Overview of Tandem Wealth Advisors Tandem Wealth Advisors LLC is an employee-owned, SEC-registered investment adviser. Tandem’s principal owner is C. Angus Schaal, CFP®, Senior Managing Director, as trustee of The Schaal Trust.
Tandem provides investment management services, on a discretionary basis, including: (1) investment advisory services to individuals, families, trusts, retirement plans, charitable organizations and corporations through separate accounts; (2) unified managed account and model management in the form of asset allocation portfolios to third parties; and (3) wrap fee and separately managed account program services sponsored by third parties.
Tandem’s investment management services are available directly through accounts maintained at a qualified custodian, through accounts in employer sponsored retirement plans, and through accounts on unaffiliated investment advisory platforms. Tandem’s investment management objective is to generate long-term capital growth and control risk through balanced portfolios keyed to investor’s risk tolerance. Our investment management process combines fundamental economic analysis with equity and fixed income valuation to build core portfolios for investors. Our aim is to improve investors’ personal performance through professionally managed portfolios. With a goal of lower fees and less trading, Tandem’s streamlined portfolios are keyed to investor needs and risk tolerance. Tandem’s disciplined investment process reflects a long-term focus that seeks to achieve stable returns over time without unnecessary risk. Tandem seeks diversification, downside protection, upside participation and steady income in portfolios while controlling risk through a strategic approach to asset allocation as well as screening for quality and valuation across asset classes. Adhering to a clear philosophy and repeatable process, Tandem strives to deliver consistent risk-adjusted returns at a low- cost over complete market cycles in both up and down markets.
Tandem provides the following advisory services:
• Discretionary investment advisory services to separate accounts. Tandem provides discretionary investment advisory services to individuals, families, trusts, retirement plans, charitable organizations and corporations through separate accounts at a qualified custodian. Tandem supervises and directs the investments of such accounts according to the guidelines set forth in an investment advisory agreement executed with each client.
• Discretionary and non-discretionary sub-advisory services to third parties. Tandem also provides services to unified managed account programs through model management on both a discretionary and non-discretionary basis. The investment management services Tandem provides through these model management programs follow the investment philosophy, investment process, and security selection offered in Tandem’s separate accounts strategies. Tandem partners with various platform sponsors to offer its model management services under written agreements. Tandem provides the model’s holdings and weights to each platform by entering investment decisions through a secure web-based interface and providing periodic model updates. The platform sponsor then executes the trades to maintain the asset allocation in the client’s accounts within unified managed accounts in the client’s name at a qualified custodian unaffiliated with Tandem. Tandem TANDEM WEALTH ADVISORS LLC 2 manages these assets in accordance with the selected model and does not make a recommendation regarding the suitability of the clients’ investment objective or risk tolerance.
• Discretionary investment services for wrap fee and separately managed account programs. Tandem acts as an investment advisor, or sub-advisor, to wrap fee programs sponsored by independent financial services firms such as banks, broker-dealers, trust companies, and other investment advisers. The investment management services Tandem provides through these wrap fee programs follow the investment philosophy, investment process, and security selection offered in Tandem’s separate account strategies. As a sub-advisor in wrap fee programs, Tandem is compensated by the program sponsor, receiving a portion of the total wrap fee paid by the client. In exchange for a single wrap fee paid to the sponsor, separately managed account program sponsors (typically a broker-dealer, trust company or advisory firm) can assist clients with suitability assessments, investment manager selection, custodial and client relationship services, and trade execution. Tandem does not sponsor any wrap fee, separately managed or unified managed account program.
Tandem retains discretion over accounts’ investment selection in accordance with the selected separate account strategy. In most cases, Tandem will enter into a contract with the program sponsor rather than the client.

• Investment sub-advisory services to the Tandem Collective Funds™. Tandem is the investment sub-advisor to a series of collective investment funds (CIFs), or collective investment trusts (CITs), known as the Tandem Collective Funds. Collective funds are tax-exempt trusts established and maintained by a bank for the collective investment of assets of certain qualified retirement plans identified under section 401(a) of the Internal Revenue Code and certain governmental and church plans. Both defined contribution and defined benefit plans may invest in a collective fund. Collective funds are exempt from the Investment Company Act of 1940 and securities registration requirements of the Securities Act of 1933. In addition to compliance with Internal Revenue Service requirements needed to maintain their tax-exempt status, collective funds are regulated under federal banking

laws by the U.S. Department of Treasury / Office of the Comptroller of the Currency (OCC) under OCC regulation 9.18 or state banking regulations, depending on whether the trusts are maintained by a national or state bank. Collective funds are subject to the Employee Retirement Income Security Act (ERISA), U.S. Department of Labor (DOL) regulations and Internal Revenue Service requirements but are not subject to regulation by the Securities and Exchange Commission (SEC). Collective funds are, in many ways, the functional equivalent of open-end mutual funds and can allow investors efficient access to an investment strategy through a pooled investment designed for multiple underlying investors.
