Description of Services and Fees Regal Investment Advisors LLC (“Regal”) is a registered investment adviser based in Kentwood, Michigan. We are organized as a limited liability company under the laws of the State of Michigan. We have been providing investment advisory services since July 2003. John A. Kailunas II, Brian Yarch, and Don Carlson are the principal owners. As used in this brochure, the words "we", "our" and "us" refer to Regal Investment Advisors LLC and the words "you", "your" and "client" refer to you as either a client or prospective client of our firm. Also, you may see the term “Associated Person” throughout this Brochure. As used in this Brochure, our Associated Persons are our firm's officers, employees, and all individuals providing investment advice on behalf of our firm. The following paragraphs describe our advisory business. Please refer to the description of each investment advisory service listed below for information on how we tailor our advisory services to your individual needs. Regal conducts its investment advisory business through a network of independent Investment Adviser Representatives ("IARs") who operate offices located throughout the United States. Regal oversees the advice and asset management services provided by our Associated Persons (including IARs). Your IAR will recommend products, platforms, or services within the scope of options Regal makes available to your IAR. Most IARs will operate under their own business name(s) or Doing Business As (DBA) name(s). The business name(s) and DBA name(s) used by the IARs are separate from and are not owned or controlled by Regal. The purpose of using a name other than Regal is for your IAR to create a brand that is specific to the IAR and/or branch but separate from Regal. IARs also offer and provide other services through their business name(s) or DBA name(s), however all investment advisory services conducted by IARs must be through Regal. Regal enables its IARs to utilize many different avenues to provide personalized investment advisory services to you. These services include asset management, referrals to third-party money managers, financial planning, and consulting services. Currently, we offer the following investment advisory services, which are personalized to each individual client:
• Advisor Managed Accounts
• Selection of Other Advisers
• LionShare Services
• Pension Consulting Services
• Advisory Services to Retirement Plans
• Asset Allocation Services
• Financial Planning and Life Planning Services
• Wrap Fee Program Advisor Managed Accounts In an Advisor Managed Account, your IAR will be responsible for managing your account consistent with your defined objectives and risk tolerance and will assist you in developing a personalized asset allocation and custom-tailored portfolio. The investment approach involves selectively allocating assets among various asset classes in a manner that is consistent with your risk tolerance and return objectives. These allocations are then monitored over time and rebalanced as appropriate to reflect changes in the economy or your personal situation. The investment portfolio can be created in a few ways depending upon what is decided would work best for you. Your IAR may customize your investment portfolio by investing in a diversified portfolio consisting of equities, exchange traded funds (ETFs), exchange traded notes (ETNs), mutual funds, fixed income securities and other types of investments as deemed appropriate for your risk profile and investment goals. Your IAR may also customize a portfolio based on model portfolios developed internally at Regal or by third party vendors. Your portfolio holdings can include but are not limited to Fixed and/or Variable Annuities, alternative products including Real Estate Investment Trusts (REITs"), Direct Participation Programs ("DPPs") or Business Development Companies ("BDCs"), and any type of investment deemed appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. You will have the opportunity to meet with your IAR to periodically review the assets in your Advisor Managed Account. We recommend you and your IAR meet on a regular basis to review your financial situation, investment objectives and current holdings. You must promptly notify our firm if your financial situation, goals, objectives, or needs change. We offer both discretionary and non-discretionary investment advisory services within our Advisor Managed Accounts. With discretionary authority, your IAR makes all decisions to buy, sell or hold securities, cash, or other investments in the managed account without consulting with you before implementing any transactions. You must provide Regal with written authorization to exercise this discretionary authority. Regal does not have access to your funds and/or securities with the exception of having advisory fees deducted from your account and paid to us by the account custodian. Any fee deduction is done pursuant to your prior written authorization provided to the account custodian. You have the ability to place reasonable restrictions on the types of investments that may be purchased in an account. You may also place reasonable limitations on the discretionary power granted to us. If you prefer non-discretionary investment advice, your IAR will need to speak with you directly, to obtain authorization, before placing trades. You should understand that any delay in obtaining your authorization to execute a recommendation could impact (either favorably or unfavorably) the transaction terms, including transaction execution price (depending on prevailing market conditions). The types of