual fund or ETF expenses and brokerage transaction charges. These fees are not retained by PWS. Please see the Brokerage section of this Form ADV Part 2A for more information on brokerage. D. Refunds and Termination As stated previously, clients are required to pay investment advisory fees in advance. For clients billed based on assets under management, advisory fees are calculated based on the Portfolio Value as of the last business day of the previous calendar quarter. For example, the advisory fee for the second calendar quarter (April 1 through June 30) is based on the Portfolio Value as of March 31. If a client terminates an advisory agreement prior to the end of a billing period, PWS will promptly refund the unearned portion of any prepaid advisory fees, calculated on a pro 14  rata basis based on the number of days remaining in the billing period. For example, if a billing quarter consists of 90 days and the advisory agreement is terminated on day 44 of the quarter, PWS will refund 46/90 of the advisory fee paid for that quarter. Clients may terminate their advisory agreement at any time by providing written notice to PWS. If an advisory agreement is terminated within five (5) business days of execution, the client may terminate the agreement without penalty, and any fees paid will be refunded in full. E. Compensation for the Sale of Securities or Other Investment Products PWS is a fee-only investment adviser. PWS and its supervised persons do not accept compensation for the sale of securities or other investment products and do not receive asset-based sales charges, service fees, commissions, or markups. Item 6 – Performance-Based Fees and Side-By-Side Management Physician Wealth Solutions Inc. (“PWS”) does not charge performance-based fees. Performance-based fees are defined as advisory fees that are based on a share of capital gains or capital appreciation of client assets. Because PWS does not charge performance-based fees, it does not engage in side-by- side management that would create conflicts between accounts charged performance- based fees and accounts charged asset-based or fixed advisory fees. Item 7 – Types of Clients PWS provides investment advisory services to the following types of clients: Individuals and families • • Pension and profit-sharing plans (including retirement plan sponsors and participants) • Trusts, estates, and charitable organizations • Corporations and other business entities Minimum Investment Amounts PWS does not impose a minimum asset level for opening or maintaining an advisory account. However, clients are subject to a negotiable minimum annual advisory fee, which is disclosed in the client’s advisory agreement. 15  The minimum annual advisory fee may be waived or reduced at PWS’s discretion based on factors such as the complexity of the client’s financial situation, anticipated future assets, existing client relationships, or other circumstances. Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss A. Methods of Analysis and Investment Strategies Physician Wealth Solutions Inc. (“PWS”) provides investment advisory services using a long-term, goals-based investment approach. Investment advice is developed based on each client’s financial circumstances, objectives, time horizon, and risk tolerance. PWS’s methods of analysis may include, but are not limited to: • Client Risk Assessment – Evaluating a client’s ability, willingness, and need to take investment risk • Asset Allocation Analysis – Determining an appropriate mix of asset classes designed to align with the client’s objectives and risk profile • Cost and Expense Analysis – Evaluating investment expenses to seek cost- efficient portfolio construction • Diversification Analysis – Reviewing diversification across and within asset classes • Tax Considerations – Considering tax efficiency, including asset location and the use of tax-efficient investment vehicles when appropriate PWS relies on information from a variety of sources in developing investment advice, including financial publications, investment research, academic studies, fund prospectuses and reports, and data provided by custodians and third-party service providers. PWS’s investment philosophy and strategies are guided by the following principles: • Market Efficiency – PWS believes that capital markets reflect available information, making it difficult to consistently outperform the market over long periods through market timing or security selection. Accordingly, PWS does not engage in market timing or short-term trading strategies. • Asset Allocation Emphasis – PWS believes asset allocation is a primary driver of long-term portfolio outcomes and focuses on constructing portfolios aligned with client objectives rather than attempting to select individual securities. • Risk and Return Tradeoff – Higher expected returns are associated with higher levels