About BOK Financial Securities/BOKFA BOK Financial Securities, Inc. (“BOKFS”), d/b/a BOK Financial Advisors (“BOKFA”) is an investment adviser registered with the SEC, as well as a registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”), the Securities Investor Protection Corporation (“SIPC”) and the Municipal Securities Rulemaking Board (“MSRB”). BOKFA has been registered as an investment adviser with the SEC since January 1997. SEC registration does not imply a certain level of skill or training. BOKFS is a wholly-owned subsidiary of BOK Financial Corporation (BOK Financial Corp.”), an Oklahoma corporation that is publicly traded and listed on the NASDAQ exchange (ticker symbol: BOKF). BOKFA has locations associated with BOKF, NA under the banking names of: BOK Financial, Bank of Albuquerque, Bank of Oklahoma, and Bank of Texas. BOKFS is also licensed as an insurance agency in some states under the names BOK Financial Securities, Inc., BOSC Agency, Inc. and BOSC Insurance Services. See Item 9. Additional Information – Other Financial Industry Activities and Affiliations for more information. In this document, BOK Financial Securities, Inc. is referred to as “BOKFS” when describing its activities as a broker- dealer or sponsor of the wrap fee programs. BOK Financial Advisors is used in association with advisory activities and may be referred to as “BOKFA”, “the Firm,” “we,” “us,” or “our” throughout this document. “You” or “your” refers to our current or prospective clients. Advisory Services Program BOKFA offers a variety of choices within the Program. These include non-discretionary asset management and financial planning and consulting. Important information on each is provided in this Brochure. General Information. BOKFA Advisors will review your investment profile with you. The Program and investments chosen will be based on your answers, investment and financial objectives, risk tolerance, and other information you may have shared with your financial advisor. The process is designed to allow our financial advisors to (among other things):
• Gain an understanding of your financial situation and investment objectives
• Define your long-range goals, constraints, risk tolerance levels, and time horizons
• Assess growth rates and future contributions needed to work toward your objectives, liquidity needs and spending levels
• Identify any reasonable restrictions you want imposed on your account(s) Client Obligations. In performing our services, we are not required to verify any information you or your other professionals provide to us, and we are authorized to rely on the information that is provided. It remains your responsibility to promptly notify us if there is a change in your financial situation or investment objectives. This is one reason we recommend meeting with your BOKFA Advisor in person at least one time per year. Types of Investments. BOKFA may offer advice on (or recommend) bonds, other fixed income products, mutual funds (load-waived and no-load), stocks, real estate investment trusts (REITs), fixed and variable insurance products, unit investment trusts (“UITs”), exchange-traded products, certificates of deposit, private partnerships, and others. We do not offer advice on futures or commodities. This may not be a comprehensive list of product types, nor are all products listed suitable for an advisory account. Investment Strategies. The following investment strategies are available in the Program. The investment strategy you choose is selected based on the goals and risk tolerance information you provided your Financial Advisor. All advisory programs offered by BOKFA are built primarily around the following investment strategies. This does BOKFA Part 2A Firm Brochure Page 5 not mean that all accounts invested in an “Income Conservative” investment strategy will have the same investments as other accounts with the same strategy. Our accounts are tailored to fit your financial profile and will vary based on the manager you choose as well as your individual financial needs.
• Income-Conservative: The Income Conservative portfolio emphasizes income and protection. This portfolio should be considered if you seek high current income with preservation of capital and liquidity and are unwilling to accept significant fluctuations in value.
• Income: The Income portfolio emphasizes income and protection while retaining an equity component to help outpace inflation. This portfolio should be considered if you need additional current income from your investments and a potential hedge against inflation.
• Income with Growth: The Income with Growth portfolio seeks to provide income with a moderate level of long-term capital growth. This portfolio should be considered if you are seeking above-average income returns and are willing to accept fluctuations in value.
• Balanced: The Balanced portfolio seeks to provide high total return over the long- term through capital appreciation and current income. This portfolio should be considered if you seek both a reasonable level of income and long- term growth of capital and are willing to accept a moderate level of risk and return.
• Growth with Income: The Growth with Income portfolio seeks long-term capital appreciation and growth of income. This portfolio should be considered if you seek long-term growth of capital with moderate volatility and have the ability to withstand moderate fluctuations to achieve potentially higher returns.
• Growth: The Growth portfolio seeks long-term capital appreciation with minimal need for income. This portfolio should be considered if you have moderately high expectations for a return on your investments and can tolerate market downturns and volatility

for the possibility of achieving greater long-term gains.
