In this Item 4, we provide information about our firm and our owners and an overview of services that we offer. This includes a general description of how we can tailor our services to a client’s individual needs. See Item 5 for information regarding fees. Our Firm Affiance Financial, LLC (“Affiance Financial”), a Minnesota limited liability company, is a registered investment adviser based in St. Louis Park, Minnesota. Affiance Financial has been in business since December 27, 2000. Andrew Fishman, Steven Lear, Eric Unger, Daniel Lear, Kyle Berg, Marcia Zappa, Marc Usem, Brendan Halleron, and Megan Pace are the current owners of Affiance Financial. Our Services Affiance Financial offers (1) discretionary and non-discretionary Investment Management Services, (2) Financial Planning, and/or (3) Retirement Plan Services to employer-sponsored retirement plans and their participants. In consultation with our client, we can customize our services to meet our clients’ needs. Our services are rendered by our employees and officers who are registered investment advisor representatives. We refer to them, individually as our “Associated Person” and collectively as our “Associated Persons”. (1) Investment Management Services We offer discretionary and non-discretionary investment management services to clients. Discretionary investment management services means we will make investment decisions and place buy or sell orders in your account without contacting you. These decisions will be made based upon your stated investment objectives. Non-discretionary investment management service means that we must obtain your approval prior to placing any transactions in your account. If desired, our investment management services include management of client assets held in a 529 plan. In such instances, we will allocate (or recommend that the client allocate) the 529 plan assets among the investment options available on the 529 plan platform. Our ability will be limited to the allocation of the assets among the investment alternatives available through the 529 plan. Restrictions may also apply with respect to the amount and frequency with which we can allocate and/or recommend the client allocate assets among the investment options made available under the client’s 529 plan. It will remain the client’s exclusive obligation to notify us of any changes in investment objectives, restrictions, etc. pertaining to the 529 plan account. Non-Discretionary Service Limitations Clients that engage Affiance Financial on a non-discretionary basis must be willing to accept that Affiance Financial cannot effect any account transactions without obtaining prior consent to any such transaction(s) from the client. Thus, in the event that Affiance Financial would like to make a transaction for a client's account (including in the event of an individual holding or general market correction), and the client is unavailable, Affiance Financial will be unable to effect the account transaction(s) without first obtaining the client’s consent. Our investment advice is tailored to meet our clients’ investment objectives. If you decide to hire our firm to manage your portfolio, we will meet with you to gather your financial information, determine your goals, and decide how much risk to take with your investments. The information we gather will help us implement an asset allocation strategy that will be specific to your goals, whether we are actively investing for you or simply providing you with advice. Clients may impose restrictions on investing in certain securities or types of securities. Charles Schwab As discussed below at Item 12, unless the client directs otherwise, Affiance Financial will generally recommend that Charles Schwab serve as the broker-dealer/custodian for client investment management assets. Broker-dealers such as Charles Schwab charge brokerage commissions and/or transaction fees for effecting securities transactions. In addition to Affiance Financial’s investment management fee, brokerage commissions and/or transaction fees, clients will also incur, relative to all mutual fund and exchange traded fund purchases, charges imposed at the fund level (e.g. management fees and other fund expenses). Affiance Financial mainly uses mutual funds and exchange traded funds in its investment management services. Note – Use of Mutual Funds Most mutual funds are available directly to the public. Thus, a prospective client can obtain many of the mutual funds that may be recommended and/or utilized by Affiance Financial independent of engaging Affiance Financial as an investment advisor. However, if a prospective client determines to do so, they will not receive Affiance Financial’s initial and ongoing investment management services. Separate Fees: All mutual funds (and exchange traded funds) impose fees at the fund level (e.g. management fees and other fund expenses). All mutual fund fees are separate from, and in addition to, Affiance Financial’s investment management fee as described at Item 5 below. Client Obligation Client accounts are continuously monitored and formally reviewed at least annually by the planner assigned to the client. The review