About Our Firm Capital Investment Advisors, Inc. (CIA) was organized as a District of Columbia corporation on March 12, 1998. The firm is presently registered with the SEC. 2023 will mark CIA’s 25th year in business. The firm is solely owned by its parent company Capital Asset Management Group. CIA is a Registered Investment Advisor. Registration of an Investment Advisor does not imply any level of skill or training. The oral and written communications of an Advisor provide you with information about which you determine to hire or retain an Advisor. Advisory Services Offered CIA provides Financial Consultation Services and Asset Management Services to our clients. Our Financial Consultation Services are tailored to meet the unique needs of each client. These Consultation Services usually commence with the preparation of a financial plan. The scope of our initial financial plan depends upon our Client’s needs and circumstances, and may be offered according to different formats and levels of complexity. In subsequent years, clients may choose to engage us to review and revise these plans and consult on other financial matters that the client may present. We also provide Consultation Services that address a single need our clients may present. Our Asset Management Services may utilize third- party asset managers and solicitation programs or provide discretionary and non-discretionary asset management. We help clients select from among these third-party asset manager and solicitation programs or provide for the continuous supervision of the client’s investment portfolio. Certain third-party asset managers will consent to clients imposing restrictions on particular types of securities. Financial Consultation Services CIA provides financial consultation services which generally take the form of individualized financial planning, and proprietary educational programs through our learning center, the Institute for Financial Independence. When a client’s needs and circumstances warrant, CIA can also provide consultation and analysis services that are designed to resolve a single, unique situation. Clients may also engage CIA to provide plan review, modification, and general financial consultation on an annual basis. Our financial consultation services are collectively known as our Integrated Wealth Management Process (IWMP), which is a three-stage program we have designed to: 1. Educate clients about the financial environment and help them articulate their personal and professional goals to gain an understanding of the purpose of money in their lives. 2. Organize and assess the client’s current financial situation to help integrate and optimize plans and strategies that can be implemented to help achieve their objectives. 3. Validate the ongoing effectiveness of the program’s attainment of its stated objectives, and revise, renew, and recharge the client’s strategic financial planning on a recurring basis. Educational Emphasis: The Introductory Workshop A client’s first exposure to CIA consultation services will focus on familiarization with the financial environment. We will discuss at length how financial strategies and products work, and how they can fail. We will talk about what we believe to be common misconceptions that many people hold about strategies and products, and will attempt to illustrate how an understanding of these misconceptions can have a bearing on whether a client might stand to increase or lose potential wealth. Our goal in this process is to help make the client’s financial environment understandable and transparent so that we might help our client more confidently make informed planning decisions. Our representatives will lead the client through several exercises that have been designed to help the client identify and articulate their view of their personal financial situation. We will help the client to identify what dangers, opportunities, and strengths they see in their current situation, ascertain their personal and financial goals and objectives, and identify the obstacles that prevent the client from realizing their goals. The Goals Driver Conversation The CIA Investment Advisor Representative will next lead the client through conversations about those personal and professional goals and objectives. We will help the client to explore how they might integrate their financial priorities with their personal and professional lives, while creating and implementing financial strategies to help achieve their goals and objectives. We find this clarification process helps define the purpose of wealth in the client’s life and unmask any fears or apprehensions they might have about their financial position. We believe helping a client identify their own factors for success helps them to visualize their ability to achieve that success. Our initial consultation concludes with a discussion about CIA’s financial planning programs. Our representative will help the client to determine which, if any, of the planning programs they may wish to pursue. No personal financial information is disclosed during the initial consultation session, and there is no charge for the client to attend the session. Our Planning Process After completing the initial consultation session, a client may choose to have CIA develop an individualized, Integrated Independence Method (I2M) financial plan tailored to address the client’s unique concerns. We offer three levels of financial planning services, which differ only by the scope, complexity, and cost of each. Our basic level of planning, the Independence Accelerator, has been designed for individuals who are in the stage of life where they are accumulating wealth, and our planning process seeks to provide these clients with strategies and ideas that focus more on the growth of wealth. Our intermediate level of planning, the Independence Planning Pro Program (IPPro), has been designed for those individuals who face the need for distribution strategies for the wealth they have accumulated, or are in