of risk. PWS seeks to align portfolio risk with the client’s tolerance and financial goals. • Broad Diversification – Portfolios are diversified across multiple asset classes and regions to reduce concentration risk. 16  • Passive and Rules-Based Investing – PWS recommends broadly diversified mutual funds and exchange-traded funds (“ETFs”), including index and asset- class-based funds. • Cost Efficiency – PWS seeks to minimize investment expenses and transaction costs over time. • Portfolio Monitoring and Rebalancing – Client portfolios are monitored and periodically rebalanced to maintain alignment with target allocations. • Tax-Aware Portfolio Management – For taxable accounts, PWS considers tax efficiency, including asset location and the use of tax-efficient investment vehicles when appropriate. Investing in securities involves risk of loss, including the possible loss of principal, and clients should be prepared to bear such losses. PWS does not guarantee investment results and does not assure that any investment strategy will be successful. B. Risk of Loss Investing in securities involves risk of loss. Clients should be prepared to bear investment losses, including the possible loss of principal. Past performance is not indicative of future results, and no assurance can be given that any investment objective will be achieved. The investment strategies and methods of analysis used by PWS involve various risks, including but not limited to: • Market Risk – The risk that market values will decline due to economic, political, or other factors. • Asset Allocation Risk – Asset allocation decisions limit participation in certain • market segments that perform better than others. Interest Rate Risk – Rising interest rates negatively affect the value of fixed- income investments. Inflation Risk – Inflation erodes the purchasing power of investment returns. • • Reinvestment Risk – Income from investments is reinvested at lower rates of return. • Currency Risk – International investments affected by changes in foreign currency exchange rates. • Political and Regulatory Risk – Domestic or foreign political or regulatory changes negatively impact investments. • Liquidity Risk – Some investments are difficult to sell at favorable prices or within a reasonable time frame. • Manager Risk – Investment results depend on the effectiveness of fund managers or index methodologies. • Tracking Error Risk – Index-based investments do not perfectly track their underlying benchmarks. 17  • ETF and Mutual Fund Risk – Clients bear their proportionate share of fund expenses and are subject to the risks of the underlying securities held by the fund. ETFs also incur brokerage costs. There can be additional risks associated with specific investments or market conditions that are not described above. C. Primarily Recommend a Particular Type of Security PWS recommends mutual funds and exchange-traded funds (“ETFs”), including index and asset-class-based funds. These investment vehicles are subject to the risks described above, as well as the risks inherent in the underlying securities they hold. Item 9 – Disciplinary Information A. Criminal or Civil Actions Physician Wealth Solutions Inc. and its managers have never been found guilty, convicted or plead no contest to a criminal or civil action in a domestic, foreign or military court. B. Administrative Proceedings Physician Wealth Solutions Inc. and its management personnel have not been the subject of any administrative proceedings before the U.S. Securities and Exchange Commission, any state or federal regulatory agency, or any foreign financial regulatory authority that resulted in sanctions, limitations, or restrictions on investment-related activities. C. Self-Regulatory Organization Proceedings Physician Wealth Solutions Inc. and its management personnel have not been involved in any disciplinary actions by any self-regulatory organization that resulted in sanctions, suspensions, limitations, or restrictions related to investment-related activities. Item 10 – Other Financial Industry Activities and Affiliations A. Broker-Dealer Registration Physician Wealth Solutions Inc. (“PWS”) and its supervised persons are not registered as broker-dealers and are not registered representatives of a broker-dealer. 