Founded in 2012, by Robert Gillooly and Shannon Lemon, EWM is a fee-based SEC registered investment adviser, headquartered in Berkeley, California. EWM is wholly owned and managed by its principals. Advisory Services Offered EWM, provides experienced, professional, discretionary, and non-discretionary asset management and financial planning for individuals, trust, estates, donor advised funds, foundations, conservatorships, IRAs, custodial accounts, 529 plans and retirement plans. We tailor and manage each portfolio according to the client’s individual goals, which reflects the specific financial objectives, taxability, and guidelines for each client. We will assist clients in developing financial plans and retirement plans that include cash flow and budgeting, college planning, retirement planning, asset allocation and investment plans, risk planning (insurance review), as well as estate planning. Financial planning entails completing a comprehensive evaluation of a client’s current and future financial state. We gather information on the following, but may not be limited to:
• Assets they own and liability obligations to determine their net worth.
• Income and expenses
• Liabilities related to tax payments or loan obligations.
• Taxes
• Insurance information – Home, Life, Disability, Medical and Long-Term Care
• Estate Planning Documents These metrics are used along with estimates of asset growth to determine if a person's financial goals can be met in the future, or what steps need to be taken to ensure they meet their financial goals. EWM manages equities, balanced, and fixed income accounts. Our investment style uses a total return philosophy, which means most portfolios have both a growth and income component. We utilize an open architecture platform, meaning we will utilize a variety of investment strategies including domestic and foreign equities, domestic and international bonds, and thematic investments as part of our investing strategy, and are not obligated to use any specific investment or investment product. We have two service offerings for our clients. Our Full-Service offering utilizes an actively managed portfolio, with a long-term investment strategy, and includes on-going financial planning, advice, and advisory meetings. Actively managed portfolios typically include the use of individual stocks or Exchange Traded Funds “ETFs” for our domestic equity exposure. Clients utilizing our Full-Service Offering may select either individual stocks or ETFs for their domestic equity exposure. For the fixed income allocation, individual bonds and bond funds will be used. Exchange Traded Funds “ETFs” will be used for other asset classes such as international developed equites, international fixed income, emerging markets, and thematic investments The combination of these investments will be used to implement this strategy. We have full discretion as to the timing and investment of the client’s funds. Our Core Service offering utilizes actively managed portfolios, with a long-term investment strategy. The Core Service Offering includes financial planning in the first year of the client relationship, to validate our asset allocation relative to our client’s financial goals. Year two and beyond, revised planning and investment advice, along with advisory meetings are not included in our fee. Core clients that require further advice, advisory meetings and/or additional financial planning will be charged additional fees for our services. During the quarterly anniversary start date for each Core Client, EWM will reach out to inquire if the client would like to participate in updating their financial information in order for EWM to provide updated financial planning reports. These financial planning reports may require clients to provide EWM updated information in order to generate meaningful reports. EWM will not provide updated financial planning reports if we deem the information to be inaccurate or out of date. Core Service portfolios typically include the use of Exchange Traded Funds (ETFs) as the primary type of investment vehicles used to implement this overall strategy. The Core Service Investment model l is listed below: Core Service Investment Offering: The ETF Portfolio is managed by our firm. The Elmwood Portfolio uses Exchange Traded Funds (ETFs) we select, as the primary type of investment vehicles used for the equity allocation of the portfolio. In addition, we may also invest in international developed equities, international fixed income, emerging markets, and thematic investments. A combination of ETF’s and/or individual stock may be used for these asset classes. A combination of a cash allocation, and bond funds will be used to implement the fixed income portion of this strategy. In some instances, individual bonds may also be used. We have full discretion as to the timing and investment of the client’s funds. Fixed Income Offering: For our Fixed Income offering, we may use a combination of individual Government Bonds, Corporate or Municipal State Bonds, Domestic Bond Fund ETFs, and International Bond Fund ETFs. Depending on the type of account, Qualified or Non-Qualified, and the client’s tax bracket, will determine the types of bonds purchased for the client. We understand that each client is unique and with each service model, we are able to tailor our services to meet the needs of our various clients. We are active communicators, take pride in our high level of service, and are dedicated to achieving our clients’ goals and objectives. Fee schedules for both service offerings are detailed under Item 5. Use of Independent Managers EWM may select certain Independent Managers to actively manage a portion of its clients’ assets through EWM’s custodian. The specific terms and conditions under which a client engages an Independent Manager may be set forth in a separate written agreement with the designated Independent Manager. In addition to this brochure, clients may also receive the written disclosure documents of the respective Independent Managers engaged to manage their assets. EWM evaluates a variety

