Wrap Fee Overview In a wrap fee arrangement, you pay a combined fee for investment advice, brokerage, clearance, settlement, and custodial services. Your specific wrap fee arrangement and payment terms will be listed in the Advisory Agreement and will be fully disclosed to you prior to participating in any of our Wrap Fee Programs. The Firm assesses the Wrap Fee on all eligible assets held within your account. Your wrap fee account may hold both wrap fee eligible and ineligible assets. The Firm will only provide advisory services for wrap fee assets and is not responsible for managing non-wrap fee assets. The Firm receives some or all of the Wrap Fee for its advisory services and shares a portion of this fee as compensation with your investment adviser representative (“IAR” or “Representative”) according to terms of a separate agreement with the Representative. Further, the Firm is responsible for all transaction charges assessed by the Custodian in the Wrap Fee Programs. If a wrap option is chosen, the Program may cost the client more or less than the client would pay if investment advice, brokerage and other services were purchased separately. Wrap fee accounts are managed in the same way as any other accounts. However, you should be aware that Representatives may have an incentive to limit their trading activities in wrap fee only accounts. Clients should review with their IAR whether a wrap program is appropriate for them, considering impact of the size of their account and the likely turnover of the account (with resulting ticket charges if the program utilized were not a wrap) based on the proposed strategy for their account. Wrap Fees and certain account terms are negotiated on a case-by-case basis, depending on a variety of factors, including the (i) nature and complexity of the particular service, (ii) the requirements of the Representative, (iii) your relationship with the Firm and Representative, (iv) the size of the account, (v) the potential for other business or clients, (vi) the amount of work anticipated, and (vii) the attention needed to manage the account, among other factors. Advisor-as-Portfolio Manager (APM) Under the Portfolio Advisor Program, BRWA, through the client’s IAR, manages individual client accounts through various investments on a discretionary or non-discretionary basis. BRWA may allocate a portion of a client’s assets to sub-managers. In this Program, BRWA utilizes Envestnet for administrative services, and in some cases for trading at the applicable Custodian through the Envestnet platform. In the APM Program, clients may elect a Wrap Fee depending on the Custodian selected. The client can select among the following Custodians: NFS (with brokerage through B. Riley Wealth Management, a BRWA affiliate), First Clearing (with brokerage through B. Riley Wealth Management, a BRWA affiliate), Schwab, Fidelity, and any others BRWA may make available. If a Wrap Fee is selected, the following table is used as a maximum. TOTAL ACCOUNT VALUE MAXIMUM ANNUAL FEE First $250,000 2.75% Next $750,000 2.50% Above $1,000,000 2.00% As part of this Wrap Fee Program, your Representative will provide portfolio management services and recommendations on a wide variety of investment options as described herein. In the APM Program, you may negotiate the account values, if any, at which the fee will be discounted (breakpoints), subject to the maximum fees adopted by the Firm. You may specify the accounts that will be included in the same “household” for purposes of calculating the fee. The actual fee and the breakpoints, if any, will be shown in your Advisory Agreement. The breakpoints will be based on the aggregate value of all accounts in the same household. Envestnet Platform & Other Third-Party Managed Wrap Programs BRWA operates additional Wrap Fee Programs using Envestnet’s platform, with transactions executed through and assets held at custodians selected by clients: the Separate Accounts Program for Separately Managed Accounts (“SMA”) the Unified Managers Program or s W ra p Fe e P rogr am B roc hur e 5 (“UMA”), and the Fund Strategists Portfolio (“FSP”) program. Envestnet Asset Management, Inc. is an investment management firm that provides investment management and investment advisory services through independent investment advisors. If your Representative determines that a Third- Party Portfolio Manager (the “Sub-adviser” or “Manager”) is appropriate for your account, then, in addition to the Advisory Agreement, you will be required to sign an agreement with the Sub-adviser(s). If a Sub-adviser is engaged, each Sub-adviser will collect its own wrap fee on the assets under its control. Sub- advisers will typically charge 0.25% to 0.75% per year. Your Advisory Agreement will indicate how much your chosen Sub-adviser will charge and such fees will be combined into the Wrap Fee