2LC offers a variety of advisory services, which include financial planning, consulting, and investment management services. Prior to 2LC rendering any of the foregoing advisory services, clients are required to enter into one or more written agreements with 2LC setting forth the relevant terms and conditions of the advisory relationship (the “Advisory Agreement”). 2LC filed for registration as an investment adviser in March 2023 and is owned by P. David Soliman, John Bordelon, and Faubourg Private Wealth. As of March 28, 2024, 2LC had $402,132,216 regulatory assets under management all of which were managed on a discretionary basis. While this brochure generally describes the business of 2LC, certain sections also discuss the activities of its Supervised Per- sons, which refer to the Firm’s officers, partners, directors (or other persons occupying a similar status or performing similar functions), employees or other persons who provide investment advice on 2LC’s behalf and are subject to the Firm’s supervision or control. Financial Planning and Consulting Services 2LC offers clients a broad range of financial planning and consulting services, which include any or all of the following func- tions:
• Business Planning
• Cash Flow Forecasting
• Trust and Estate Planning
• Financial Reporting
• Investment Consulting
• Insurance Planning
• Retirement Planning
• Risk Management
• Charitable Giving
• Distribution Planning
• Tax Planning
• Education Planning While each of these services is available on a stand-alone basis, certain of them can also be rendered in conjunction with investment portfolio management as part of a comprehensive wealth management engagement (described in more detail be- low). In performing these services, 2LC is not required to verify any information received from the client or from the client’s other pro- fessionals (e.g., attorneys, accountants, etc.,) and is expressly authorized to rely on such information. 2LC recommends certain clients engage the Firm for additional related services, its Supervised Persons in their individual capacities as insurance agents or registered representatives of a broker-dealer and/or other professionals to implement its recommendations. Clients are ad- vised that a conflict of interest exists for the Firm to recommend that clients engage 2LC or its affiliates to provide (or continue to provide) additional services for compensation, including investment management services. Clients retain absolute discretion over all decisions regarding implementation and are under no obligation to act upon any of the recommendations made by 2LC under a financial planning or consulting engagement. Clients are advised that it remains their responsibility to promptly notify the Firm of any change in their financial situation or investment objectives for the purpose of reviewing, evaluating or revising 2LC’s recommendations and/or services. Disclosure Brochure – v3.29.2024 Page 5 of 21 Investment Management Services 2LC manages client investment portfolios on a discretionary or non-discretionary basis. In addition, 2LC provides certain clients with wealth management services which include a broad range of financial planning and consulting services as well as discretion- ary and/or non-discretionary management of investment portfolios. 2LC primarily allocates client assets among various mutual funds, exchange-traded funds (“ETFs”), individual debt and equity securities, and independent investment managers (“Independent Managers”) in accordance with their stated investment objec- tives. The client’s investment adviser representative (“IAR”) will work with the client directly to recommend investments. The investments can be recommended direction by the IAR, be part of a model run by the Firm, or through Independent Managers. Where appropriate, the Firm also provides advice about any type of legacy position or other investment held in client portfolios, but clients should not assume that these assets are being continuously monitored or otherwise advised on by the Firm unless specifically agreed upon. Clients can engage 2LC to manage and/or advise on certain investment products that are not main- tained at their primary custodian, such as variable life insurance and annuity contracts and assets held in employer sponsored retirement plans and qualified tuition plans (i.e., 529 plans). In these situations, 2LC directs or recommends the allocation of client assets among the various investment options available with the product. These assets are generally maintained at the underwriting insurance company or the custodian designated by the product’s provider. 2LC tailors its advisory services to meet the needs of its individual clients and seeks to ensure, on a continuous basis, that client portfolios are managed in a manner consistent with those needs and objectives. 2LC consults with clients on an initial and ongoing basis to assess their specific risk tolerance, time horizon, liquidity constraints and other related factors relevant to the manage- ment of their portfolios. Clients are advised to promptly notify 2LC if there are changes in their financial situation or if they wish to place any limitations on the management of their portfolios. Clients can impose reasonable restrictions or mandates on the management of their accounts if 2LC determines, in its sole discretion, the conditions would not materially impact the perfor- mance of a management strategy or prove overly burdensome to the Firm’s management efforts. Advisory Services Through LPL 2LC can provide advisory services through certain programs sponsored by LPL Financial LLC (“LPL”), a registered investment advisor and broker-dealer. Below is a brief description of each LPL advisory program 2LC expects to use. For more information regarding the LPL programs, including more information on the advisory services and fees that apply, the types of investments available in the programs and the potential conflicts of interest presented by the programs please see the program account packet (which includes the account agreement and LPL Form ADV program brochure) and the Form ADV, Part 2A of LPL or the applicable program. Manager Access Select Program Manager Access Select offers clients the ability to participate in the Separately Managed Account Platform (the “SMA Platform”) or the Model Portfolio Platform (the “MP Platform”). In the SMA Platform, 2LC will assist client in identifying a third party portfolio manager (SMA Portfolio Manager) from a list of SMA Portfolio Managers made available by LPL, and the SMA Portfolio Manager manages client’s assets on a discretionary basis. 