# RETIREMENT PLAN ADVISORS SERVICES, LLC X-17A-5 (2025-02-28) — Broker-dealer annual report - Company: RETIREMENT PLAN ADVISORS SERVICES, LLC - Form: X-17A-5 - Filed: 2025-02-28 - Period: 2024-12-31 - Accession: 0001135450-25-000003 - CIK: 1135450 - File #: 8-53159 - Type: Broker-dealer - Material weakness: No - Auditor: Topel Forman LLC - Auditor location: Chicago, IL - Contact: Alisa Thompson - Phone: 312-701-1100 - Email: jfschwartz@retirementplanadvisors.com - Website: retirementplanadvisors.com - Signed by: Joshua Schwartz (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1135450/000113545025000003/1rpas2024.pdf --- {0}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC #### FINANCIAL STATEMENTS #### DECEMBER 31, 2024 AND 2023 {1}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** 0MB APPROVAL 0MB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: I 2 # **ANNUAL REPORTS FORM X-17A-5 PART** Ill | SEC FILE NUMBER | | |-----------------|--| | 8-53159 | | **FACING PAGE** **Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING **0 1/01 /24** MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME m FIRM: Retirement Plan Advisors Services, LLC TYPE OF REGISTRANT (check all applicable boxes): 0 Broker-dealer □ Security-based swap dealer D Check here if respondent is also an OTC derivatives dealer □ Major security-based swap participant AND ENDING **12/31 /24** ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | (No. and Street) | | | |-------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------|------------------------------------------------| | Chicago | IL | | 60602 | | (City) | (State) | | (Zip Code) | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | Joshua Schwartz | 312-701-1100 | jfschwartz@retirementplanadvisors.com | | | (Name) | (Area Code - Telephone Number) | (Emai l Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | Topel Forman, LLC | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
(Name - if individual, state last, first, and middle name) | | | | 500 N. Michigan Ave, Suite 1700 Chicago | | IL | 60611 | | (Address) | (City) | (State) | (Zip Code) | | 07/27/10 | | 5181 | | | rte of
Reg;strnUoa w;th PCAOB)(;f apphcable) | | | I
(PCAOB Reg;strnt;o, N,mbec, ;f apphcable) | | | FOR OFFICIAL USE ONLY | | | | | | | | \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(l)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** {2}------------------------------------------------ #### **OATH OR AFFIRMATION** | I, Joshua Schwartz | swear (or affirm) that, to the best of my knowledge and belief, the | |-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | financial report pertaining to the firm of Retirement Plan Advisors Services, LLC | as of | | 2~
12/31 | is true and correct. I further swear (or affirm) that neither the company nor any | | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | as that of a customer. | | | | | ![](_page_2_Figure_2.jpeg) | Signature: | | | |------------|--|--| | Title: | | | | CEO | | | #### **This filing\*\* contains (check all applicable boxes):** - ~ (a) Statement of financial condition. - ~ (b) Notes to consolidated statement of financial condition. - ~ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X). - ~ (d) Statement of cash flows. - ~ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - D (f) Statement of changes in liabilities subordinated to claims of creditors. - ~ (g) Notes to consolidated financial statements. - ~ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. - D (i) Computation of tangible net worth under 17 CFR 240.18a-2. - ~ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - D (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3. - ~ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - D (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3{p)(2) or 17 CFR 240.18a-4, as applicable. - D (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-l, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - D (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - Iii (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - D (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - Iii (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - Iii (t) Independent public accountant's report based on an examination of the statement of financial condition. - ~ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - ~ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable. - D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.l 7a-12{k). D(z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_ - - *\*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5{e}{3} or 17 CFR 240.18a-7(d)(2}, as applicable.* {3}------------------------------------------------ #### INDEX | Report oflndependent Registered Public Accounting Firm | 1 | |-------------------------------------------------------------------------------------------------------------------------------------------------|------| | Statements of Financial Condition as of December 31
, 2024 and 2023 | 2 | | Statements of Operations for the years ended December 31
