Description of Firm Tobias Financial Advisors, Inc. ("Tobias Financial Advisors" or "TFA") is an investment advisor providing financial planning, consulting, and investment management and advisory services to individuals, pension and profit-sharing plans, trusts, estates, corporations, and other business entities including foreign entities. TFA is a fee-only investment management and financial planning firm, and the only compensation we receive is that paid to us directly by the client. The method that fees are charged may include a percentage of assets under management, hourly charges, retainer fees, and/or fixed fees.
Tobias Financial Advisors has been in business since 1980 but has been a Registered Investment Advisor since January 13, 1989. Prior to that time the corporation was engaged in the business of public accounting. Marianela Collado, Matthew Saneholtz, Edgar Collado, Catalina Franco-Cicero, and Yesenia Realejo are firm shareholders and jointly own the firm.
Edgar Collado is our Chief Compliance Officer.
An initial consultation is free of charge and is considered an exploratory interview to determine the extent to which financial planning and investment management may be beneficial to the client and whether we believe there is a basis for a mutually beneficial relationship. After the initial consultation but prior to engaging TFA to provide any of the foregoing investment advisory services, the client will be required to enter into one or more written agreements with TFA setting forth the terms and conditions under which TFA shall render its services.
TFA does not accept commissions or finder's fees in any form.
Types of Advisory Services Tobias Financial Advisors offers advice to individuals, pension and profit sharing plans, trusts, estates, corporations, and other business entities, including foreign entities.
TFA typically allocates its clients' investment management assets on a discretionary and occasionally non-discretionary basis among mutual funds, exchange traded funds, individual debt and equity securities as well as the securities components of variable annuities in accordance with the investment objectives of the client. On occasion, and only for experienced and accredited investors, TFA may provide guidance on a client investment in hedge funds, private equity funds, or other less liquid alternative investments.
If a client participates in TFA's discretionary portfolio management services, the firm requires the client to grant discretionary authority to manage the account. Discretionary authority will allow TFA to determine the specific securities, and the amount of securities, to be purchased or sold for clients' accounts without their approval prior to each transaction. Discretionary authority is typically granted by the investment advisory agreement that clients sign with TFA, i.e., a power of attorney or trading authorization forms. If a client enters into non-discretionary arrangements with TFA, the firm must obtain approval prior to executing any transactions on behalf of the client's account.
As disclosed more fully in Item 12 below, TFA shall generally recommend that clients utilize the brokerage and clearing services of Charles Schwab & Co., Inc. ("Schwab") for investment management accounts. However, client accounts may be held at another broker-dealer, mutual fund or insurance companies as directed by the client.
4 TFA's clients are advised to promptly notify TFA if there are ever any changes in their financial situation or investment objectives, or if they wish to impose any reasonable restrictions upon TFA's management services.
In providing services to employee benefit plans and to the participants of such plans, the services are designed to assist plan sponsors in meeting their management and fiduciary obligations to participants under the Employee Retirement Income Securities Act ("ERISA"). TFA is an investment adviser registered under the Investment Advisers Act of 1940, and we are not subject to any disqualifications. TFA may act as either a non-discretionary fiduciary of the plan as defined under ERISA, or as a discretionary fiduciary of the plan as defined under ERISA.
•WEALTH MANAGEMENT SERVICE TFA's core service offering is our Wealth Management service. This service consists of ongoing financial planning discussions and investment management. While every client's specific needs and requirements are different, under this service we would start with in-depth conversations and data collection to determine the client's planning priorities. The financial planning services will be provided in a phased approach specific to the client's goals and objectives. Additionally, TFA will work with the client to create an Investment Policy Statement (IPS), which will guide the overall allocation and management of the client's investable assets. A Wealth Management client will have the offering of periodic meetings with their advisory team, which may include investment performance reviews (including assets by asset class, portfolio returns, statement of account changes, etc.) and financial planning discussions on topics such as income and estate tax planning, risk assessments, financial education and retirement planning.
Clients participating in the Wealth Management Service will grant TFA limited power of attorney. This allows TFA to execute purchase and sales transactions in the client's portfolio. TFA designs its portfolios as long-term investments and frequent or unscheduled asset withdrawals may hinder or impede the achievement of a client's investment objectives.
TFA may offer to prepare or engage a CPA firm to prepare individual income tax returns, generally for wealth management clients whose returns are not complex and who are not business owners.
Client assets are maintained at an independent custodian.
Due to the long-term nature of TFA's investment philosophy, clients should not expect frequent changes in their portfolio. As a result of monitoring the account, portfolio modifications will be made periodically.

•INVESTMENT MANAGEMENT SERVICE The Investment Management Service is offered to clients who will not receive comprehensive financial planning as part of their relationship with TFA but are seeking advisory services specific to their financial investments. This service provides investment management only, which includes the development, implementation, maintenance, and execution of a customized Investment Policy Statement (IPS) that will direct the investment of client assets. The Investment Management service includes the offering of an annual meeting, as well as periodic performance reviews that cover portfolio composition and changes in investment values. Clients selecting the Investment Management Only service may choose to sign up for add-on financial planning services at an additional cost.
Clients participating in the Investment Management Service will grant TFA limited power of attorney. This will allow TFA to execute purchase and sales transactions in the client's portfolio. TFA designs its portfolios as long-term investments, and frequent or unscheduled asset withdrawals may hinder or impede the achievement of a client's investment objectives.
5 Client assets are maintained at an independent custodian.
Due to the long-term nature of TFA's investment philosophy, clients should not expect frequent changes in their portfolio. As a result of monitoring the account, portfolio modifications will be made periodically.
 SELECTION OF OTHER ADVISERS As part of our wealth management and investment management services, we may use one or more sub-advisers to manage all, or a portion, of your account on a discretionary basis. The sub-adviser(s) may use one or more of their model portfolios to manage your account. We will regularly monitor the performance of your accounts managed by the sub-adviser(s) and may hire and fire any sub-adviser without your prior approval. The sub-advisers charge an advisory fee in addition to the fee we charge for our services. See Item 5 below for more details.
For some clients, we may recommend that you authorize the active discretionary management portion of your assets by and/or among certain independent investment manager(s) (aka Third-Party Advisers) and/or investment programs (hereafter referred to as "Independent Manager(s)") based upon your stated investment objectives. When appropriate, we may allocate

