Summit Financial Advisors, LLC (“SFA”) Established in 1998, A Privately Held Limited Liability Company Principal owner(s): Rafael O. Velez, III Total Assets Under Management (AUM): $398,322,173 as of 10/31/2023, of that, $49,431,405 is in Discretionary Accounts $348,890,768 is in Non-Discretionary Accounts Types of services provided:
• Financial Planning
• Investment Supervisory Services
• Investment Advice through client consultations
• Also provides advice to clients on matters not involving securities SFA offers investment advisory services for:
• A percentage of assets under management
• Hourly charges
• Fixed Fees Advisory Business Description: SFA offers a wide range of advisory services to its clients. These services include review of all aspects of an individual's current financial situation, with emphasis on investment planning, retirement, college funding, capital needs analysis, long term care analysis, income and estate evaluation. To the extent that other services are needed, SFA will assist the individual in those areas in which it is competent to advise. As a follow up, SFA will also coordinate implementation of any recommendations made, including referral to other practicing professionals whose services may be required. Upon review of an investor's financial status, the company may propose that the investor include, as part of his or her financial portfolio, one or more types of products that are not part of the investment advisory services provided by the company, such as insurance products. If the investor chooses to include such a product in his or her financial portfolio, the company recommends that the investor work closely with his or her attorney, accountant, insurance agent and other related professionals. Incorporation of the non-advisory financial product into the investor's financial plan is entirely at the client's discretion. The initial step in the financial planning process involves meeting either the client to define the scope of the engagement. Once defined, the client and SFA will enter into a Financial Planning Agreement, disclosing the terms of the engagement and the fees to be charged. After the engagement is formalized, the client may be requested to provide SFA with necessary financial information, including information on sources of income, assets owned, liabilities payable, estate planning documents, business agreements, employee benefits, income tax returns, investments, personal and family obligations. In addition, the client will be requested to provide financial goals and objectives, both short and long term. The Investment Adviser Representative ("IAR") will set a target date for the anticipated completion of the plan. Upon completion, a personal presentation of the written plan will be made. At this meeting, the client will be provided with recommendations compatible with the established goals and objectives. An implementation schedule will be reviewed to determine which steps will be pursued and with whom those steps can be accomplished. The client is under no obligation to use SFA and/or its affiliates and may choose to implement all of the recommendations in any manner, which is expedient, and in the client's best interest. For insurance products, the company provides access to a platform of insurance products by DPL Financial Partners, LLC ("DPL"). The investor is under no obligation to use DPL's service, and may seek insurance advice from any licensed

agent. The insurance products and fee structures available from DPL may differ from those available from other third-party insurance agents. The company recommends that the investor fully evaluate products and fee structures to determine which arrangements are most favorable to the investor prior to making an investment decision. The company does not receive compensation for insurance products selected by the investor, whether secured through DPL or any other agent. SF Portfolio Strategies (“SFPS”): We offer an automated investment program (“SFPS”) through which clients are invested in a range of investment strategies we have constructed and manage, each consisting of a portfolio of exchange-traded funds (“ETFs”) and a cash allocation. The client may instruct us to exclude up to three ETFs from their portfolio. The client’s portfolio is held in a brokerage account opened by the client at Charles Schwab & Co. (“Schwab”). We use the Institutional Intelligent Portfolios® platform (“Platform”), offered by Schwab Performance Technologies (“SPT”), a software provider to independent investment advisors and an affiliate of Schwab., to operate the SFPS. We are independent of and not owned by, affiliated with, or sponsored or supervised by SPT, CS&Co., or their affiliates (together, “Schwab”). We, and not Schwab, are the client’s investment advisor and primary point of contact with respect to SFPS. We are solely responsible, and Schwab is not responsible, for determining the appropriateness of SFPS for the client, choosing a suitable investment strategy and portfolio for the client’s investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted with SPT to provide us with Platform, which consists of technology and related trading and account management services for SFPS. The Platform enables us to make SFPS available to clients online and includes a system that automates certain key parts of our investment process (the “System”). The System includes an online questionnaire that helps us determine the client’s investment objectives and risk tolerance and select an appropriate investment strategy and portfolio. Clients should note that we will recommend a portfolio via the System in response to the client’s answers to the online questionnaire. The client may then indicate an interest in a portfolio that is one level less or more conservative or aggressive than the recommended portfolio, but we then make the final decision and select a portfolio based on all the information we have about the client. The System also includes an automated investment engine through which we manage the client’s portfolio on an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and elects). We charge clients a fee for our services as described in Item 5 Fees and Compensation. Our fees are not set or supervised by Schwab. Clients do not pay brokerage commissions or any other fees to Schwab as part of SFPS. Schwab does receive other revenues in connection with SFPS. We do not pay SPT fees for SFPS so long as we maintain $100 million in client assets in accounts at Schwab that are not enrolled in SFPS. If we do not meet this condition, then we pay SPT an annual licensing fee of 0.10% (10 basis points) on the value of our clients’ assets in SFPS. This fee arrangement gives us an incentive to recommend or require that our clients with accounts not enrolled in SFPS be maintained with Schwab.