process will include: comparing the current asset allocation to the recommended asset allocation and evaluating the need for rebalancing, manager replacement or tax efficient management. Additional account reviews may occur due to any of the following circumstances: a more frequent review and monitoring engagement with the client, a specific client request, deposit or withdrawal of client funds, or a change in the client's stated goals or objectives. In performing our services, Affiance Financial will not be required to verify any information received from the client or from the client’s other professionals, and is expressly authorized to rely thereon. Moreover, each client is advised that it remains their responsibility to promptly notify Affiance Financial if there is ever any change in their financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. We recommend that you review the statement(s) you receive from the qualified custodian. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Affiance Financial) will be profitable or equal any specific performance level(s). Retirement Rollovers – Potential for Conflict of Interest In conjunction with the advisory services offered, we may provide education or recommendations related to the rollover of an employer sponsored retirement plan. A client or prospective client leaving an employer typically has four options regarding an existing retirement plan and may engage in a combination of options. Each choice offers advantages and disadvantages, depending on desired investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment, and the investor's unique financial needs and retirement plans. The complexity of these choices may lead an investor to seek assistance from us. 1. Leave the money in the former employer’s plan, if permitted, 2. Roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, 3. Roll over to an Individual Retirement Account (“IRA”), or 4. Cash out the account value (which could, depending upon the client’s age, result in adverse tax consequences). If Affiance Financial recommends that a client roll over their retirement plan assets into an account to be managed by Affiance Financial, such a recommendation creates a conflict of interest if Affiance Financial will earn an advisory fee on the rolled over assets. No client is under any obligation to rollover retirement plan assets to an account managed by Affiance Financial. Affiance Financial’s Chief Compliance Officer, Eric Unger, remains available to address any questions that a client or prospective client may have regarding the potential for conflict of interest presented by such rollover recommendation. However, no compensation is received if assets are retained in the employer’s plan. Thus, we have an economic incentive to encourage an investor to roll plan assets into an IRA. In most cases, your fees and expenses will increase because fees will apply to assets rolled over to an IRA and ongoing services will be extended to these assets. Further, you may incur other levels of fees and expenses, including, but not limited to, investment- related expenses imposed by other service providers and mutual fund managers not affiliated with us, as well as other fees and expenses charged by the custodian, third-party administrator, and/or record- keeper. We make no representations or warranties relating to any costs or expenses associated with the services provided by any third parties, and you understand that these fees are in addition to the fee paid to us for the rollover advice. In cases where we provide you with rollover advice as defined by the Department of Labor, which may also include setting up and/or completing the rollover transaction, we do not serve as a custodian, and we do not provide legal or tax advice to you. In addition, we do not have any responsibilities or potential liabilities in connection with assets not related to the rollover and investments that are not managed by us. 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. In accordance with various rules and regulations, we must act in your best interest and we must not put our interests ahead of your interests. Additionally, 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 polices, 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 any conflicts of interest. We rely on all information you provide to us, whether financial or otherwise, without independent verification. We request that you promptly notify us in writing of any material change in the financial and other information provided to us, and to promptly provide any such additional information as may be reasonably requested by us. Due to the volatile and unpredictable nature of financial markets, we do not guarantee any future performance, any specific level of performance, or the success

