About Us Raymond James Financial Services Advisors, Inc. (“RJFSA”) is a wholly owned subsidiary of Raymond James Financial, Inc. (“RJF”), a publicly held corporation based in Saint Petersburg, Florida. RJFSA is registered as an investment adviser with the Securities and Exchange Commission (“SEC”), since 2008 and has provided advisory services since January 1, 2009. Registration as an investment adviser with the SEC does not imply a certain level of skill or training. We use the term financial advisor or investment adviser representative (“IAR”) to mean the individual representative that you work with in choosing an advisory service offered through RJFSA. RJFSA’s affiliate, Raymond James Financial Services, Inc. (“RJFS”), is a registered broker/dealer, member of FINRA, is a wholly- owned subsidiary of RJF, and acts as introducing broker for RJFSA accounts. IARs of RJFSA may also be registered with RJFS as registered representatives and therefore have the capacity to offer you certain broker-dealer related services that are not available through RJFSA. Information about these and other material affiliations is further described in the “Other Financial Industry Activities and Affiliations” section. In addition, RJFSA’s affiliate, Raymond James & Associates, Inc. (“RJA”), generally acts as a custodian or sub-custodian and a clearing agent to client accounts introduced by us and facilitates various advisory programs through Asset Management Services (“AMS”), an operating division of RJA. For IRA accounts, Raymond James Trust of New Hampshire is custodian and RJA is sub- custodian. RJFSA IARs may also offer to you wrap fee programs that are sponsored by RJA. These programs are discussed in detail in the RJA Part 2A of Form ADV, Appendix 1 (“RJA Wrap Fee Program Brochure”). AMS through its Investment Committee, as described in the RJA Wrap Fee Program Brochure, also provides portfolio management services to several of the wrap fee programs offered by RJFSA. RJFS and/or RJFSA, through networking agreements, maintain branch offices within various financial institution locations, such as banks, federal savings associations, and credit unions, through its Financial Institutions Division (“FID”). In many cases, your IAR is also a registered representative of RJFS and also provides services as an employee or independent contractor of the financial institution with which RJFSA is not affiliated. As part of the networking agreement, the financial institution and your IAR have separately agreed to a compensation formula for the IAR’s provision of services as an IAR of RJFSA. RJFSA typically does not provide direct compensation to your IAR for these services. Your IAR’s compensation may or may not relate directly to the amount of fees and commissions paid by RJFS and/or RJFSA to the financial institution. RJFS and/or RJFSA may also provide the financial institution with other compensation that is routinely provided to RJFSA IARs not subject to networking agreements, such as forgivable loans, and other non-cash compensation. You will be provided an Investment Program Referral Disclosure form when working with a RJFSA IAR subject to a financial institution networking agreement which further describes the relationship. Please refer to the Networking Arrangements with Financial Institutions section within this brochure for additional details. Also, as used in this Brochure, the words “we,” “our,” “our Firm,” “RJFSA,” “the Firm,” and “us” refer to RJFSA and your IAR, and the words “you,” “your,” and “client” refer to you as either a client or prospective client of our Firm. Assets Under Management As of September 30, 2023, RJFSA had approximately $275.429 billion in assets under management, approximately $117.161 billion of which was managed on a discretionary basis and approximately $158.268 billion of which was advised on a non-discretionary basis. Introduction This Brochure describes advisory programs offered by outside managers who are not affiliated with RJFSA and financial planning and/or investment consulting services that we offer to our clients through our Wealth Advisory Services Program and are described in greater detail below. In partnership with you, your IAR assesses your investment objectives based on the information you initially provide, to determine which advisory programs or advisory services, if any, are appropriate to recommend to you. We tailor our advisory programs and Raymond James Financial Services Advisors, Inc. (“RJFSA”) Form ADV Part 2A Brochure Page 5 of 23 services to your individual needs. We encourage you to share your current financial situation, needs and objectives as well as changes in your financial and personal circumstances with your IAR so that appropriate recommendations can be made. As part of your planning and/or investment consulting relationship with your IAR, you may receive a recommendation to open an account through our Firm for purposes of investing in one of our Firm-sponsored wrap fee advisory programs or one of our institutional consulting programs. Wrap fee advisory programs are described in detail in our Form ADV Wrap Fee Program Brochure and certain institutional consulting programs are described in a separate Institutional Fiduciary Solutions Brochure as described below and that content is not also in this Brochure. A copy of the appropriate brochure will be provided to you by your financial advisor or the Firm. As described below, these brochures provide detailed information, disclosures, and potential conflicts of interest related to the other services and account programs that we may provide you.