securities used in client accounts will depend upon the IAR managing your account. Security selection can vary or be limited due to the investment philosophy, expertise, or investment experience of your IAR. Client account security selection might be limited to the use of an individual security type alone, such as mutual funds, or a range of security types could be used in client accounts. In addition to security selection, investment advisory portfolios might be created through the use of models or strategies that are generally applied across all client accounts or individualized portfolios might be developed for each client. In an Advisor Managed Account, your IAR may choose to invest a portion of your portfolio in alternative assets or structured investments. Regal has contracted with CAIS Group (“CAIS”) to provide Regal and our IARs with proprietary research and access to certain private funds and products. For more details surrounding the risks associated with alternative assets and structured investments, please refer to Item 8 of this Brochure. In certain cases where appropriate, we may recommend that certain clients engage Betterment LLC (“Betterment”) to provide digital services through their platform. We will assist clients with selecting and implementing the appropriate model and will monitor the performance and suitability on an ongoing basis. We will contact you from time to time to review their financial situation and objectives; communicate model changes to Betterment as/when warranted; and assist the client in understanding and evaluating the services provided by Betterment. Clients will be expected to notify us of any changes in their financial situation, investment objectives, or account restrictions that could affect their financial situation. Selection of Other Advisors As part of our services, IARs may recommend that you use the services of an unaffiliated third-party asset manager ("TPAM") that is typically registered or exempt from registration as investment advisers. TPAMs may manage your entire, or a portion of, your investment portfolio. Factors that we take into consideration when recommending a TPAM making our recommendation(s) include, but are not limited to, the following: the TPAM's performance, methods of analysis, fees, your financial needs, investment goals, risk tolerance, and investment objectives. We will periodically monitor the TPAM(s)' performance to ensure the management and investment style remains aligned with your investment goals and objectives. Additionally, these programs may assist your IAR in managing your portfolio on an on-going basis through automatic rebalancing and tax-loss harvesting (if applicable). However, this could lead to less frequent contact with your IAR. LionShare LionShare is a Doing Business As (“DBA”) of Regal that provides discretionary investment management services to IARs of Regal, and through subadvisor agreements, to other SEC and state registered Investment advisors (hereafter “Primary Financial Adviser(s)”). LionShare is an investment advisory solution that utilizes a variety of strategies and models portfolios (“Strategies”), both developed and managed internally by Regal (“Proprietary Strategies”), and by third parties (“Third Party Strategies”). In instances where your IAR of Regal uses LionShare, your IAR will help you determine which Strategies are best suited for you based on your risk profile, investment objectives, and preferences. The portfolio management and trading decisions are made by the provider of the applicable Strategy(ies). Lionshare offers a variety of strategies that utilize various security types, including mutual fund, ETF, equity, and fixed income portfolios. Sub-advisory Services LionShare offers sub-advisory services to unaffiliated Primary Financial Advisers. As part of these services, we will provide Strategies, which the Primary Financial Advisers selects, for their clients. We will not directly manage the Primary Financial Adviser’s individual client accounts. The Primary Financial Adviser will be responsible for selecting the appropriate Strategies for its clients. Fees and payment arrangements are negotiable and will vary on a case-by-case basis. LionShare will implement the investment instructions provided by the Primary Financial Adviser and typically has no contact with the Primary Financial Adviser’s client(s). The Primary Financial Adviser selects a Strategy, in the form of a list of securities to hold and the relative weight of each. LionShare provides overlay management services for the portfolio/Strategy and implements trade orders consistent with the Strategies selected. Clients pay a fee to LionShare, which covers the investment advisory fees along with any fees paid in connection with the use of Third Party Strategies. LionShare accounts are generally managed in the same or similar manner as other separately managed accounts. The LionShare fee does not include fees for the Primary Financial Adviser, custodial services or brokerage commissions and other fees and expenses resulting from securities transactions. For additional information about LionShare please refer to the ADV Part 2A for LionShare. Third Party Strategies Third Party Strategies include asset allocation, as well as selection of the underlying investments. Regal may perform overlay management of the Third Party Strategy by placing trade orders, periodically updating and rebalancing each Strategy (pursuant to the direction of the third party). The provider of the Third Party Strategy may also have direct authority to trade their Strategy, granted by the investment advisory agreement you sign, a