between the other service levels offered. For these individuals, our planning process generally seeks to provide tax effective and risk-averse strategies for sustaining the client’s income needs. Our premium level of planning, the Integrated Independence Wealth Management Program, has been designed for those clients who face the need for preserving and transferring their wealth, often situated across a complex financial landscape. For these individuals, our planning process focuses on an in-depth analysis of asset ownership, projected estate taxation, and strategies to help the client preserve the greatest amount of their estate for transfer to their heirs and legacies. Fact Finder Session: Blueprint to Financial Freedom Worksheet Our planning process begins by gathering and documenting information about the client’s investments, assets, and liabilities in order to assess the client’s balance sheet, estate capital, and liquidity needs. This generally leads to a discussion about asset ownership and succession expectations. We document the household’s income, payroll deductions, taxes, and expenses to gain an understanding of cash flow and assess tax exposure. The initial phase of our analysis will also include discussions about the client’s short- term and long-term concerns, an assessment of risk tolerance, and a cataloging and review of the family’s legal and financial documents. Analysis: Identifying Your Inefficiencies Following the initial planning session, our representatives will analyze the information and notes they have obtained from the client meeting to identify efficiencies, inefficiencies, fragmentation, and coordination that may be a part of the client’s current plan. Our representative will seek to identify and evaluate alternative strategies. They will seek realignment of the financial plan’s overall efficacy with the goal of improving the client’s confidence level in being able to achieve their goals and objectives. Our representative will also review the client’s financial products and services to determine if they work collectively and in an integrated manner, and to identify any potential lost opportunity costs or tax inefficiencies. Presentation: The I2M Unique Conversations – Your Personal Financial Plan All our financial planning programs result in a presentation of our representative’s findings to the client. The scope, complexity, and comprehensive nature of the plan will be determined by the financial planning level elected by the client. If our representative discovers unanticipated issues or concerns during the process of preparing the plan, the representative will contact the client to discuss the nature of the finding, discuss options which may or may not result in a higher fee than initially projected, and seek direction from the client before continuing with the plan preparation. During the presentation, our representative will review where components of the client’s existing plan appear to be on target. The representative will also discuss where the existing

plan appears it might fall short of meeting the client’s stated goals and expectations. Our representative will also point out where tax inefficiencies may have been found and where opportunity cost was identified. In presenting these discussions, our representative may rely upon one or more I2M Conversations to help illustrate a topic of consideration. These I2M Conversations are included as a part of the planning process. I2M Four-Step Meeting If inefficiencies or opportunities are identified, our representative will recommend an action plan for moving forward that may suggest restructuring or repurposing parts of the existing plan. Our representative might also identify a need for strategies or products that the client does not have in their current plan. These strategies or products could include savings programs, investment products or professional management, asset allocation, insurance, debt restructuring, and other approaches unique to the client’s situation. Your Personal Road Map In completing the presentation of the comprehensive financial plan, our representative will also discuss a suggested plan of action. Our implementation plan will catalog actionable items, recommend, and seek agreement on the action, assign responsibility for addressing the item, set an estimated completion date, and provide for tracking results. Implementation After the plan has been presented, the client may choose to implement our representative’s recommendation. If a client chooses to implement any recommendations contained in the financial plan, we suggest the client work closely with his or her attorney, accountant, insurance agent, and/or securities broker. The client is under no obligation to implement any or all our recommendations, nor are they under any obligation to implement our recommendations through us. Execution: 90-Day Follow-Up Meeting The client may choose to execute recommended investment advisory activities through our representative. The client may also choose to execute securities or insurance recommendations through our representative in his or her separate capacities as Registered Representatives of Cambridge Investment Research, Inc. (CIR) or agent with one or more insurance companies, which is in addition to our Investment Advisor’s role as an IAR with CIA. The nature of these relationships is fully described in “Item 10: Other Financial Industry Activities and Affiliation,” found later in this brochure. Clients should be aware that if they execute recommended securities, or insurance recommendations through CIR, our representative may earn commissions that are separate and distinct from fees charged for financial consultation services or advisory fees. In some instances, depending on the size of the transaction (commissions generated in excess of $10,000), we may offer to offset our fees by up to 50% of the first-time financial planning fee in lieu of the earned brokerage or insurance commissions. This offset would apply to all initial