18  B. Registration as a Futures Commission Merchant, Commodity Pool Operator, or Commodity Trading Advisor PWS and its supervised persons are not registered as futures commission merchants, commodity pool operators, commodity trading advisors, or associated persons of such entities. C. Other Financial Industry Activities and Affiliations PWS does not maintain any relationship or arrangement that is material to its advisory business or to clients with any broker-dealer, investment company, pooled investment vehicle, other investment adviser, bank, insurance company, accounting firm, law firm, pension consultant, real estate broker or dealer, or sponsor or syndicator of limited partnerships that would create a material conflict of interest. Succession and Continuity Arrangement PWS has entered into a succession and continuity arrangement with Focus Wealth Partners, pursuant to which Focus Wealth Partners may serve as a potential successor adviser in the event of certain unforeseen circumstances affecting PWS. This arrangement is intended to provide continuity of advisory services to clients and does not involve any ongoing compensation, referral fees, or revenue sharing during normal operations. Clients are not obligated to transition their accounts to any successor adviser and may choose another adviser at their discretion. Additional information regarding this arrangement is available upon request. D. Selection of Other Advisers PWS may recommend or coordinate with unaffiliated investment advisers or other professionals when appropriate for a client’s needs. PWS does not receive compensation, directly or indirectly, for recommending other investment advisers or service providers. E. Other Business Activities PWS’s principal devotes all professional time to the investment advisory business of PWS. Neither PWS nor its principal is engaged in any other business activities that are material to this advisory business. 19  Item 11 – Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading A. Code of Ethics Physician Wealth Solutions Inc. (“PWS”) has adopted a Code of Ethics pursuant to Rule 204A-1 under the Investment Advisers Act of 1940. PWS’s Code of Ethics is based on the principle that PWS and its supervised persons owe a fiduciary duty to clients and must place clients’ interests ahead of their own. The Code of Ethics includes, among other things: • Standards of business conduct reflecting PWS’s fiduciary obligations • Requirements that supervised persons comply with applicable federal and state securities laws • Policies governing personal securities transactions and reporting of personal securities holdings and transactions • Requirements that supervised persons report violations of the Code of Ethics to the Chief Compliance Officer • Procedures requiring supervised persons to receive a copy of the Code of Ethics and acknowledge receipt A copy of the Code of Ethics is available to clients and prospective clients upon request. B. Participation or Interest in Client Transactions PWS does not buy or sell securities for client accounts in which PWS or its supervised persons have a material financial interest. PWS and its supervised persons do not engage in principal transactions or agency cross transactions with client accounts. C. Personal Securities Trading PWS and its supervised persons may buy or sell securities for their personal accounts that are also recommended to, or purchased or sold for, client accounts. This practice creates a potential conflict of interest because supervised persons could benefit from owning securities that are also recommended to clients. To address this conflict, PWS has adopted policies and procedures under its Code of Ethics designed to reasonably ensure that client interests are placed first. These policies include monitoring and review of personal securities transactions and holdings, as well as ongoing oversight for potential conflicts between personal trading and client activity. These controls are intended to ensure that personal trading is conducted in a manner consistent with PWS’s fiduciary obligations. 20  D. Trading at or About the Same Time as Client Transactions PWS and its supervised persons may buy or sell securities in their personal accounts at or about the same time that PWS recommends, purchases, or sells the same securities for client accounts. This practice creates a potential conflict of interest because personal trades could be executed before or alongside client transactions. PWS addresses this conflict through its Code of Ethics and supervisory procedures, which are designed to reasonably ensure that client transactions receive priority over personal transactions. Personal trading activity is subject to review by the Chief Compliance Officer, and PWS seeks to prevent practices such as front-running or other improper use of information regarding client trading activity. Item 12 – Brokerage Practices This section describes the brokerage practices of Physician Wealth Solutions Inc. (“PWS”) and supplements the information provided in Item 5 – Fees and Compensation. A. Selection of Brokerage Firms PWS recommends that clients maintain their investment accounts at Charles Schwab & Co., Inc. (“Schwab”), a registered broker-dealer and member of FINRA and SIPC. Schwab typically serves as custodian and executing broker for client accounts. Clients are not required to use Schwab and may direct PWS to use a different broker- dealer or custodian. However, directing