Punch & Associates Investment Management, Inc. is an independent boutique investment adviser founded in February 2002 and located

SilverOak Wealth Management LLC is a fee-only investment adviser established in 1999, located in Edina, Minnesota. The firm specializes in providing continuous advice tailored to individual client needs, managing both discretionary and non-discretionary assets. They offer portfolio management services, utilizing various securities such as bonds, mutual funds, and exchange-traded funds, among others. SilverOak may also engage third-party managers for certain client portfolios based on specific investment strategies. For investment discretion, clients can choose to have their accounts managed on a discretionary or non-discretionary basis, with account supervision guided by stated objectives. The firm does not charge performance-based fees and acts in the best interests of clients as a fiduciary. SilverOak provides financial planning, pension consulting, and financial education workshops, tailoring services to individual needs. They do not vote proxies on behalf of clients and do not have any reportable disciplinary events. The firm does not have custody of client assets, which are held at qualified custodians. Clients receive regular reviews and reports based on the services contracted. SilverOak does not have third-party referral arrangements and does not require prepayment exceeding $1,200 more than six months in advance.

First Light Asset Management, LLC, established in September 2013, specializes in providing advisory services to individuals, high-net-worth individuals, institutional clients, pension plans, corporations, and charitable organizations. The firm's principal owner is Mathew P. Arens, who is also the Managing Member, Chief Executive Officer, and Senior Portfolio Manager. First Light offers discretionary advisory services through separately managed accounts, primarily managing a long-only health care equity investment strategy known as the Genesis Strategy. This strategy focuses on high-quality, reasonably priced growth opportunities in micro- to small/mid-cap health care and life sciences companies. The firm also provides investment management services to private investment funds. For Separate Account Clients, the standard fee schedule ranges from 1.50% to 2.00% per annum based on the net assets in the account. First Light may participate in dual contract programs, where clients execute agreements with a program sponsor and with First Light for advisory services. The firm may receive compensation for client referrals and has entered into cash compensation arrangements with placement agents for introducing investors to its funds. First Light exercises investment discretion for clients, voting proxies for separate account clients, and does not maintain custody of client assets. The firm has no reportable disciplinary events, adverse financial conditions, or bankruptcy proceedings.

Tradition Wealth Management, LLC is an established investment advisory firm specializing in customized advisory services. Founded in 2003, the firm offers various services, including the Tradition Wealth Asset Management Program, Financial Planning Consulting Services, Third-Party Managed Programs, Unified Managed Account, Pooled Investment Programs, and Retirement Plan Services. Clients have the option to grant discretionary authority to manage their accounts, allowing Tradition Wealth to make changes without prior consultation. The firm primarily uses ETFs, mutual funds, stocks, and bonds in managing client portfolios. For compensation, fees are negotiable based on account size and complexity, with annual fees ranging from 1.50% to 2.00%. Financial planning services are offered on a fixed fee or hourly basis. Tradition Wealth may receive compensation from third-party asset managers and may charge fees for 1031 Exchange Consulting. The firm does not use performance-based fees due to potential conflicts of interest. Tradition Wealth caters to high net worth individuals, pension and profit sharing plans, and charitable organizations. While there is no reportable disciplinary information, the firm discloses potential conflicts of interest related to compensation, referrals, and custody practices. Clients receive regular account statements and have the option to request more frequent reports. The firm does not vote client securities but provides guidance if needed. Overall, Tradition Wealth emphasizes fiduciary duty, transparency, and client-centric services in its operations.

Birchwood Financial Partners, Inc., formerly Kramer Lothrop Brewer Financial, Inc., has been providing personalized financial planning and investment management services since 1990. The firm became a registered investment advisory firm in 2014 and is owned by Dana Brewer, Bridget Handke, Damian Winther, Steve Dixon, Kimberly Andrews, and Rachel Infante. Birchwood offers fee-only financial planning and investment management services primarily to individuals and couples, focusing on aligning financial resources with clients' goals and values. The firm emphasizes integrity, trust, and empowerment in client relationships, with a commitment to putting clients' interests first. Birchwood's investment strategies are based on Modern Portfolio Theory, aiming to achieve optimal balance and risk tolerance in client portfolios. The firm provides discretionary and non-discretionary asset management services, financial planning, and consulting, with a minimum account size of $1,500,000. Birchwood does not act as a custodian of client assets but has custody due to direct fee deduction and third-party money movement authorization. The firm's fee structure is based on a percentage of assets under management, with fees billed quarterly in advance. Birchwood does not receive external compensation for the sale of securities to clients and does not engage in performance-based fees. Clients are encouraged to vote their own proxies, and Birchwood does not vote proxies on securities. The firm has no financial conditions impairing its ability to meet commitments to clients and has not had any bankruptcy petitions in the past ten years.

