A. Description of the Advisory Firm Scherer Financial Advisory Services, LLC (hereinafter “SFAS” or the “Advisor”) is a Limited Liability Company organized in the State of Texas. The firm was formed in November 2018, and the principal owner is Scott Stephen Scherer. B. Advisory Services General Information The Advisor provides limited financial planning, portfolio management, and general consulting services to its clients. At the beginning of the client relationship, SFAS works with the client to gather pertinent information regarding the client’s assets, investment experience, risk tolerance, and overall financial condition. Once the Advisor and the client have made this (“Client Profile”) determination, then they are able to set goals and investment objectives (“Investment Plan”) suited to the client. Each Client Profile is a current snapshot of the financial condition and future goals of the client. The Investment Plan outlines the investments the Advisor will make on behalf of the client to reach those goals. This process is repeated at a minimum of once a year and discussed with the client but may not necessarily be in written form. If the Advisor provides general consulting services, the Advisor will work to ensure that the client’s objective or project is summarized and clarified. Portfolio Management Services SFAS offers ongoing portfolio management services based on the individual goals, objectives, time horizon, and risk tolerance of each client. The Advisor creates an Investment Profile for each client, which outlines the client’s current situation (income, tax levels, and risk tolerance levels). Portfolio management services include, but are not limited to, the following: Investment Strategy Asset selection Personal investment policy Risk tolerance Asset allocation Regular portfolio monitoring SFAS evaluates the current investments of each client with respect to their risk tolerance levels and time horizon. Risk tolerance levels are documented in the Investment Profile which is given to each client. SFAS seeks to provide investment decisions that are made in accordance with the fiduciary duties owed to its clients and without consideration of SFAS’s economic, investment or other financial interests. To meet its fiduciary obligations, SFAS attempts to avoid, among other things, investment or trading practices that systemically advantage or disadvantage certain client portfolios, and accordingly, SFAS’s policy is to seek fair and equitable allocation of investment opportunities/transactions among its clients to avoid favoring one client over another client. When implementing the client's Investment Plan, the Advisor will manage the client's investment portfolio on a discretionary or non-discretionary basis pursuant to an investment advisory agreement with the client. As a discretionary investment advisor, SFAS will have the authority to supervise and direct the portfolio without prior approval or consultation with the client. Clients who choose a non-discretionary agreement must be contacted and provide approval to the Advisor prior to the execution of any trade in the portfolio. This could result in a delay executing trades which could adversely affect the performance of the portfolio. This delay also means the affected portfolio will not be able to participate in block trades, a practice designed to enhance the execution quality and cost for all accounts included in the block trade. In a non-discretionary account, the client retains the responsibility for the final decision on all actions taken with respect to the portfolio. Financial Planning The Advisor offers limited financial planning services to those clients in need of such service in conjunction with Portfolio Management Services. The Advisor’s limited financial planning is primarily an analytical process designed to organize financial data, identify needs and opportunities and evaluate alternative courses of action; it may include analysis of current net worth, income taxes, cash flow and budgeting, investments and asset allocation, retirement planning, employee benefit plan analysis, estate and gift tax planning, education pre-funding and risk management focusing on life, health and disability coverage. In general, SFAS gathers required information through personal interviews. SFAS will typically meet with the client to conduct an evaluation of the client’s current financial status, future goals and attitudes towards risk. Related documents supplied by the client are also reviewed. The Advisor conducts a financial analysis and prepares a written plan that describes the client’s current situation, identifies needs and opportunities and makes suggestions designed to help the client achieve stated goals. While financial

analyses may include investment advice concerning mutual funds and securities, it may also include investment advice with respect to products that may or may not constitute “securities,” such as life insurance and annuities. It also takes into consideration estate tax planning issues that may not constitute “investment” advice. Please note that persons providing investment advice on behalf of SFAS are also licensed as independent insurance agents. These persons will earn commission-based compensation for selling insurance products, including insurance products they sell to you. Insurance commissions earned by these persons are separate and in addition to our advisory fees. Please see Item 5 for additional disclosure regarding compensation. This practice presents a conflict of interest because persons providing investment advice on behalf of our firm who are insurance agents have an incentive to recommend insurance products to you for the purpose of generating commissions rather than solely based on your needs. You are under no obligation, contractually or otherwise, to purchase insurance products presented to you. In performing its services, SFAS shall not be required to verify any information received from the client or from the client’s other professionals (e.g., attorney, accountant, etc.) and is expressly authorized to rely on such information. If requested by the client, the Advisor may suggest the services of other professionals for implementation services, but the client is under no obligation to engage the services of any suggested professional. In addition, each client is advised that it remains their responsibility to promptly notify SFAS if there is ever any change in their financial situation or investment objectives for the purpose of reviewing, evaluating or revising the Advisor’s previous recommendations and/or services. Raymond James AMS Account Program Services When appropriate and in accordance with the Investment Plan for the client, SFAS may utilize Raymond James asset-based fee account programs offered through Asset Management Services (“AMS”), an operating division of Raymond James & Associates, Inc (“RJA”). Having access to the AMS program provides SFAS access to various mutual funds in different asset allocation models to meet various investment needs and objectives of the client. SFAS is compensated by AMS, the subadvisor to which it directs those clients. SFAS absorbs the cost of the Raymond James AMS program fee. The Raymond James Wrap Fee program brochure and Form ADV Part 2A is provided to the client at onboarding, annually thereafter, and upon request. RJA will provide various model portfolios acting as a Subadvisor from which SFAS will choose to best align with each client’s needs. SFAS is responsible for the selection and termination of an RJA Account Program and the selection of the AMS Managed Program, investment discipline, and/or strategy. General Consulting Upon request, the Advisor provides general consulting services to clients in conjunction with Portfolio Management Services. For clients who are individuals, these services are generally provided on a project basis, and may include, without limitation, cash flow projections, income tax projections or analysis, and insurance analysis such as Long-term Care or life insurance. The scope and fees for consulting services will be negotiated with each client at the time of engagement for the project and detailed in the advisory agreement. Types of Investments SFAS generally provides investment advice using mutual funds, fixed income securities, real estate funds (including REITs), insurance products including annuities, equities, ETFs (including ETFs in the gold and precious metal sectors), treasury inflation protected/inflation linked bonds, commodities, and non-U.S. securities. SFAS may use other securities as well to help diversify a portfolio, when applicable. C. Client Tailored Services and Client Imposed Restrictions SFAS offers the same suite of services to all its clients. However, specific client investment strategies and their implementation are dependent upon the Client Profile and Investment Plan, which together outlines each client’s current situation (income, tax levels and risk tolerance levels). Clients may impose restrictions in investing in certain securities in accordance with their levels or beliefs. However, if the restrictions would require SFAS to deviate from its standard suite of services, SFAS reserves the right to end the relationship. D. Wrap Fee Programs SFAS does not have a wrap fee program. E. Assets Under Management As of December 31, 2023, SFAS had $127,339,660 in regulatory assets under management, of which $107,597,861 was discretionary and $19,741,798 was non-discretionary.