Nature of Services
Participant level advisory services are provided only at the request of the individual participant and pursuant to a separate written investment advisory agreement. Services may include personalized investment advice and asset allocation recommendations based on the participant’s financial situation, objectives, and risk tolerance, using the investment options available under the participant’s plan and TIAA platform.

Fiduciary Status
When providing participant level advisory services:

• We act as a fiduciary solely to the participant who has engaged us and only within the scope of the advisory agreement
• We do not act as a fiduciary to the retirement plan, plan sponsor, or plan fiduciaries
• We do not provide plan administration, plan design, or plan investment selection services unless separately engaged by the plan sponsor under a distinct agreement

Relationship with TIAA
TIAA provides recordkeeping, custody, and related services for certain retirement plans. Nicolet Advisory Services, LLC is an independent registered investment adviser and:

• Is not affiliated with TIAA
• Is not an employee, agent, or representative of TIAA
• Is not endorsed, recommended, or supervised by TIAA

TIAA does not oversee or control the investment advice we provide. Availability of advisory services depends on plan provisions and applicable participant authorizations.

Fees
Our fees are described in our advisory agreement and applicable disclosures. Fees may be deducted directly from the participant’s TIAA
account where authorized. Participants should carefully review all fee disclosures, including our Form ADV, before engaging our services.

Important Information

• Advisory services are optional and not required to participate in a retirement plan or maintain a TIAA account
• Investment advisory services involve risk, including possible loss of principal
• Investment results are not guaranteed

Additional information about Nicolet Advisory Services, including our services, fees, and conflicts of interest, is available in our Form ADV, which is available here or through the SEC’s Investment Adviser Public Disclosure website.

Nicolet Advisory Services, LLC, is an investment adviser, registered with the U.S. Securities and Exchange Commission, and an affiliate of Nicolet National Bank.

Advisory services offered through Nicolet Advisory Services, LLC, a Registered Investment Advisor. Securities and insurance products offered through Private Client Services ("PCS"), member FINRA/SIPC. PCS is not affiliated with Nicolet National Bank, Nicolet Wealth Management or Nicolet Advisory Services.

Trust and retirement plan level services offered through Nicolet National Bank, a national bank with trust powers.

Past market activity is not indicative of future results, and changes in any assumptions may have a material effect on projected outcomes. Investing in securities entails risk, and the potential for losing money always exists when investing in securities. Asset allocation, rebalancing, and asset diversification will not ensure account protection in a declining market, and cannot be relied upon to enhance gains in a rising market.

Neither Nicolet Advisory Services nor its affiliates offer tax or legal advice. Investors should consult with their legal and tax professionals before making investment decisions.