FBL Wealth Management, LLC, a limited liability company formed under the laws of the State of Iowa, is wholly owned by FBL Financial Group, Inc. (“FFG”). Operating under the consumer brand name Farm Bureau Financial Services, FFG’s affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents. FFG also manages all aspects of two Farm Bureau-affiliated property- casualty insurance companies. FFG is owned by the Iowa Farm Bureau Federation (“IFBF”) and Farm Bureau Property & Casualty Insurance Company (“FBPCIC”). The majority owner of FFG is IFBF, a nonprofit agricultural organization. The minority owner of FFG, FBPCIC, is a property-casualty insurance company within a mutual insurance holding company structure. FBPCIC is wholly owned by Farm Bureau Multi-State Services, Inc., which is wholly owned by Farm Bureau Mutual Holding Company (“FBMHC”). As a mutual holding company, the membership of FBMHC is comprised of FBPCIC’s policyholders. FBL Wealth Management was established on June 18, 2018, and is an investment adviser registered with the SEC. Introduction The investment management and advisory services of FBL Wealth Management are provided to you through an appropriately qualified and licensed individual who is an Investment Adviser Representative of FBL Wealth Management (referred to as your “Investment Adviser Representative” throughout this Disclosure Brochure). Description of Advisory Business The following are descriptions of the primary investment management and advisory services of FBL Wealth Management. Please understand that a written agreement, which details the terms and conditions of the service, must be signed by you and FBL Wealth Management, and RBC Capital Markets, LLC (“RBC”) for RBC-sponsored wrap fee programs (collectively, the “Wrap Fee Programs”), before we can provide you with any of the services described below. Investment Management Services FBL Wealth Management offers investment management services, which includes FBL Wealth Management providing you with continuous and ongoing supervision over your specified accounts (collectively, the “Account”). You must appoint our firm as your investment adviser of record on the Account. The Account consists only of separate account(s) held by qualified custodian(s) under your name. The qualified custodians maintain physical custody of all funds and securities of the Account, and you retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) of the Account. We will need to obtain certain information from you including your financial situation and needs, investment experience and objectives, time horizons and risk tolerance to assist you in determining your financial goals and investment objectives and needs. You will be responsible for notifying us of any updates regarding your financial situation, risk tolerance, investment objectives and other relevant information, and whether you wish to impose additional or modify existing investment restrictions. We can then assist you in determining whether the Account and its investments remain appropriate, or if any changes should be recommended. We will contact you at least annually to discuss any changes or updates regarding your financial situation, investment objectives and needs, time horizons and risk tolerance. We are always reasonably FBL Wealth Management, 6 Form ADV Part 2A, Disclosure Brochure available to consult with you relative to the status of your Account. You have the ability to impose reasonable restrictions on the management of your Account, including that certain securities or categories are not purchased for your Account. It is important that you understand that we provide investment management services to other clients and may give them advice or take actions for them or for our personal accounts that is different from the advice we provide to you, or actions taken for you. We are not obligated to buy, sell, or recommend to you any security, other investment or investment program that we may buy, sell or recommend for any other clients or for our own accounts. Conflicts may arise in the allocation of investment opportunities among accounts that we advise. We mitigate these conflicts by striving to allocate investment opportunities believed to be appropriate for your Account and other accounts advised by our firm among such accounts equitably and consistent with the best interests of all accounts involved, however, there can be no assurance that a particular investment opportunity that comes to our attention will be allocated in any particular manner. If we obtain material, nonpublic information about a security or its issuer that we may not lawfully use or disclose, we have absolutely no obligation to disclose the information to any client or use it for any client’s benefit. Participation in Wrap Fee Programs A Wrap Fee Program is defined as any advisory program under which a specified fee or fees, not based directly upon transactions in a client’s account, is charged for investment advisory services (which may include portfolio management or advice concerning the selection of other investment advisers) and the execution of client transactions. FBL Wealth Management participates in several Wrap Fee Programs. FBL