4.A Description of Investment Adviser Executive Financial Services, Inc., doing business as “CND Financial” (or “Adviser”), is a fee-only Registered Investment Adviser. The Adviser was established on April 10, 2000, and is headquartered in Livonia, Michigan. CND Financial is registered with and regulated by the United States Securities and Exchange Commission (“SEC”). CND Financial is not publicly owned or traded. Arthur R. Cole, CPA/PFS is the President, Chief Compliance Officer and 50% equity owner. William Mack, CFP®, CFS® is the Vice President and 40% equity owner. Theodore Karl Bugenski, CFP®, CFS® is the Secretary and 10% equity owner. There are no indirect owners of the Adviser or intermediaries which have any ownership interest in the firm. The term “fee-only” means CND Financial and its Adviser Representatives are compensated for services via advisory fees paid by clients. CND Financial and its Adviser Representatives do not accept brokerage or insurance commissions. Adviser Representatives are not otherwise engaged as registered representatives of a broker/dealer nor are they insurance agents. “Adviser Representatives” are those persons registered and authorized by CND Financial to provide financial and investment advisory services on behalf of CND Financial. CND Financial is not a broker/dealer or custodian. Client assets are managed on an individualized basis. CND Financial does not sponsor or manage any wrap programs. CND Financial is a fiduciary to each of its clients. 4.B Types of Services Investment Management and Financial Planning / Consultation Services CND Financial offers advisory services to individual investors, retirement plans, trusts, estates, charitable organizations, corporations, and other businesses. CND Financial offers a complimentary general consultation to discuss financial and investment advisory services available; to give a prospective client an opportunity to review services desired; and to determine the possibility of a potential Client-Adviser relationship. CND Financial and its Adviser Representatives may recommend the services of CND Financial. Prospective clients are never obligated to engage services after the complimentary consultation. CND Financial’s services begin only after the client and Adviser formalize the relationship with a properly executed client Investment Management Agreement. After the formal engagement and depending upon the scope of the engagement, the Adviser and client will share in a data gathering and discovery process in an effort to determine the client’s needs, goals, intentions, time horizons, risk tolerance and investment objectives, based upon information provided by the client and the nature of services requested. The client and Adviser may complete a risk assessment, investment policy statement or similar document, depending upon the nature of services to be provided. 4.B(1) Investment Management Services Investment Management Services involve ongoing and continuous portfolio management services. CND Financial focuses on providing individualized services that are tailored to meet the stated needs and objectives of the client. Investment Management Services are tailored for portfolios with a minimum of $250,000, however CND Financial can evaluate each potential client relationship on a case-by-case basis. In the delivery of initial and ongoing services, the Adviser will normally include a comprehensive review of the overall aspects of a client’s current financial situation and consider both long and short-term stated objectives and goals, or as directed by the client. After an analysis and data-gathering process and depending upon the nature of services desired, the Adviser will engage in the following:
• Existing portfolio review and analysis
• Preparation of asset allocation recommendations
• Preparation of a customized investment policy / strategy with the client’s participation
• Recommendation of specific investments
• Implementation of the investment plan
• Ongoing management of the client’s investment portfolio Investment Management clients should play an active role in the formation of the investment plan and the development of investment advice and recommendations. CND Financial will invest client assets taking into consideration the overall management style and portfolio strategy selected by the client. The strategies will range from conservative to moderately aggressive in nature, and include actively managed funds and index mutual funds, exchange traded funds and fixed income investments. CND Financial will normally utilize proprietary investment strategies as described in Item 8 of this Brochure. CND Financial attempts to construct a diversified portfolio of investment recommendations that are within its realm of expertise. For a more detailed description of the adviser’s investment strategies and how they are implemented refer to Item 8, “Methods of Analysis, Investment Strategies and Risk of Loss. In each case, the stated individual needs, goals and desires of clients are taken into consideration. CND Financial will maintain limited discretionary authority over the client’s managed portfolio as authorized in the client Investment Management Agreement. The client may impose reasonable restrictions on investing in certain types of securities by telling us verbally or in writing. Where clients retain CND Financial on a non-discretionary basis, the client is welcome to implement recommendations in whole or in part via the financial services provider(s) of their choice. CND Financial may assist in the implementation of these recommendations with client’s authorization. As financial planners, CND Financial is available to assist Investment Management Clients with topics normally associated with Financial Planning. These additional services are client-initiated, value-added services and described in more detail in Item 4.B(2) of this Brochure. Services and investment recommendations in connection with assets invested in employer retirement plans are limited to options available within the plan and via the plan’s contracted service providers. CND Financial’s Investment Management Services include ongoing investment advice, investment tracking, performance monitoring and if requested, financial planning services. In providing ongoing investment management services, CND Financial will manage the client’s funds in accordance with the investment policy/strategy as selected by the client. The portfolio assets will be reviewed internally on a frequent basis (generally quarterly or more often), depending upon the types of investments, market conditions, at the discretion of the Adviser, or as may be specifically requested by the client via written direction. Communication between the Client and Adviser is important. Clients may call the office during regular business hours to discuss their portfolio and make inquiries. In addition, CND Financial recommends that clients initiate a meeting with the Adviser no less than annually and review their investment strategies. However, clients must immediately inform the Adviser of any changes in their financial situation to provide CND Financial with the opportunity to review the portfolio to ensure it is still structured to help meet the client’s stated needs and objectives. 4.B(2) Financial Planning – Consultations (Hourly Services) CND Financial offers hourly Financial Planning and Consultation Services for non-investment management clients. Financial Planning services may be comprehensive in nature (involving the development of a written plan or a review of an existing plan for potential updates) or services can be limited to consultations to address