• RJFSA Form ADV Part 2A, Appendix 1 (“Wrap Fee Program Brochure”) – RJFSA sponsors a program where your individual IAR advises you on your account assets (“IAR Managed Program”). In addition, RJFSA offers a dual contract managed account platform in which you enter into a separate contract with an outside manager. In RJFSA’s Wrap Fee programs, you pay a single bundled or “wrap” asset-based fee which includes compensation paid to us and your IAR for providing advisory services under the program and to RJA and RJFS, as applicable, for trade execution, clearing, custodial and other administrative services. We receive a portion of the wrap fee for our services. The IAR Managed Program and dual contract platform are further described in the RJFSA Wrap Fee Program Brochure. A copy is available, upon request, from your IAR or you may visit our public website: https://www.raymondjames.com/legal-disclosures.
• Institutional Fiduciary Solutions (“IFS”) Form ADV Part 2A – Your IAR offers institutional advisory consulting services to institutional and qualified retirement plans, including program support, investment education and guidance, if selected by a client. IFS, a division of RJA, supports and maintains oversight over these activities. Details of the services provided by IFS are available in IFS Form ADV Part 2A Brochure. A copy is available, upon request, from your IAR or you may visit or public website: https://www.raymondjames.com/legal-disclosures. Note for Non-U.S. Persons: RJFSA and RJA are U.S.-based, SEC-registered investment advisers. We do not provide products and services in or into all countries. The products and services that we can offer or provide to you, and

how we interact with you, may be limited based upon where you reside or are physically located, or other jurisdictional connections related to your account (for example, country of formation and countries in which authorized persons or beneficial owners reside, in the case of an account for a legal entity). We may limit products and services, decline to open an account, and/or close an existing account based upon such jurisdictional connections. Wealth Advisory Services Program – Planning and/or Investment Consulting Services Raymond James Wealth Advisory Services Program is designed to provide guidance on how to plan for overall financial life goals or professional advice on a specific financial goal to individual clients. Through this program, we offer certain planning or investment advisory consulting services. All planning and investment consulting services are non-discretionary advisory services. You retain the decision-making authority for any recommendations or advice provided by us. The planning services provided to individual clients typically take the form of a comprehensive or goal specific financial plan. These planning services may include, but are not limited to, a review of an individual’s current financial situation, estate planning, insurance planning, education planning, retirement planning and/or capital needs planning. The investment consulting are designed to meet our clients’ financial goals, needs and objectives involving an analysis of a particular investment, or overall investment portfolio on client assets held externally from us. IARs may also assist the client in coordinating the implementation of any recommendations made, including referral to other practicing professionals. In preparing a financial plan for you as a client, your IAR gathers information deemed relevant to the particular advisory service being provided through fact-finding meetings with you and through documents you provide and/or your completed risk profile questionnaire. Based on your selection of the planning and/or investment consulting services, you may be required to provide documentation such as current assets, income, investments, liabilities, and other relevant information for your IAR to effectively deliver the selected services. Raymond James Financial Services Advisors, Inc. (“RJFSA”) Form ADV Part 2A Brochure Page 6 of 23 Should you choose to implement the advice contained in the financial plan, your IAR will generally provide advice with respect to products and services offered through us and/or our affiliates as appropriate. We provide assistance to our IARs with identifying potential investments and/or investment strategies. IARs may use these and other services when assisting clients with the recommendation and implementation of a financial plan, however, the decision to implement any recommendation rests exclusively with you as the client, and you have no obligation to implement any recommendations through us and/or our affiliates. You may engage your IAR to provide a one-time or ongoing planning and/or investment consulting services which can be a targeted financial goal or comprehensive in nature. To receive planning and/or investment consulting services, you would generally complete the following steps. 