Cornerstone Wealth Advisors, Inc., located in Edina, MN, has been providing comprehensive financial planning, wealth management, and investment advisory services since 2003. The firm is owned by Jonathan T. Guyton (48%) and Andrea N. Eaton (52%). As a fiduciary, the firm is committed to acting in the best interest of each client. They offer ongoing advisory services tailored to help clients achieve their financial goals, with a focus on understanding client objectives, risk tolerance, and time horizons. Services include semi-annual or annual meetings, investment policy statement creation, asset allocation analysis, portfolio monitoring, and quarterly reports. The firm charges an asset-based fee ranging from 1.00% to 0.25% based on the client's assets under management. For clients under 40, an annual retainer fee may apply. The firm does not charge performance-based fees and typically serves individuals, high net worth individuals, trusts, estates, and charitable organizations. Cornerstone Wealth Advisors does not have custody of client funds or securities and does not accept proxy authority to vote client securities. The firm does not sell securities for a commission and does not pay referral fees.

**Laurel Wealth Planning LLC Summary:** **Background and Expertise:** Laurel Wealth Planning LLC is a registered investment adviser founded in 1998 by Laura A. Kuntz, who serves as President, CEO, Administrative Officer, and CCO. The firm specializes in offering wealth management and financial planning services for individuals, pension and profit sharing plans, trusts, estates, charitable organizations, and corporations. The firm acts as a fiduciary, required to act in the client's best interest at all times. **Consumer-Facing Terms:** - **Minimum Account Size:** No minimum account size requirement, but a minimum annual fee of $7,500. - **Fee Structure:** Hourly fee range of $150 - $600 for financial planning services. Wealth management services are charged based on a tiered annual fee schedule. - **Fiduciary:** The firm is a fiduciary, obligated to act in the client's best interest at all times. - **Investment Discretion:** The firm manages client assets on a discretionary and non-discretionary basis. - **Investment Philosophy:** Utilizes fundamental and technical analysis for investment decisions, offering long and short-term purchases, margin transactions, and option writing. **Advisory Business Description:** - **Financial Planning:** Offers financial planning services based on an hourly fee, covering various aspects such as cash flow analysis, education planning, estate planning, tax reduction, and investment strategy development. - **Wealth Management:** Provides continuous advice on investment based on individual client needs, managing portfolios consisting of various investment products. **Methods of Analysis:** Utilizes fundamental and technical analysis, historical quantitative data, and an Investment Committee to review research material and discuss economic conditions. **Disciplinary Information:** No disciplinary events involving Laurel Wealth Planning LLC or its Supervised Persons have occurred. **Additional Information:** Laura A. Kuntz supervises all persons at Laurel Wealth Planning LLC and holds regular meetings to review client reports, emails, and trading activities. For more details, you can contact Laura A. Kuntz at 952-854-6250.

Stiles Financial Services Incorporated (SFSI) is a financial advisory firm established in 2000 and managed by Susan M. Stiles. The firm specializes in providing Corporate Retirement Plan Consulting Services and individual Financial Plan Consulting Services. SFSI offers tailored financial plans that cover areas such as net worth statements, budgeting, investment analysis, tax incentives, and estate planning. Clients have the option to participate in the Wrap Fee Program for continuous investment advice personalized to their needs. For individual Financial Plan Consulting, the base fee is $3,000, with additional fees based on the complexity of the plan. Portfolio review fees range from $2,000 to $4,000 annually, depending on the number of reviews requested. Clients are charged 50% of the fee upfront, with the remainder due upon completion. SFSI does not charge performance-based fees or side-by-side management fees. The firm acts as a fiduciary, providing investment strategies focused on diversification, asset allocation, and risk management. SFSI's investment approach is customized to each client's financial profile and goals. The firm does not have any disciplinary information and maintains strict confidentiality and security measures to protect clients' non-public personal information. Clients can contact SFSI for more information or to request a copy of their privacy policy.

Flourish Wealth Management, Inc. is a registered investment adviser based in Edina, MN, established in April 2014. The firm manages over $383 million in assets as of December 31, 2024, offering wealth management services to individuals, high net worth individuals, trusts, and foundations. Flourish operates under a fiduciary standard, always prioritizing clients' interests and disclosing any potential conflicts of interest. The firm provides investment advisory services, including portfolio management using no-load mutual funds or ETFs, with a preference for passive and factor-based investments. Flourish also offers financial planning services covering areas such as tax planning, retirement planning, and insurance analysis. The firm's fee structure for wealth management services is based on a percentage of assets under management, with a minimum account size of $1 million or a minimum annual fee of $10,000. Separate financial planning services are offered on a fixed or hourly fee basis. Flourish does not charge performance-based fees and does not engage in principal transactions for client accounts. The firm's investment strategies are rooted in Modern Portfolio Theory, focusing on diversified portfolios and long-term investment approaches. Clients have the option to incorporate Socially Responsible Investments (SRI) and Environmental, Social, and Governance (ESG) strategies in their portfolios. Flourish utilizes the Schwab Advisor Services program for custody and trade execution services. The firm does not vote proxies on behalf of clients and does not have any disciplinary information to disclose.