brokerage may result in higher transaction costs, less favorable execution, or limitations on available investment products or services. In recommending a broker-dealer or custodian, PWS considers a variety of factors, including, but not limited to: • Quality and reliability of trade execution • Overall costs of execution and custody • Financial strength and stability • Availability of investment products and services • Technology, reporting, and operational support • Ability to deduct advisory fees from client accounts • Responsiveness and service PWS seeks to recommend broker-dealers that provide best execution, which means execution of securities transactions in a manner PWS reasonably believes is in the client’s best interest, considering the totality of the circumstances. 21  Schwab Institutional Relationship and Conflicts of Interest Schwab provides PWS with access to institutional brokerage and custody services, including custody of client assets, execution of securities transactions, trade confirmation and account statements, practice management support, research, and access to technology platforms. These services are provided to PWS at no direct cost and are available to other investment advisers that maintain a relationship with Schwab. The commissions charged by Schwab can be higher than the commissions charged by a broker-dealer that does not provide research and execution services. Any research or other services provided to PWS by Schwab are used to service all client accounts. As a result of this relationship, PWS has an incentive to recommend Schwab as custodian and broker-dealer, which presents a potential conflict of interest. PWS addresses this conflict by evaluating Schwab’s services based on the overall value and quality provided to clients and by not allowing these benefits to affect trade execution decisions. PWS does not receive commissions, transaction-based compensation, referral fees, or any portion of the brokerage commissions charged by Schwab. PWS believes that Schwab’s services, pricing, and execution capabilities are reasonable and in the best interests of clients. Soft Dollar Practices PWS does not participate in formal soft-dollar arrangements as defined under Section 28(e) of the Securities Exchange Act of 1934. PWS does not use client brokerage commissions to obtain research or other products or services. Any non-research benefits received from Schwab are used to support PWS’s overall advisory business and benefit all client accounts. PWS does not attempt to allocate such benefits to specific client accounts based on trading activity. Directed Brokerage Clients may direct PWS to use a broker-dealer other than Schwab. However, directed brokerage may result in higher transaction costs, less favorable execution, or reduced access to certain investment products or services. PWS will follow a client’s direction to the extent reasonably practicable but cannot guarantee best execution under directed brokerage arrangements. B. Trading Practices and Aggregation of Orders PWS places trades for client accounts on an individual basis and may aggregate orders for multiple client accounts when it determines that aggregation is consistent with its duty to seek best execution and is fair and equitable to clients. 22  When orders are aggregated, trades are allocated among participating accounts in a manner PWS believes is equitable over time. Allocations are generally based on account size or other relevant factors and are not based on account performance or fee structure. Accounts owned by PWS or its supervised persons may participate in aggregated transactions alongside client accounts. Such participation is conducted in accordance with PWS’s Code of Ethics, and PWS does not give preferential treatment to proprietary or personal accounts. Item 13 – Review of Accounts A. Periodic Reviews Client investment accounts are monitored on an ongoing basis as part of PWS’s discretionary portfolio management services. PWS conducts a review of each client’s investment account and overall portfolio at least annually. This review generally includes evaluation of asset allocation, investment objectives, risk tolerance, cash flows, and overall financial circumstances. Portfolio rebalancing is typically performed in connection with this review. In addition, financial planning matters are reviewed periodically, and for most clients are reviewed at least annually as part of the ongoing advisory relationship. Financial plan reviews may include, as applicable, a review of cash flow, retirement planning assumptions, tax considerations, insurance planning, education funding, estate planning coordination, and other client-specific planning topics. The timing and scope of financial plan reviews may vary based on client needs, preferences, and changes in circumstances. All periodic account and financial plan