Note Advisors, LLC (“Note Advisors”) has been in business since August, 2014. Shawn Glogowski and Thomas Waring are the firm’s principal owners. Note Advisors provides financial planning, portfolio management, and investment management services. Clients advised may include individuals, families, trusts, charitable organizations and foundations, pensions and corporations. We offer a straightforward approach to building financial strategies focused around you, your schedule, your circumstances, and your objectives. We take the time to understand your needs, explain different options to you and earn your trust before offering possible solutions. At Note Advisors, we are planners first, then managers with the means to help clients. Clients are asked to “rise above the noise of the transaction”, meaning that success is determined by a client meeting their goals, not by chasing a benchmark or looking for the next “it” stock. We believe that a solid investment plan should be based on your financial plan which allows you to dictate your goals for all of your investments. From there you can create asset allocation and diversification strategies for each investment and time horizon. Financial Planning In most cases, the client will supply to Note Advisors information including income, investments, savings, insurance, age and many other items that are helpful to the firm in assessing your financial goals. The information is typically provided during personal interviews and supplemented with written information. Once the information is received, we will discuss your financial needs and goals with you, and compare your current financial situation with the goals you state. Once these are compared, we will create a financial and/or investment plan to help you meet your goals. The plan is intended to be a suggested blueprint of how to meet your goals. Not every plan will be the same for every client. Each one is specific to the client who requested it. Because the plan is based on information supplied by you, it is very important that you accurately and completely communicate to us the information we need. Also, your circumstances and needs may change as your engagement with us progresses. It is very important that you continually update us with any changes so that if the updates require changes to your plan, we can make those changes. Otherwise, your plan may no longer be accurate. Once you have your financial plan, the decision is yours how to implement it. If you decide to implement your financial plan through Note Advisors, you will become an asset management client. If you request, Note Advisors may recommend the services of other professionals for implementation purposes. You are under no obligation to engage the services of any such recommended professional. You retain absolute discretion over all such implementation decisions and are free to accept or reject any recommendation from Note Advisors. If you engage any professional recommended by Note Advisors, and a dispute arises thereafter relative to such engagement, you agree to seek recourse exclusively from and against the engaged professional. Asset Management Note Advisors requires each client to place at least $500,000 with the firm. This minimum may be waived in the discretion of Note Advisors. Asset management services may be provided on a “discretionary” or on a “non- discretionary” basis. When Note Advisors is engaged to provide asset management services on a discretionary basis, we will monitor your accounts to ensure that they are meeting your asset allocation requirements. If any changes are needed to your investments, we will make the changes. These changes may involve selling a security or group of investments and buying others or keeping the proceeds in cash. You may at any time place restrictions on the types of investments we may use on your behalf, or on the allocations to each security type. You will receive written or electronic confirmations from your account custodian after any changes are made to your account. You will also receive statements at least quarterly from your account custodian. Clients engaging us on a discretionary basis will be asked to execute a Limited Power of Attorney (granting us the discretionary authority over the client accounts) as well as an Investment Management Agreement that outlines the responsibilities of both the client and Note Advisors. When a client engages us to provide investment management services on a non-discretionary basis, we monitor the accounts in the same way as for discretionary services. The difference is that changes to your account will not be made until we have confirmed with you (either verbally or in writing) that our proposed change is acceptable to you. Asset Management – Note Advisors Direct For some smaller accounts, typically between $5,000 and $100,000, we provide portfolio management services through Note Advisors Direct. Note Advisors Direct is an automated investment service used by Note Advisors utilizing Institutional Intelligent Portfolios™, an automated, online investment management platform for use by independent investment advisors offered by Schwab Performance Technologies. (the “Program” and “SPT,” respectively). Through Note Advisors Direct, we offer clients a range of investment strategies we have constructed and manage, each consisting of a portfolio of exchange traded funds (“ETFs”) and a cash allocation. Clients may instruct us to exclude up to three ETFs from their portfolio. Each client portfolio is held in a brokerage account opened by the client at SPT’s affiliate, Charles Schwab & Co., Inc. (“CS&Co”). We are independent of and not owned by, affiliated with, or sponsored or supervised by SPT, CS&Co or their affiliates (together, “Schwab”). We, and not Schwab, are the client’s investment advisor and primary point of contact with respect to the Program. We are solely responsible, and Schwab is not responsible, for determining the appropriateness of the Program for the client, choosing a suitable investment strategy and portfolio for the client’s investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted with SPT to provide us with the technology platform and related trading and account management services for the Program. This platform enables us to make the Program available to clients online and includes a system that automates certain key parts of our investment process (the “System”). The System includes an online questionnaire that helps us determine the client’s investment objectives and risk tolerance and select an appropriate investment strategy and portfolio. Clients should note that we will recommend a portfolio via the System in response to the client’s answers to the online questionnaire. The client may then indicate an interest in a portfolio that is one level less or more conservative or aggressive than the recommended portfolio, but we then make the final decision and select a portfolio based on all the information we have about the client. The System also includes an automated investment engine through which we manage the client’s portfolio on an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and elects). Clients do not pay fees to SPT in connection with the Program, but we charge clients a fee for our services as described below. Our fees are not set or supervised by Schwab. Clients do not pay brokerage commissions or any other fees to CS&Co as part of the Program.