limited power of attorney, and/or trading authorization forms. LionShare may, from time to time, replace existing providers of Third Party Strategies or hire other third parties, and cannot guarantee the continued availability of Third Party Strategies. Our ability to hire and fire third parties who may provide Third-Party Strategies on your behalf is based on you granting our firm discretionary authority, which is typically granted by the investment advisory agreement you sign with our firm, a power of attorney, or trading authority forms. Certain Third Party Strategies include mutual funds or exchange traded funds that are advised by the third party or its affiliate(s) (“Third Party Proprietary Funds”). This creates a conflict of interest. In such situations, the third party or its affiliate(s) will typically receive fees from the Third Party Proprietary Funds for serving as investment adviser or other service provider to the Third Party Proprietary Funds (as detailed in such fund’s prospectus). These fees will be in addition to the management fees that a third party receives for its ongoing management of the Third Party Strategies. This creates a financial incentive and potential conflict of interest for the third party to utilize Third Party Proprietary Funds. Clients should discuss any questions with or request further information from their Financial Advisor concerning the use of Third Party Proprietary Funds in Third Party Strategies or the conflict of interest this creates. Proprietary Strategies Regal has developed, owns and offers a variety of internal Proprietary Strategies that are marketed under different names. These Proprietary Strategies are managed on a discretionary basis by Regal and include: Dividend Plus, Regalfolios, Dunamis, Durand, LionShare Model Allocation Series, and LionShare Partner Series. IARs, through their affiliation with Regal, may recommend Proprietary Strategies to their clients based on each client's investment goals and objectives. The IAR does not receive additional compensation for recommending a Proprietary Strategy, however Regal receives a financial benefit through its ownership of the Proprietary Strategies. In the limited cases in which a client is working directly with an owner or executive of Regal, a direct conflict of interest would be present. In these cases, John Kailunas II, Brian Yarch, Don Carlson, and executive officers would have an incentive to offer clients a Proprietary Strategy as opposed to a Third Party Strategy where Regal would share fees received with the third party. Sleeve Accounts Clients who meet certain minimum asset requirements may be eligible for our sleeve account program. Sleeve accounts allow for multiple investment strategies to be held within the same account. Because sleeve account strategies are not traded at the account level, there may be positive or negative performance tracking differences when comparing individual sleeves to their chosen strategies.

Discretionary Authority If you participate in LionShare, we require you to grant our firm discretionary authority to manage your account. Discretionary authorization will allow our firm to determine the specific securities, the amount of securities to be purchased or sold, and the broker or dealer to be used for a purchase or sale of securities for your account without your approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement you sign with our firm, a power of attorney, or trading authorization forms. We do not have access to your funds and/or securities with the exception of having advisory fees deducted from your account and paid to us by the account custodian. Any fee deduction is done pursuant to your prior written authorization provided to the account custodian. Our advice is tailored to the individual needs of clients and therefore, clients may impose reasonable investment restrictions upon their account(s). Any permitted restrictions are stated in the agreement or a letter of instruction which is signed by the client. Unified Managed Account Program Regal has partnered with Tamarac Inc. (“Tamarac”) and their affiliate Envestnet Asset management, Inc. (“Envestnet”) to assist with the management of client accounts through their web based managed account platform (“Envestnet Platform”). Through the Envestnet Platform, IARs of Regal can allocate an Advisory Client’s assets among a selection of LionShare Strategies. Regal’s IARs are responsible for determining the target asset mix and the selection of the specific underlying investment strategies in the appropriate model to meet the Advisory Client’s needs. Accounts managed through the Envestnet Platform are custodied with Charles Schwab and Fidelity and incur a platform fee outlined in the “Fees and Compensation” of this brochure. Pension Consulting Services We offer pension consulting services to employee benefit plans and their fiduciaries based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, these services may include an existing plan review and analysis, plan-level advice regarding fund selection and investment options, education services to plan participants, investment performance monitoring, and/or ongoing consulting. These pension consulting services will generally be non-discretionary and advisory in nature. The ultimate decision to act on behalf of the plan shall remain with the plan sponsor or other named fiduciary. We may also assist with participant enrollment meetings and provide investment-related educational seminars to plan participants on such topics as:
• Diversification
• Asset allocation
• Risk tolerance
• Time horizon