plan clients, regardless of which financial consultation level of service they are receiving. On occasion, we will prepare financial consultation plans limited to a specific concern. Our representative will follow a program similar to the one used for our Independence Accelerator, IPPro, or Integrated Independence Wealth Management programs. However, the scope of the discovery, analysis, and recommendations will be limited to the identified concern. The plans will typically be priced as a fixed rate or hourly fees structure, as addressed later in this brochure. Annual Review Services Program After clients have implemented their Independence Accelerator, IPPro, or Integrated Independence Wealth Management plans, they may elect to retain CIA on an annual basis to revisit their plan, validate their assumptions and decisions, and revise elements of the plan as may be warranted. The Annual Review programs are known as the Independence Energizer, Optimizer, and Maximizer programs, respectively. Independence Energizer Clients Age 20-40, (No net-worth minimum required.) Our Independence Energizer financial consultation review services continue to focus on individuals who are in the wealth accumulation stage of life. On an annual basis, our representative will meet with the client to review their Independence Accelerator plan. During this session, our representative will provide tools and processes to help the client identify goals and objectives and measure results. We will determine if the plan is still on target to address the client’s goals and objectives. When warranted, our representative may make recommendations to revise the program. We continue our focus on education through a series of seminars, webinars, and presentations that occur throughout the year. Independence Energizer review clients are invited to attend these sessions which continue our focus on how financial strategies and products work, and how they can fail. Independence Optimizer Clients Age 40-70 (Net-worth required is $500,000+.) Our Independence Optimizer review services continue to focus on the needs of individuals who are in or approaching the wealth distribution stage of life or are in between the other service levels after the IPPro plan is in place. Our representative will meet with the client at least annually to validate the plan and its assumptions, while monitoring its progress. For these individuals, our planning process seeks to provide tax- effective and risk-averse strategies for sustaining the client’s income needs. Independence Maximizer Clients Age 60 & Up (Net-worth minimum requirements is $1,000,000.) Our Integrated Independence Wealth Management plans will be reviewed annually via our Independence Maximizer review service. This program has been designed for those clients who face the need for preserving and transferring their wealth, often situated across a complex financial landscape. For these individuals, our planning process focuses on an in- depth analysis of asset ownership, projected estate taxation, and strategies to help the client preserve the greatest amount of their estate for transfer to their heirs and legacies. Note in some cases, Integrated Independence Wealth management plans will be reviewed annually under the Optimizer review program depending on circumstances. Likewise, in some cases Accelerator plans will be reviewed annually under the Optimizer review program. All review programs are revisited and assessed annually to ensure clients are serviced under the appropriate model. CIA Money Management Program & Investment Advisory Services Summary CIA provides asset management services. Our Investment Advisor Representatives make recommendations for a third-party to provide investment management or will personally provide continuous supervision of underlying securities in a client’s portfolio. Our representative may recommend portfolios that may include many types of investments including, but not limited to, common and preferred stocks, bonds, municipal securities, government securities, limited partnerships, mutual funds, unit investment trusts. These services are provided on a discretionary or non-discretionary basis, where portfolio recommendations are made to meet the client’s objectives. Capital Investment Advisor Representatives may provide investment management services, defined as giving continuous investment advice to you and making investments based on your individual needs through brokerage accounts established at CIR. Through this program, your Capital Investment Advisor Representative will be responsible for determining investment recommendations and responsible for implementing transactions. The Capital Investment Advisor Representative shall actively manage your accounts in accordance with your individual needs, objectives, and risk tolerance. These accounts will be managed on a discretionary trading basis. In order to have trading authorization on your account, your CIA Investment Advisor Representative must be granted limited power of attorney over that account. Third-Party Multi-Manager Programs Our representatives may provide asset allocation advice through various outside third-party money management programs, including: Cambridge Asset Allocation Platform (CAAP) AssetMark, Inc. Orion Portfolio Solutions (formerly FTJ Fund Choice, LLC) Brinker Capital The specifics of each Third-Party Money Managers (TPMMs), investment philosophy, strategies, and holdings are contained in each firm’s ADV2A or Wrap Fee Program Brochure disclosure documents. Assets Advised by CIA When CIA provides asset management services, our Investment Adviser Representatives make recommendations for a third-party to provide investment management or will personally provide continuous supervision of underlying securities in a client’s portfolio. Any client we may advise is done so on a discretionary or a non-discretionary basis. As of June 2023, CIA provided asset management services to 627 clients, with a combined asset value of $311.979,712.00.