Firm Description Marin Financial Advisors, LLC, hereinafter (“the Advisor”) was founded in 2005 and is an SEC registered investment Advisor. Colin Drake and David Shore serve as the firm’s principals. The Advisor provides personalized confidential financial planning and investment management to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, and small businesses. In many cases, financial planning is part of the investment advisory services. Financial planning generally advises clients regarding cash flow, college planning, retirement planning, tax planning and estate planning and insurance. Investment advice is provided, with the Advisor making the final decision on investment and brokerage selection under a limited power of attorney. The client always maintains asset control as their accounts are held by a qualified custodian. The Advisor does not take custody of or act as a custodian of client assets. Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged directly by the client on an as-needed basis. Any conflicts of interest arising out of the Advisor or its associated persons are disclosed in this brochure. Principal Owners Colin Drake is a 100% stockholder. Types of Advisory Services The Advisor provides investment advice and management to individually managed accounts. The Advisor holds a limited power of attorney to act on a discretionary basis with respect to these accounts however there are By All Accounts clients where the Advisor provides advice on a non- discretionary basis. Client assets are deposited in a brokerage firm, usually Charles Schwab & Co., custodian account. Accounts are managed according to an Investment Policy Statement that is developed between the Advisor and its clients. Most accounts are primarily comprised of mutual funds, Exchange Traded Funds (“ETFs”) and some select securities although the Advisor generally has the latitude to use a number of different security types to achieve client goals. The Advisor also provides financial planning services in which associated persons of the Advisor meet with clients to learn about their financial circumstances and identify their financial goals, objectives, and risk tolerance. Based on these meetings, the Advisor makes appropriate financial planning recommendations. As part of a comprehensive financial plan, the Advisor will often advise clients on matters of life, debt management, tax planning, estate planning, insurance review, and other related topics, but does not provide accounting or legal advice. These services are provided at the client’s request. The Advisor may offer to help client implement recommendations, but client is under no obligation to accept any of the recommendations of the Advisor or purchase securities or insurance products through the Advisor or its associated persons. The Advisor uses a graduated compensation schedule for wealth advisory services and a fixed price for financial planning-only services, however fees may be negotiated with the client on a case-by case basis and the agreements may be terminated by either party with written notice. The Advisor believes that its fees are competitive with fees charged by other investment Advisors for - - 5 - comparable services, but these services may be available for lower fees than those that the Advisor charges. The Advisor engages in an investment Advisory business and manages more than one account. Therefore, there may be conflicts of interest over Advisor’s time devoted to managing any one account and the allocation of investment opportunities among all accounts that it manages. Advisor attempts to resolve all such conflicts in a manner that is generally fair to all of its clients. Advisor may give advice and take action with respect to any of its clients that differs from the advice that it gives or the timing or nature of the action that it takes with respect to another client so long as it is Advisor’s policy, to the extent practicable, is to allocate investment opportunities to its clients over time on a fair and equitable basis. The Advisor shall provide research and analysis with regard to investment advice and fiduciary due diligence services for the Client. The Advisor shall also provide research and analysis that covers the investment products of several qualified and non-qualified retirement plan providers. The goal of the investment due diligence process is to establish a logical, technical, and comprehensive process that is consistently employed in the selection and ongoing monitoring of funds for plan sponsors and individuals, accompanied by an investment policy statement (for plan sponsors only), that defines the process utilized to recommend the investments to plan sponsors and individuals. For company retirement plan services, the Employer (Client of the Advisor) sponsors a qualified (or nonqualified) Retirement Plan for the benefit of its employees. The Plan is a qualified or non- qualified employee benefit plan intended to comply with all applicable federal laws and regulations, including the Internal Revenue Code of 1986, as amended, and the Employee Retirement Income Security Act of 1974 (ERISA), as amended, if applicable. The Advisor may employ many different calculations, processes, and screening techniques to arrive at specific recommended individual investments within the array of investments offered by each investment provider that is being analyzed including but not limited to the following:
• Investment analysis by asset class (domestic equity, international equity, income, hybrid/managed accounts), including market capitalization (small, medium, and large), and investment objective (value, blend, and growth orientation)
• Performance relative to other investments in the same asset class
• Investment performance relative to benchmark performance for the same asset class
• Style-based analysis to determine the impact of an investment being managed differently than its stated investment objective (which is usually a combination of the stated market capitalization category, and investment objective category)
• Common objective risk and return statistical measurements, such as Sharpe ratio, standard deviation, alpha, and beta
