LWM Advisory Services, LLC (the “Firm,” “Advisor” or “LWMAS”) is a limited liability corporation formed under Florida law and is registered as an investment advisor with the Securities and Exchange Commission (“SEC”) pursuant to the Investment Advisers Act of 1940.1 The Firm was established in June 2014 by Tony DuBose, the Firm’s Managing Principal. The Advisor is wholly owned by Legacy Wealth Management, Inc. Tony DuBose is Legacy Wealth Management, Inc.’s Managing Principal and indirect owner. Advisory services are tailored to clients’ specific situations by following a disciplined consultative process. The Advisor analyzes and assesses clients’ current situations and determines recommendations on how to proceed in investing to meet their goals. A client’s Investment Policy Statement may impose restrictions on investing in certain securities or groups of securities, or a client may impose such restrictions by indicating any restrictions in the Investment Advisory Agreement. Advisory services include portfolio management, financial planning, and consulting services. This Wrap Brochure provides information about the Advisor and its advisory services under its Legacy Managed Portfolio II program. Other investment advisory services offered by the Advisor are described in detail in the Advisor’s ADV Part 2A Brochure. Services Through its wrap program, the Legacy Managed Portfolio II program, the Advisor provides ongoing investment advice and management for assets in the client’s account on a discretionary or non-discretionary basis according to each client’s investment objective and financial situation. If a client selects non-discretionary investment management, LWMAS will not purchase or sell a security in their account without first obtaining the client’s authority to do so. The Advisor provides advisory services for the following types of investments: equity securities, warrants, options, debt securities, real estate investment trusts (“REIT”), mutual funds, closed end funds, exchange traded funds (“ETF”), exchange traded notes (“ETN”), unit investment trusts, private placements, limited partnerships, structured products, alternative investments, certificates of deposit (“CD”), master limited partnerships (“MLP”), annuities and life insurance contracts. LPL Financial LLC (“LPL”) acts as the custodian for clients’ accounts and provides brokerage and execution services as the broker-dealer on account transactions, and performs administrative services, such as quarterly performance reporting to clients. Fees and Compensation The client pays the Advisor a single wrap fee (“Advisory Fee”) for advisory, brokerage and trade execution services. The Advisory Fee is based on the value of assets managed by the Advisor, calculated as a percentage of assets under management. This fee is compensation for advisory services and portfolio management fees rendered by the Advisor, as well as charges for execution and transaction services provided by LPL. 1 Registration does not imply a certain level of skill or training. The Advisory Fee is negotiable between the client and the Advisor and is set out in the Investment Advisory Agreement. There is a minimum investment of $100,000, although the Advisor may accept smaller accounts at its discretion. The Advisor charges a fee of no more than 2.00% annually for its portfolio management services. The amount of the Advisory Fee will be set out in the Investment Advisory Agreement executed by the client at the time the relationship is established. The Advisory Fee is negotiated on a client-by-client basis depending on the size, complexity and nature of the portfolio managed and will be set forth in the Investment Advisory Agreement. Because Advisory Fees are negotiated, not all clients will pay the same fees. A client may pay a higher or lower Advisory Fee depending on considerations such as the size of the client’s account, the amount of time the client has maintained an account with the Advisor, and/or the combined market value of related portfolios. While the Advisor believes that its Advisory Fees are competitive, clients may find lower or higher fees for comparable services from other sources. Although the client does not directly pay charges for execution and transactions, clients should be aware that from the Advisory Fee paid to the Advisor, the Advisor pays the client’s custodian broker-dealer for the client’s custodian broker-dealer‘s related charges associated with the client’s account. The Advisor retains the remaining portion as compensation for its advisory services and portfolio management. These transaction charges paid by the Advisor to the client’s custodian broker-dealer vary based on the type of transaction. LPL makes certain mutual funds and ETFs available to the Advisor for no transaction fee (“NTF Securities”). Because the Advisor pays the execution and transaction charges, clients should understand that the Advisor has a financial incentive to select NTF Securities to avoid paying or to lower its transaction charges. Clients should consider this conflict when monitoring purchases in their accounts in recognition of the overall fee and other arrangements with the Advisor for management of their accounts. All such conflicts may have an impact on the investment performance of the client’s account. The Advisor instructs the client’s custodian broker-dealer to deduct the Advisory Fee quarterly in advance from the client’s brokerage account, unless other arrangements are set forth in the Investment Advisory Agreement. If the Investment Advisory Agreement is terminated before the end of the quarterly period, the Advisor will refund any pre-paid quarterly Advisory Fee on a prorated basis, based on the number of days remaining in the quarter after the termination date. However, if the account is closed within the first six months by the client or as a result of withdrawals that bring the account value below the required minimum, the Advisor reserves the right to retain the pre-paid quarterly Advisory Fee for the current quarter in order to cover the administrative costs of establishing the account (for example, the