of any recommendations or strategies that we may take or recommend for you, or the success of our overall recommendations. Investment recommendations are subject to various market, currency, economic, political, and business risks, and that investment decisions will not always be profitable. As of December 31, 2023, Affiance Financial manages client assets in the amount of $971,389,913. Of the amount managed, $900,661,901 is on a discretionary basis and $70,728,011 is on a non- discretionary basis. (2) Financial Planning Services We offer broad-based financial planning services to clients through our financial planning program, The Affiance Advantage. We customize our financial planning services based on client needs and circumstances. For a given client this process may include, but is not limited to, some or all of the following:
• Initial Client Engagement
• Cash Flow Planning
• Insurance and Risk Management Planning
• Employee Benefits Planning
• Investment Planning
• Tax Planning
• Retirement Planning
• College and Special Occasion Planning
• Estate and Legacy Planning
• Business Consulting As an extension of the financial planning process we typically meet with clients at pre-determined intervals, typically: monthly, quarterly, semi-annually, or annually (or upon request of client) to help clients monitor and assess their ongoing needs and goals and adapt their strategies in response. Limitations of Financial Planning and Non-Investment Consulting/Implementation Services Affiance Financial does not serve as an attorney or accountant, and no portion of our services should be construed as same. Accordingly, we do not prepare estate planning documents or tax returns. To the extent requested by a client, we may recommend the services of other professionals for certain non- investment implementation purpose (i.e. attorneys, accountants, insurance, etc.). Please Note: If the client engages any recommended unaffiliated professional, and a dispute arises thereafter relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged professional. Certain Affiance Financial representatives are also representatives of Private Client Services (“PCS”), an SEC registered and FINRA member broker-dealer, and as licensed insurance agents. Please Also Note - Conflict of Interest: The recommendation by Affiance Financial that a client purchase a securities or insurance commission product from Affiance Financial’s representatives in their separate individual capacities as representatives of PCS and/or as insurance agents, presents a conflict of interest, as the receipt of commissions may provide an incentive to recommend investment products based on commissions to be received, rather than on a particular client’s need. Affiance Financial’s Chief Compliance Officer, Eric Unger, remains available to address any questions that a client or prospective client may have regarding the above conflict of interest. No client is under any obligation to purchase any securities or insurance commission product from Affiance Financial’s representatives. Clients are reminded that they may purchase securities and insurance products recommended by Affiance Financial through other, non-affiliated broker-dealers and/or insurance agencies. In addition, the client is under no obligation to engage the services of any such recommended professional. The client retains absolute discretion over all such implementation decisions and is free to accept or reject any recommendation from Affiance Financial and/or its representatives. (3) Retirement Plan Services For Retirement Plan Services, Affiance Financial offers (1) Discretionary Investment Management Services and/or (2) Retirement Plan Consulting Services to employer-sponsored retirement plans and their participants. Depending on the type of the Plan and the specific arrangement with the Sponsor, we may provide one or more of these services. Prior to being engaged by the Sponsor, we will provide a copy of this Form ADV Part 2 along with a copy of our Privacy Policy and the Retirement Plan Agreement] ("Agreement") that contains the information required under Sec. 408(b)(2) of the Employee Retirement Income Security Act ("ERISA") as applicable. The Agreement authorizes our Investment Adviser Representatives ("IARs") to deliver one or more of the following services: Discretionary Investment Management Services These services are designed to allow the Plan fiduciary to delegate responsibility for managing, acquiring and disposing of Plan assets that meet the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"). We will perform these investment management services through our IARs and charge fees as described in this Form ADV and the Agreement. If the Plan is subject to ERISA, we will perform these services as an “investment manager” as defined under ERISA Section 3(38) and as a “fiduciary” to the Plan as defined under ERISA Section 3(21). Specifically, the Sponsor may determine that we perform the following services: SELECTION, MONITORING & REPLACEMENT OF DESIGNATED INVESTMENT ALTERNATIVES ("DIAs"): Advisor will review with Sponsor the investment objectives, risk tolerance and goals of the Plan and provide to Sponsor an IPS that contains criteria from which Advisor will select, monitor and replace the Plan's DIAs. Once approved by Sponsor, Advisor will review the investment options available to the Plan and will select the Plan's DIAs in accordance with the criteria set forth in the IPS. On a periodic basis, Advisor will monitor and evaluate the DIAs and replace any DIA(s) that