, 2024 and 2023 | 3 | | Statements of Changes in Equity for the years ended December 31
, 2024 and
2023 | 4 | | Statements of Cash Flows for the years ended December 31
, 2024 and 2023 | 5 | | Notes to Financial Statements | 6-14 | | Supplementary Information | | | Schedule I-
Computation ofNet Capital as of December 31
, 2024 | 15 | | Computation for Determination of the Reserve Requirement
Schedule II -
Under Rule 15c3-3 of the Securities and Exchange Commission | 16 | | Schedule III -
Information Relating to the Possession or Control Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | 17 | | Independent Registered Public Accounting Firm Review of the Exemption
Report SEA Rule 17a-5(g)(2)(ii) | 18 | | Exemption Report SEA Rule 17a-5(d)(4) | 19 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) #### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Retirement Plan Advisors Services, LLC #### **Opinion on the Financial Statements** We have audited the accompanying statement of financial condition of Retirement Plan Advisors Services, LLC (an Illinois limited liability company and wholly-owned subsidiary), as of December 31, 2024 and 2023, the related statements of operations, changes in equity, and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Retirement Plan Advisors Services, LLC as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of Retirement Plan Advisors Services, LLC's management. Our responsibility is to express an opinion on Retirement Plan Advisors Services, LLC's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to Retirement Plan Advisors Services, LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The supplementary information included on pages 15-17 has been subjected to audit procedures performed in conjunction with the audit of Retirement Plan Advisors Services, LLC's financial statements. The supplemental information is the responsibility of Retirement Plan Advisors Services, LLC's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240. l 7a-5. In our opinion, the supplemental information included on pages 15-17 is fairly stated, in all material respects, in relation to the financial statements as a whole. *I* ,;u/ *1~* L. *u.* We have served as Retirement Plan Advisors Services, LLC's auditor since 2011. Certified Public Accountants Chicago, Illinois February 27, 2025 > 500 N. Michigan Avenue, Suite 1700 Chicago, IL 60611 312-642-0006 audit • tax • consulting www.topelforman.com 55 Madison St., Suite 650 Denver, CO 80206 312-642-0006 {5}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2024 AND 2023 | | 2024 | 2023 | | |---------------------------------------|---------------|-------------------|--| | ASSETS | | | | | Cash and cash equivalents | \$
974,910 | \$
934,430 | | | Connnissions receivable | 178,554 | 219,981 | | | Due from RP A, LLC | 137,601 | 229,734 | | | Due fromRPAG, LLC | 15,217 | | | | Due from advisors | 24,803 | 24,674 | | | Prepaid expenses and other assets | 70,601 | 27,380 | | | Intangible assets, net | 478,500 | | | | TOTAL ASSETS | \$ 1,880,186 | \$ 1,436,199 | | | LIABILITIES AND MEMBER'S EQUITY | | | | | Due to RP A, LLC | \$
94,463 | \$
73,758 | | | Due to RP AG, LLC | 7,309 | | | | Accrued expenses | 411
,819 | 287,781 | | | Total Liabilities | \$
513,591 | \$
361
,539 | | | Member's Equity | \$ 1,366,595 | \$ 1,074,660 | | | TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ 1,880,186 | \$ 1,436,199 | | {6}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2024 AND 2023 | | 2024 | | 2023 | | |------------------------------------|------|-----------|-----------------|--| | REVENUES: | | | | | | Commission income | \$ | 2,770,325 | \$
2,835,237 | | | Interest income | | 26,122 | 7,554 | | | Other income | | 67,259 | 12,753 | | | Total Revenues | \$ | 2,863,706 | \$
2,855,544 | | | OPERATING EXPENSES: | | | | | | Administration/operations charges | \$ | 691,871 | \$
684,634 | | | Amortization | | 16,500 | | | | Computer technology charges | | 53,806 | 52,590 | | | Employee compensation and benefits | | 1,169,794 | 999,952 | | | Insurance | | 51,623 | 56,039 | | | Licenses and permits | | 41,422 | 42,771 | | | Office expenses | | 16,832 | 8,617 | | | Professional fees | | 34,923 | 24,514 | | | Other expense | | | 6,213 | | | Total Operating Expenses | \$ | 2,076,771 | \$
1,875,330 | | | Net Income | \$ | 786,935 | \$
980,214 | | {7}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2024 AND 2023 | | Member's | | | |----------------------------------|-------------------|--|--| | | Equity | | | | Balance at January 1, 2023 | \$
401
,691 | | | | Net income | 980,214 | | | | Distributions | (307,245) | | | | Balance at December 31
, 2023 | \$
1,074,660 | | | | Net income | 786,935 | | | | Contnbutions | 495,000 | | | | Distributions | (990,000) | | | | Balance at December 31
, 2024 | \$
1,366,595 | | | {8}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2024 AND 2023 | CASH FLOWS FROM OPERATING ACTIVITES: | 2024 | | 2023 | | |----------------------------------------------------------------------------------|------|--------------|-------------------|--| | Net Income | \$ | 786,935 | \$