• Financial goals Our educational seminars may include other investment-related topics specific to the plan. Advisory Services to Retirement Plans As disclosed above, we offer various levels of advisory and consulting services to employee benefit plans ("Plan") and to the participants of such plans (“Participants”). The services are designed to assist plan sponsors in meeting their management and fiduciary obligations to Participants under the Employee Retirement Income Securities Act (“ERISA”). Pursuant to adopted regulations of the U.S. Department of Labor under ERISA Section 408(b)(2), we are required to provide the Plan's responsible plan fiduciary (the person who has the authority to engage us as an investment adviser to the Plan) with a written statement of the services we provide to the Plan, the compensation we receive for providing those services, and our status (which is described below). The services we provide to your Plan and the corresponding compensation are described further in the service agreement that you have previously signed with our firm. We may, with consent of the Plan, and in accordance with Plan documents, bill out-of-pocket expenses (such as overnight mailings, messenger, translation fees, etc.) at cost. We do not reasonably expect to receive any other compensation, direct or indirect, for the services we provide to the Plan or Participants. Nonetheless, since Associated Persons of our firm are registered representatives and/or licensed insurance agents, these individuals may receive 12b-1 fees, revenue sharing or other forms of indirect compensation in connection with mutual fund investments allowable under applicable authority through Regulus Financial Group, LLC, (refer to Items 5, 12, and 14 for additional disclosures). If we receive any other compensation for such services, we (i) will offset the compensation against our stated fees, and (ii) will promptly disclose the amount of such compensation, the services rendered for such compensation and the payer of such compensation to you. Status In providing services to the Plan and Participants, our status is that of an investment adviser registered under the Investment Advisers Act of 1940, and we are not subject to any disqualifications under Section 411 of ERISA. In performing fiduciary services, we are acting either as a non-discretionary fiduciary of the Plan as defined in Section 3(21) under ERISA, or as a discretionary fiduciary of the plan as defined in Section 3(38) under ERISA. We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment advice to you regarding your retirement plan account or individual retirement account, we are also 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. We have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. IRA Rollover Considerations As part of our investment advisory services, IARs can make recommendations to plan participants regarding the rollover of employer sponsored retirement plan assets. In the case where an IAR recommends a retirement plan rollover into a Regal advisory account program, the IAR will earn a portion of the advisory fee. This presents a conflict of interest because IARs have an economic incentive to recommend you to rollover your retirement plan into a Regal advisory program account. To mitigate this conflict, we have partnered with InvestorCom to document suitability analysis through the use of their Rollover Analyzer tool. This tool compares and discloses options available to the client at time of account transfer. Plan participants are under no obligation to rollover your retirement plan assets to an IRA with Regal and should carefully consider all relevant factors, such as penalty-free withdrawals, whether loans are permitted, legal protections, required minimum distributions, fees and expenses, service levels, available investment options, employer stock considerations and state taxes. Asset Allocation Services We offer asset allocation services for qualified accounts through TIAA-CREF. Once you have retained our firm for asset allocation services, we will gather information about your financial situation and objectives, and assist you in determining your investment goals, objectives, risk tolerance, and retirement plan time horizon. We will initially provide you with recommendations as to how to allocate your investments among categories of assets. We will then review your account on a quarterly basis. Where appropriate, we may provide you with recommendations to change your asset allocation in an effort to remain consistent with your stated financial objectives. Once allocations are made, we may make specific investments recommendations based on the limited scope of investments made available on the platform. Asset allocation advice may vary if the universe of available investment options were not limited as such. You are free at all times to accept or reject any of our investment recommendations. You are solely responsible for implementing our recommendations. We will not execute any transactions or changes in asset allocation on your behalf. Financial Planning Services We offer broad-based, modular, and consultative financial planning services. Financial planning will typically involve providing a variety of advisory services to clients regarding the management of their financial resources based upon an analysis of their individual needs. If you retain our firm for financial planning services, we will meet with you to gather information about your financial circumstances and objectives. We may also use financial planning software to determine your current financial position and to define and quantify your long-term goals and