Our Firm’s History HIGHLAND Financial Advisors, LLC was originally established October 8, 1996 as Tyras, Fraasa & Associates, LLC. On April 13, 2005, after the retirement of Paul F. Tyras, the name was changed to HIGHLAND Financial Advisors, LLC. From 1996 to 2005 HIGHLAND Financial Advisors, LLC was located in Paramus, New Jersey. From 2006 to 2017 HIGHLAND Financial Advisors, LLC was located at 44 State Route 23 North, Riverdale, NJ. Since March of 2017, HIGHLAND Financial Advisors, LLC is located at 1680 Route 23, Wayne, NJ 07470. HIGHLAND Financial Advisors, LLC is a Registered Investment Adviser with the Securities and Exchange Commission under the Investment Advisers Act of 1940 offering financial planning and investment advisory services to individuals, families, pension and profit-sharing plans, and business entities. About one fifth of our clients are retirement plans, endowments, or trusts seeking investment management only. We are compensated directly from our clients and we do not receive any third-party compensation, 12b-1 fees, or commissions from any advice or products we recommend to our clients. Our Principal Owners Reed C. Fraasa, Edward J. Leach, and AnnaMarie Mock are the principal owners of HIGHLAND Financial Advisors, LLC. Amount of Assets Under Management As of December 31, 2023, the amount of client assets managed by HIGHLAND Financial Advisors, LLC on a discretionary basis is $430,358,286, and the amount of client assets managed on a non- discretionary basis is -0-. We also offer consulting and monitoring for an additional $87,043,198 in client assets under advisement. Non-Participation in Wrap Fee Programs HIGHLAND Financial Advisors, LLC does not participate in any Wrap Fee Programs. A wrap fee program is when investment advisory and brokerage execution services are provided for a single "wrapped" fee that is not based on the transactions in a client's account. Types of Investments upon Which Advice is Offered We offer advice on the following:
• Equity securities
• Corporate debt securities
• Municipal securities
• Certificates of deposit
• Variable life insurance
• Variable annuities
• Mutual fund shares
• Exchange Traded Funds
• Private Equity
• US Government securities
• Real estate partnerships
• Options
• Restricted Stock
• Private REITS 5 Advisory Services Offered HIGHLAND Financial Advisors, LLC offers three distinct services. Wealth Management services are offered to individuals and families. Investment Management services are offered to endowments, trusts, and corporations. ERISA Fiduciary Investment Management services are offered to employer retirement plans. WEALTH MANAGEMENT SERVICES Wealth Management is a service for individuals and families that may include financial planning and investment management. Typically, we offer one or two discovery meetings with Client to develop Client’s goals and vision for their financial plan. We offer to gather all known information about the Client’s financial resources, including income sources, assets, liabilities, insurance policies, estate documents, employee benefits, and family details. Following that, we typically develop a financial plan with detailed costs for each of their lifestyle goals. The financial plan considers the Client’s

available assets and liabilities, income and expenses, expected rate of return, and priorities needed to achieve Client’s goals. Based upon your stated goals and objectives and upon our analysis of the information supplied, we will make specific recommendations concerning products, services, and/or strategies that we believe will best assist you in attaining your goals and objectives. Typically, we determine the rate of return needed to achieve Client’s goals, and we discuss the financial capacity for risk and Client’s personal tolerance for risk. From that discussion, will typically develop an Investment Policy Statement to guide the management of Client’s portfolio. Our investment philosophy is based on the generally accepted principle of Modern Portfolio Theory, which holds that asset allocation is the primary determinant of portfolio performance. INVESTMENT MANAGEMENT SERVICES Typically, HIGHLAND Financial Advisors, LLC quantifies the rate of return needed to achieve Client’s goals and determines the risk capacity and risk tolerance for Client. From that an Investment Policy Statement is developed and then used to design a portfolio. Our investment philosophy is based on the generally accepted principle of Modern Portfolio Theory, which holds that asset allocation is the primary determinant of portfolio performance. ERISA FIDUCIARY INVESTMENT MANAGEMENT SERVICES When HIGHLAND Financial Advisors, LLC is engaged as a discretionary investment manager for a qualified plan under Section 3(38) of ERISA, the following scope of fiduciary services may be offered:
• Assist the client in the development of an Investment Policy Statement (IPS).
• Offer an appraisal and evaluate Plan's current investment offering, if applicable.
• Offer fiduciary investment mapping, if applicable.
• Review the investment options available through the plan and establish and manage the specific designated investment alternatives “DIA” to be offered to plan participants that meet the criteria set forth in the IPS including, but not limited to, managed portfolios constructed from the specific designated investment alternatives. 6
• Offer discretionary investment management to the Plan Sponsor with respect to the selection of a qualified default investment alternative (“QDIA”) for participants who are automatically enrolled in the Plan or who otherwise fail to make an investment election. Client retains the sole responsibility to provide all notices to participants required under ERISA section 404(c)(5). HIGHLAND Financial Advisors, LLC will not provide either accounting or legal advice or third-party ERISA administration services. SEMINARS Additionally, advice may be rendered regarding securities and/or financial planning through seminars. Such seminars may be used as an introduction to the financial planning process as noted above. Generally, such seminars are offered for free, on occasion a fee may be charged. Client Imposed Investment Restrictions Although it is rare, there may be circumstances whereby a client does not desire a particular security or asset to be included in their investment policy. If this were to occur, HIGHLAND Financial Advisors, LLC will discuss any possible implications and possible consequences such investment constraint may cause and document any constraints in client’s Investment Policy Statement.