a portion of your investment assets among unaffiliated independent investment managers in accordance with your designated investment objective(s). In such situations, the Independent Manager(s) shall have day-to-day responsibility for the active discretionary management of the allocated assets. The terms and conditions under which you will engage the Independent Manager(s) shall be set forth in a separate written agreement between you and the designated Independent Manager(s). In such cases we will also provide you with a copy of the written disclosure statement of the Independent Manager(s). We will continue to render investment supervisory services to you relative to the ongoing monitoring and review of account performance, asset allocation and client investment objectives. Factors which we will consider in recommending Independent Manager(s) include your designated investment objective(s), management style, performance, reputation, financial strength, reporting, pricing, and research.
•FINANCIAL PLANNING SERVICE Our Financial Planning service provides clients with financial plans and ongoing financial planning that may include, but are not limited to investment planning, life insurance and risk assessment, tax planning and tax reviews, retirement and cash flow planning, college planning, and debt planning. These services are generally provided as a value-add to Wealth Management clients with over $1,000,000 of assets under management or can be based on a one-time fixed fee or ongoing financial planning fee. Depending on a client's specific situation, Financial Planning services can be delivered as a one-time comprehensive plan, as a broad range of modular or phased financial planning recommendations or strictly investment advice.
Tailoring of Advisory Services TFA provides investment advisory services in accordance with the specific needs and goals of the client. Prior to initiating investment advisory services, an investment advisor representative will discuss with the client their particular investment objectives. Risk tolerance will be reviewed, and an investment policy prepared in writing will outline the investment plan. Only after the investment policy is agreed to by the client and TFA will investments be made. Clients at any time may impose restrictions, in writing, on TFA's services.

•RETIREMENT PLAN ADVISORY SERVICE 6 TFA offers to its clients a service called the Retirement Plan Advisory Service. We offer retirement plan consulting services and retirement plan investment management services to employee benefit plans and their fiduciaries based upon the needs of the plan and the services requested by the plan sponsor or named fiduciary. In general, this service consists of the offering of an existing plan review and analysis, plan-level advice regarding fund selection and investment options, education services to plan participants, investment performance monitoring, and/or ongoing consulting.
TFA offers retirement plan investment advisory consulting services to assist plan fiduciaries to meet ERISA fiduciary responsibilities under section 404(c). TFA consulting services offers to include assistance in documenting a plan's Investment Policy Statement, providing an investment manager research and selection process, non-discretionary recommendations to maintain, remove or replace investment options, preparing periodic reports measuring investment performance, periodically meeting with plan fiduciaries, and providing periodic educational services to plan participants to both increase participant enrollment and promote general investment knowledge. Educational sessions will not consider the individual circumstances of plan participants and will be general in nature. TFA shall provide consulting services within the meaning of ERISA section 3(21) and as such TFA will act as the advisor making investment recommendations, but it is ultimately up to the plan sponsor to decide whether and how to implement recommendations. The details of the consulting service will be agreed upon in writing between TFA and the plan fiduciary. Also, under ERISA section 3(21), the plan participants are responsible for any individual investment selections made under the plan. Plan participants will not receive specific individual advice unless the participant has engaged TFA separately for such individual service. TFA offers retirement plan investment management services to assist plan fiduciaries to meet their ERISA fiduciary responsibilities. TFA investment management services offers to include preparation of a plan's Investment Policy Statement, providing an investment manager research and selection process, discretionary authority to maintain, remove or replace investment options, preparing periodic reports measuring investment performance, periodically meeting with plan fiduciaries, and providing periodic educational services to plan participants to both increase participant enrollment and promote general investment knowledge. Educational sessions will not consider the individual circumstances of plan participants and will be general in nature. TFA shall provide investment management services within the meaning of ERISA section 3(38) and as such TFA will exercise discretionary authority with regard to the investments managed for the plan. The details of the investment management service will be agreed upon in writing between TFA and the plan fiduciary. Also, under ERISA section 3(38), the plan participants are responsible for any individual investment selections made under the plan. Plan participants will not receive specific individual advice unless the participant has engaged TFA separately for such individual service. We may also provide additional types of retirement plan consulting services to plans on an individually negotiated basis. All services, whether discussed above or customized for the plan based upon requirements from the plan fiduciaries (which may include additional plan-level or participant-level services) shall be detailed in a written agreement and be consistent with the parameters set forth in the plan documents. IRA Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you.
7 When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. We benefit financially from the rollover of your assets from an ERISA account to an account that we manage or provide investment advice to, because the assets increase our Assets Under Management and, in turn, our advisory fees. In contrast, we may receive less, or no, compensation if assets remain in the current plan or are rolled over to another Company's plan in which you may participate.
Wrap Fee Programs TFA does not sponsor or act as portfolio manager to any wrap fee program.
Types of Investments We may advise you on various types of investments based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship.
Assets Under Management As of December 31, 2023, we provide continuous management services for $734,907,000 in client assets on a discretionary basis, and $21,245,000 in client assets on a non-discretionary basis.