no longer meet the IPS criteria. CREATION & MAINTENANCE OF MODEL ASSET ALLOCATION PORTFOLIOS ("MODELS"): Advisor will create a series of risk-based Models comprised solely among the Plan's DIAs; and, on a periodic basis and/or upon reasonable request, Advisor will reallocate and rebalance the Models in accordance with the IPS or other guidelines approved by Sponsor. SELECTION, MONITORING & REPLACEMENT OF QUALIFIED DEFAULT INVESTMENT ALTERNATIVES ("QDIA(s)"): Based upon the options available to the Plan, Advisor will select, monitor and replace the Plan's QDIA(s) in accordance with the IPS. MANAGEMENT OF TRUST FUND: Advisor will review with Sponsor the investment objectives, risk tolerance and goals of the Plan and provide to Sponsor an IPS that contains criteria from which Advisor will select, monitor and replace the Plan's investments. Once approved by Sponsor, Advisor will review the investment options available to the Plan and will select the Plan's investments in accordance with the criteria set forth in the IPS. On a periodic basis, Advisor will monitor and evaluate the investments and replace any investment(s) that no longer meet the IPS criteria. Retirement Plan Consulting Services Retirement Plan Consulting Services are designed to allow our IARs to assist the Sponsor in meeting their fiduciary duties to administer the Plan in the best interests of Plan participants and their beneficiaries. Retirement Plan Consulting Services are performed so that they would not be considered “investment advice” under ERISA. The Sponsor may elect for our IARs to assist with any of the following services: Administrative Support
• Assist Sponsor in reviewing objectives and options available through the Plan
• Review Plan committee structure and administrative policies/procedures
• Recommend Plan participant education and communication policies under ERISA 404(c)
• Assist with development/maintenance of fiduciary audit file and document retention policies
• Deliver fiduciary training and/or education periodically or upon reasonable request
• Recommend procedures for responding to Plan participant requests Service Provider Support
• Assist fiduciaries with a process to select, monitor and replace service providers
• Assist fiduciaries with review of Covered Service Providers ("CSP") and fee benchmarking
• Provide reports and/or information designed to assist fiduciaries with monitoring CSPs
• Coordinate and assist with CSP replacement and conversion Investment Monitoring Support
• Periodic review of investment policy in the context of Plan objectives
• Assist the Plan committee with monitoring investment performance Participant Services
• Facilitate group enrollment meetings and coordinate investment education Potential Additional Retirement Services Provided Outside of the Agreement In providing Retirement Plan Services, Affiance Financial and its IARs may establish a client relationship with one or more Plan participants or beneficiaries. Such client relationships develop in various ways, including, without limitation: 1. as a result of a decision by the Plan participant or beneficiary to purchase services from Affiance Financial not involving the use of Plan assets; 2. as part of an individual or family financial plan for which any specific recommendations concerning the allocation of assets or investment recommendations relating to assets held outside of the Plan; or 3. through a rollover of an Individual Retirement Account ("IRA Rollover"). If Affiance Financial is providing Retirement Plan Services to a plan, IARs may, when requested by a Plan participant or beneficiary, arrange to provide services to that participant or beneficiary through a separate agreement. If a Plan participant or beneficiary desires to affect an IRA Rollover from the Plan to an account advised or managed by Affiance Financial, IAR will have a conflict of interest if his/her fees are reasonably expected to be higher than those paid to Affiance Financial in connection with the Retirement Plan Services. IAR will disclose relevant information about the applicable fees charged by Affiance Financial prior to opening an IRA account. Any decision to affect the rollover or about what to do with the rollover assets remain that of the Plan participant or beneficiary alone. In providing these optional services, we may offer employers and employees information on other financial and retirement products or services offered by Affiance Financial and our IARs. Individually Tailored Services When providing investment fiduciary services, we will tailor our advice or (if applicable) discretion to meet the investment policies or other written guidelines adopted by the Sponsor. When providing Participant Investment Advice, such advice will be based upon the investment objectives, risk tolerance and investment time horizon of each individual Plan participant. Regulatory Assets Under Management Regulatory Assets Under Management are calculated the same for Form ADV Part 1 and Part 2A. These figures include all fee paying and non-fee paying (employees, family members, and friends) accounts to whom we provide our portfolio management services as of the date indicated.