980,214 | | | Adjustments to reconcile net income to net cash provided by operating activites: | | | | | | Amortization | | 16,500 | | | | (Increase) Decrease In: | | | | | | Commissions receivable | | 41
,427 | (16,264) | | | Due from RP A, LLC | | 92,133 | (36,046) | | | Due from RP AG, LLC | | (15
,217) | | | | Due from advisors | | (129) | (9,924) | | | Prepaid expenses and other current assets | | (43
,221) | 3,768 | | | Increase (Decrease) In: | | | | | | Due to RP A, LLC | | 20,705 | (16,916) | | | Due to RP AG, LLC | | 7,309 | | | | Accrued expenses | | 124,038 | (32,875) | | | NET CASH PROVIDED BY OPERATING ACTIVITIES | | \$ 1,030,480 | \$
871
,957 | | | CASH FROM INVESTING ACTIVITIES: | | | | | | Principal payments received on notes receivable | | | | | | Advances to related parties | \$ | | \$
(6,653) | | | Repayments from related parties | | | 6,653 | | | NET CASH FROM INVESTING ACTIVITIES | \$ | | \$ | | | CASH FROM FINANCING ACTIVITIES: | | | | | | Distributions | \$ | (990,000) | \$
(307,245) | | | NET CASH USED BY FINANCING ACTIVITIES | \$ | (990,000) | \$
(307,245) | | | NET INCREASE IN CASH AND CASH EQUIVALENTS | \$ | 40,480 | \$
564,712 | | | CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | | 934,430 | 369,718 | | | CASH AND CASH EQUIVALENTS, END OF YEAR | \$ | 974,910 | \$
934,430 | | | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | Schedule ofN oncash Investing Activities | | | | | Intangible asset acquired through contribution \$ 495 ,000 \$ {9}------------------------------------------------ # **1. NATURE OF OPERA TIO NS:** Retirement Plan Advisors Services, LLC, an Illinois Limited Liability Company (the "Company" or "RP AS, LLC"), is an introducing broker-dealer registered under the Securities Exchange Act of 1934 and is regulated by Financial Industry Regulatory Authority (FINRA). Effective January 1, 2014, the Company became a wholly owned subsidiary of Retirement Plan Advisors Group, Inc. ("RPAG"). Effective December 22, 2021 , RPAG converted from an S-Corporation to a Limited Liability Company and changed its name to Retirement Plan Advisors Group, LLC. Effective December 22, 2021, RPA, Inc. also converted from an S-Corporation to a Limited Liability Company and changed its name to Retirement Plan Advisors Services, LLC. On December 22, 2021 , RPAG became a wholly owned subsidiary of Retirement Plan Advisors Holdings, Inc. ("RP AH, Inc."). On December 31 , 2021 , RP AH, Inc. entered into an agreement with Cambridge Investment Group, Inc (CIG) to commence a partnership with RPAG effective January 1, 2022. RPAH, Inc. will own 80% and CIG, Inc. 20% of the membership units in RPAG. The partnership was formed to permit future expansion and enhanced marketing opportunities. The business of the subsidiary broker-dealer, RPAS, LLC, will not change and its management, compliance infrastructure, and business model will also remain the same. On April 1, 2024, RP AH, Inc. entered into a subsequent agreement with CIG to purchase an additional 6.6%, or 6,600 units, ofRPAG, increasing CIG's ownership from 20% to 26.6%. # **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:** # *ESTIMATES AND ASSUMPTIONS* The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. # *CASH AND CASH EQUIVALENTS* The Company considers all unrestricted demand deposits, money market funds, highly liquid investments with original maturities of three months or less to be cash and cash equivalents. {10}------------------------------------------------ # **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)** ## *FAIR VALUE OF FINANCIAL INSTRUMENTS* The Company's short-term financial instruments consist of cash, receivables, and current liabilities. The carrying value of these short-term instruments approximates their estimated fair values based on the instruments' short-term nature. #### *SECURITIES AND FEES* Securities transactions and fees are recorded on the trade date as transactions occur. #### *COMMISSIONS RECEIVABLE* Commissions receivable are recorded at net realizable value. The Company uses judgement in establishing a provision for estimated credit losses based upon historical experience and review of current economic conditions for our customers. The Company's principal customers all retain the Company's services under substantially the same credit terms, with similar historical credit risks. As a result, the Company assesses credit risks as a single group. The Company evaluates collection risk and establishes expected credit loss primarily through a combination of the following: analysis of historical aging and credit loss experience, and customer specific information. #### *CREDIT LOSSES* Financial assets measured at amortized cost are presented at the net amount expected to be collected and the measurement of credit losses and any expected increases in expected credit losses are recognized in earnings. The estimate of expected credit losses involves judgment