Kristopher Scott Flammang

• We will be compensated for providing ongoing investment advice and continuous monitoring of your portfolio. Our financial advisors determine their own advisory fees and/or flat fees based on the services they are providing to you; however, such fees must not exceed the maximum advisory fee documented in our ADV 2A or Wrap Brochure.

• If you participate in our Wrap Programs, a wrap fee, consisting of an annual advisory fee and an annual program fee (as described in the Fees section of Summit’s ADV 2A or Wrap Brochure), will be charged to your account on a monthly basis. The wrap fee includes the costs of investment advisory, execution, clearance, and administrative fee. The maximum advisory fee ranges up to 1.5%. The annual program fee ranges from 0.05-0.15% depending on the aggregate value of household assets and an annual account maintenance charge of $120 per year for all accounts that will be billed monthly or quarterly depending on the billing frequency of the account. Some of our advisory programs using sub-advisors have an asset-based platform fee charged by the custodian which we pass along to you. These programs will not include the annual account maintenance charge.

• If you participate in our non-wrap programs, we charge an annual advisory fee and additional fees as described in the Fees section of Summit’s ADV 2A. The maximum advisory fee ranges up to 1.5%. Other fees from third party managers or custodians may apply.

• We charge a flat fee for financial planning determined by your financial advisor.

• Some investments (such as mutual funds and variable annuities) impose additional fees that will reduce the value of your investment over time. Also, with certain investments such as variable annuities, you may have to pay fees such as “surrender charges” to sell.

• The advisory and program fees vary and are negotiable. The amount you pay will depend, for example, on the services you receive and the amount of assets in your account.

• The more assets you have in the advisory account, including cash, the more you will pay us. We therefore have an incentive to urge you to increase the assets in your account so that we earn more fees. Your fee is charged monthly or quarterly (depending on the program you select), even if you do not buy or sell.

• If there is little or no trading activity in your account, the program fee will cost more than the commission charges you would have incurred if the account were non-managed.

• You will pay our fees and costs, whether you make or lose money on your investments, which will reduce any amount of money you make on your investments over time.

• Please make sure you understand what fees and costs you are paying. For additional information, please speak to your Financial Advisor or review the Fees Section of the Form ADV 2A or Wrap Brochure.

• When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way in which we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here is an example to help you understand what this means:

  • Your financial advisor has an incentive to recommend other services and products that pay them compensation in addition to advisory fees and/or financial planning fees. Your financial advisor can earn compensation from assets not managed by Summit Financial, LLC that he/she recommends such as securities transactions through a brokerage firm or insurance products as an insurance broker or agent. You are under no obligation to act on your financial advisor’s recommendations.

• We also receive referral fees from banks and other financial institutions if our clients do business with those firms. Our affiliated insurance company, Summit Risk Management, LLC, earns insurance commissions if you purchase insurance products through certain insurance firms. We have an affiliated broker dealer, named LS Securities, LLC, which has no retail clients, but receives referral fees for the brokerage services and products that your Summit advisor provides to you in their capacity as registered representatives of certain unaffiliated broker dealers. These affiliations create a conflict of interest since our affiliates earn fees if you purchase products and/or services through these entities. You should understand and ask your financial advisor about these conflicts.

• Certain service providers including subadvisors that provide services to Summit’s clients have a revenue fee share arrangement with Summit. This causes Summit to have a conflict of interest as it has incentive to recommend these service providers over others where they do not have this incentive. Please contact your financial advisor to find out if your service provider has this arrangement with Summit.

• For additional information about these conflicts and we mitigate them, please speak to your Financial Advisor or review our Form ADV 2A or Wrap Brochure.

We pay your financial advisors for providing investment advisory and related services. For example, we pay a percentage of the advisory fee to the financial advisors as compensation for the services they provide to you. The amount of this fee varies depending on the advisor, which program you select, the assets under management in your account(s), and the time and complexity to meet your needs and the fee may be more than what the financial advisor would receive if (i) you engaged us for other investment advisory services, such as asset management in one of the non-wrap programs, or (ii) paid separately for investment advice, brokerage and other services.

• In addition to working as a financial advisor for the advisory business of Summit, your financial advisor may act as a registered representative of Purshe Kaplan Sterling Investments or other non-affiliated broker dealers and/or offer insurance products as a broker or agent through a number of insurance companies, including Summit Risk Management, LLC, an affiliated company, which is licensed to sell various insurance products. These roles create conflicts of interest as discussed above.