Financial Security Management, Inc. (“FSM”) is a registered investment adviser based in Lakewood, Colorado. This disclosure document is being offered to you in connection with the investment advisory services we provide. It discloses information about the services we provide and the manner in which those services are made available to you, the client. We are organized as a corporation under the laws of the State of Colorado. We have been providing investment advisory services since 1995. Jeffrey Larkin is the principal owner and a shareholder of our firm. Jeffrey Torrison is also a shareholder but is no longer employed by FSM and is not active in the day-to-day operations of the firm. Lori Miller is the Vice President of FSM. Amy Terry is the Secretary of FSM. We are committed to helping clients build, manage, and preserve their wealth while providing assistance focused on achieving their stated financial goals. We may offer an initial complimentary meeting at our discretion; however, investment advisory services are initiated only after you and FSM execute an Investment Management or Consulting Services Agreement. The following paragraphs describe our services and fees. 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. As used in this brochure, the words “we,” “our” and “us” refer to Financial Security Management, Inc., 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. Investment Management and Supervision Services We offer discretionary and non-discretionary investment management and investment supervisory services for a fee based on a percentage of your assets under management. These services include investment analysis, allocation of investments, quarterly portfolio statements and ongoing monitoring services for the portfolio. We determine your portfolio composition based on your needs, portfolio restrictions (if any), financial goals and risk tolerances. We will work with you to obtain necessary information regarding your financial condition, investment objectives, liquidity requirements, risk tolerance, time horizons, and any restrictions on investing. This enables us to determine the portfolio best suited for your investment objective and needs. In performing our services, we shall not be required to verify any information received from you or from other professionals. If you request, we may recommend and/or engage the services of other professionals for implementation purposes. You are under no obligation to engage the services of any such recommended professionals. For accounts designated as “non-discretionary,” FSM will render investment advice and recommendations, but all investment decisions will be made by you, the client. No purchase, sale, or other transaction(s) will be made with respect to any security or other assets in the Account without your authorization. You retain control over all investment decisions in your Account. You have the discretion to follow, or not to follow the investment advice provided to you by FSM. Once we have determined the types of investments to be included in your portfolio, and allocated them, we will provide ongoing portfolio review and management services. Allocations may be made among cash and money market funds, equities, ETFs, bonds, U.S. government treasuries, mutual funds within the same family or group of mutual funds or among different mutual fund families. All of which are considered asset allocation categories for the client’s investment strategy. Funds to be managed by our firm may be invested by establishing an account registered in your own name at a qualified custodian. FORM ADV PART 2 – BROCHURE PAGE 5 of 22 We will rebalance the portfolio, as we deem appropriate, to meet your financial objectives. Our advisory services are tailored to meet your individual needs. You will have the ability to leave standing instructions with us to refrain from investing in particular industries or invest in limited amounts of securities. While our advisory services are tailored to you as an individual, when using mutual funds, it is difficult for us to ensure that your portfolio will not invest in a particular industry or security. However, we are happy to discuss your preferences and we will try, as much as possible, to accommodate them. In all cases, you have a direct and beneficial interest in your securities, rather than an undivided interest in a pool of securities. You are advised and are expected to understand that our past performance is not a guarantee of future results. Certain market and economic risks exist that may adversely affect an account’s performance. This could result in capital losses in your account. For assets held in a 401k account through your employer our supervision shall be limited to recommending the potential purchase of investments for your account or sale of investments in your account; which in each case we believe in good faith, would be appropriate for your account in light of the agreed-upon investment objectives and restrictions. Client acknowledges that client is solely responsible for all purchases and sales made in the client’s 401k account. Financial Planning Services Financial advisory services provided by us may include the analysis of your situation and assistance in identifying and implementing appropriate financial planning and investment management techniques to help you meet your specific financial objectives. Such services may include a written financial analysis and specific or general investment and/or planning recommendations. In preparing your financial plan, we may address five areas of financial planning. These include: financial planning, money management, tax, legal and insurance orchestration. Our specific services in preparing your plan may include:
• Review and clarification of your financial goals.
• Assessment of your overall financial position.
• Creation of a unique plan for each of your goals.
• Development of a goal-oriented investment.
• Design of a complete risk management plan.
• Crafting and implementation, in conjunction with your estate and/or corporate attorneys as tax advisor, of an estate plan to provide for you and/or your heirs in the event of an incapacity or death.
