Firm Description Stowe Financial Planning, LLC (SFP), was founded in 2001. SFP provides personalized, integrated and ongoing confidential financial planning and investment management to individuals, pension and profit sharing plans, trusts, estates, charitable organizations and small businesses. Advice is provided through consultation with the client and may include:
• determination of financial objectives,
• identification of financial problems,
• retirement planning,
• cash flow management,
• tax planning,
• insurance review,
• insurance purchase,
• investment management,
• education funding,
• estate planning. SFP is strictly a fee-only financial planning and investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other commissioned products. The firm is not affiliated with entities that sell financial products or securities. No commissions in any form are accepted. No finder’s fees are accepted. Investment advice is an integral part of financial planning. Investment advice is provided, with the client making the final decision on investment selection. SFP does not act as a custodian of client assets. The client always maintains asset control. SFP places trades for clients under a limited power of attorney for trading. A written evaluation of each client's initial situation is provided to the client See Financial Planning – Client Service Agreement section for details. Periodic reviews are also communicated to provide reminders of the specific courses of action that need to be taken. More frequent reviews occur but are not necessarily communicated to the client unless immediate changes are recommended. Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged directly by the client on an as-needed basis. Conflicts of interest will be disclosed to the client in the unlikely event they should occur. The initial meeting, which may be by telephone, is free of charge and is considered an exploratory interview to determine the extent to which financial planning and investment management may be beneficial to the client. Principal Owners Alex Robert (Bob) Stowe, Josephine (Joi) Uri Stowe and Roddy Warren are owners of SFP, LLC. Types of Advisory Services SFP provides investment supervisory services, also known as asset management services; manages investment advisory accounts not involving investment supervisory services; furnishes investment advice through consultations; issues special reports about securities; and issues, charts, graphs, formulas, or other devices which clients may use to evaluate securities. On more than an occasional basis, SFP furnishes advice to clients on matters not involving securities, such as financial planning matters, taxation issues, and trust services that often include estate planning. As of December 31, 2022, SFP manages approximately $134M in assets under management (AUM) for approximately 80 clients. All assets are managed on a non-discretionary basis. There are a smaller number of clients who seek out advice from SFP on a project basis. Their assets, though significant, are not counted as AUM. Tailored Relationships The goals and objectives for each client are documented in our client relationship management system. Investment policy statements are created that reflect the stated goals and objective. Clients may impose restrictions on investing in certain securities or types of securities. Agreements may not be assigned without client consent. Types of Agreements Comprehensive The typical relationship involves a long-term collaboration between the planner and client. To define the obligations of each party, we divide the activities into two basic areas, financial planning and investment advisory. To execute this arrangement, we would use the ‘Financial Planning & Investment Advisory Services Agreement’ to clearly document each parties’ responsibilities and which planner services are to be provided to the client. Financial Plan Less common, a client may not be an appropriate investment management client because he can’t change custodians or other complications. In this case, we would execute a financial planning customer service agreement. This includes all services listed above except investment management. Retainer Clients, either comprehensive or financial planning only, may elect to work on a retainer basis. Retainers are based on net worth, income, and client complexity. The retainer fee is established by and negotiable by SFP alone. A retainer is billed quarterly in arrears based on an annual fixed fee. Financial Planning – Client Service Agreement A financial plan is designed to help the client with all aspects of financial planning except ongoing investment management. The financial plan may include, but is not limited to: a net worth statement; a cash flow statement; a review of investment accounts, including reviewing asset allocation and providing repositioning recommendations; strategic tax planning; a review of retirement accounts and plans including recommendations; a review of insurance policies and recommendations for changes, if necessary; one or more retirement scenarios; estate planning review and recommendations; and education planning with funding recommendations. For Investment Advisory Clients that meet certain criteria, there is no fee for a financial plan. For clients with under $500,000 in assets under management, up to $3,000 may be charged for the financial plan at the discretion of SFP. The plan is simply delivered at the front end of the relationship; the cost of it is covered by the investment advisory fee. Thus, no financial planning service agreement is required. For clients who are not suitable for investment advisory services, the fee for a financial plan is based on the facts known at the start of the engagement. The minimum fee is $2,500 and there is no maximum (expected range is $2,500 to $10,000. $10,000 would be the expected fee for a plan that includes $2M in investments). There is no maximum fee. The fee is a combination of a project planning fee and an additional fee based on the size of the portfolio, with a fee of up to .25% of liquid assets. Detailed investment advice and specific recommendations are provided as part of a financial plan. Implementation of the planning recommendations is at the discretion of the client. Since financial planning is a discovery process, situations occur wherein the client is unaware of certain financial exposures or predicaments. In the event that the client’s situation is substantially different than disclosed at the initial meeting, a revised fee will be provided for mutual agreement. The client must approve the change of scope in advance of the additional work being performed when a fee increase is necessary. After delivery of a financial plan, future face-to-face meetings may be scheduled as necessary for up to one month. Follow-on implementation work is billed as a fixed fee project but based on size and complexity of the plan. For specific investment related advice, the fee is based on a charge of 0.25% of the investments. These fees are negotiable by SFP only. The first financial planning agreement covers all future projects, and refers to fees in the ADV. Investment Advisory – Client Service Agreement Most clients choose to have SFP manage their assets in order to obtain ongoing in-depth advice and life planning. All aspects of the client’s financial affairs are reviewed, including those of their children. Realistic and measurable goals are set and objectives to reach those goals are defined. As goals and objectives change over time, suggestions are made and implemented