of information about Independent Managers, which includes the Independent Managers’ public disclosure documents, materials supplied by the Independent Managers themselves, and other third-party analyses it believes are reputable. To the extent possible, the Firm seeks to assess the Independent Managers’ investment strategies, past performance, and risk results in relation to its clients’ individual portfolio allocations and risk exposure. EWM also takes into consideration each Independent Manager’s management style, returns, reputation, financial strength, reporting, pricing, and research capabilities, among other factors. EWM continues to provide services relative to the discretionary or non-discretionary selection of the Independent Managers. On an ongoing basis, the Firm monitors the performance of those accounts being managed by Independent Managers. EWM seeks to ensure the Independent Managers’ strategies and target allocations remain aligned with its clients’ investment objectives and overall best interests. Private Placement Investments When suitable for clients, typically accredited investors, qualified clients, and/or qualified purchasers (as those terms are defined by the Securities and Exchange Commission) with limited liquidity needs only, we may recommend and assist clients in making investments in private funds. Any private investments will be conducted exclusively via private funds offered and overseen by a reputable manager with recognizable institutional expertise in the targeted investment area. These funds are chosen when we believe they may offer some combination of:
• exposure to assets or investment strategies that may be uncorrelated, or less correlated, to the broad publicly traded equity and debt markets
• sources of return from the underlying assets themselves or the trading strategy employed that may be attractive but are otherwise inaccessible, or heavily constrained when offered in public investment vehicles To evaluate the relative attractiveness between private investments and publicly traded alternatives, EWM considers the added risk factors inherent in private investments to determine how to best implement them for suitable clients within our overall portfolio construction. We will typically complete some or all of the following analysis, prior to making any initial investment recommendation, and during the ongoing period that we hold any exposure to that investment:
• Initial and ongoing due diligence of the manager and the investment offering that may include: o Review of fund subscription materials, audited financials, historical tax reporting samples, historical investment commentary and other reporting furnished by fund manager or sponsor o In-person or remote attendance at fund manager or sponsor update calls, webinars, or meetings o Fund performance reviews: monthly, quarterly, semi-annual, or annual o Discussion with other investors and review of third-party sources of due diligence on the manager and the fund
• Coordinating tax document delivery and ongoing tax planning related to the fund with client CPAs to monitor any unique income character and ancillary filing requirements resulting from the private structure itself or the underlying investment activity
• Evaluation and integration of applicable fund liquidity opportunities within the context of, but not limited to, client goals, objectives, tax situation, need for liquidity, and estate planning
• Discretionary management and handling of all intervening private fund cash flows – including but not limited to - initial commitments, ongoing capital calls, income/capital distributions, voluntary/involuntary redemption activity, sequential commitment structuring, target illiquidity maintenance at the portfolio level
• Awareness and integration of any unique return/risk attributes for each individual fund and the private fund commitment as a whole with the consolidated portfolio construction and expected interaction between other clients investments
• Ongoing performance/valuation reporting maintenance for all individual private investments and the private fund commitment as a whole – fully integrated into the client’s consolidated performance/risk reporting which covers all public and private investments across the portfolio Pontera EWM uses a third-party platform to facilitate management of held away assets such as defined contribution plan participant accounts, with discretion. The platform allows EWM to avoid being considered to have custody of Client funds since EWM does not have direct access to Client log-in credentials to affect trades. EWM is not affiliated with the platform in any way and receives no compensation from them for using their platform. A link will be provided to the Client allowing them to connect an account(s) to the platform. Once Client account(s) is connected to the platform, EWM will review the current account allocations. When deemed necessary, EWM will rebalance the account considering client investment goals and risk tolerance, and any change in allocations will consider current economic and market trends. The goal is to improve account performance over time, minimize loss during difficult markets, and manage internal fees that harm account performance. Client account(s) will be reviewed at least quarterly, and allocation changes will be made as deemed necessary. Client Imposed Restrictions Clients may impose restrictions on investing in certain securities or types of securities, in accordance with their values or beliefs. We request that such guidance be focused, and specific, as broad investment restrictions can be subjective. Wrap Fee Programs EWM does not participate in any wrap fee programs currently. Assets Under Management (AUM) As of December 31, 2023, EWM had approximately $277,245,805 in assets under management “AUM”. Employee accounts are included in our assets under management calculation. The breakdown of assets under management is as follows: Discretionary AUM $267,239,582 Non-Discretionary AUM $10,006,223 EWM will manage accounts on a discretionary basis and a non-discretionary basis.