1. Complete a Services Agreement. If wealth advisory services are provided, complete the Wealth Advisory Services agreement. Discuss which services are needed with your IAR. 2. Understanding Your Goals, Needs and Objectives. The planning process will begin with listing your goals – whether a new home, your child’s education, or retirement – and prioritizing them within a realistic plan that accounts for all of your income sources, liabilities, and assets. 3. Information Gathering. We will gather information about your financial situation through fact-finding interviews and documents provided by you. We may ask you to bring your bank and brokerage account statements, loan documents, real estate holdings, retirement plan documents, insurance information and other relevant information. Your IAR may also ask you to complete a financial planning questionnaire. 4. Analyzing Your Situation. We will review the information you have provided and prepare an analysis that, depending on the complexity of your situation, may include items such as your current assets, income, investments, liabilities, short and long-term capital and liquidity needs, risk tolerance and short and long-term financial goals and objectives. 5. Development and Proposal of the Plan. All recommendations and advice are based exclusively upon information provided by you to your IAR. Your IAR will provide financial planning recommendations and guidance based on your personal goals, such as strategies to help fund retirement goals, liability management techniques, wealth protection strategies, and preparing to pass wealth to beneficiaries in an efficient manner. Based on your selection, the planning and/or investment consulting services may include an analysis of your financial information, which may include items such as your current assets, income, investments, liabilities, short and long-term capital and liquidity needs, risk tolerance and short and long-term financial goals and objectives. Wealth Planning Services Depending on your personal situation, the services you receive may focus around one or more of the following categories: By Category Description of Services Financial Planning May include budgeting, cash flow analysis, assessing current financial situation, defining financial goals, net worth statement, debt management, lifestyle planning, major buy/sell decisions, risk tolerance review, asset allocation design, portfolio holdings review and portfolio analysis. Tax Planning* Tax strategies, tax distribution analysis, gift tax planning and capital gain/loss analysis. Insurance Planning Life insurance review, disability insurance review, needs analysis, disability, long-term care, risk management and liability insurance. Education Planning Tuition planning, education account reviews and education funding. Retirement Planning Retirement accumulation planning, income analysis, longevity planning, retirement account review and distribution analysis. Estate Planning Estate planning review and analysis, gift strategies, multigenerational planning, philanthropic planning, and legacy planning. Raymond James Financial Services Advisors, Inc. (“RJFSA”) Form ADV Part 2A Brochure Page 7 of 23 Business Planning Business succession planning, education workshop, buy/sell agreements, business insurance review and disability protection options. * Any information presented in a financial plan regarding potential tax considerations is not intended as tax advice and should not be relied upon for the purpose of avoiding any tax penalties. Our Firm and our IARs do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Investment Consulting Services Depending on your personal situation, investment consulting services may provide general guidance around one or more of the following financial goals and applies to investments held externally from us. By Category Description of Services Investment Consulting May include a client investment profile, a portfolio holdings review, asset allocation review and proposal and investment strategy recommendations Security and Investment Manager Research/Due Diligence Services related to security and investment manager research of asset class and sub-class analysis, sector, style, historic performance review Other Services Research. We may, from time to time, issue special reports, charts, graphs, etc., to you. We may also offer investment advice on general matters such as business analysis, business succession and/or liquidations, and in manners not described above. We may also recommend that you use certain asset allocation services. Fees for these services are disclosed in the agreement you enter into with our Firm.