Wealth Management sponsors the FBL Wealth Management Sub Advisor Wrap Fee Program. We also offer wrap fee programs sponsored by RBC, an SEC-registered investment adviser, which include Unified Portfolio Wrap Fee Program, Consulting Solutions Program and RBC Advisor Program. As a client in a Wrap Fee Program, you should carefully review the Form ADV Part 2A Appendix 1 Wrap Fee Program Brochure (“Wrap Fee Program Brochure”) of your specific wrap fee program for complete details. Investment Management Services through FBL Wealth Management Sub Advisor Wrap Fee Program FBL Wealth Management offers investment management services through the FBL Wealth Management Sub Advisor Wrap Fee Program. In our wrap fee program, our advisory fees (including portfolio management or advice regarding selecting other investment advisers) and transaction costs are provided for one fee. Your account will be managed by City National Rochdale, LLC (“CNR”) who serves as the Sub-Adviser for our FBL Wealth Management Sub Advisor Wrap Fee Program. CNR will actively monitor your account and will make management recommendations and decisions regarding buying, selling, reinvesting, or holding securities, cash or other investments. You will authorize Sub-Adviser to have discretionary trading authorization on your account under our wrap fee program. When you authorize Sub-Adviser to provide asset management services on a discretionary basis, Sub-Adviser will make all decisions to buy, sell or hold securities, cash or other investments in your managed account in their sole discretion without consulting with you before making any transactions. You must provide a Sub-Adviser with written authorization to exercise this discretionary authority, and you can place reasonable restrictions and limitations on the discretionary authority. In providing our wrap fee program investment management services, FBL Wealth Management will have discretion to select and/or terminate the Sub-Adviser relationship. A complete description of the Wrap Fee Program sponsored by FBL Wealth Management, its services, Program Fees and Program minimums are disclosed in FBL Wealth Management’s Wrap Fee Program FBL Wealth Management, 7 Form ADV Part 2A, Disclosure Brochure Brochure, which will be provided to you prior to or at the time the Wrap Fee Program Advisory Agreement is executed, and the wrap account is established. Investment Management Services through RBC Capital Markets, LLC Wrap Fee Programs FBL Wealth Management has entered into an agreement with RBC to provide investment advisory management services to clients through three separate Wrap Fee Programs, referred to as the RBC Unified Portfolio Program, Consulting Solutions Program and RBC Advisor Program (collectively, the “Programs”), described in further detail below. For detailed information about the Programs, you should refer to RBC’s Form ADV Part 2A Appendix 1, Wrap Fee Program Brochure, which is provided prior to or upon account opening as part of the Advisory Master Services Agreement (the “Master Services Agreement”). Your Investment Adviser Representative will work with you to analyze your investment objectives and needs, financial situation, time horizons and risk tolerance based on the information you provided. Based on this analysis and the services selected by you, your Investment Adviser Representative will recommend an appropriate investment strategy. For investment advisory management, brokerage execution and other services rendered under a Program, you pay RBC an annual asset-based program fee (“Program Fee”) based on the value of your Account (regardless of the number of trades placed). The Program Fee is paid quarterly in advance. FBL Wealth Management is paid a portion of the Program Fee by RBC. Program Fees are further described in Item 5 – Fees and Compensation and detailed information relating to Program Fees is included in RBC’s Wrap Fee Program Brochure. At the outset, your Investment Adviser Representative consults with you to identify and evaluate your needs, perceived risk tolerance and other pertinent investment considerations. Your Investment Adviser Representative will use this information to ensure program recommendations are suitable and appropriate for you. This information is used to determine a risk profile (“Risk Profile”). Based on your Investment Adviser Representative’s understanding of your investment needs and objectives gained from the consultation process and the Risk Profile (and any additional Investment Guidelines), he/she will develop an appropriate investment strategy for the management of your Account. It is your responsibility to ensure the information you provide is complete and accurate. It is also your responsibility to promptly notify your Investment Adviser Representative if any of the information provided to him/her changes. RBC Wrap Fee Program services are provided pursuant to the Master Services Agreement by and among you, RBC and FBL Wealth Management and, if applicable, a Tax Overlay Management Services Enrollment Form. Each of the RBC Programs (other than the RBC Advisor Program) provides for discretionary management of your Account, meaning that the Investment Manager or