MWA Financial Services, Inc., is a wholly owned subsidiary of Modern Woodmen of America, Inc. (MWA). Modern Woodmen of America is the principal owner of MWAFS. It was established in the state of Illinois as a broker/dealer in 2001 and became a registered investment adviser in February 2004. MWAFS is a registered investment adviser with the Securities and Exchange Commission (SEC) and also a broker/dealer with the Financial Industry Regulatory Authority (FINRA). A supervised person is a partner, officer, director, or employee of the firm, or other person who provides investment advice on behalf of the firm and is subject to the supervision and control of the firm. Supervised persons with MWAFS are able to be associated with the firm not only as an investment adviser representative (IAR), but also as a registered representative (RR). As a RR, the supervised person can receive a commission related to transactions of investment products. RRs are able to sell proprietary or non-proprietary annuity products, mutual funds, and general securities. However, not all representatives are licensed to offer or sell all the securities products available through MWAFS. As an IAR, the supervised person can receive a fee based on the amount of assets in the client’s account. MWAFS refers to these advisory accounts as managed accounts. These include adviser managed and third-party managed accounts. The IAR can also provide investment adviser services for a fee. As an RIA, MWAFS offers the following products and services: Investment Adviser Services for a flat or hourly fee Adviser Managed Accounts  Adviser Managed Employer Sponsored Retirement plans Third-Party Managed Accounts Information on adviser managed and third-party managed accounts is described in the separate MWAFS Managed Account Brochure. Clients can obtain a copy of the MWAFS brochures by contacting the IAR or MWAFS. Information on investment adviser services and other approved products or services are described in more detail in the following sections. Investment Adviser Services for a Fee The MWAFS Client Advisory Agreement and Client Information Form will be completed and signed by the client and IAR to establish the investment adviser services fee arrangement with MWAFS. The client will be asked to furnish for review, certain records and documents in order to complete the investment adviser services. These documents include, but are not limited to, tax returns, current financial documents including W2s or 1099s, information on current retirement plans and insurance provided by client's employer, mortgage information, insurance policies, statements reflecting current investments in client's retirement and non-retirement accounts, copies of client's wills or trusts and other documents that are deemed pertinent. Investment adviser services for a fee are recommendations only and do not include securities transactions by the IAR. Securities transactions would need to be executed in a separate account that may or may not be held with MWAFS. Therefore, the client can impose restrictions on investing in certain securities or types of securities in the separate account. Services offered through an MWAFS Client Advisory Agreement are investment advisory only. The IAR’s registration with MWAFS does not qualify the individual to provide any legal, accounting, estate, actuary, or tax advice, or to prepare any legal, accounting or tax documents under the MWAFS Client Advisory Agreement. Any information related to tax considerations affecting the client’s financial arrangements or transactions is not intended to be tax advice and should not be relied on as such. The client should rely on his or her tax attorney or accountant for tax advice or tax preparation. Even if reports are received by the client from MWAFS or the IAR to assist the client in preparing tax returns, the reports do not represent the advice or approval of tax professionals. Other professional services offered by MWAFS IARs as an Outside Business

Activity are not covered under the MWAFS Client Advisory Agreement, or any other arrangement with MWAFS. This includes but is not limited to professional accounting or tax services and legal services. If such services are provided by the individual representative, these services are not provided by MWAFS or under the MWAFS Client Advisory Agreement and are to be billed away and separate from investment advisory services offered through MWAFS. Upon receipt of all applicable documents, the IAR will make recommendations based on client's current situation, expectations and investment objectives, as well as investment time horizon. The client's risk tolerance (or ability to live comfortably with risk in association with client's investments) will be taken into account. A written plan will then be presented to the client along with an outline of recommendations regarding the client's current financial situation, as well as suggested steps to help the client reach his/her investment goals. Investment adviser services can cover, but is not limited to, any or all of the following areas:
• Retirement planning
• Education planning
• Asset allocation
• Estate planning
• Special needs planning
• Asset management
• Insurance needs analysis
• Other areas of importance to the client Investment adviser services chosen by the client can be “comprehensive” or “modular” in structure. Comprehensive advice would focus on all areas listed that are pertinent to the client. Modular advice would focus on only one or two areas of particular interest, such as retirement or education planning. The investment adviser services can include specific financial and investment strategies, as well as specific product recommendations, including equity, fixed income and insurance products. Investment adviser services will also include, but is not limited to, the following areas depending on the client’s needs and situation:
•Data Collection
•Plan Development
•Review of all investment accounts
•Presentation and Recommendations In all matters, the IAR’s planning services are analytical and advisory only and do not include legal or other professional services unless specifically stated. The IAR is able to work with client’s legal, accounting, insurance or other professional advisers to ensure the coordination of all pieces involved in the investment adviser services process as directed by the client. The IAR will rely upon information received from these professionals but is not required to verify the accuracy of any such information. If securities accounts or other products are recommended and implemented as part of the investment adviser services, commissions or fees will be assessed from the sale of the products recommended during the process. The commissions or fees are in addition, but separate, to the investment adviser services fee. Commissions or fees vary depending on the investment product recommended. Separate paperwork will need to be completed to establish a separate account. Separate accounts can be established with MWA Financial Services or another firm. At no time is the client under any obligation to implement (with MWAFS or with any other firm) any or all of the suggestions as outlined by the IAR. Implementation of recommendations is solely at the client's discretion. While the IAR provides recommendations to assist the client in reaching their stated goals, the decision to act on any recommendation remains with the client. It is the responsibility of the client to notify the IAR of any changes to their financial situation or objectives that impact the focus of the investment adviser services provided by the IAR. Recommendations developed by the IAR are based on the information provided by the client. MWAFS and its IARs cannot guarantee the results of any recommendations. Choosing which recommendation to follow is the client’s decision. Assets under Management As of March 1, 2024, MWAFS managed $235,813,764 of assets on a non-discretionary basis through its investment advisory business.