assessed on your account. Whether you select a Sub-adviser or not, your total, combined Wrap Fee will not exceed 2.75%. Envestnet Platform accounts are charged a Wrap Fee depending on the Custodian selected. The fees cover advisory, execution, custodial and reporting services, and Manager fees when applicable. Envestnet Programs may have higher minimum account size requirements depending on the Manager and Program selected. From these fees, Envestnet pays the Managers fees ranging from 0.15% to 1.00% of assets under management. In general, a fixed income manager is paid 0.20-0.35%, and an equity manager is paid between 0.30-0.50%. Certain third-party fund strategists may not charge management fees, because they utilize their proprietary mutual funds and/or ETFs and receive fees from the underlying expenses of the Funds. Breakpoints may be available for larger accounts, and managers vary as described in Envestnet’s Form ADV Part 2A. For accounts participating in BRWA discretionary program offered through B. Riley Wealth Investment Solutions Discretionary Management (W.I.S.D.M.) program, the account minimums are $15,000 for mutual fund portfolios and $25,000 for ETF portfolios. Exceptions to the account minimums may be made at the Firm’s discretion. Additional Wrap Fee Program Information You and your Representative will review your objectives and the performance of your account at least annually. For each of the Wrap Fee Programs described above, you or the Firm may terminate the Advisory Agreement at any time upon written notice. However, termination will not affect any other liabilities or obligations incurred or arising from transactions effected for your account or actions taken prior to such termination. For example, you may be liable for any losses which occur in your account during this period. Neither will termination of the Advisory Agreement affect provisions in the intended to survive termination, such as the provision regarding arbitration, which will survive any expiration or termination of the Advisory Agreement. Upon termination, you shall have exclusive responsibility for monitoring the securities in your account, and neither the Firm, your Representative nor any Sub-advisers shall have any further obligation under the Advisory Agreement to act, not act or dispense advice respecting your account or the assets contained therein. In addition to your Advisory Agreement, please

carefully review this Wrap Fee Brochure before deciding to invest. Additional copies of this and any other disclosure documents may be obtained by contacting your IAR or the Firm at the address shown on this Brochure. The value of those assets under the Wrap Fee Program will be determined on the first business day of the quarter or other such time period agreed upon by you and your Representative in your Advisory Agreement. The Firm may offer significantly more favorable wrap fee arrangements for friends, relatives, or others with whom the Firm or Representative has established personal or family relationships. The Wrap Fee does not cover amounts charged for any of the following (Excluded Items): internal fees or expenses which may be associated with the account’s investments (including without limitation, internal operating or investment expenses of mutual funds, unit investment trusts, or electronically traded funds); fees imposed by mutual funds for short- term trading (typically 1% - 2% of the amount originally invested) for redemptions made or s W ra p Fe e P rogr am B roc hur e 6 within short periods of time; any mark-up, mark- down, or dealer spread (whether to the Firm, Custodian or other broker-dealers) related to any account investment; offering discounts and related fees in connection with underwritten public offerings of securities (of which the Firm, our affiliates or Custodian may be underwriters); costs to third parties for transactions not executed through Custodian; floor brokerage or exchange fees; fees for wire transfers; costs for exchanging currencies; margin interest; interest for non-purpose loans with the account(s) used as collateral; taxes; postage and handling fees; or other expenses incurred with respect to any investments made for the Account. All the Excluded Expenses will be direct or indirect expenses borne by the Account and will be in addition to the Wrap Fee. In addition to the Wrap Fee, you will also be responsible for any other fees and charges described in the Advisory Agreement, as well as any fees charged pursuant to the agreement with a Sub-adviser, if any, and any other applicable fees or charges described in this Brochure or in any agreement with the Custodian or other third parties. Money Market Funds and Bank Deposit Sweep Program Fees The Bank Deposit Sweep Program (“BDSP”) is the default cash investment option for BRWA clients with accounts held at NFS or First