costs related to transferring positions in and out of the account, data entry in opening the account, reconciliation of positions in order to issue quarterly performance reports, and re-registration of positions). A client has the right to terminate the Advisory Agreement for investment advisory services without penalty within five (5) business days after entering into the Advisory Agreement. Thereafter, the Advisory Agreement will terminate upon the Advisor’s receipt of the client’s written notice. The Advisor may terminate providing investment advisory services upon written notice of termination to the client or upon the occurrence of certain events as described in the Advisory Agreement. After the termination date, the Advisor has no responsibility to provide ongoing investment advice to the client. Other Types of Fees and Expenses For clients with accounts at LPL, in addition to the Advisory Fee, which includes LPL’s execution and transaction costs, LPL may charge additional costs directly to the client. LPL notifies clients of these charges at account opening and makes available a list of these charges on its website at www.lpl.com. Fees Charged by Third Parties There are other fees and charges that are imposed by parties other than the Advisor (third parties) that apply to investments in Legacy Managed Portfolio II accounts. If a client’s assets are invested in mutual funds, exchange-traded products, or other pooled investment products, the client should be aware that there will be two layers of fees and expenses for those assets. The client will pay an investment management fee to the fund manager and other expenses as a shareholder of the fund. In the case of mutual funds that are fund-of-funds, there could be an additional layer of fees, including performance fees that may vary depending on the performance of the fund. The client will also pay the Advisor the Advisory Fee with respect to those assets. Most of the mutual funds available in the program may be purchased directly. Therefore, a client could generally avoid the second layer of fees by not using the advisory services of the client’s custodian broker-dealer and the Advisor and by making their own decisions regarding the investment. If a client transfers a previously purchased mutual fund into a Legacy Managed Portfolio II account, and there is an applicable contingent deferred sales charge on the fund, the client will pay that charge when the mutual fund is sold. If a mutual fund has a frequent trading policy, the policy can limit a client’s transactions in shares of the fund (e.g., for rebalancing, liquidations, deposits or tax harvesting). Although the client’s custodian broker-dealer may make available no-load and load-waived mutual funds to Legacy Managed Portfolio II accounts, the client’s custodian broker-dealer receives asset-based sales charges or service fees (e.g., 12b-1 fees) from certain mutual funds. The client’s custodian broker-dealer retains these fees and they are not shared with the Advisor. The Advisor subscribes to research and other web-based services published by Dimensional Fund Advisors (DFA). DFA does not charge the Advisor a subscription fee for its services, however its model portfolios include recommendations for investment products offered or managed by DFA. The Advisor may attend user conferences sponsored DFA and have access to consultants for which it does not charge the Advisor. Because DFA and its affiliates earn revenue from investments in their respective investment products, DFA does not charge the Advisor fees for these services. These discounts create a conflict of interest for the Advisor. The Advisor is a DFA-authorized advisor which means that the Advisor is approved to use DFA mutual funds, which the Advisor often does, but is not bound to. DFA affiliate fund investments may only be purchased through a DFA-authorized advisor. This restriction may impact transfers of assets out to other advisors if a client decides to move accounts. If a client holds a variable annuity as part of a Legacy Managed Portfolio II account, there are mortality, expense and administrative charges, fees for additional riders on the contract and charges for excessive transfers within a calendar year imposed by the variable annuity sponsor. If a client holds a REIT as part of an account, there are dealer management fees and other organizational, offering and pricing expenses imposed by the REIT. If client holds a UIT in the Legacy Managed Portfolio II account, UIT sponsors charge creation and development fees or similar fees. Further information regarding fees assessed by a product sponsor is available in the appropriate prospectus or offering document, which is available upon request from the Advisor or from the product sponsor directly. Important Things to Consider About Fees on a Legacy Managed Portfolio II Account The Advisory Fee is an ongoing wrap fee for investment advisory services, which includes the cost of the execution of transactions and other administrative and custodial services. The Advisory Fee may cost the client more than purchasing the services separately, for example, paying an advisory fee plus commissions for each transaction in the account. Inasmuch as the Advisor pays the custodian the transaction and execution costs associated with client accounts, this may create a disincentive for the Advisor to trade securities in accounts. Factors that bear upon the cost of the Legacy Managed Portfolio II account in relation to the cost of the same services purchased separately include the:
• type and size of the account;
• historical and/or expected size or number of trades for the account; and
• number and range of supplementary advisory and client-related services provided to the client. The Advisor receives compensation as a result of the client’s participation in the program, which may be more than what the client would pay to another investment advisory firm. The Advisor may make amendments to the fee schedule, including negotiated fees, at any time with at least thirty (30) days written notice to the client.