First Mercantile Trust Company, a Tennessee chartered trust company, sponsors and maintains the Tandem Collective Funds. The offering documents for these collective funds include the Declaration of Trust, which provides a description of each of the funds and provisions governing their operation, and a Participation Agreement which must be executed by a plan in order to invest. The Participation Agreement also lists the fee schedule for the collective funds. First Mercantile Trust Company, as an ERISA fiduciary, must make investment and management decisions intended to be in the best interest of participating plans for plan participants and must comply with all other ERISA requirements applicable to plan investments. This fiduciary status provides an additional level to oversight not found in mutual funds. Further, the trustee generally has somewhat greater flexibility to provide a fund that fits the stated investment goals and strategic objectives of the trust vs. constraints common to open-end mutual funds. TANDEM WEALTH ADVISORS LLC 3 The Tandem Collective Funds are priced and traded daily, using standardized trading automation for managing and rebalancing, and clearing (processing and settling trades) through the National Securities Clearing Corporation (NSCC)—much like an open-end mutual fund. Additionally, like mutual funds, performance reporting provides plan participants and plan sponsors with access to detailed information in a timely manner. Asset and unit values for plan participants are obtained from NSCC and published by the custodian of the trust, Mid Atlantic Trust Company, and made available to plan participants via their retirement plan’s online access or statements. Additional information about the Tandem Collective Funds is available in the Declaration of Trust and Employee Benefit Summary. These documents may be obtained by emailing First Mercantile Trust Company at [email protected].
Financial Planning Advice Tandem may agree to provide financial planning under a separate agreement for an additional fee. Financial planning services may include assistance in defining and quantifying needs with respect to income and cash flow planning, retirement planning, analysis of investment and retirement accounts, education funding, risk management, and compensation planning. Tandem may prepare financial plans and analyses as well as financial statements estimating net worth, cash flow and income taxes. Tandem’s services may focus on all or only one of these areas depending upon the scope of the engagement with client. In providing financial planning services to clients, Tandem utilizes a proprietary financial planning tool, Handlebar™, that uses advanced analytics and probabilistic programming to help investors create a personalized financial plan. If clients engage Tandem to perform financial planning services, the services, fees, terms, and conditions of the relationship will be outlined in a financial planning agreement. Implementation of financial plan recommendations is entirely at the client’s discretion.
Investment Restrictions Tandem does not generally tailor its various model portfolios to suit the needs of particular clients but may consider doing so upon request. Separate account clients may impose reasonable investment-related restrictions on the type of holdings to be held in accounts by notifying Tandem in writing. Tandem reserves the right to reject or modify investment restrictions based on the impact such restrictions may have on Tandem’s ability to maintain its investment strategy, the ability of the client to specifically identify the securities and/or the ability to diversify away a holding within a financial instrument, and the ability to adhere to and monitor certain types of investment restrictions. While Tandem employs portfolio management software allowing for the segregation and exclusion of certain assets for separate accounts, the firm’s ability to do so on external platforms may be limited. Wrap fee account holders may impose reasonable restrictions on the management of their accounts. Any restriction on the securities to be held in an account may lead Tandem under its discretion to restructure levels of cash or cash instruments in an account, select non-strategy securities for the account to increase diversification and reduce risk, and/or invest a greater percentage of a portfolio in fewer securities. In these instances, investment performance may be affected. Clients who impose investment restrictions should be aware that the performance of their accounts might differ from client accounts or firm composites which do not impose such investment restrictions. For separate accounts for which the firm has full discretion, Tandem will determine the timing of investment for initial deposits as well as new contributions. TANDEM WEALTH ADVISORS LLC 4 Assets Under Management As of February 29, 2024, across 284 relationships, Tandem has discretionary assets under management of $192.5 million in 637 accounts and non-discretionary assets under management of $4 million in 20 accounts.