Schwab does receive other revenues in connection with the Program. We do not pay SPT fees for use of the Platform. Retirement Account Rollovers Depending on a client’s given circumstances, Note Advisors may recommend that a client rollover retirement plan assets to an Individual Retirement Account (IRA) managed by us. As a result of a rollover, Note Advisors may earn fees on those accounts. This presents a conflict of interest, as Note Advisors has a financial incentive to recommend that a client roll over retirement assets into an IRA we will manage. This conflict is disclosed to clients verbally and in this brochure. Clients are also advised that they are under no obligation to implement the recommendation to roll over retirement plan assets. Note Advisors attempts to mitigate this conflict by requiring that all investment recommendations have a sound basis for the recommendation, and by requiring employees to acknowledge their fiduciary responsibility toward each client. 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. Tax Preparation Note Advisors offers individual tax preparation services in addition to financial planning and investment management. Shawn Glogowski is an Enrolled Agent (EA) authorized to prepare tax filings submitted to the Internal Revenue Service (IRS). Clients seeking tax preparation services will be asked to provide all information necessary for the timely completion of a tax filing, including prior year tax return information. If a client’s tax situation falls outside of the scope of services offered, Note Advisors may provide contact information for accountants or attorneys who specialize in this area if requested. We will participate in meetings or phone calls between you and your tax professional with your approval. Out of Scope Consulting From time to time, Note Advisors may be engaged to perform consulting outside the scope of traditional asset management services. Consulting topics by their nature may vary greatly, but may include discussions regarding a client’s business, real estate or other personal assets. Clients who engage Note Advisors to provide such consulting services will generally be required to execute a Consulting Agreement. Wealth Coaching Services The purpose of wealth coaching services is to provide the Client with information which furthers their defined short-term and long-term goals. This service includes, but is not limited to, brainstorming techniques, identifying action plans, follow-up procedures to maintain Client motivation, educating the Client, as well as asking and answering questions. Please note, Client will be asked to state their goals and both the Coach and Client will work toward those stated goals. Therefore, it is highly recommended, given the stated purpose of wealth coaching, that married clients have their spouse commit to, and partake in, the wealth coaching sessions. When attempting to improve a financial situation, it is crucially important that both spouses agree to take the necessary steps to attain their improved financial goals, as stated. Coaching is an ongoing relationship between a coach and a client. The opportunity for success for the coaching client dramatically increases because shifting thought systems, changing habits, and creating possibilities is a process. Coaching is a structure that facilitates the process of personal, professional and/or spiritual development. Coaching is for individuals who are emotionally and psychologically healthy and who want to make positive changes and move forward in their lives. Coaching is not advice, therapy or counseling. The services will not include legal/tax advice, asset management, or financial planning services. Client as applicable, will retain the responsibility to arrange for implementation of Coach’s recommendations if Client desires. If Client wishes Coach to assist with financial planning or asset management, Client will be required to execute a separate agreement, which will require an additional fee. By entering this relationship, the Coach and Client acknowledge that the Client wants to make significant progress and change in his/her life. Because progress and change happen at rates that are unique to each individual, the Coach and client commit to working with each other for “said period” with the understanding that the working agreement can be extended/renewed. This allows the coaching relationship necessary time to develop and progress through objectives, obstacles and successes that occur. The service is delivered over three or six month intervals and includes multiple monthly coaching sessions, virtual check-ins and task based assignments for clients. Coaching sessions are conducted by telephone, virtually, or in-office as arranged by the Coach. The Coach and client commit to start and finish each session on time. If the client is more than 15 minutes late for a coaching session, the Coach will assume the session is cancelled and the client will forfeit the session. Rescheduling a coaching session is easily done with appropriate notice. Please allow for at least 24-hour notice to accommodate appointment changes. Estate Planning Assistance We offer Estate Planning services as an extension of planning or management services described above that includes an analysis of your exposure to estate taxes and your current estate plan, which may include whether you have a will, powers of attorney, trusts, and other related documents. Our advice also typically includes ways for you to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts. We always recommend clients consult with a qualified attorney when you initiate, update, or complete estate planning services, and we will refer clients to an independent, unaffiliated, third-party estate planning attorney for this service. We do not share in any fees received by the third-party. From time to time, we will participate in meetings or phone calls between you and your attorney with your approval or request. Note Advisors utilizes the services of Trust & Will, a third-party digital estate planning service for clients who have the need for estate planning review, creation or updates. Advisory services will not include paid services with Trust and Will and the client will pay Trust and Will directly should they choose to utilize their services. Assets Under Management As of December 31, 2023, Note Advisors has approximately $292,461,620 in assets under management of which $292,357,881 is managed on a discretionary basis.