Bay Financial Planning and Tax Services, LLC was formed in April 2016 as the successor firm to Chesapeake Financial Planning and Tax Services, LLC, which was originally known as Chesapeake Financial Planning and Tax Services, Inc. The original firm was formed in 1990 and filed for investment adviser registration with the State of Maryland in April 1991. In November 2014, Chesapeake Financial Planning & Tax Services, Inc. became a limited liability company. In December 2019, the firm became registered with the U. S. Securities and Exchange Commission. Bay Financial Planning and Tax Services, LLC, operates under the d/b/a name of Chesapeake Financial Planning and Tax Services, LLC, or simply Chesapeake Financial Planning. Chesapeake Financial Planning is an investment advisory firm specializing in financial planning, tax planning, and tax preparation services. Elizabeth M. Bennett is the sole owner and Member of Chesapeake Financial Planning. She joined the firm in September 2014 as the Chief Compliance Officer and became a minority owner. Elizabeth has been in the financial services industry since 2008. Additional business information about Elizabeth is disclosed in the Supplemental Brochure attached to this Brochure. Chesapeake Financial Planning offers the following advisory services, with each service more fully described below:
• Asset Management Services
• Third-Party Advisory Services
• Financial Planning and Financial Consulting Services
• Educational Seminars. We tailor our advisory services to your individual needs. You may ask us to restrict and/or limit certain securities or types of securities when we invest for you. To begin the process, we will ask you to complete our client profile inventory documents and our risk tolerance questionnaire to assist us with obtaining information about your financial situation and history. Additionally, one or more of our Advisory Representatives will meet with you and conduct an interview and data- gathering session to continue the due-diligence process. We will discuss your desired level of risk, your knowledge of investing, and how we can best meet your needs. The information we collect will help us to provide a program customized to your financial situation. Depending on the services you have requested, we will gather various financial information and history from you such as:
• Retirement and financial goals
• Investment objectives
• Investment horizon
• Existing portfolio statements, including retirement account information
• Financial needs
• Tax bracket information March 18, 2024 5 of 32
• Cash-flow analysis
• Cost-of-living needs
• Savings tendencies
• Other applicable financial information to provide the investment advisory services requested. We use asset allocation and financial planning software such as E-Money and Morningstar Advisor Workstation to help us to assess your needs and develop customized solutions. With most clients, there will typically be three meetings, depending upon the scope of the engagement and the complexity of the situation. Generally, all recommendations will be made and discussed with you during our meetings. ASSET MANAGEMENT SERVICES Once we complete our analysis of your situation, we will work with you to determine which of our programs is best suited to your needs. Your Advisory Representative will determine an asset allocation customized to your financial goals, objectives, and risk tolerance. Your portfolio allocation will take into consideration your limitations or restrictions, the market and economy at the time, and your financial situation, goals, and objectives. Our Advisory Representatives will schedule a meeting with you and present the recommended portfolio allocation. Upon your approval, we will implement the initial portfolio allocation. After we implement the initial portfolio allocation, we will actively manage your account on a continuous and ongoing basis using our own discretion to determine any changes to the account. We will make changes to the allocation as deemed appropriate by the firm and your Advisory Representative. Chesapeake Financial Planning will determine the securities to be purchased and sold in the account and will alter the securities holdings from time to time, without prior consultation with you. Depending on your specific goals and objectives, we will generally hold positions in your account for a long term, even more than a year, or we may actively trade some securities holding such positions for periods of 30 days or fewer. Our Advisory Representatives primarily use open-ended mutual funds, including no-load and load- waived or mutual funds purchased at net asset value (NAV), and Exchange Traded Funds (ETFs). However, managed accounts are not exclusively limited to mutual funds and ETFs and may include stocks, bonds, annuities, and other products as are suitable based on your goals and objectives. Registered investment company securities such as mutual funds are offered in various share classes. Share classes are priced differently and have varying levels of internal costs. Share classes, other than institutional share classes, involve higher internal costs that over time will cost you more. Institutional share classes, which tend to have low annual expenses, often have higher trading costs. A client needs to consider the amount being invested and the length of anticipated holding to make a decision as to the share class most suitable to the client. Please read