Gallagher Fiduciary Advisors, LLC

• A percentage of assets under your management
• Hourly charges
• Fixed fees (other than subscription fees)

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated June 8, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$194,823,102,725 as of October 2026, filing dated September 28, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Financial planning services
• Portfolio management for individuals and/or small businesses
• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients
• Pension consulting services
• Selection of other advisers (including private fund managers)
• Other

Also doing business as

FLAGSTONE WEALTH MANAGEMENT, GALLAGHER INVESTMENTS, KUSSKE FINANCIAL MANAGEMENT

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2008 (18 years)

Employees

Total: 235. Performing investment advisory functions: 218.

Wrap fee program participation

Yes.

Other offices (Schedule D, Section 1.F)

33 other offices, as of the October 2026 filing

Atlanta, GAAustin, TXBaton Rouge, LABellevue, WABerwyn, PABloomfield Hill, MIBloomington, MNBoston, MABurnsville, MNCharlotte, NCClearfield, UTCleveland, OHDallas, TXDenver, COE. Hartford, CTFramingham, MAHouston, TXIrvine, CAJacksonville, FLLatham, NYLittle Rock, ARMadison, WINew York, NYOklahoma City, OKPittsburgh, PARichmond, VARockville, MDSan Francisco, CATampa, FLWakefield, MAWashington, DCWhippany, NJWichita, KS

States registered or notice-filed

52 states or jurisdictions

AKALARAZCACOCTDCDEFLGAHIIAIDILINKSKYLAMAMDMEMIMNMOMSMTNCNDNENHNJNMNVNYOHOKORPAPRRISCSDTNTXUTVAVTWAWIWVWY

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

None Reports no disclosure items on Form ADV Item 11. View on IAPD.

Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $5,754,700,000 in the October 2021 data and $194,823,102,725 in the October 2026 data, up 3285%.

Total employees: 30 in October 2021 and 235 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. October 2026
   • Added an office in Denver, CO.
   • No longer lists an office in Greenwood Village, CO.
2. August 2026
   • Updated its list of owners and control persons (Schedule A).
3. July 2026
   • Updated its list of owners and control persons (Schedule A).
4. April 2026
   • Employees performing advisory functions went from 160 to 218.
   • Changed its office addresses in Atlanta, GA.
   • Changed its office addresses in Austin, TX.
   • Changed its office addresses in Bloomfield Hill, MI.
   • Changed its office addresses in Bloomington, MN.
   • Changed its office addresses in Charlotte, NC.
   • Changed its office addresses in Cleveland, OH.
   • Changed its office addresses in Dallas, TX.
   • Changed its office addresses in Framingham, MA.
   • Changed its office addresses in Houston, TX.
   • Changed its office addresses in Irvine, CA.
   • Changed its office addresses in Latham, NY.
   • Changed its office addresses in Little Rock, AR.
   • Changed its office addresses in Madison, WI.
   • Changed its office addresses in Rockville, MD.
   • Changed its office addresses in Wakefield, MA.
   • Added an office in Bellevue, WA.
   • Added an office in Boston, MA.
   • Added an office in Clearfield, UT.
   • Added an office in Greenwood Village, CO.
   • Added an office in New York, NY.
   • Added an office in Richmond, VA.
   • Added an office in San Francisco, CA.
   • Added an office in Tampa, FL.
   • Added an office in Whippany, NJ.
   • Added an office in Wichita, KS.
   • No longer lists an office in Baton Rouge, LA.
   • No longer lists an office in Carmel, IN.
   • No longer lists an office in Centennial, CO.
   • No longer lists an office in Highlands Ranch, CO.
   • No longer lists an office in Kansas City, MO.
   • No longer lists an office in Manhattan, KS.
   • No longer lists an office in South Ogden, UT.
5. November 2025
   • Added an office in Framingham, MA.
   • Added an office in Highlands Ranch, CO.
   • Updated its list of owners and control persons (Schedule A).

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.