Greenspring Advisors is a SEC-registered investment adviser with its principal place of business located in Maryland. Greenspring Advisors began conducting business in 2004. Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25% or more of this company).
• Greenspring Advisors is owned by Greenspring Wealth Management, Inc, ISI Financial, Inc, Greg Hobson, Greg Plechner, Jeff Bernfeld, Mary Goetz and Christian Stanley. The owners of Greenspring Wealth Management, Inc are John Collins and Matt Cellini. ISI Financial Inc is owned by Timothy Decker. John Patrick Collins Jr. Partner, Chief Executive Officer and Chief Compliance Officer Greenspring Advisors offers the following advisory services to our clients: PRIVATE MONEY MANAGEMENT SERVICES Our firm provides continuous advice to a client (individuals and trusts, estates, non-profit organizations and charitable organizations) regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop a client's personal investment policy and create and manage a portfolio based on that policy. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's stated objectives (e.g. conservative, moderate, balanced, growth, aggressive), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Our investment recommendations are not limited to any specific product or service offered by a broker- dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate Because some types of investments involve certain additional degrees of risk, they will only be implemented/recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability. COMPREHENSIVE WEALTH MANAGEMENT SERVICES Our firm also provides Comprehensive Wealth Management Services to clients which include all of the services listed for Private Money Management clients plus certain financial planning services which may involve tax planning, retirement planning, risk management analysis, estate planning, cash flow planning, business planning and/or education planning. RETIREMENT PLAN CONSULTING SERVICES We also provide several advisory services separately or in combination. The primary clients for these services will be the sponsors of pension, profit sharing and 401(k) plans. Retirement Plan Consulting Services are generally comprised of fiduciary services and non-fiduciary services at both the plan level and participant level. With regard to fiduciary services, we provide clients (i.e. Plan Sponsors) with plan-level non-discretionary investment advice services, plan-level discretionary investment management services under Section 3(38) of ERISA, participant-level discretionary investment management services under Section 3(38) of ERISA, and participant-level non-discretionary investment advice services. With regard to non-fiduciary services, we provide plan-level services and participant-level services. Clients (i.e. Plan Sponsors) may choose to use any or all of the services described below with the exception of choosing to use either plan-level non-discretionary investment advice services or plan-level discretionary investment management services under Section 3(38) of ERISA as determined by the scope of the engagement. FIDUCIARY SERVICES I. PLAN-LEVEL NON-DISCRETIONARY INVESTMENT ADVICE SERVICES A. Investment Policy Design - Greenspring will assist Client in the development of an investment policy statement (IPS). The IPS establishes the investment policies and objectives for the Plan and shall set forth the number of general investment options and asset class categories to be offered under the Plan. Client shall have the ultimate responsibility and authority to establish such policies and objectives and to adopt and amend the IPS. B. Investment Selection - Greenspring will provide non-discretionary investment advice to Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s investment policies and objectives. Greenspring will utilize multiple analytic tools and databases at its disposal. Client shall have the final decision-making authority regarding the initial selection, retention, removal and addition of investment options. C. ERISA 404(c) Investment Selection – Greenspring will assist Client with the selection of a broad range of investment options consistent with ERISA Section 404(c) and the regulations thereunder. Client shall have the final decision-making authority regarding the selection of investment options. Client retains the sole responsibility to provide all notices to participants required under ERISA section 404(c). D. Investment Monitoring - Greenspring will assist Client in monitoring investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and make recommendations to maintain or remove and replace investment options. Greenspring will meet with the Client in-person, telephonically, or by electronic means at least annually to discuss the reports and the investment recommendations. Client has the authority and will be solely responsible for the actual selection or replacement of investment options. E. Selection of QDIA - Greenspring will provide non-discretionary investment advice to Client 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 shall have the final decision-making authority regarding the selection of the QDIA and Client retains the sole responsibility to provide all notices to participants required under ERISA Section 404(c)(5). II. PLAN-LEVEL DISCRETIONARY INVESTMENT MANAGEMENT SERVICES UNDER SECTION 3(38) OF ERISA A. Investment Policy Design - Greenspring will develop an investment policy statement (IPS) for Client. The IPS establishes the investment policies and objectives for the Plan and shall set forth the number of general investment options and asset class categories to be offered under the Plan. Greenspring shall have the ultimate responsibility and authority to develop the IPS and shall have the sole authority to amend it. B. Investment Selection - Greenspring will provide discretionary investment advice to Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s investment policies and objectives. Greenspring will utilize multiple analytic tools and databases at its disposal and will have decision-making authority regarding the initial selection, retention, removal and addition of investment options. C. ERISA 404(c) Investment Selection – Greenspring will select a broad range of investment options consistent with ERISA Section 404(c) and the regulations thereunder. Client retains the sole responsibility to provide all