objectives. Upon the specification of long-term objectives (both financial and non-financial), we will develop shorter-term, targeted objectives. We will review and analyze the information you provide to our firm and the data derived from our financial planning software. We will then deliver a written plan to you, designed to help you achieve your stated financial goals and objectives. Financial planning advice may be rendered in the areas of business planning, retirement planning, financial planning, cash flow planning, estate planning, insurance planning, divorce planning, college planning, and compensation and benefits planning, among others. We will not provide legal or accounting advice. It is recommended that you consult an attorney, accountant, or tax adviser for legal or tax advice. Financial plans are based on your financial situation at the time we present the plan to you, and on the financial information you provide to our firm. You must promptly notify our firm if your financial situation, goals, objectives, or needs change. You are under no obligation to act on our financial planning recommendations. Should you choose to act on any of our recommendations, you are not obligated to implement the financial plan through any of our other investment advisory services. Moreover, you may act on our recommendations by placing securities transactions with any brokerage firm. Life Planning Services We provide a Life Planning service designed to meet the particular needs of high net worth investors and affluent families. This service is comprehensive and ongoing and provides a level of involvement that exceeds traditional investment management and financial planning services. The specific types of services provided are dictated by the client’s unique needs. For example, we may provide any one or more of the following types of services: personal financial services, investment management, estate planning, budget and cash flow analysis, retirement planning, insurance planning, family governance, philanthropic planning, survivorship planning, intergenerational wealth transfer and multigenerational beneficiary planning, business succession planning, and administrative or liaison services. Client is under no obligation to implement any of our recommendations, including investment, insurance, taxes, and estate planning or otherwise. The Life Planning Agreement fee does not include the fees that may be incurred by the Client for implementation of any of our recommendations. Wrap Fee Program We are a portfolio manager to and sponsor of a wrap fee program, the Advisor Choice Program, which is a type of investment program that provides clients with access to investment advisory services for a single fee that includes administrative fees, management fees, and commissions. If you participate in our wrap fee program, you will pay our firm a single fee, which includes our money management fees, certain transaction costs, and custodial and administrative costs. We receive a portion of the wrap fee for our services. The overall cost you will incur if you participate in our wrap fee program may be higher or lower than you might incur by separately purchasing the types of securities available in the program. Clients who establish a wrap fee account with Regal Investment Advisors must consent to a clearing/custodian broker- dealer with whom we have a clearing arrangement. We have selected the following unaffiliated registered broker-dealers, which are members of FINRA and SIPC, to execute and clear transactions and provide custody services for Advisor Choice wrap fee clients:
• Fidelity Institutional Wealth Services (“Fidelity”) (as cleared through National Financial Services LLC)
• Schwab Institutional (as cleared through Charles Schwab & Co., Inc.), a division of Charles Schwab & Co., Inc. ("Schwab") We manage wrap fee accounts in the same way we manage non-wrap fee accounts. If you participate in our wrap fee program, we will provide you with a separate Wrap Fee Program Brochure explaining the program and costs associated with the program. IARs provide asset management services through both wrap fee programs and traditional management programs. Under Regal's traditional management program there are two separate types of fees. Regal charges an investment advisory fee for advisory services, and another fee ("ticket charge") is charged for each transaction (i.e., buy/sell/exchange) by the broker dealer (listed above) for accounts held at the respective qualified custodian. Under a wrap fee program, advisory services and transaction services are provided for one fee to the client. From a management perspective, there is not a fundamental difference in the way a Regal IAR manages wrap fee accounts versus traditional management accounts. The difference is the way in which transaction services are paid. Types of Investments We offer advice on equity securities, corporate debt securities, certificates of deposit, municipal securities, investment company securities (e.g., mutual funds and exchange-traded funds (“ETFs”), US Government securities, and options contracts on securities. Additionally, we may advise you on any type of investment that we deem appropriate based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship. You may request that we refrain from investing in particular securities or certain types of securities. You must provide these restrictions to our firm in writing. Assets Under Management As of December 31, 2023, we provide continuous management services for $2,187,788,393 in client assets on a discretionary basis, and $362,701,237 in client assets on a non-discretionary basis.