Long Run acts as a fiduciary providing holistic advisory services with a focus on individuals, high-net- worth individuals, business owners, non-profits, endowments, foundations, and retirement plans. The Firm generally provides clients with wealth management services, which include investment management and a broad range of comprehensive financial planning. In conjunction with these services, Long Run works closely with clients’ attorneys, accountants, and other professional service providers. To engage Long Run, clients are required to enter into one or more written agreements with Long Run setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). Long Run filed for registration as an independent investment adviser in November 2020 and is wholly owned by Kevin M. Brady and Lynn M. Magnus. As of December 31, 2023, Long Run has $442,015,013 in assets under management, $405,107,852 of which is managed on a discretionary basis and $36,907,161 of which is managed on a non-discretionary basis. While this brochure generally describes the business of Long Run, certain sections also discuss the activities of its Supervised Persons, which refer to the Firm’s officers, partners, directors (or other persons occupying a similar status or performing similar functions), employees, or other persons who provide investment advice on Long Run’s behalf and are subject to the Firm’s supervision or control. Investment and Wealth Management Services Long Run manages client investment portfolios on a discretionary or non-discretionary basis. In addition, Long Run provides certain clients with wealth management services which include a broad range of financial planning services (as described below) and discretionary and/or non-discretionary management of investment portfolios. Long Run primarily allocates clients’ investment management assets among individual equity securities, exchange traded funds (“ETFs”), and individual fixed-income securities. On a more limited basis, the Firm may also utilize mutual funds. In limited circumstances, the Firm will also allocate clients’ assets to independent investment managers (“Independent Managers”). Where appropriate, the Firm also provides advice about any type of legacy investment held in client portfolios, but clients should not assume that these assets are being continuously monitored or otherwise advised on by the Firm unless specifically agreed upon. Clients also can engage Long Run to manage and/or advise on certain investment products that are not maintained at their primary custodian, such as variable life insurance and annuity contracts and assets held in employer-sponsored retirement plans and qualified tuition plans (i.e., 529 plans). In these situations, Long Run directs or recommends the allocation of client assets among the various investment options available with the product. These assets are generally maintained at the underwriting insurance company or the custodian designated by the product’s provider. Long Run tailors its advisory services to meet the objectives of its individual clients and seeks to ensure, on a continuous basis, that client portfolios are managed in a manner consistent with those needs and objectives. Long Run consults with clients on an initial and ongoing basis to assess their specific risk tolerance, time horizon, liquidity constraints, and other related factors relevant to the management of their portfolios. Clients are advised to promptly notify Long Run if there are changes in their financial situation or if they wish to place any limitations on the management of their portfolios. Clients can impose reasonable restrictions or mandates on the management of their accounts if Long Run determines, in its sole discretion, the conditions would not materially impact the performance of a management strategy or prove overly burdensome to the Firm’s management efforts. Use of Independent Managers As mentioned above, Long Run selects certain Independent Managers to actively manage a portion of its clients’ assets in limited circumstances. The specific terms and conditions under which a client engages an Independent Manager are set forth in a separate written agreement with the designated Independent Manager. That agreement can be between the Firm and the Independent Manager (often called

a subadvisor) or the client and the Independent Manager (sometimes called a separate account manager). In addition to this brochure, clients will typically also receive the written disclosure documents of the respective Independent Managers engaged to manage their assets. Long Run evaluates a variety of information about Independent Managers, which includes the Independent Managers’ public disclosure documents, materials supplied by the Independent Managers themselves, and other third-party analyses it believes are reputable. To the extent possible, the Firm seeks to assess the Independent Managers’ investment strategies, past performance, and risk results in relation to its clients’ individual portfolio allocations and risk exposure. Long Run also takes into consideration each Independent Manager’s management style, returns, reputation, financial strength, reporting, pricing, and research capabilities, among other factors. Long Run continues to provide services relative to the discretionary or non-discretionary selection of the Independent Managers. On an ongoing basis, the Firm monitors the performance of those accounts being managed by Independent Managers. Long Run seeks to ensure the Independent Managers’ strategies and target allocations remain aligned with its clients’ investment objectives and overall best interests. Financial Planning Services Long Run offers clients a broad range of financial planning services, which include any or all of the following functions:
• Retirement Planning
• Distribution Planning
• Cash Flow Forecasting
• Trust and Estate Planning
• Insurance Planning
• Risk Management
• Tax Planning
• Generational Wealth Transfers
• Social Security Planning
• Medicare Planning
• Charitable Giving
• Education Funding While each of these services is available on a stand-alone basis, certain of them can also be rendered in conjunction with investment portfolio management as part of a wealth management engagement (as described above). In performing these services, Long Run is not required to verify any information received from the client or from the client’s other professionals (e.g., attorneys, accountants, etc.) and is expressly authorized to rely on such information. Long Run recommends certain clients engage the Firm for additional related services, its Supervised Persons in their individual capacities as insurance agents and/or other professionals to implement its recommendations. Clients are advised that a conflict of interest exists for the Firm to recommend that clients engage Long Run or its affiliates to provide (or continue to provide) additional services for compensation, including investment management services. Clients retain absolute discretion over all decisions regarding implementation and are under no obligation to act upon any of the recommendations made by Long Run under a financial planning engagement. Clients are advised that it remains their responsibility to promptly notify the Firm of any change in their financial situation or investment objectives for the purpose of reviewing, evaluating, or revising Long Run’s recommendations and/or services. Retirement Plan Consulting Services Long Run provides various consulting services to qualified employee benefit plans and their fiduciaries. This suite of institutional services is designed to assist plan sponsors in structuring, managing, and optimizing their corporate retirement plans. Each engagement is individually negotiated and customized, and includes any or all of the following services:
• Plan Design and Strategy
• Plan Review and Evaluation
• Executive Planning & Benefits
• Investment Selection
• Plan Fee and Cost Analysis
• Plan Committee Consultation
• Fiduciary and Compliance
• Participant Education As disclosed in the Advisory Agreement, certain of the foregoing services are provided by Long Run as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), each plan sponsor is provided with a written description of Long Run’s fiduciary status, the specific services to be rendered, and all direct and indirect compensation the Firm reasonably expects under the engagement.