notices to participants required under ERISA section 404(c). D. Investment Monitoring - Greenspring will monitor investment options by preparing periodic investment reports that document investment performance, consistency of fund management and conformance to the guidelines set forth in the IPS and determine whether to maintain or remove and replace investment options. E. Selection of QDIA - Greenspring will consult with Client as to whether the Plan should have a qualified default investment alternative (“QDIA”) for participants who are automatically enrolled in the Plan or who otherwise fail to make an investment election and as to the type of investment to serve as a QDIA (e.g., target date fund, balanced fund, or managed account). If Client decides to have a QDIA under the plan and decides upon the type of investment that will serve as a QDIA, the Greenspring will select the investment to serve as the QDIA. Client retains the sole responsibility to provide all notices to participants required under ERISA Section 404(c)(5). III. PARTICIPANT-LEVEL DISCRETIONARY INVESTMENT MANAGEMENT SERVICES UNDER SECTION 3(38) OF ERISA A. Discretionary Investment Management - Greenspring will provide ERISA section 3(38) discretionary investment management services to Plan participants as a designated investment manager. IV. PARTICIPANT-LEVEL NON-DISCRETIONARY INVESTMENT ADVICE SERVICES A. Investment Selection - Greenspring will provide non-discretionary investment advice to Plan participants about Plan investment alternatives. Greenspring will utilize multiple analytic tools and databases at its disposal. Plan participants shall have the final decision-making authority regarding the initial selection, retention, and changes in investment selections. NON-FIDUCIARY SERVICES I. PLAN-LEVEL SERVICES A. Committee Formation, Education and Support - Greenspring will help the Client establish or refine a Committee as needed. On a periodic basis, Greenspring will educate Plan fiduciaries on their duties and responsibilities and how to manage them as well as providing legislative and regulatory updates as necessary. Education will include general training regarding the fiduciary duty and prohibited transaction provisions of ERISA as well as the importance of the documents and instruments governing the Plan. Greenspring will periodically meet with the Client to review and discuss various aspects of the Plan, which may include preparation of meeting deliverables for the Client. B. Fee Analysis, Benchmarking and Negotiation – Greenspring will periodically assist the Client in evaluating the reasonableness of Plan fees. This may include documenting and benchmarking both direct and indirect fees (e.g. revenue sharing payments) to help the Client understand what the Plan is paying and how it compares to other plans and products. Greenspring may also recommend specific steps that can be taken to reduce those fees, if applicable. When appropriate, Greenspring will assist the Client in negotiating fee arrangements and cost structures. C. Vendor Benchmarking, Search and Selection - Greenspring will periodically assist the Client by providing an analysis and comparison of the Plan’s current vendor(s) products, services, and pricing to other plans and service providers. D. Plan Conversion Services - As needed, Greenspring will assist the Client with the conversion to a new provider’s platform. E. Operational Assistance and Issue Resolution - As needed, Greenspring will assist the Client with resolving operational or administrative issues that may arise with the Plan. Greenspring may provide these services or, alternatively, may arrange for the Plan’s other providers to provide these services, as agreed upon between Greenspring and the Client. II. PARTICIPANT-LEVEL SERVICES A. Participant Education and Communication- Greenspring will periodically provide education, presentations, webinars, or written investment materials. Information provided may include a description of investment alternatives (along with the objectives and risk and return characteristics of the assets comprising the investment portfolio), hypothetical asset allocation models, or other general financial and investment concepts consistent with Department of Labor Interpretive Bulletin 96-1. FINANCIAL PLANNING We provide financial planning services. Financial planning is a comprehensive evaluation of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, certain questions, information and analysis are considered as they impact and are impacted by the entire financial and life situation of the client. Clients purchasing this service receive a written report which provides the client with a detailed financial plan designed to assist the client achieve his or her financial goals and objectives. In general, the financial plan can address any or all of the following areas: PERSONAL: We may review family records, budgeting, personal liability, estate information and financial goals. TAX & CASH FLOW: We may analyze the client’s income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability. INVESTMENTS: We may analyze investment alternatives and their effect on the client's portfolio. INSURANCE: We may review existing policies to ensure proper coverage for life, health, disability, long- term care, liability, home and automobile. RETIREMENT: We may analyze current strategies and investment plans to help the client achieve his or her retirement goals. DEATH & DISABILITY: We may review the client’s cash needs at death, income needs of surviving dependents, estate planning and disability income. ESTATE: We may assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing homes, Medicaid and elder law. We gather required information through in-depth personal interviews. Information gathered includes the client's current financial status, tax status, future goals, returns objectives and attitudes towards risk. We carefully review documents supplied by the client, including a questionnaire completed by the client, and prepare a written report. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial plan recommendations is entirely at the client's discretion. We also provide general non-securities advice on topics that may include tax and budgetary planning, estate planning and business planning. Typically the financial plan is presented to the client within six months of the contract date, provided that all information needed to prepare the financial plan has been promptly provided. FINANCIAL CONSULTING SERVICES Clients can also receive investment and financial consulting advice on a more focused basis. This may include advice on only an isolated area(s) of concern such as estate planning, retirement planning, or any other specific topic. We also provide specific consultation and administrative services regarding investment and financial concerns of the client. SELECTION OF OTHER ADVISORS Greenspring may direct clients to third party money managers. Greenspring is not compensated from the advisors to which it directs those clients although our advisory fees will be billed against these assets. Before selecting other advisors for clients, Greenspring will always ensure those other advisors are properly licensed or registered as an investment advisor. AMOUNT OF MANAGED ASSETS As of 12/31/2023, we were actively managing $2,914,748,218 of clients' assets on a discretionary basis plus $3,981,619,681 of clients' assets on a non-discretionary basis.