and is based on an assessment over the life of the financial instrument taking into consideration current market conditions and reasonable and supportable forecasts of expected future economic conditions. The Company determined the allowance for credit losses on financial assets measured at cost was de minimis as of December 31 , 2024 and 2023, therefore, no allowance for credit losses has been recorded related to those assets. {11}------------------------------------------------ ## **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)** #### *CREDIT LOSSES~ (CONTINUED)* The following table summarizes the changes in the allowance for the expected credit losses on commissions receivable for the year ended December 31, 2024 and 2023: | | 2024 | 2023 | | | |-------------------------------|---------|---------|--|--| | Balance as ofJanuary 1 | \$
- | \$
- | | | | Provision for expected losses | | | | | | Deductions -
write-offs | | | | | | Recoveries collected | | | | | | Balance as of December 31 | \$
- | \$
- | | | The following table represents the opening and ending balances to be disclosed under ASC 606. | | January 1,
2023 | December 31,
2023 | | December 31,
2024 | | | |------------------------|--------------------|----------------------|---------|----------------------|---------|--| | Commissions receivable | \$
203,717 | \$ | 219,981 | \$ | 178,554 | | #### *INCOME TAXES* The Company is not subject to U.S. Federal or state income taxes as it was a Qualified Subchapter S Subsidiary through December 22, 2021 and a single member LLC for the period from December 23, 2022 through December 31, 2024, which are disregarded entities for income tax purposes. Accordingly, any income or loss is reported by the Company's Parent in its income tax returns. The Company and its Parent follow Topic 740 in reporting income taxes and has made a policy election not to allocate any current or deferred income taxes to the Company. {12}------------------------------------------------ # **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)** # *INCOME TAXES (CONTINUED)* The F ASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax return to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions not deemed to meet the morelikely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. Management has determined there are no uncertain tax positions as of December 31 , 2024 and 2023. RPAG income tax returns for years prior to December 31 , 2021 are no longer subject to examination. If applicable, the Company would recognize penalties and interest related to income taxes in income tax expense. ## *COMMISSION INCOME* Commission income is recognized when earned and is based on a percentage of ongoing premium based contributions and/or a percentage of assets under management. ## *ACCOUNTS PAYABLE AND ACCRUED EXPENSES* Accounts payable and accrued expenses represent expenses incurred but not yet paid and generally require payment within 30 days of the month or quarter end. ## *INTANGIBLE ASSETS AND AMORTIZATION* Intangible assets consist of purchase customer lists and are stated at cost and amortized for financial reporting purposes using the straight-line method over the estimated future periods to be benefited, generally five years. For income tax purposes, the Company uses Internal Revenue Service prescribed lives. ## *IMPAIRMENT OF LONG-LIVED ASSETS* The Company reviews long-lived assets, including property and equipment and intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable, but no less than annually. An impairment loss could be recognized when the estimated future cash flows from the use of the asset are less than the carrying amount of that asset. {13}------------------------------------------------ # **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)** # *NEW ACCOUNTING PRONOUNCEMENT* In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.* ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this ASU for its fiscal year end December 31, 2024. The adoption of this new pronouncement did not have a material effect on the Company's financial position, results of operations or cash flows. ## **3. CONCENTRATION OF CREDIT RISK:** The Company maintains its cash in various deposit accounts in a bank that is a high credit quality financial institution. The balances at times may exceed statutory insured limits. The Company has never experienced any losses in such accounts and, based on the size and reputation of the depository institution, believes it is not exposed to any significant credit risk on such credit cash balances. As of December 31, 2024 and 2023, the amounts in excess of statutory insured limit were approximately \$725,000 and \$684,000, respectively. #### **4. REVENUE RECOGNITION:** Significant revenue streams recognized by the Company from contracts with customers accounted for under ASC 606 for the years ended December 31, 2024 and 2023 are below: | | 2024 | | 2023 | | |-------------------|------|-----------|------|-----------| | | | | | | | Commission income | \$ | 