reviews are conducted by Setu Mazumdar, President and Investment Adviser Representative of PWS. B. Review Triggers In addition to periodic annual reviews, client accounts are reviewed on an event-driven basis when certain factors occur. These factors may include, but are not limited to: • New contributions or deposits • Dividends or interest paid in cash • Withdrawal requests or distributions • Changes in account structure or holdings • Other client-initiated requests or material changes in circumstances 23  When such events occur, PWS reviews the affected account(s) to determine appropriate investment allocation, reinvestment decisions, or funding sources for withdrawals consistent with the client’s overall strategy. C. Reports and Statements Clients receive account statements at least quarterly directly from the qualified custodian holding their assets. These statements reflect account activity, holdings, and values. PWS does not provide formal written performance reports independent of custodian statements. Item 14 – Client Referrals and Other Compensation A. Economic Benefits Provided by Third Parties PWS does not receive economic benefits, sales awards, or other compensation from third parties in connection with providing investment advice to clients. B. Compensation for Client Referrals PWS does not compensate any person or entity for client referrals and does not participate in referral fee arrangements. Item 15 – Custody Physician Wealth Solutions Inc. (“PWS”) does not maintain physical custody of client funds or securities. Client assets are held with qualified custodians in accounts maintained in the client’s name. However, under applicable regulations, an investment adviser is deemed to have custody when it has access to, or control over, client funds or securities, even if the adviser does not physically hold those assets. Fee Deduction Authority PWS is deemed to have custody of client funds solely because it has authority to deduct advisory fees directly from client accounts held at qualified custodians, pursuant to written client authorization. 24  Clients receive account statements at least quarterly directly from the qualified custodian showing all transactions, including advisory fee deductions. Clients are urged to review these statements carefully and to compare them with any information provided by PWS. Standing Letters of Authorization (SLOAs) In certain cases, clients may grant PWS standing authority to disburse funds from their accounts to a designated third party pursuant to a standing letter of authorization (“SLOA”). PWS’s authority under any SLOA is limited to directing transfers in accordance with the client’s written instructions. PWS does not have authority to designate or change the recipient, amount, or timing of such transfers, except as expressly authorized by the client. PWS relies on safeguards established by the qualified custodian and consistent with guidance provided by the U.S. Securities and Exchange Commission in its February 2017 no-action letter regarding the Custody Rule, including the following: • The client provides written instructions to the qualified custodian specifying the recipient and transfer details • The client authorizes PWS, in writing, to direct transfers in accordance with those instructions • The qualified custodian verifies the client’s authorization and provides notice to the client after each transfer • The client retains the ability to revoke or amend the authorization at any time • PWS does not have the ability to change the designated recipient or related instructions • PWS maintains records confirming that the recipient is not a related party of PWS or located at the same address as the investment adviser • The qualified custodian provides an initial notice and periodic reconfirmation of the standing instructions to the client Qualified Custodian and Account Statements All client funds and securities are maintained at qualified custodians in accounts established under the client’s name. Clients or their authorized representatives direct the opening of accounts and receive statements directly from the qualified custodian. Clients with questions regarding their account statements should contact the qualified custodian or PWS. 25  Item 16 – Investment Discretion PWS accepts discretionary authority to manage client investment accounts. When acting on a discretionary basis, PWS determines the securities to be purchased or sold, the amount of securities to be bought or sold, and the timing of such transactions, consistent with the client’s investment objectives and the terms of the advisory agreement. Prior to accepting discretionary authority, PWS discusses with each client the parameters of portfolio management, including target asset allocation, rebalancing practices, and any client-specific considerations. Clients may impose reasonable restrictions on