2LC will provide initial and ongoing assistance regarding the SMA Portfolio Manager selection process. In the MP Platform, clients authorize LPL to direct the investment and reinvestment of the assets in their accounts, in accordance with the selected model portfolio provided by LPL’s Research Department or a third-party investment advisor. Disclosure Brochure – v3.29.2024 Page 6 of 21 A minimum account value of $50,000 is required for Manager Access Select, however, in certain instances, the minimum account size may be lower or higher. Optimum Market Portfolios Program (OMP) OMP offers clients the ability to participate in a professionally managed asset allocation program using Optimum Funds shares. Under OMP, client will authorize LPL on a discretionary basis to purchase and sell Optimum Funds pursuant to investment objectives chosen by the client. 2LC will assist the client in determining the suitability of OMP for the client and assist the client in setting an appropriate investment objective. 2LC will have discretion to select a mutual fund asset allocation portfolio designed by LPL consistent with the client’s investment objective. LPL will have discretion to purchase and sell Optimum Funds pursuant to the portfolio selected for the client. LPL will also have authority to rebalance the account. A minimum account value of $10,000 is required for OMP. In certain instances, LPL will permit a lower minimum account size. Personal Wealth Portfolios Program (PWP) PWP offers clients an asset management account using asset allocation model portfolios designed by LPL. 2LC will have dis- cretion for selecting the asset allocation model portfolio based on client’s investment objective. Advisor will also have discretion for selecting third party money managers (PWP Advisors), mutual funds and ETFs within each asset class of the model portfolio. LPL will act as the overlay portfolio manager on all PWP accounts and will be authorized to purchase and sell on a discretionary basis mutual funds, ETFs and equity and fixed income securities. A minimum account value of $250,000 is required for PWP. In certain instances, LPL will permit a lower minimum account size. Model Wealth Portfolios Program (MWP) MWP offers clients a professionally managed mutual fund asset allocation program. 2LC will obtain the necessary financial data from the client, assist the client in determining the suitability of the MWP program and assist the client in setting an appropriate investment objective. 2LC will initiate the steps necessary to open an MWP account and have discretion to select a model portfolio designed by LPL’s Research Department consistent with the client’s stated investment objective. LPL’s Research Department, a third- party portfolio strategist and/or 2LC, through its IARs, may act as a portfolio strategist responsible for selecting the mutual funds or ETFs within a model portfolio and for making changes to the mutual funds or ETFs selected. The client will authorize LPL to act on a discretionary

basis to purchase and sell mutual funds and ETFs and to liquidate previ- ously purchased securities. The client will also authorize LPL to effect rebalancing for MWP accounts. MWP requires a minimum asset value for a program account to be managed. The minimums vary depending on the portfolio(s) selected and the account’s allocation amongst portfolios. The lowest minimum for a portfolio is $25,000. In certain instances, a lower minimum for a portfolio is permitted. Small Market Solution (SMS) Program Under SMS, LPL Research (a team of investment professionals within LPL) creates and maintains a series of different investment menus (“Investment Menus”) consisting of a mix of different asset classes and investment vehicles (“investment options”) for clients that sponsor and maintain participant-directed defined contribution plans (“Plan Sponsors”). The Plan Sponsor is respon- sible for selecting the Investment Menu that it believes is appropriate based on the demographics and other characteristics of the Plan and its participants. LPL Research is responsible for the selection and monitoring of the investment options made available Disclosure Brochure – v3.29.2024 Page 7 of 21 through Investment Menus. The investment options that are offered through SMS are limited to the specific investments available through the record keeper that the Plan Sponsor selects. The Plan Sponsor may only select an Investment Menu in its entirety and does not have the option to remove or substitute an investment option. In addition to the services described above, Plan Sponsor may also select from a number of consulting services available under SMS that are provided by 2LC. These consulting services may include, but are not limited to: general education, and support regarding the Plan and the investment options selected by Plan Sponsor; assistance regarding the selection of, and ongoing relationship management for, record keepers and other third-party vendors; Plan participant enrollment support; and participant- level education regarding investment in the Plan. These consulting services do not include any individualized investment advice to the Plan Sponsor or Plan participants with respect to Plan assets. Guided Wealth Portfolios (GWP) GWP offers clients the ability to participate in a centrally managed, algorithm-based investment program, which is made avail- able to users and clients through a web-based, interactive account management portal (“Investor Portal”). Investment recom- mendations to buy and sell exchange-traded funds and open-end mutual funds are generated through proprietary, automated, computer algorithms (collectively, the “Algorithm”) of FutureAdvisor, Inc. (“FutureAdvisor”), based upon model portfolios con- structed by LPL and selected for the account as described below (such model portfolio selected for the account, the “Model