• Growth Aggressive: The Growth Aggressive portfolio seeks a high level of capital appreciation, without regard to current income. This portfolio should be considered if you seek to maximize long-term growth of capital and can tolerate high degrees of fluctuation for the possibility of higher returns. You may impose reasonable restrictions on investing in certain securities or investing in certain types of securities. Methods of Analysis The investment selection aspect of the Program is professionally managed by BOKF, NA’s Strategic Investment Advisors (“SIA”) group. SIA provides the research and analytics that build the foundation for investment services within BOK Financial Corp. Asset allocation research, manager selection and oversight, and market analysis conducted by SIA is utilized by BOKFA to deliver sophisticated investment solutions for clients. Selection Process In reviewing and/or managing investment solutions for you, SIA utilizes a two-prong approach, combining quantitative and qualitative analysis, to the research of investments for inclusion in the Program. The initial universe for investments is the Morningstar mutual funds and exchange traded funds database, with the universe limited to include those fund families that currently have a selling agreement with BOKFS or an established business relationship with BOKFA. We may pursue selling agreements with fund companies that meet our criteria but for which we do not yet have a business relationship. SIA’s screening process checks such quantitative areas as the fund’s history, manager tenure, amount of assets BOKFA Part 2A Firm Brochure Page 6 under management, ranking compared to other funds in their peer category, and the performance of the fund as compared to others in their peer category. Qualitative areas we may review include the investment philosophy of the fund and any legal or compliance issues they may have had in the past. Ongoing Monitoring/Due Diligence SIA’s monitoring process is performed quarterly to ensure the funds chosen still meet the criteria established by SIA. Removal Process Funds that no longer meet SIA’s criteria over a period of time will be removed. BOKFA will use its discretion to invest in replacement funds. Guided Portfolio Solutions (Non-Discretionary Investment Management) In this Program you will have your assets managed by BOKFA in a non-discretionary manner. This means that your BOKFA Advisor will contact you before initiating trades in your account(s). You will be actively engaged in the management process along with BOKFA and you will pay an annual asset under management fee, monthly in arrears. You will receive trade confirmations as transactions occur and statements from Pershing on at least a quarterly basis. All fees will be deducted from your account(s) and will appear on your Pershing statements. Financial Planning and Consulting Some clients of BOKFA may have particular investment and financial questions about their situation which may be met with either a financial planning or consulting engagement. These types of engagements differ from client to client based on individual circumstances and requests and are very personalized. In many cases, you will receive a financial plan covering one or more areas of particular interest to you. Financial planning services may be provided to you through your BOKFA Advisor or through the Firm’s affiliate BOKF, NA. In the event financial planning services are provided, there will be no charge, unless separately agreed to and, the following will be offered:
• Reviewing and prioritizing your goals and objectives.
• Developing a summary of your current financial situation, including a net worth statement, cash flow summary, and insurance analysis.
• Completing a retirement planning assessment, including financial projections of assets required at estimated retirement date.
• Identifying tax planning strategies to optimize financial position.
• Presenting a written financial plan that will be reviewed in detail with you. It will contain recommendations designed to meet your stated goals and objectives, supported by relevant financial summaries.
• Developing an action plan to implement the agreed upon recommendations.
• Referral to other professionals, as required, to assist with implementation of the action plan. Should you choose a financial plan, you will be given the choice of implementing the proposed action steps with BOKFA and its affiliates; going elsewhere for help with implementation; or doing it yourself. This is your decision. BOKFA stands ready to help but will have financial incentives for recommending the services and products of BOKFA and its affiliates. In order to ensure that the financial plan contains sound and appropriate recommendations, it is your responsibility to provide complete and accurate information regarding pertinent aspects of your personal and financial situation including objectives, needs and values, investment statements, powers of attorney, insurance policies, employment benefits, retirement benefits, and relevant legal agreements. This list is not all-inclusive and any other relevant information should be disclosed in a timely manner. It is the client’s responsibility to BOKFA Part 2A Firm Brochure Page 7 ensure that any material changes to the above noted circumstances are disclosed to the Firm as your financial planner on a timely basis since they could impact the financial planning recommendations. Financial planning services provided by a BOK Financial CFP® professional will be performed in accordance with CFP® Board’s Statement of Professional Conduct as outlined at www.cfp.net and all applicable federal and state rules and regulations.