on an ongoing basis. The annual Investment Advisory Service Agreement fee (billed quarterly) is based on a percentage of the investable assets. For the first two years under contract, the annual service fee is billed quarterly in arrears according to the following schedule: Assets Under Management Annual Fee Less than $1,000,000 Initial fee of 0.90% Between $1,000,000 and $3,000,000 Plus 0.60% Excess of $3,000,000 Plus 0.40% The annual fee is tiered. For instance, an account value of $1,500,000 will be billed at 0.90% for the first $1,000,000 and 0.60% on the remaining $500,000. Following the first two years, the annual service fee is billed according to the following schedule: Assets Under Management Annual Fee First $1,000,000 Initial fee of 0.70% Next $2,000,000 Plus 0.50% Excess of $3,000,000 Plus 0.30% Example: $1,500,000 assets under management is $9,500 ($1,000,000 x 0.007 = $7,000 plus $500,000 x 0.005 = $2,500, for a total of $7,000 + $2,500 = $9,500). For clients with less than $500,000 of investable assets a separate fee schedule is applied: Assets Under Management Annual Fee Less than $500,000 0.90%* *Once the client reaches the $500,000 threshold, the fee schedule reverts to the standard 0.70% on the first $1,000,000 and 0.50% on the excess of $1,000,000. Example: $300,000 assets under management is $2,700 ($300,000 x 0.009 = $2,700). There is no minimum fee or minimum investment. The following are guidelines to help prospective clients decide if SFP would be a suitable advisory: Suitable Clients for SFP Clients age 55 or over $1,000,000+ of investable assets. Clients age 40 to 55 $500,000 of investable assets. Clients under age 40 $250,000 of investable assets. Although the Advisory Service Agreement is an ongoing agreement and constant adjustments are required, the length of service to the client is at the client’s discretion. The client or the investment manager may terminate an Agreement by written notice to the other party. At termination, fees will be billed on a pro rata basis for the portion of the quarter completed. The portfolio value at the completion of the prior full billing quarter is used as the basis for the fee computation, adjusted for the number of days during the billing quarter prior to termination. See Termination of Agreement. 401k Participant Account Management We use a third-party platform to facilitate management of held away assets such as defined contribution plan participant accounts, and without discretion. The platform allows us to avoid being considered to have custody of Client funds since we do not have direct access to Client log-in credentials to affect trades or initiate money movement. We are not affiliated with the platform in any way and receive no compensation from them for using their platform. A link will be provided to the Client allowing them to connect an account(s) to the platform. Once a Client’s account is connected to the platform, SFP will review the current account allocations. When deemed necessary, SFP will rebalance the account considering client investment goals and risk tolerance, and any change in allocations will consider current economic and market trends. The goal is to improve account performance over time, minimize loss during difficult markets, and manage internal fees that harm account performance. Client account(s) will be reviewed at least quarterly and allocation changes will be made as deemed necessary. This fee will be assessed and billed quarterly. Specifically, the exact amount charged is determined by the daily average over the course of the quarter. The current exception for this is directly-managed held-away accounts, which are determined by the account value at the end of the quarter. In either case, if the Adviser only manages your assets for part of a quarter, the charge will be prorated. The advisory investment management fee is a blended fee and is calculated by assessing the percentage rates using the predefined levels of assets as shown in the above chart and applying the fee to the daily average of the account value or the account value as of the last day of the previous quarter (per the paragraph above), resulting in a combined weighted fee. For example, a held away account valued at $2,000,000 combined with a SFP managed account valued at $1,000,000 would pay an effective fee of .0567 (.567%), with the annual fee being $17,000 ($1,000,000 x 0.007 = $7,000 plus $2,000,000 x 0.005 = $10,000, for a total of $7,000 + $10,000 = $17,000). Investment management fees are generally directly debited on a pro rata basis from client accounts. The exception for this is directly-managed held-away accounts, such as 401(k)’s. As it is impossible to directly debit the fees from these accounts, those fees will be assigned to the client’s taxable accounts on a pro-rata basis. If the client does not have a taxable account, those fees will be billed directly to the client. Accounts initiated or terminated during a calendar quarter will be charged a pro-rated fee based on the amount of time remaining in the billing period. An account may be terminated with written notice at least 15 calendar days in advance. Since fees are paid in arrears, no rebate will be needed upon termination of the account. Retainer Arrangements Clients may qualify for a fixed fee or retainer relationship. A retainer fee is calculated based on liquid net worth, income, client complexity and other qualitative factors. Retainer arrangements start at $1,750/quarter and are negotiable by SFP alone. Clients may prefer this arrangement if they prefer holding investments outside Fidelity, but are interested in an ongoing relationship. Hourly Planning Engagements SFP does not offer an hourly planning or investment service. Asset Management Assets are invested primarily in no-load or low-load mutual funds and exchange-traded funds, usually through Fidelity Institutional Brokerage. Fund companies charge each fund shareholder an investment management fee that is disclosed in the fund prospectus. Fidelity Institutional Brokerage may charge a transaction fee for the purchase of some funds. Stocks and bonds may be purchased or sold through a brokerage account when appropriate. The brokerage firm charges a fee for stock and bond trades. SFP does not receive any compensation, in any form, from fund companies. Investments may also include: equities (stocks), warrants, corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities (variable life insurance, variable annuities, and mutual funds shares), U. S. government securities, options contracts, futures contracts, and interests in partnerships. Initial public offerings (IPOs) are not available through SFP. Termination of Agreement A Client may terminate any of the aforementioned agreements at any time by notifying SFP in writing and paying the rate for the time spent on the investment advisory engagement prior to notification of termination. If the client made an advance payment, SFP will refund any unearned portion of the advance payment. Clients who terminate the relationship prior to their second quarterly billing cycle will be charged as if the relationship were a financial planning relationship. See Financial Planning – Client Service Agreement on page 3. In the event of an agreement termination, the client’s funds may only be owned or transferred to a custodian that approves the use of Dimensional funds. SFP may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, SFP will refund any unearned portion of the advance payment.