Portfolio”). Communications concerning GWP are intended to occur primarily through electronic means (including but not limited to, through email communications or through the Investor Portal), although 2LC will be available to discuss investment strategies, objectives or the account in general in person or via telephone. A preview of the Program (the “Educational Tool”) is provided for a period of up to forty-five (45) days to help users determine whether they would like to become advisory clients and receive ongoing financial advice from LPL, FutureAdvisor and 2LC by enrolling in the advisory service (the “Managed Service”). Users of the Educational Tool are not considered to be advisory clients of LPL, FutureAdvisor or 2LC, do not enter into an advisory agreement with LPL, FutureAdvisor or 2LC, do not receive ongoing investment advice or supervisions of their assets, and do not receive any trading services. A minimum account value of $5,000 is required to enroll in the Managed Service. Sponsor and Manager of Wrap Program 2LC provides also provides investment management services as the sponsor and manager of the 2LC Wrap Program (the “Wrap Program”), a wrap fee program (i.e., an arrangement where certain brokerage commissions and transaction costs are absorbed by the Firm). Accounts managed through the Wrap Program are done so in substantially the same manner as those managed under a non-wrap arrangement. Participants in the Wrap Program may pay a higher or lower aggregate fee than if investment management and brokerage services are purchased separately. Additional information about the Wrap Program is available in 2LC’s Wrap Brochure, which appears as Part 2A Appendix 1 of the Firm’s Form ADV (the “Wrap Brochure”). Retirement Plan Consulting Services 2LC provides various consulting services to qualified employee benefit plans and their fiduciaries. This suite of institutional services is designed to assist plan sponsors in structuring, managing and optimizing their corporate retirement plans. Each engagement is individually negotiated and customized, and includes any or all of the following services: Disclosure Brochure – v3.29.2024 Page 8 of 21
• Plan Design and Strategy
• Plan Review and Evaluation
• Executive Planning & Benefits
• Investment Selection
• Plan Committee Consultation
• Fiduciary and Compliance
• Participant Education
• Plan Fee and Cost Analysis As disclosed in the Advisory Agreement, certain of the foregoing services are provided by 2LC as a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), each plan sponsor is provided with a written description of 2LC’s fiduciary status, the specific services to be rendered and all direct and indirect compensation the Firm reasonably expects under the engagement. Use of Independent Managers As mentioned above, 2LC selects certain Independent Managers to actively manage a portion of its clients’ assets. The specific terms and conditions under which a client engages an Independent Manager are set forth in a separate written agreement with the designated Independent Manager. That agreement can be between the Firm and the Independent Manager (often called a subadvisor) or the client and the Independent Manager (sometimes called a separate account manager). In addition to this bro- chure, clients will typically also receive the written disclosure documents of the respective Independent Managers engaged to manage their assets. 2LC evaluates a variety of information about Independent Managers, which includes the Independent Managers’ public disclo- sure 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. 2LC also takes into consideration each Independent Manager’s management style, returns, reputation, financial strength, reporting, pricing and research capabilities, among other factors. 2LC 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. 2LC seeks to ensure the Independent Managers’ strategies and target allocations remain aligned with its clients’ investment objectives and overall best interests. The client may incur additional fees than those charged by 2LC. In certain circumstances, 2LC receives compensation pursuant to its agreements with the Independent Managers for introducing clients to the Independent Managers and for certain ongoing services provided to clients. This compensation is disclosed to the client in a separate disclosure document and is typically equal to a percentage of the investment advisory fee charged by that Independent Manager or a fixed fee. Since compensation 2LC receives may differ depending on the agreement with each Independent Manager, 2LC has an incen- tive to recommend an Independent Manager with a more favorable compensation arrangements. Since the Independent Man- ager may pay the fee for the investment advisory services of 2LC, the fee paid to 2LC is not negotiable, under most circumstances. Fees paid by clients to the Independent Managers are established and payable in accordance with the disclosure documents of each Independent Manager, and may or may not be negotiable, as disclosed in the disclosure documents of the Independent Manager. Certain Independent Manager(s) may impose more restrictive account requirements and varying billing practices than 2LC. In such instances, 2LC may alter its corresponding account requirements and/or billing practices to accommodate those of the Independent Manager(s) or wrap fee program sponsor. Disclosure Brochure – v3.29.2024 Page 9 of 21 The Firm expects to use certain of the LPL programs as discussed herein which use Independent Managers. 2LC Managed Portfolios In addition to the recommendations of Independent Managers, the Firm will also manage portfolios using proprietary recom- mendations. These can be customized recommendations as well as Firm-managed model portfolios. The Firm may manage the portfolios directly or by through third-party recommendations. The IAR will choose whether to recommend the services of the Firm or outside Independent Managers. The Firm's fee for managing the portfolios is taken as part of the overall fee to the client whereas Independent Manager fees are billed to the client separately. That results in a conflict of interest of interest for IARs to recommend Independent Managers as the fee will not come out of that IARs fees.