only certain components of financial planning as the client directs. Topics could include but are not limited to: Retirement planning, tax strategies, college funding, expense reduction and 401(k) account reviews. Financial Planning Services generally involve the use of long-term strategies. Where CND Financial provides portfolio review services or advice, the information and recommendations are based on then- current information as provided by the client. Recommendations may include annual reviews to ensure the plan developed continues to align with the Client’s stated goals and objectives. Clients are welcome, but are never obligated, to retain the Adviser for additional or follow-up services via a new or amended client agreement. Where CND Financial’s services focus only on certain aspects of client interests and needs or are otherwise limited in scope or time, clients must understand that a client’s overall financial and investment needs, liabilities and objectives may not be considered because of time and/or service restraints placed on the Adviser’s services or due to limited information provided to CND Financial. CND Financial may agree to include these other assets in the documentation prepared for the client (if provided) as a value-added service only. Depending on the level of service(s) requested, CND Financial may prepare a written financial plan, reports, or post-meeting communication(s) at the discretion of the Adviser. When providing advice on investments within retirement plans, the advice and any recommendations are limited to plan offerings. Clients requiring assistance on issues relating to matters outside of financial and investment advisory topics should consult their personal tax adviser, legal counsel, or other professionals for expert opinions. Hourly Financial Planning Services will not include portfolio monitoring, investment reviews, investment management and implementation of advice and/or recommendations pertaining to securities or non- securities matters. In these cases, the client is welcome to implement advice/recommendations in whole or in part, entirely at the client’s discretion via the service provider(s) of the client’s choice. Financial planning services are hourly based and are not ongoing services. The services to be provided and the Adviser’s fee(s) are agreed upon at the time of engagement. If the client wishes to initiate any follow- up or review services, these services will be provided under a new hourly client agreement. CND Financial will not provide additional services that will result in additional fees without the client’s prior approval and a new or amended client agreement. Note: These same services are otherwise included in the Adviser’s Investment Management Services Agreement for investment clients (at no additional cost) and initiated at the request of the client. 4. C Client Tailored Services and Client Imposed Restrictions CND Financial focuses on providing individualized services and can tailor services to focus only on certain portfolio components and certain components of financial planning. In providing consultation services, clients determine their topics of interest and the scope of services desired. Services are agreed to at the time of engagement. However, where client services or information provided to the Adviser are limited, clients must understand that comprehensive financial and/or investment needs and objectives may not be fully considered due to the client’s option to receive limited services, the lack of information received, and/or client disclosure. Clients may impose reasonable restrictions on investing in certain securities or types of securities, as agreed to by the Adviser. Clients are welcome to set parameters on the Adviser’s limited discretionary authority in writing as to types of investments and amounts purchased or sold. Where clients retain authority to implement recommendations, they are welcome to do so in whole or in part via the financial services provider(s) of their choice. Retirement Plan / IRA Rollovers: CND Financial is a fiduciary to each of its clients and fiduciary duties apply to investment advice in connection with the client’s retirement plan account or individual retirement account within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. CND Financial charges asset- based fees for managed accounts and this creates some conflicts with client interests, Therefore, CND Financial must operate under a special rule that requires the Adviser to act in the client’s best interest and not put the firm’s interests ahead of the client. At the time of a rollover recommendation, CND Financial will provide the client with a written disclosure discussing the reasons the rollover is in the client’s best interests. Also, under this special rule’s provisions, CND Financial must:
• Meet the Prudent Expert standard of care when making investment recommendations
• Abide by a duty of loyalty by never putting the Adviser’s financial interests ahead of the client’s interests when making recommendations
• Provide basic information about conflicts of interests and fees while avoiding misleading statements about these topics and investments
• Follow policies and procedures designed to ensure that CND Financial gives advice that is in the client’s best interest
• Charge no more than is reasonable for services Certain clients may engage in self-directed transactions. As mutual fund specialists, we generally do not recommend investing in individual stocks, preferring instead the broad diversification offered by stock mutual funds. That being said, we will accommodate clients if they would like to self-direct us to buy and sell stocks for their account(s) as a courtesy. If this is the case, the client will authorize in writing, via our client Investment Management Agreement, acknowledging that they assume sole responsibility for the performance and buy/sell decisions related to these individual stocks. As such, CND Financial bears no liability or responsibility with respect to these individual stocks, and therefore does not assess advisory fees on such stocks. Stocks that are self-managed by the client do not receive a suitability review by CND Financial. These stocks will be identified as “exempt assets” with respect to billing/fees. If instead, you request that we accept individual stocks into your account(s) and would like CND Financial to manage those positions, normal CND Financial fees will apply. This request would need to be authorized in writing via our client Investment Management Agreement. CND Financial will monitor client stock positions. Decision making is limited to a “hold” recommendation, or a “sell and reinvest in mutual funds” recommendation. CND Financial utilizes a mathematical model combining the opinions and ratings of companies such as Standards & Poor, Morningstar and Charles Schwab & Co. If the stock’s combined rating becomes downgraded, CND Financial would implement its “sell and reinvest in mutual funds” recommendation. In granting CND Financial limited discretionary authority, CND Financial will take action on these holdings in accordance with client’s designed investment objectives and strategies. As with any investments we manage, there is no guarantee that CND Financial’s investment decisions will be profitable. 4.D Wrap Fee Programs CND Financial does not recommend wrap fee programs nor does the Adviser sponsor or act as a manager of a wrap fee program. 4. E ASSETS UNDER MANAGEMENT CND Financial’s assets under management as of the close of business on December 31, 2023 totaled $154,400,000 for 190 clients.