• Common statistically relevant manager value measurements such as information ratio and tracking error In addition to providing investment advisory and financial planning services to individually managed client accounts, the Adviser may, at times, bring clients (prospective investors) other investment ideas (including but not limited to; private equity funds, limited partnerships, other - - 6 - special purpose vehicles) that are outside of the scope of the client’s investment management agreement. These outside investments are to be made by means of offering memoranda (or similar), which the issuer will provide the prospective investors prior to investing and will contain all material facts including additional risk factors relating to any such investment. These prospective investors are advised to carefully review information in the offering memorandum and consult with their own legal, accounting, tax and other advisors in order to independently assess the merits of such an investment. While these outside investments are not formally part of the client’s MFA managed assets, the Adviser fulfills its fiduciary obligation to the client by conducting appropriate due diligence on each respective

investment and disclosing all relevant conflicts of interest. There is a potential for conflict as the Advisor or its representatives may have an inherent interest in the success of the underlying investment. If/when a client decides to invest in an opportunity that may relate to the interests of the advisor or its representatives, the firm will make documented efforts to ensure any such outside investments are in-line with the fiduciary duty of care & loyalty. More specifically, that Adviser: (a) ensures any such outside investment is in the best interest of the client; (b) fulfills its obligation to subordinate its interest to that if the client; and (c) has fully and fairly disclosed all material conflicts of interest that could impact the relationship. IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries 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. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest. As of December 31, 2023, the Advisor manages approximately $444,537,949 in assets for approximately 488 accounts on a discretionary basis and $3,908,961 in assets for approximately 7 accounts on a non-discretionary basis. - - 7 - Tailored Relationships The goals and objectives for each client are documented in our client relationship management system. Investment policy statements are created that reflect the stated goals and objective. Clients may impose restrictions on investing in certain securities or types of securities. Assignment of Investment Management Agreements Agreements may not be assigned without the client’s consent. Types of Agreements The following agreements define the typical client relationships. Financial Planning Agreement The financial plan may include, but is not limited to: a net worth statement; a cash flow statement; a review of investment accounts, including reviewing asset allocation and providing repositioning recommendations; strategic tax planning; a review of retirement accounts and plans including recommendations; a review of insurance policies and recommendations for changes, if necessary; one or more retirement scenarios; estate planning review and recommendations; and education planning with funding recommendations. The financial planning service provided does not require that the client use or purchase the investment Advisory services offered by the Advisor or any of the insurance products or other products and services offered by the associated persons of the Advisor. There is an inherent conflict of interest for the Advisor whenever a financial plan recommends use of professional investment management services or the purchase of insurance products or other financial products or services. The Advisor or its associated persons may receive compensation for financial planning and the provision of investment management services and/or the sale of insurance and other products and services. The Advisor does not make any representation that these products and services are offered at the lowest available cost and the client may be able to obtain the same products or services at a lower cost from other providers. However, the client is under no obligation to accept any of the recommendations of the Advisor or use the services of the Advisor in particular. Investment Management Agreement Realistic and measurable goals are set and objectives to reach those goals are defined. As goals and objectives change over time, suggestions are made and implemented on an ongoing basis. The Advisor periodically reviews a client’s financial situation and portfolio through regular contact with the client which often includes an annual meeting with the client. The Advisor makes use of portfolio rebalancing software to maintain client allocations according to the Investment Policy Statement in effect. The scope of work and fee for an Advisory Service Agreement is provided to the client in writing prior to the start of the relationship. The agreement sets forth the services to be provided, the fees for the service and the agreement may be terminated by either party in writing at any time. Fees may vary based on client needs and advisory services provided by Colin Drake on behalf of MFA clients. - - 8 - Asset Management Investments in client portfolios may include mutual funds (shares), equities (stocks), corporate debt securities, commercial paper, certificates of deposit, municipal securities, investment company securities (variable life insurance, variable annuities, and U. S. government securities, options contracts, and interests in partnerships. Assets are invested primarily in no-load or low-load mutual funds and exchange-traded funds, usually through brokers or fund companies. Fund companies may charge each fund shareholder an investment management fee that is disclosed in the fund prospectus. Brokerages may charge a transaction fee for the purchase of some funds. Stocks and bonds may be purchased or sold through a brokerage account when appropriate whereby the brokerage firm charges a fee for stock and bond trades. The Advisor does not receive any compensation from fund companies or brokerages. Initial public offerings (IPOs) are not available through the Advisor. WRAP Program The Advisor does not sponsor or provide investment management services to a wrap program. Termination of Agreement A Client may terminate any of the aforementioned agreements at any time by notifying the Advisor in writing. Clients shall be charged pro rata for services provided through to the date of termination. If the client made an advance payment, The Advisor will refund any unearned portion of the advance payment. The Advisor may terminate any of the aforementioned agreements at any time by notifying the client in writing. If the client made an advance payment, the Advisor will refund any unearned portion of the advance payment. The Advisor reserves the right to terminate any financial planning engagement where a client has willfully concealed or has refused to provide pertinent information about financial situations when necessary and appropriate, in the Advisor’s judgment, to providing proper financial advice. Any unused portion of fees collected in advance will be refunded.