Overlay Manager, as applicable, will buy, sell, and otherwise effect transactions in stocks, bonds, and other securities or assets without consulting you and without your prior consent. In order to participate in the Wrap Fee Programs, your Account must be held by RBC as the clearing broker-dealer with FBL Marketing Services, LLC as the introducing broker-dealer. FBL Wealth Management and FBL Marketing Services, LLC are affiliates under common ownership and control. FBL Wealth Management, RBC and third-party investment managers and/or Overlay Managers are compensated based on the market value of billable assets in the Account. In certain instances, your Account may contain assets that are not included in the billable value of the Account, therefore, Investment Adviser Representatives may have a financial incentive to sell those assets and purchase assets that would be included in the billable value of the Account and directly impact compensation. FBL Wealth Management pays a portion of the Program Fee that it receives to your Investment FBL Wealth Management, 8 Form ADV Part 2A, Disclosure Brochure Adviser Representative. This compensation may be more than your Investment Adviser Representative would receive if you participated in another program or paid separately for investment advice, brokerage and other services. In those instances, Investment Adviser Representatives have a financial incentive to recommend the Program over other available services and programs. RBC Unified Portfolio Program The RBC Unified Portfolio Program is a unified managed account program through which your Account is professionally managed by RBC as Overlay Manager or a third-party Overlay Manager, Envestnet, an SEC -registered investment adviser. The management of your Account may include tax overlay management services and/or personal conviction overlay screens. Tax overlay management services are available as an option for accounts utilizing model portfolios. These services are provided by Envestnet for an additional tax management fee (“Tax Management Fee”). Envestnet will develop a tax strategy for your Account based on the information and instructions provided by you in the Tax Overlay Management Services Enrollment Form. If you elect tax overlay management services and/or personal conviction overlay screens, your Account will be managed by Envestnet as Overlay Manager. Accounts not electing tax overlay management services and/or personal conviction overlay screens will be managed by RBC as Overlay Manager. The Overlay Manager manages the Account through investments in mutual funds, exchange -traded products (“ETPs”), and/or in accordance with one or more model portfolios provided by Model Providers or RBC, all in a single account. You may restrict your Account from investing in certain securities or industries. These services are provided by Envestnet for an additional fee (“Personal Conviction Overlay Screen Fee”). Envestnet relies on third-party providers for data of the industry classification and socially responsible classifications of individual securities, and neither Envestnet nor RBC makes any guarantee as to the accuracy of such third parties’ classifications. The Tax Management Fee and Personal Conviction Overlay Screen Fee are included in the Program Fee with respect to clients who elect to use tax overlay management services and/or personal conviction overlay screens. Accordingly, FBL Wealth Management has a conflict of interest in recommending tax overlay management services and/or personal conviction overlay screens given that the selection of these services by clients will result in FBL Wealth Management receiving a smaller portion of the Program Fee. In order to participate in the RBC Unified Portfolio Program, your Account must be held by RBC as the clearing broker-dealer with FBL Marketing Services, LLC as the introducing broker-dealer. FBL Wealth Management and FBL Marketing Services, LLC are affiliates under common ownership and control. Your Investment Adviser Representative will assist you with identifying your risk tolerance and investment objectives. Your Investment Adviser Representative will provide you with information on mutual funds, ETPs and/or model portfolios representing different investment styles and strategies that may be compatible with your Risk Profile and, based on this analysis and services selected by you, will recommend an appropriate investment strategy. The Overlay Manager is responsible for continuously monitoring client accounts and making trades in client accounts when necessary. FBL Wealth Management is paid a portion of the Program Fee charged and collected by RBC quarterly based on the market value of your Account, regardless of the number of trades placed by the Investment Manager or Overlay Manager. FBL Wealth Management pays a portion of the Program Fee it receives to your Investment Adviser Representative. Through the RBC Unified Portfolio Program, you will receive continuous investment advice from us based on your needs and circumstances. We do not have any trading authority with respect to FBL Wealth Management, 9 Form ADV Part 2A, Disclosure Brochure your Account managed by the Overlay Manager. FBL Wealth Management has a conflict of interest in that it will recommend only securities and model portfolios that are available through

