Description of Services and Fees R.L. Evans Company Inc., d/b/a Evans Capital Management Associates is a registered investment adviser based in Bellevue, Washington. We are organized as a corporation under the laws of the State of Washington. We have been providing investment advisory services since 1991. Our firm is owned by Evans Financial Services, LLC. Currently, we offer the following investment advisory services, which are personalized to each individual client:
•Portfolio Management Services
•Financial Planning Services
•Pension Consulting Services The following paragraphs describe our services and fees. Please refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. As used in this Brochure, the words "we", "our" and "us" refer to Evans Capital Management Associates and the words "you", "your" and "client" refer to you as either a client or prospective client of our firm. Also, you may see the term Associated Person throughout this Brochure.
As used in this Brochure, our Associated Persons are our firm's officers, employees, and all individuals providing investment advice on behalf of our firm.
Portfolio Management Services Our firm offers discretionary and non-discretionary continuous portfolio management services where the investment advice provided is tailored to meet the needs and investment objectives of the client. We offer an initial consultation in which pertinent information about your personal and financial circumstances and objectives is collected, and the scope of the engagement is determined.
If you participate in our discretionary portfolio management services, we require you to grant our firm discretionary authority to manage your account. Discretionary authorization will allow our firm to determine the specific securities, and the amount of securities, to be purchased or sold for your account without your approval providing that the securities are within the same asset class and provide no greater risk than those in your existing portfolio. For example, we can switch from stocks to cash or from one bond fund to another bond fund but we will not switch to a higher risk asset class without your specific consent. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm or trading authorization forms. You may limit our discretionary authority (for example, limiting the types of securities that can be purchased for your account) by providing our firm with your restrictions and guidelines in writing. If you enter into non-discretionary arrangements with our firm, we must obtain your approval prior to executing any transactions on behalf of your account.
We also provide portfolio management services through an investment advisory program offered by American Funds Service Company (owned by Capital Group) whereby clients may invest in Class F-2 shares, which have no 12b-1 fees. We provide these services on a non-discretionary basis where we obtain your approval prior to executing any transactions on your behalf.
Asset Allocation Services We offer asset allocation services that are tailored to meet our clients' needs and investment objectives. Once you have retained our firm for asset allocation services, we will gather information about your financial situation and objectives, and assist you in determining your investment goals, objectives, risk tolerance, and retirement plan time horizon. We will initially provide you with recommendations as to how to allocate your investments among categories of assets. We will then review your account on a periodic basis. Where appropriate, we may provide you with recommendations to change your asset allocation in an effort to remain consistent with your stated 4 ©2017 National Compliance Services 800-800-3204 financial objectives. You are free at all times to accept or reject any of our investment recommendations. You are solely responsible for implementing our recommendations. Unless you separately retain our services, we will not execute any transactions or changes in asset allocation basis on your behalf.
Financial Planning and Consulting Services Financial planning will typically involve providing a variety of services, principally advisory in nature, to you regarding the management of your financial resources based upon an analysis of your individual needs. These services consist of assessing your personal financial situation, including, but not limited to, a compilation and review of investment assets, tax matters, estate planning issues, insurance coverage, college funding, retirement planning, defining your long-term goals, risk tolerance and needs, and then creating an action plan to pursue those goals. Interviews are conducted and a written report is provided to you following the interview session. We may also use financial planning software to determine your current financial position and to define and quantify your long-term goals and objectives. We may also make recommendations to you about tax, estate, and insurance planning services, and may assist you with arranging for you to meet with a service professional in the appropriate field. The primary objective of the planning process is to allow us to assist you in developing a strategy for the successful management of income, assets, and liabilities in meeting your financial goals and objectives.
However, some clients may only require advice on a single aspect of the management of their financial resources. For these clients, we offer general consulting services that address only those specific areas of concern. You may request a targeted financial plan (limited in scope) and/or general consulting services that address only those specific

areas of interest or concern.
Financial plans are based on your financial situation at the time we present the plan to you, and on the financial information you provide to us. You must promptly notify our firm if your financial situation, goals, objectives, or needs change.
You are under no obligation to act on our financial planning recommendations. Should you choose to act on any of our recommendations, you are not obligated to implement the financial plan through any of our other investment advisory services. Moreover, you may act on our recommendations by placing securities transactions with any brokerage firm.
Family Office and Wealth Planning Services We offer Family Office and Wealth Planning Services designed to help our clients organize their financial situation and plan for the successful transfer of wealth to the next generation in the most tax- advantaged manner. Such services generally include financial planning in the following areas:
•Estate Planning and Trustee Oversight;
•Integrated Tax and Financial Planning;
•Lifestyle Management;
•Family Philanthropy; and
•Risk Management.
5 ©2017 National Compliance Services 800-800-3204 Pension Consulting Services We offer pension consulting services to employee benefit plans and their fiduciaries based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, these services may include an existing plan review and analysis, plan-level advice regarding fund selection and investment options, education services to plan participants, investment performance monitoring, and/or ongoing consulting. These pension consulting services will generally be non-discretionary and advisory in nature. The ultimate decision to act on behalf of the plan shall remain with the plan sponsor or other named fiduciary.
We may also assist with participant enrollment meetings and provide investment-related educational seminars to plan participants on such topics as: Diversification; Asset allocation; Risk tolerance; and Time horizon. Our educational seminars may include other investment-related topics specific to the particular plan.
We may also provide additional types of pension consulting services to plans on an individually negotiated basis. All services, whether discussed above or customized for the plan based upon requirements from the plan fiduciaries (which may include additional plan-level or participant-level services) shall be detailed in a written agreement and be consistent with the parameters set forth in the plan documents.
As disclosed above, we offer various levels of advisory and consulting services to employee benefit plans ("Plan") and to the participants of such plans ("Participants"). Pursuant to adopted regulations of the U.S. Department of Labor, we are required to provide the Plan's responsible plan fiduciary (the person who has the authority to engage us as an investment adviser to the Plan) with a description of the services we provide to the Plan, the compensation we receive for providing those services, and our status (which is described below). The services we provide to your Plan and the compensation that we receive for such services are described in this disclosure brochure and/or the advisory agreement you sign with our firm. We do not reasonably expect to receive any other compensation, direct or indirect, for the services we provide to the Plan or Participants unless we are retained under a separate engagement. If we receive any other compensation for such services, we will (i) offset the compensation against our stated fees, and (ii) we will promptly disclose the amount of such compensation, the services rendered for such compensation and the payer of such compensation to you. In providing services to the Plan and Participants, our status is that of a registered investment adviser and we are not subject to any disqualifications under Section 411 of ERISA. To the extent we perform fiduciary services, we are acting as a fiduciary of the Plan as defined in Section 3(21) or 3(38) under ERISA.
Types of Investments We primarily offer advice on ETFs, equity securities, warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities and, US Government securities. Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. Refer to the Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures on this topic.
6 ©2017 National Compliance Services 800-800-3204 Additionally, we may advise you on various types of investments any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship.
Since our investment strategies and advice are based on each client's specific financial situation, the investment advice we provide to you may be different or conflicting with the advice we give to other clients regarding the same security or investment.
You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our firm in writing.
Assets Under Management As of April 30 2023, we provide continuous management services for $214,917,000 in client assets on a discretionary basis, and $69,917,000 in client assets on a non-discretionary basis. We also manage $78,422,000 in client assets on a non-continuous basis.