Description of Advisory Firm Private Financial Counseling (also “PFC”, “we,”, “us,” or the “Firm”) is a privately-owned corporation headquartered in Los Angeles, California. Founded by Stephen E. Scherer, PFC is a wealth management Firm established in 1981. Our philosophy is to provide our clients with both personal and professional service. PFC is registered as an investment adviser with the U.S. Securities and Exchange Commission. The Firm’s principal owner is Stephen E. Scherer, President. Our mission is to create and maintain wealth for our clients through long-term effective asset management. We build client relationships based on trust, competent professional advice, continual communication and prompt personal service. We will assist our clients in setting financial goals, monitoring these goals and keeping them informed of the process and achievement of these goals. Our success is based on our avid commitment to research. We have equipped our business with sophisticated technology and resources to provide us with data that allows us to utilize our research capabilities to the fullest. These investments in our business have allowed us to give our clients the intensely personalized asset analysis, allocation and investment service. Advisory Services Offered Wealth Management Services PFC offers wealth management services primarily to individuals, including high-net-worth individuals and families, as well as corporations, retirement plans and charitable organizations. Through PFC’s wealth management services, we work with clients to get a complete overview of their financial picture to create a customized wealth management approach. Our wealth management services include implementation of the client’s investment plan through investment management utilizing customized portfolios. Customized Portfolios Once we have determined the overall investment approach for the client, we design, monitor, and evaluate the client’s investment portfolio. The customized portfolios we build are tailored to address the client’s unique financial needs and preferences. Asset allocations and client portfolio performance may differ even among clients with similar risk tolerance and objectives. PFC’s investment strategies are described in Item 8 - Methods of Analysis below. Investment Advice Depending on the client’s account strategy, we typically use the following types of securities in our ongoing management:
• Equity securities, such as stocks and foreign securities listed on US exchanges (ADRs)
• Fixed income securities, such as corporate and government bonds, preferred stocks, and TIPS Private Financial Counseling Brochure Revised October 20, 2023 6
• Exchange traded funds (ETFs), open-end investment companies (mutual funds), exchange traded notes (ETNs), and closed-end investment companies
• Alternative investments, such as commodity funds, gold funds, inverse ETFs and other funds (leveraged and unleveraged), real estate investment funds, and registered hedge funds (upon additional discussion with the client)
• Money market funds and cash PFC may offer investment

advice on any investment held by the client at the start of an advisory relationship. We may also occasionally offer advice regarding additional types of investments if they are appropriate to address the individual needs, goals, and objectives of the client or in response to client inquiry. We describe the material investment risks for many of the securities that we recommend under the heading Specific Security Risks in Item 8 below. We discuss our discretionary authority below under Item 16 - Investment Discretion. For more information about the restrictions clients can put on their accounts, see Tailored Services and Client Imposed Restrictions in this item below. We describe the fees charged for investment management services below under Item 5 - Fees and Compensation. Limitations on Investments In some circumstances, PFC’s advice may be limited to certain types of securities. For example, when we provide services to participants in an employer-sponsored plan, the participant may be limited to investing in securities included in the plan’s investment options. Therefore, PFC can only select investments from among the available options, and will not recommend other securities, even if there may be better options elsewhere. Similarly, if PFC is managing assets within an annuity, PFC is limited to those investment options made available by the insurance company. Tailored Services and Client Imposed Restrictions We believe every client is unique. Each has highly individual preferences, resources, and challenges. Therefore, we begin every client relationship by getting to know the client, so that we can better understand their financial circumstances. Only then can we develop an investment strategy and wealth management approach that is specifically suited to our clients’ needs. PFC manages client accounts based on the investment strategies discussed below under Item 8 - Methods of Analysis, Investment Strategies, and Risk of Loss. We apply the strategy for each client, based on the client’s individual circumstances and financial situation. We make investment decisions for clients based on information the client supplies about their financial situation, goals, and risk tolerance. Our recommendations may not be suitable if the client does not provide us with accurate and complete information. It is the client’s responsibility to keep PFC informed of any changes to their investment objectives or restrictions. Clients may also request other restrictions on the account, such as when a client needs to keep a minimum level of cash in the account or does not want us to buy or sell certain specific securities. We reserve the Private Financial Counseling Brochure Revised October 20, 2023 7 right to not accept and/or terminate management of a client’s account if we feel that the client-imposed restrictions would limit or prevent us from meeting or maintaining the client’s investment strategy. Assets Under Management As of July 31, 2023, the total amount of assets under our management was: Discretionary Assets $ 212,242,2013 Non-Discretionary Assets $ 0 Total Assets $ 212,242,2013