the disclosures under Item 10 for important information about the advice and recommendations March 18, 2024 6 of 32 offered by our Advisory Representatives who are also Registered Representatives. Our Advisory Representative will select the lowest cost share class funds available that are appropriate to the specific client situation. By selecting the lowest cost share class, trading costs are higher. Additionally, selecting the lowest cost share class appropriate to the situation does not mean the least expensive share class; however, it is what your Advisory Representative deems to be the lowest cost for your specific situation. Advisory Representatives consider the anticipated holding period, cost structure, and administrative and transaction costs associated with the product when selecting a share class. However, there is no way to predict the future and there are occasions where a holding is liquidated sooner or held longer than initially anticipated resulting in higher costs to the client. Additional information about share classes can be found in an Investor Alert issued by the Securities and Exchange Commission at https://www.investor.gov/additional- resources/news-alerts/alerts-bulletins/investor-bulletin-mutual-fund-classes and https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin- mutual-fund-classes. Additionally, the SEC and FINRA provide investor information at www.sec.gov and www.finra.org. Transactions in the account, account reallocations, and rebalancing may trigger a taxable event, with the exception of IRA accounts, 403(b) accounts, and other qualified retirement accounts. As further described below, Chesapeake Financial Planning has entered into a relationship to offer you brokerage services through Cambridge Investment Research, Inc. (“Cambridge”). There is no affiliation between Chesapeake Financial Planning and Cambridge. If you select another brokerage firm for custodial and/or brokerage services, you will not be able to receive asset management services from Chesapeake Financial Planning. Advisory Representatives of Chesapeake Financial Planning are associated with Cambridge as Registered Representatives. Cambridge is a diversified financial services company registered with the Financial Industry Regulatory Authority (“FINRA”) as a broker-dealer engaged in the offer and sale of securities products. Our Advisory Representatives may recommend the purchase of securities offered by Cambridge outside of the investment advisory accounts described above. If you purchase these products through them, they will receive normal commissions, which may be in addition to customary advisory fees. Therefore, a conflict of interest exists between their interests and your best interests. Although our Advisory Representatives’ securities sales are reviewed for suitability by an appointed supervisor, you should be aware of the incentives they have to sell certain securities products and are encouraged to ask them about any conflict presented. Please be aware that you are under no obligation to purchase products or services recommended by our Advisory Representatives in connection with providing you with any advisory service that we offer. You have the right to decide whether or not to implement our advice and the right to consult with other financial professionals for implementation. March 18, 2024 7 of 32 Under our asset management services, Chesapeake Financial Planning offers the following wrap- fee programs: WealthPort Wrap – Advisor-Directed Wrap Program, CAAP® (Cambridge Asset Allocation Platform), and Unified Managed Account (UMA). A wrap-fee program is a fee-based account for which you will pay a single fee for asset allocation, portfolio management, and brokerage services. Chesapeake Financial Planning and Advisory Representatives of Chesapeake Financial Planning will receive a portion of the wrap fee for providing these advisory services. Clients should read the WealthPort Wrap Brochure (Part 2A Appendix 1) for more complete information. WEALTHPORT WRAP - ADVISOR-DIRECTED WRAP PROGRAM Advisor-Directed Wrap Program provides comprehensive investment management of your assets through the application of asset allocation planning software as well as the provision of execution, clearing, and custodial services through Pershing, LLC (“Pershing”). Advisor-Directed Wrap Program provides risk tolerance assessment, efficient frontier plotting, fund profiling and performance data, and portfolio optimization and re-balancing tools. Using these tools, and based on your responses to a risk tolerance questionnaire and discussions that we have together regarding, among other things, investment objective, risk tolerance, investment time horizon, account restrictions, and overall financial situation, we construct a portfolio of investments for you. Portfolios may consist of exchange-listed securities, securities traded over the counter, foreign issues, Exchange Traded Funds, warrants, corporate debt securities, commercial paper, certificates of deposit, mutual fund shares, municipal securities, United States government securities, alternative investments, and options contracts on securities. Each portfolio is designed to meet your individual needs, stated goals, and objectives. Additionally, you have the opportunity to place reasonable restrictions on the types of investments to be held in the portfolio. For further Advisor-Directed Wrap Program details, please see WealthPort Wrap