Clearing. By opening an account with BRWA through its affiliated broker-dealer, BRWM, you authorize us to enroll you in the BDSP. You have the option to decline use of the BDSP as your default cash investment option. This BDSP is the core account investment vehicle used to hold your cash balances while awaiting reinvestment for eligible accounts. This program is called a “sweep” program because cash balances are automatically “swept'' into this core account investment vehicle. The cash is then placed into interest-bearing FDIC- insurance eligible Program deposit accounts at one or more FDIC-insured financial institutions (Program Banks). BRWA’s affiliated broker-dealer, BRWM, receives a direct financial benefit by sharing in the revenue generated on your cash sweep deposits. The source of BRWM’s revenue as part of this revenue sharing arrangement is obtained from the interest rates paid by the Program Banks to NFS or First Clearing for use of the client’s cash deposits. NFS & First Clearing then pay BRWM based on aggregate brokerage and advisory account investments in the BDSP. Additionally, BRWA advisors charge clients a management fee on the cash balance held in the BDSP. Given the low interest paid to clients, and after deducting the management fee paid by clients to IARs, clients receive a net negative yield on their cash balance. This is a significant disadvantage to participating in the BDSP, and BDSP revenue sharing paid to our affiliate magnifies the negative yield clients incur on these investments in comparison to the yields clients could earn on cash investments outside of the BDSP. BRWM’s receipt of revenue sharing reduces the interest that would have been paid to clients had such revenue sharing arrangement not existed. It is important to review the “BDSP Disclosure Document” from NFS & First Clearing in conjunction with the disclosure and conflicts of interest described above to fully understand the revenue sharing arrangement and payments under this BDSP. You will receive this disclosure from NFS or First Clearing once your account is opened, but if you would like a copy beforehand, please request it from your IAR. Conflicts of Interest Wrap Fee Programs may not be suitable for all investment needs, and any decision to participate in a Wrap Fee Program should be based on your financial situation, investment objectives, tolerance for risk, and investment time horizon, among other considerations. The benefits under a Wrap Fee Program depend, in part, upon the size of the account and the number of transactions likely to be generated. For example, a Wrap Fee Program may not be suitable for accounts with no or low trading activity. In order to evaluate whether a wrap fee program is suitable, you should compare the wrap fee program fee and any other costs of the wrap fee program with the amounts that would be charged by other advisers, broker-dealers, and custodians, for services comparable to those provided under the wrap fee program. is or s W ra p Fe e P rogr am B roc hur e 7 The Firm and Representative receive a portion of the Wrap Fee as compensation. This compensation may exceed the amount earned if you paid separately for investment advice, brokerage and other services. Accordingly, a conflict of interest exists as the Firm and the IAR have a financial incentive to recommend the wrap fee programs over other programs or services for which the compensation arrangements are not as beneficial to the Representative. When compared with the traditional commission option, asset-based fee arrangements generally result in lower costs during periods when trading activity is heavy, such as the year an account is established. During periods when trading activity is lower, such asset-based fee arrangements may result in higher annual costs. Some clients favor the asset-based fee because it fixes their brokerage cost at a predetermined level; whereas other clients may not find such an arrangement suits their needs because they anticipate their accounts will have low turnover. Depending on the amount of the Wrap Fee, the frequency of transactions, and the nature and value of the services provided under the Wrap Fee Program, the Wrap Fee may or may not exceed the aggregate cost of obtaining these services separately. The fees for a Wrap Fee Program may result in higher costs than you might otherwise incur by paying a management fee and negotiating separate arrangements for brokerage and trade execution, custodial services, and performance reporting. Please note that the amounts charged to your account for services, fees, expenses, or costs that the Firm has performed, incurred, advanced, or paid on the account’s behalf (whether billed to you, the account, or the Firm) will include a reasonable profit, unless prohibited under the Advisory Agreement or applicable laws, regulations, or rules. =