the management of their accounts, such as prohibiting certain securities or investment types, and PWS will honor such restrictions when agreed upon in writing. Clients are required to execute an advisory agreement and provide appropriate trading authorization before PWS exercises discretionary authority. PWS does not take physical custody of client assets. In limited circumstances, PWS may provide non-discretionary investment advice, in which case the client retains responsibility for approving and implementing investment decisions. Item 17 – Voting Client Securities PWS does not vote proxies on behalf of clients and does not provide ongoing proxy voting services. Proxy materials are sent directly to clients by the custodian or issuer. Clients may contact PWS with questions regarding proxy matters, but clients retain full responsibility for voting proxies and responding to proxy solicitations. Item 18 – Financial Information A. Balance Sheet PWS does not require or solicit prepayment of advisory fees of more than $1,200 per client, six months or more in advance. Accordingly, PWS is not required to include a balance sheet in this Disclosure Brochure. 26  B. Financial Condition PWS is not aware of any financial condition that is reasonably likely to impair its ability to meet contractual commitments to clients. C. Bankruptcy PWS has not been the subject of a bankruptcy petition at any time. 27  Form ADV Part 2B Brochure Supplement Setu Mazumdar, MD, CFP®, RICP®, AIF® Physician Wealth Solutions, Inc. 3844 Andorian Avenue North Las Vegas, NV 89084 404-386-7641 Date of Supplement: February 6, 2026 This brochure supplement provides information about Setu Mazumdar that supplements the Physician Wealth Solutions, Inc. (“PWS”) brochure. You should have received a copy of that brochure. Please contact Setu Mazumdar at 404-386- 7641 or via email at setu@financialplannerfordoctors.com if you did not receive the PWS brochure or if you have any questions about the contents of this supplement. Additional information about Setu Mazumdar is available on the SEC’s website at www.adviserinfo.sec.gov. Item 2 – Educational Background and Business Experience Setu Mazumdar, MD, CFP®, RICP®, AIF® Year of Birth: 1974 Educational Background: • Bachelor of Arts in Biology, Johns Hopkins University (1994) • Doctor of Medicine (MD), Johns Hopkins School of Medicine (1998) • Residency in Emergency Medicine, Medical College of Pennsylvania (2001) • CERTIFIED FINANCIAL PLANNER™ (CFP®) • Retirement Income Certified Professional® (RICP®) • Accredited Investment Fiduciary® (AIF®) The CERTIFIED FINANCIAL PLANNER™ (CFP®) designation is awarded by the CFP Board to individuals who meet education, examination, experience, and ethical requirements and who agree to comply with ongoing continuing education and ethical standards. 28  The Retirement Income Certified Professional® (RICP®) designation is awarded by The American College of Financial Services to individuals who complete required coursework and examinations focused on retirement income planning and who meet experience and ethical requirements. The Accredited Investment Fiduciary® (AIF®) designation is awarded by the Center for Fiduciary Studies® (Fi360) to individuals who demonstrate knowledge of fiduciary responsibility and who agree to adhere to fiduciary standards and continuing education requirements. Business Experience: ● Physician Wealth Solutions, Inc. – President and Investment Adviser Representative (September 2013 – Present) ● Lotus Wealth Solutions, Inc. – President (August 2009 – September 2013) ● East Cobb Urgent Care – Emergency Medicine Physician (November 2009 – September 2013) ● Physicians Immediate Med – Emergency Medicine Physician (February 2009 – November 2009) ● Wellstar Health Systems – Emergency Medicine Physician (July 2001 – February 2009) Item 3 – Disciplinary Information Setu Mazumdar has no legal or disciplinary events to report. Item 4 – Other Business Activities Setu Mazumdar is not actively engaged in any other business activities. Item 5 – Additional Compensation Setu Mazumdar does not receive any economic benefit, sales awards, or other compensation for providing investment advice to clients other than the advisory fees paid to PWS as described in the firm’s Disclosure Brochure. Item 6 – Supervision Setu Mazumdar is the President and Chief Compliance Officer of Physician Wealth Solutions, Inc. As a solo adviser and sole owner of the firm, he is responsible for the development, implementation, and oversight of the firm’s compliance program and for 29  supervising advisory activities. PWS maintains written compliance and supervisory procedures designed to ensure compliance with applicable securities laws and regulations. These procedures are reviewed at least annually. Setu Mazumdar can be contacted regarding supervision or compliance matters at (404) 386-7641. 30