Brochure. We provide this Brochure to you prior to or concurrent with your enrollment in the Advisor-Directed Wrap Program. Please read it thoroughly before investing. WEALTHPORT WRAP – CAMBRIDGE ASSET ALLOCATION PLATFORM (CAAP®) CAAP® offers clients the ability to select one or more of the model asset allocation portfolio strategies described below. Using your risk tolerance information, your Advisory Representative will recommend a portfolio designed to meet your individual needs and investment objectives. Portfolios are comprised of various securities such as load-waived mutual funds, no-load mutual funds, sector funds, inverse index funds, leveraged index funds, stocks or exchange traded funds (“ETFs”). The model asset allocation portfolios (referred to collectively as “CAAP®”) are selected through a comprehensive due diligence process by strategists who are selected by, but are not March 18, 2024 8 of 32 affiliated with Chesapeake Financial Planning or Cambridge. The strategists, who are registered investment advisers, select the securities using a screening process that looks at various investment criteria, including risk-adjusted performance, management continuity, portfolio composition, investment style, expense structure, turnover rate, asset growth rate, asset site, and various risk measurements. Depending upon the CAAP® strategy selected, you and your Advisory Representative will use a risk tolerance questionnaire to determine an asset allocation model that is consistent with your risk tolerance, investment objectives, financial resources, personal needs, and reasonable investment limitations. Your Advisory Representative will help you develop an investment policy statement (IPS) by selecting either a single strategist or multiple strategists from a group of asset allocation models. Your assets will be invested in the specific investments contained within the recommended asset allocation model. You have the opportunity to place reasonable restrictions on investments held within your CAAP® account. For further CAAP® details including the risks involved with the various strategies, please see the WealthPort Wrap Brochure. We provide this Brochure to you prior to or concurrent with your

enrollment in CAAP®. Please read it thoroughly before investing. WEALTHPORT WRAP – UNIFIED MANAGED ACCOUNT (UMA) You may choose to utilize a Unified Managed Account (UMA) which offers the ability to select multiple CAAP® strategies in one account. The UMA will hold the investments recommended by each selected strategist in a separate sleeve of the account. Utilizing the proposal generation tools, your Advisory Representative will customize the asset allocation models for you or select proposed asset allocations for types of investors fitting your profile and investment goals. We will further customize your portfolio by selecting the specific, underlying investment strategies or investments in the portfolio to meet your needs. After establishing the content of the portfolio, an overlay manager will implement trade orders based on our recommendations or those of the selected strategists. We will make recommendations to you based on your responses to a risk-tolerance questionnaire and discussion that we have together regarding among other things, investment objective, risk tolerance, investment time horizon, account restrictions, and overall financial situation. In addition, you have the opportunity to place reasonable restrictions on investments held within your UMA account. For further UMA details, please see the WealthPort Wrap Brochure. We provide this Brochure to you prior to or concurrent with your enrollment in UMA. Please read it thoroughly before investing. March 18, 2024 9 of 32 THIRD-PARTY ADVISORY SERVICES We offer our clients the services of various third-party investment advisers (“Third-Party Advisory Services”) for the provision of certain investment advisory programs including mutual fund wrap and separately managed account programs. If you are interested in learning more about any of these services, please note that a complete description of the programs, services, fees, and payment structure, and termination features is available via the applicable Third-Party Advisory Service’s disclosure brochures, investment advisory contracts, and account opening documents. In connection with these arrangements, we will provide assistance in the selection and ongoing monitoring of a particular Third-Party Advisory Service. Factors that we consider in the selection of a particular third-party adviser include but are not limited to: (1) our assessment of a particular Third-Party Advisory Service; (2) your risk tolerance, goals, objectives, and restrictions, as well as investment experience; and, (3) the assets you have available for investment. You should know that the services provided by us through the use of Third-Party Advisory Services are under certain conditions directly offered by them to you. The fees charged by Third-Party Advisory Services who offer their programs directly to you may be more or less than the combined fees charged by the Third-Party Advisory Service and us for our participation in the investment programs. However, when using the services of Third-Party Advisory Services directly, you do not receive our expertise in developing an investment strategy, selecting a Third-Party Advisory Service, monitoring the performance of your account and changing a Third-Party Advisory Service provider when appropriate. FINANCIAL PLANNING AND FINANCIAL CONSULTING SERVICES Chesapeake Financial Planning offers financial, estate, tax, and retirement planning services. Chesapeake Financial Planning will gather financial information and history from you including, but not limited to, retirement and financial goals, investment objectives, investment horizon, financial needs, cash-flow analysis, cost-of-living needs, education needs, savings tendencies, and other applicable financial information required by Chesapeake Financial Planning to provide the investment advisory services requested. Based upon your needs, Chesapeake Financial Planning will prepare a written financial plan addressing your needs. The written plan includes one or more of the following:
• Goals, needs, objectives
• Summary of your current financial situation
• Strategic concepts for reducing taxes, protection against losses of assets due to illness, disability, liability, premature death, investment strategies for meeting retirement and /or other accumulation goals, estate planning. The plan integrates the various areas of your financial affairs into a document for effective management and coordination of resources. Investment advice is rendered solely in regard to the financial plan. March 18, 2024 10 of 32 Financial plans are based on your financial situation at the time and are based on financial information disclosed by you to Chesapeake Financial Planning. Certain assumptions will be made with respect to interest and inflation rates and use of past trends and performance of the market and economy. However, past performance is in no way an indication of future performance. Chesapeake Financial Planning cannot offer any guarantees or promises that your financial goals and objectives will be met. Further, you must continue to review any plan and update the plan based upon changes in your financial situation, goals, or objectives or changes in the economy. If your financial situation or investment goals or objectives change, you must notify Chesapeake Financial Planning promptly of the changes. You are advised that neither Chesapeake Financial Planning nor its Advisory Representatives offer any advice or guidance on your property, casualty, or liability insurance needs. Chesapeake Financial Planning offers the following financial planning services: Financial Foundation This plan is designed for individuals who are 5 years or more away from retirement. It addresses current assets and liabilities, cash flow and budgeting, college planning, insurance, investments, tax, retirement. The plan focuses on cash flow, investments, taxes, and retirement. The plan emphasizes strategies for goal and retirement accumulation. Retirement Needs This plan is designed for individuals who are currently retired or who are 5 years or less from retirement. It addresses current assets, liabilities, cash flow, insurance, investments, tax planning, retirement, and estate planning. This plan provides greater analysis of the focus areas of the Financial Foundation. The plan emphasizes risk tolerance, taxes, investments, income, and estate distribution. The plan also provides multiple retirement scenarios. Hourly Services Our hourly services are for clients that desire advice on a more limited basis. With this service, we would focus on topics that are pertinent to you. This limited advice would focus on only one or two areas of particular interest. Optional topics to choose from:  Retirement Analysis, using Trak Retire software, approved by Cambridge  A review of your retirement documents  Debt review and Management  A comprehensive financial plan  College Funding  Insurance Planning  Employee Benefits Review  401k review  Savings and Distribution Analysis  Investment and Cash Flow Analysis 401k review Subscription Financial Planning Firm also offers Subscription Financial Planning, an ongoing service specifically designed for clients desiring an advisor to provide additional support throughout the year. Clients subscribing to this service will receive a written or an electronic report, providing the client with a detailed financial March 18, 2024 11 of 32 plan designed to achieve his or her stated financial goals and objectives. The plan and the client’s financial situation and goals will be monitored throughout the year and follow-up phone calls and emails will be made to the client to confirm that any agreed upon action steps have been carried out. On an annual basis there will be a full review of this plan to ensure its accuracy and ongoing appropriateness. Any needed updates will be implemented at that time. Additionally, included in your Subscription Financial Planning is the following: 1. TSP/401k Optimizer 5. Quarterly Newsletter 2. Annual Retirement Analysis (Or Income Analysis if already retired) 6. Debt/Student Loan Analysis – 1 x a year 3. Two (2) Annual Meetings – maximum of two (2) hours a year 7. Emoney Access 4. Tax Analysis via Holstiplan EDUCATIONAL SEMINARS Chesapeake Financial Planning offers educational seminars for individuals, federal employees, clubs, civic groups, and other interested parties. They may be provided to companies or tailored for selected employee groups. There is no charge to the participants. Financial Education Classes - In an effort to educate the public and our clients, Chesapeake Financial Planning provides seminars on various financial topics such as Women and Investing; How Mutual