the RBC Unified Portfolio Program. A further conflict exists in that we receive a greater portion of the Program Fee when a third-party model is not selected. Clients are advised that there may be other third-party managed programs not utilized by our firm, which are suitable for the client and that may be more or less costly than arrangements recommended by our firm. No guarantees can be made that a client’s financial goals or objectives will be achieved by the Overlay Manager. Further, no guarantees of performance can ever be offered by our firm. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more details.) For additional detailed information about the RBC Unified Portfolio Program, you should refer to RBC’s Wrap Fee Program Brochure. Consulting Solutions Program The Consulting Solutions Program is an advisory program through which accounts are managed by one or more professional investment managers participating in the Program. Your Investment Adviser Representative may provide you with information on investment managers whose investment philosophy and objectives may be compatible with your Risk Profile. The Consulting Solutions Program provides for discretionary management of your Account by third-party investment managers selected by you as recommended by your Investment Adviser Representative. In order to participate in the Consulting Solutions Program, your Account must be held by RBC as the clearing broker-dealer with FBL Marketing Services, LLC as the introducing broker-dealer. FBL Wealth Management and FBL Marketing Services, LLC are affiliates under common ownership and control. Under the Consulting Solutions Program, we assist you with identifying your risk tolerance and investment objectives. We provide you with information on investment managers in relation to your stated investment objectives and risk tolerance and, based on this analysis and the services selected by you, FBL Wealth Management will recommend an appropriate investment strategy. The investment managers are responsible for continuously monitoring client accounts and making trades in client accounts when necessary. Neither RBC nor FBL Wealth Management has discretionary authority with respect to client accounts in the Consulting Solutions Program. FBL Wealth Management is paid a portion of the Program Fee charged and collected by RBC quarterly based on the market value of your Account, regardless of the number of trades placed by the Investment Manager. FBL Wealth Management pays a portion of the Program Fee it receives to your Investment Adviser Representative. Through the Consulting Solutions Program, you will receive continuous investment advice from us based on your needs and circumstances. We do not have any trading authority with respect to your designated Account managed by the investment manager. FBL Wealth Management has a conflict of interest in that it will recommend only third-party investment managers that are available through the Consulting Solutions Program and through which we receive a portion of the fee. We also have a conflict in that we will retain a larger portion of the fee when the third-party investment manager’s fee is lower. Clients are advised that there may be other third-party managed programs not utilized by our firm, which are suitable for the client and that may be more or less costly than arrangements FBL Wealth Management, 10 Form ADV Part 2A, Disclosure Brochure recommended by our firm. No guarantees can be made that a client’s financial goals or objectives will be achieved by a third-party investment manager recommended by our firm. Further, no guarantees of performance can ever be offered by our firm. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more details.) For additional detailed information about the Consulting Solutions Program, you should refer to RBC’s Wrap Fee Program Brochure. RBC Advisor Program The RBC Advisor Program provides for nondiscretionary management of individual securities selected by you for purchase in your Account by your Investment Adviser Representative as agreed to by you under the RBC Advisor Program terms of the Master Services Agreement. In order to participate in the RBC Advisor Program, your Account must be held by RBC, as the clearing broker-dealer with FBL Marketing Services, LLC as the introducing broker-dealer. FBL Wealth Management and FBL Marketing Services, LLC are affiliates under common ownership and control. Under the RBC Advisor Program, we assist you with identifying your risk tolerance and investment objectives. We provide you with information on securities in relation to your stated investment objectives and risk tolerance and, based on this analysis and services selected by you, FBL Wealth Management and your Investment Adviser Representative will recommend an appropriate investment strategy. FBL Wealth Management is paid a portion of the Program Fee charged and collected by RBC quarterly based on the market value of your Account, regardless of the number of trades placed. FBL Wealth Management pays a portion of the Program