• Assisting in the development of a retirement plan, risk management plan and succession plan for your business, if applicable. Retirement Plan Advisory Services The Retirement Plan Advisory Services we offer help employer plan sponsors to establish, monitor and review their company’s retirement plan. As the needs of the plan sponsor dictate, areas of advising could include: investment selection and monitoring plan structure and participant education. We offer management of 401(k) accounts, profit sharing plans and defined contribution plans, on a plan level by managing the investment line-up making changes as necessary. FORM ADV PART 2 – BROCHURE PAGE 6 of 22 Plan Level We will establish

the plan’s needs and objectives through an initial meeting to collect data, review plan information and assist in developing or updating the plan’s provision. Ongoing services may include recommendations regarding the selection and review of unaffiliated mutual funds that, in the Firm’s judgment, are suitable for plan assets to be invested. We periodically review the investment options selected and make recommendations to keep or replace plans investment options as appropriate. We perform a comprehensive review of investment options and will assist with converting from incumbent service providers to a new service provider if appropriate. We will provide quarterly recommendations for the plan’s investment allocation. Upon receipt we will review the investment options and provide positions for accounts in accordance with the management style chosen by the client. Analysis is provided for each fund held by the Plan. Clients are responsible for making the fund changes within the account. Participant Level We can also be engaged to provide financial education to plan participants. The scope of education provided to participants will not constitute “investment advice” within the meaning of ERISA and participant education will relate to general principles for investing and information about the investment options currently in the plan. We may also participate in initial enrollment meetings and periodic workshops and enrollment meetings for new participant. Retirement Plan Allocation Advice FSM will also assist Client in the development, review, evaluation and monitoring of Client assets in a Client’s existing retirement plan. FSM will evaluate Client’s investments and offer recommendations to Client concerning those assets. FSM may also provide information on the underlying investments, the Fund’s managers, capitalization, investment style, expenses, portfolio composition and other factors relevant to the assets. The advice will be based solely on information requested by FSM and (i) provided by Client, or (ii) provided by the custodian, at Client’s direction, or (iii) made available to FSM through various third-party data sources. FSM shall not be responsible for the accuracy of the information supplied by the custodian or other third parties or for errors in reports arising solely from such information. If, as a result of review and analysis, FSM believes an investment option should be removed, FSM may recommend a replacement for consideration. Refer to Exhibit A for specific services. There are no additional fees to Client for the Retirement Plan Consulting. Client understands that they have sole responsibility for determining whether to implement any recommendations made by FSM during any personal consultation. Client also understands that they are solely responsible for all commissions and other transaction charges and any charge relating to brokerage, banking, custodial, or insurance services. These charges are independent and separate from fees charged by FSM. FSM will not provide continuous and ongoing supervision of the assets in your retirement plan. Disclosure Regarding Rollover Recommendations 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 must 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. A client or prospect leaving an employer typically has four options regarding an existing retirement plan (and may engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) rollover to an FORM ADV PART 2 – BROCHURE PAGE 7 of 22 Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). Our Firm may recommend an investor roll over plan assets to an IRA for which our Firm provides investment advisory services. As a result, our Firm and its representatives may earn an asset-based fee. In contrast, a recommendation that a client or prospective client leave their plan assets with their previous employer or roll over the assets to a plan sponsored by a new employer will generally result in no compensation to our Firm. Our Firm therefore has an economic incentive to encourage a client to roll plan assets into an IRA that our Firm will manage, which presents a conflict of interest. To mitigate the conflict of interest, there are various factors that our Firm will consider before recommending a rollover, including but not limited to: (i) the investment options available in the plan versus the investment options available in an IRA, (ii) fees and expenses in the plan versus the fees and expenses in an IRA, (iii) the services and responsiveness of the plan’s investment professionals versus those of our Firm, (iv) protection of assets from creditors and legal judgments, (v) required minimum distributions and age considerations, and (vi) employer stock tax consequences, if any. Our Firm’s Chief Compliance Officer remains available to address any questions that a client or prospective client has regarding the oversight. LEGACY MANAGEMENT SERVICES Our Firm may advise a Client about legacy positions or other investments in Client portfolios. Clients can limit or restrict our trading in these positions. Tax Preparation and Bookkeeping We also offer tax preparation services. These services include:
• Individual Tax Preparation and Planning
• Business Start Up, Counsel and Corporate Taxes
• Income, Gift and Estate Tax Returns
• Representation before the IRS
• Relocation Tax Issues Our bookkeeping services include:
• Profit/Loss and Balance Sheet Preparation
• Payroll Preparation
• Sales Tax Computation
• Business Consulting Insurance Financial Security Management is a licensed insurance agency with the State of Colorado. As such, certain Investment Advisor Representatives (IARs) of FSM will be compensated for selling insurance products to clients to whom our investment advisory services are offered. A portion of our IARs’ time is spent in connection with these activities. Consulting Services We also provide clients investment advice on a more limited basis on one or more isolated areas of concern such as estate planning, real estate, retirement planning, or any other specific topic. Additionally, we may provide advice on non-securities matters in connection with the rendering of estate planning, insurance, real estate, and/or annuity advice. Wrap Fee Programs We do not place client assets into a wrap fee program. FORM ADV PART 2 – BROCHURE PAGE 8 of 22 Assets As of December 31, 2023, we have $439,444,621 assets under discretionary management. We have $0 non- discretionary assets under management.