Our Firm Andersen (formerly known as WTAS LLC) was formed in 2002 to provide a wide range of tax, valuation, financial advisory and related consulting services to individuals and entities. Andersen Tax Holdings LLC wholly owns Andersen Tax LLC. MD Investment LLC is the principal owner of Andersen Tax Holdings LLC. Our Managing Directors are also the owners of our parent company. Our Investment Consulting Services This brochure primarily describes our investment consulting services business. Our investment consultants provide individualized investment advice tailored to the needs of each client. As such, the range of services and advice we provide can vary from client to client. We primarily offer three types of services: Full-service investment consulting, limited professional consulting, and performance measurement and reporting. Each of these is offered as a stand-alone service or can be integrated with our tax consulting and other services as part of a comprehensive wealth management service. The exact services provided are agreed to and detailed in a written engagement letter. As a non-discretionary, non-custodial advisor, we do not directly make investments without clients’ prior knowledge and authorization. Clients are free to implement all, some, or none of our investment recommendations. Full-Service Investment Consulting and Comprehensive Wealth Management In a typical full-service investment consulting engagement, we first work with a client to develop an overall investment strategy. We initially analyze the client’s financial goals, investment objectives, time horizon, income and cash flow requirements, investment risk tolerance and other preferences. For some clients, this includes advice regarding capital sufficiency and cash flow, retirement planning, tax planning, estate planning, education funding, insurance needs, and employer benefit decisions. The result of this overall analysis serves as the foundation for the client’s strategic investment plan. Next, we help design a portfolio consistent with the client’s strategic investment plan. We create an asset allocation plan that seeks to provide a target rate of return without exposure to levels of risk in excess of that needed to attain the client’s financial goals. We seek to reduce overall risk by diversifying across major asset classes and across investment styles within each asset class. 2 March 29, 2024 Our recommendations vary based on each client’s financial goals and portfolio size. For example, in a relatively smaller or more conservative portfolio we might recommend specific allocations to cash equivalents, municipal and taxable bonds, and U.S. and non-U.S. equities. For a larger or more aggressive portfolio we might additionally recommend specific allocations to non-U.S. fixed income, Treasury Inflation Protected debt, high yield debt, emerging markets debt and equity, real estate, commodities, and alternative investments. To further diversify a portfolio, we typically recommend allocations to various investment styles or strategies within an asset class. A common example is splitting the large capitalization domestic equity allocation among growth, core, and value investment styles. After formalizing the client’s strategic investment plan and asset allocation plan in a written investment policy statement, we recommend unaffiliated separate account managers, mutual funds, and other registered or unregistered investment vehicles that we believe will perform well in their respective asset class and investment style. (See Item 8 for more on how we select managers and funds.) Upon recommending separate account managers or funds and obtaining client consent, we arrange for the execution of the approved investment. In some cases, clients need to enter into an agreement directly with the separate account managers we recommend. We assist with setting up these arrangements, as well as other client-approved transactions such as transferring assets between accounts. We also help the client select and coordinate third party custodial and brokerage services and assist in selecting the appropriate account structure for holding investment assets. Once the investment plan has been implemented, we regularly and continuously monitor the client’s portfolio and the separate account managers, mutual funds, and other registered or unregistered investment vehicles that we recommended. We advise the client whenever we no longer recommend a manager, fund, or other investment vehicle and suggest a replacement. We prepare consolidated performance reports that compare the client’s portfolio

to the strategic investment plan and target allocation. We also compare the selected managers and funds to appropriate market indices and peers within each asset class and investment style. We meet with the client periodically to review the plan and the separate account managers, funds, and other investments in the portfolio. We recommend transactions to rebalance the portfolio back toward its target asset allocation. 3 March 29, 2024 As of December 31, 2023, our assets under advisement for this type of service was approximately $4,963,236,000. Limited Professional Consulting For some clients, we perform only certain portions of the full-service investment consulting described above, such as developing an investment policy statement or strategic asset allocation. Other common examples of the types of limited professional consulting we provide include:
• Performing a limited portfolio review or providing a second opinion of an existing portfolio managed by another financial advisor
• Analyzing and conducting due diligence on a separate account manager, fund, or other investment that the client is considering or has invested in
• Providing financial counseling services to key executives of a company, or providing financial planning seminars and other educational services to groups of employees
• Advising in a Co-Advisory arrangement in which we provide ongoing strategic investment planning and overall portfolio monitoring while an unaffiliated third-party advisor has full discretion as to selection of separate account managers, funds, and securities In these limited engagements, although we are providing investment advice as to matters such as financial planning, asset allocation and performance comparisons, the underlying investments are generally not based on our recommendations. As such, we are not providing regular and continuous oversight or recommendations about the merits of the underlying investments unless specifically agreed to. Performance Measurement and Reporting For some clients, we provide only periodic investment reporting. We provide performance reports that consolidate client holdings and accounts held across multiple custodians. The separate account managers or other investments underlying the portfolio are generally not based on our recommendations. Instead, our advice is limited to providing commentary on the client’s consolidated asset allocation and comparing managers or mutual funds to appropriate benchmarks and peers. Like the limited professional consulting service described above, we are not providing regular and continuous oversight or recommendations about the merits of the underlying investments unless specifically agreed to. 4 March 29, 2024 Limits on Types of Investments We Recommend Clients may place reasonable restrictions on investing in certain securities or types of securities. These restrictions, if any, are documented in the investment policy statement. We generally do not recommend individual stocks or bonds (other than shares of registered or unregistered funds) or specific industry sectors. We focus on recommending separate account managers and registered investment vehicles such as mutual funds and exchange traded funds. These separate account- and fund managers select individual securities within their agreed upon investment mandate. They invest on a discretionary basis and have their own limitations on the types of investments in which they invest. You can review the separate account- and fund managers’ limits on the types of investments in which they invest in their disclosure brochures or offering documents. Although we generally do not recommend individual securities or industry sectors, we are available to assist clients with a broad array of investments, including options, equity and debt securities, and alternative investments. Individual security or sector recommendations are prompted by a client’s particular needs, such as planning for income, capital gains, estate and gift taxes, portfolio diversification, or hedging of concentrated positions. For example, we may recommend that a client sell, or donate to charity, a specific security for financial or tax planning reasons. As another example, we may express an opinion on a manager, fund, or other security that a client independently identified or bought. Such investment advice and recommendations are often based primarily on asset allocation or financial and tax planning considerations and do not reflect a view as to the intrinsic merits of the specific security as an investment unless specifically agreed to.