Fee it receives to your Investment Adviser Representative. Through the RBC Advisor Program, you will receive continuous investment advice from us based on your needs and circumstances. FBL Wealth Management has a conflict of interest in that it will recommend only securities available through RBC’s platform, and also has a conflict of interest in that we are charged for trades in excess of the limited trade allotment allocated to your account, which is based upon the level of your assets under management. Clients are advised that there may be other third-party managed programs not utilized by our firm, which are suitable for the client and that may be more or less costly than arrangements recommended by our firm. No guarantees can be made that a client’s financial goals or objectives will be achieved by a third-party investment manager recommended by our firm. Further, no guarantees of performance can ever be offered by our firm. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more details.) For additional detailed information about the RBC Advisor Program, you should refer to RBC’s Fee Program Brochure. RBC Credit Access Line Certain Program Accounts may be eligible for margin or other types of securities-based lending as part of FBL Wealth Management’s brokerage services through RBC. The extension of credit may be obtained through an unaffiliated loan program RBC Credit Access Line (“Lending Program”). Prior to enrollment in this Lending Program, you should carefully review the provisions of the RBC Credit Access Line agreement and related disclosures, understand the risks associated with leveraging your Account, and consult with your own independent tax and legal advisors about any questions you have FBL Wealth Management, 11 Form ADV Part 2A, Disclosure Brochure prior to using RBC Credit Access Line. Considerations should be given to loan requirements, portfolio composition and diversification, time horizon, risk tolerance, portfolio performance expectations, and individual tax situations. In particular, you must carefully consider:
• You will pay interest on the outstanding loan balance; thus, the use of leverage will increase your costs of investing;
• Leveraging your Account may increase your risks and make your investment objectives more difficult to realize;
• RBC can force the sale of Program assets to satisfy collateral requirements without notice to you;
• Neither RBC, FBL Wealth Management, nor our Investment Adviser Representatives will act as an investment adviser to you with respect to the liquidations of securities held in the Program Account to meet collateral requirements;
• These liquidations will be executed by RBC in its capacity as broker-dealer and creditor and may, as permitted by law, result in executions on a principal basis in your Account; and
• Under these circumstances, RBC cannot guarantee a favorable price on the sale of Program assets or that the liquidations align with your investment strategy. The costs associated with Lending Program are not included in the Program Fee and will result in additional compensation to RBC, its affiliates and to FBL Wealth Management. Through the RBC Credit Access Line program, FBL Wealth Management receives additional compensation based on the amount of your loan balance outstanding. This is a conflict of interest as we receive additional compensation and thus are incented to recommend loan programs to you or recommend that you increase your monthly loan balance. We and your Investment Adviser Representative are further incentivized to recommend the Lending Program to you to the extent it encourages you to not liquidate certain securities and assets. This is a conflict of interest, as we and your Investment Adviser Representative have a financial incentive for you to not liquidate assets under management because our fee for investment management services is based on assets under management. These conflicts of interest are addressed by appropriate disclosure and training for our Investment Adviser Representatives. Financial Planning Services FBL Wealth Management offers financial planning services, which involve preparing a written financial plan covering specific or multiple topics. We provide full written financial plans, which typically address all or some of the following topics: Investment Planning, Retirement Planning, Insurance Planning, Tax Planning, Education Planning, Portfolio Review, Asset Allocation and Real Estate Planning. When providing financial planning services, the role of your Investment Adviser Representative is to find ways to help you understand your overall financial situation and help you set financial objectives. Written financial plans prepared by us do not include specific recommendations for individual securities. Our financial planning services do not involve implementing any transaction on your behalf or the active and ongoing monitoring or management of your investments or accounts. You have the sole responsibility for determining whether to implement our financial planning recommendations. To the extent that you would like to implement any of our investment recommendations through FBL Wealth Management or retain FBL Wealth Management