Funds and UMA/SMA Managers Charge Fees; Social Security Strategies; and Retirement Planning. General Information The investment recommendations and advice offered by Chesapeake Financial Planning and your Advisory Representatives are not legal advice or accounting advice. You should coordinate and discuss the impact of financial advice with your attorney and/or accountant. Our primary goal is to help our clients identify and pursue their financial goals, thereby enhancing the overall quality of their lives. IRA Rollover Considerations As part of our consulting and advisory services, we provide you with recommendations and advice concerning your employer retirement plan or other qualified retirement account. When appropriate, we recommend that you withdraw the assets from your employer's retirement plan or other qualified retirement account and roll the assets over to an individual retirement account ("IRA") that we will manage. If you elect to roll the assets to an IRA under our management, we will charge you an asset-based fee as described in Item 5. This practice presents a conflict of interest because our investment advisory representatives have an incentive to recommend a rollover to you for the purpose of generating fee based compensation rather than solely based on your needs. You are under no obligation, contractually or otherwise, to complete the rollover. Furthermore, if you do complete the rollover, you are under no obligation to have your IRA assets managed by us. You have the right to decide whether or not to complete the rollover and the right to consult with other financial professionals. March 18, 2024 12 of 32 Some employers permit former employees to keep their retirement assets in their company plan. Also, current employees can sometimes move assets out of their company plan before they retire or change jobs. In determining whether to complete the rollover to an IRA, and to the extent the following options are available, you should consider the costs and benefits of each. An employee will typically have four options: 1. Leave the funds in your employer's (former employer's) plan. 2. Roll over the funds to a new employer's retirement plan. 3. Cash out and take a taxable distribution from the plan. 4. Roll the funds into an IRA rollover account. Each of these options has advantages and disadvantages. Before making a change, we encourage you to speak with your financial advisor, CPA and/or tax attorney. Before rolling over your retirement funds to an IRA for us to manage, carefully consider the following. NOTE: This list is not exhaustive. 1. Determine whether the investment options in your employer's retirement plan address your needs or whether other types of investments are needed. a. Employer retirement plans generally have a more limited investment menu than IRAs. b. Employer retirement plans may have unique investment options not available to the public such as employer securities or previously closed funds. 2. Your current plan may have lower fees than our fees. a. If you are interested in investing only in mutual funds, you should understand the cost structure of the share classes available in your employer's retirement plan and how the costs of those share classes compare with those available in an IRA. b. You should understand the various products and services available through an IRA provider and their costs. c. It is likely you will not be charged a management fee and will not receive ongoing asset management services unless you elect to have such services. If your plan offers management services, the fee associated with the service may be more or less than our asset management fee. 3. Our strategy may have higher risk than the option(s) provided to you in your plan. 4. Your current plan may offer financial advice, guidance, management, and/or portfolio options at no additional cost. 5. If you keep your assets titled in a 401k or retirement account and you are still working, you could potentially delay your required minimum distribution beyond age 72. 6. Your 401k may offer more liability protection than a rollover IRA; each state may vary. Generally, federal law protects assets in qualified plans from creditors. Since 2005, IRA assets have been generally protected from creditors in bankruptcies; however, there can be exceptions. Consult an attorney if you are concerned about protecting your retirement plan assets from creditors. 7. You may be able to take out a loan on your 401k, but not from an IRA. 8. IRA assets can be accessed any time; however, prior to age 59 ½, distributions are subject to ordinary income tax and may also be subject to a 10% early distribution penalty unless they March 18, 2024 13 of 32 qualify for an exception such as disability, higher education expenses, or a home purchase. 9. If you own company stock in your plan, you may be able to liquidate those shares at a lower capital gains tax rate. 10. Your plan may allow you to hire us as the manager and keep the assets titled in the plan name. It is important that you understand your options, their features and differences and decide whether a rollover is best for you. If you have questions, contact your investment adviser representative or call our main number listed on the cover page of this brochure. As of December 31, 2023, we have approximately $152.9 million of discretionary client assets under our asset management services. We do not offer non-discretionary asset management services.