to provide investment management services for your investments, such services will be offered and provided through the RBC Wrap Fee Program. RBC Wrap Fee Program services are provided pursuant to a Master Services Agreement by and among you, RBC and FBL Wealth Management, and if applicable, a Tax Overlay Management Services Enrollment Form. FBL Wealth Management, 12 Form ADV Part 2A, Disclosure Brochure Non-Fiduciary Retirement Plan Services FBL Wealth Management offers non-fiduciary retirement plan services to retirement plan sponsors (individually, a “Plan Sponsor” and collectively, “Plan Sponsors”). Although an investment adviser is considered a fiduciary under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and required to meet the fiduciary duties as defined by the Advisers Act, the services listed here as non-fiduciary should not be considered fiduciary services for the purposes of the Employee Retirement Income Security Act of 1974 (“ERISA”) since FBL Wealth Management is not acting as a fiduciary to retirement plans (individually, a “Plan”) or Plan Sponsors as the term “fiduciary” is defined in Section 3(21)(A)(ii) of ERISA. FBL Wealth Management provides the Plan/Plan Sponsor with the following Non-Fiduciary Retirement Plan Services: 1. Assist Plan/Plan Sponsor in the selection and review of service providers: (a) Upon request, evaluate roles and responsibilities of service providers (b) As applicable, help Plan/Plan Sponsor transition to new service providers selected by Plan/Plan Sponsor (c) Assist Plan/Plan Sponsor by acting as a liaison to other service providers, but only under instruction from Plan/Plan Sponsor (d) Plan/Plan Sponsor retains the responsibility for selecting service providers for the Plan. 2. Employee investment education and communication: (a) Conduct group education and enrollment meetings as reasonably requested by Plan/Plan Sponsor (b) Provide investment education to participants, which may include, without providing any personalized investment recommendations or advice, information about the Plan and general financial, investment and retirement information (c) Provide education about Plan fees and expenses Newsletters FBL Wealth Management occasionally prepares general, educational and informational newsletters. Newsletters are always offered on an impersonal basis and do not focus on the needs of a specific individual. Seminars FBL Wealth Management may occasionally provide seminars for clients and prospects on topics such as financial planning, retirement planning, estate planning, college planning and charitable gift planning. Seminars are always offered on an impersonal basis and do not focus on the individual needs of participants. Advice Limited to Certain Types of Investments FBL Wealth Management provides investment advice on the following types of investments, securities and insurance products:
• Mutual Funds
• Exchange-Traded Funds (“ETFs”)
• Exchange-Listed Securities
• Securities Traded Over-the-Counter
• Foreign Issues
• Warrants
• Municipal Securities FBL Wealth Management, 13 Form ADV Part 2A, Disclosure Brochure
• Variable Annuities
• Variable Life Insurance
• Options Contracts on Securities
• Interests in Partnerships Investing in Real Estate
• Interests in Partnerships Investing in Oil and Gas Although we generally provide advice only on the products previously listed, we reserve the right to offer advice on any investment or insurance product that may be suitable for each client’s specific circumstances, needs, goals and objectives. It is not our typical investment strategy to attempt to time the market, but we may recommend an increase in cash holdings as deemed appropriate based on your risk tolerance and our expectations of market behavior. We may modify our investment strategy to accommodate special situations such as low-basis stock, stock options, legacy holdings, inheritances, closely held businesses, collectibles or special tax situations. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information.) Advisory Services Tailored to Individual Needs of Clients FBL Wealth Management’s investment management and advisory services are always provided based on your individual needs. This means, for example, that when we provide investment management services, you are given the ability to impose restrictions on the Accounts we manage for you, including specific investment selections and sectors. We work with you on a one-on-one basis through interviews and questionnaires to determine your financial goals, investment objectives and needs and suitability information. Our financial planning services are always provided based on your individual needs. We will not enter into an investment adviser relationship with a prospective client whose investment objectives may be considered incompatible with our investment philosophy or strategies, or where the prospective client seeks to impose unduly restrictive investment guidelines. Client Assets Managed by FBL Wealth Management As of December 31, 2023, FBL Wealth Management had $1,581,087,363.00 in client assets under advisement. As of December 31, 2023, FBL Wealth Management had $8,630,006.00 in regulatory assets under management.