2,770,325 | \$ | 2,835,237 | The performance obligations described above relate to contracts that have an original expected duration of less than one year and all revenue is recognized at a point in time. Commission income consists of override commissions received on participant deposits, assets under management, and fixed insurance, and is received based on contractual terms. The performance obligation for participant deposits and fixed insurance settles when the participants deposits are received, typically on a daily basis. The performance obligation for commissions received on assets under management is settled on the calculation date, typically the end of a month or quarter. {14}------------------------------------------------ # **4. REVENUE RECOGNITION: (CONTINUED)** The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affect the determination of the amount and timing of revenue from the related contracts above. ## **5. RETIREMENT BENEFITS:** The Company has a defined contribution retirement plan covering substantially all employees meeting certain eligibility provisions as defined by the Internal Revenue Code. Contributions to the plan are determined within the limits of the Internal Revenue Code at the discretion of the Board of Directors. The Company contributes 3% of eligible participant salaries. Contributions to this plan for eligible employees were \$115,217 and \$100,257 for the years ended December 31 , 2024 and 2023, respectively, of which \$81 ,485 and \$73,039 was allocated to RPA, LLC in 2024 and 2023, respectively. # **6. NET CAPITAL REQUIREMENTS:** The Company is an introducing broker-dealer subject to the Securities and Exchange Commission Uniform Net Capital Rule (SEC Rule 15c3-1), which requires the Company to maintain "net capital" of 6-2/3 percent of "aggregate indebtedness" or \$5,000, whichever is greater, as these terms are defined. In addition, the ratio of aggregate indebtedness to net capital shall not exceed 15 to 1. Net capital and aggregate indebtedness change daily. As of December 31 , 2024 and 2023, the Company had net capital of \$639,873 and \$792,722 and net capital requirements of \$34,239 and \$24,103, respectively. The net capital rule may effectively restrict the withdrawal of stockholders' equity. ## **7. RELATED PARTIES:** The Company is a wholly owned subsidiary ofRPAG. RPAG is a wholly owned subsidiary of RP AH, Inc. The Company is also an affiliate with RP A, LLC by way of it also being a wholly owned subsidiary ofRPAG. The Company is party to an Expense Sharing Agreement between the Company, RPAG, RPAH, Inc., and RPA, LLC (the "Group"). Certain expenses incurred by each Company are allocated to the Group based on terms of the Expense Sharing Agreement. Generally, most overhead costs such as legal, insurance, rent and utilities are paid by RP A, LLC and allocated to the Company. The Company records these expenses as administrative/operations charges in the accompanying Statements of Operations. Compensation costs are incurred by the Company and allocated to RPA, LLC. The Company records reimbursements received from RPA, LLC as a reduction to compensation expense recorded in the accompanying Statement of Operations. {15}------------------------------------------------ # **7. RELATED PARTIES: (CONTINUED)** The following is a recap of the amounts incurred by the Company relating to the Expense Sharing Agreement for the years ended December 31 : | | 2024 | 2023 | |----------------------------------------------------------|-------------------|---------------| | Administration/operations charges from RP A, LLC | \$
691
,871 | \$
684,634 | | Compensation cost reimbursements received from RP A, LLC | \$
3,144,607 | \$2,914,812 | The Company owed \$94,463 and \$73,758 to RPA, LLC as of December 31 , 2024 and 2023, respectively. The Company is due \$137,601 and \$229,734 from RP A, LLC as of December 31 , 2024 and 2023, respectively. As part of the DFS acquisition, the Company is also receiving insurance commissions that are to be paid to RP AG and RPAG is receiving commission income to be paid to the Company. As of December 31 , 2024, the Company was owed \$15,217 from RPAG and the Company owed RPAG \$7,309. The Company receives commission income from Cambridge Investment Research, Inc. ("CIR"). The Company was affiliated with CIR by way of certain owners of RP AH, Inc. being registered representatives of CIR and having a nominal ownership interest in Cambridge Investment Group, Inc. ("CIG") which owns 100% of CIR. In addition, effective January 1, 2022, CIR acquired 20% ofRPAH and an additional 6.6% effective April 1, 2024. The Company received commission income from CIR of\$859,069 and \$812,424 during the years ended December 31 , 2024 and 2023, respectively. The Company had a receivable balance due from CIR of \$59,038 and \$45,726 as of December 31 , 2024 and 2023, respectively. ## **8. SINGLE SEGMENT REPORTING:** The Company is engaged in a single line of business as a limited broker-dealer, which is comprised mainly of commission transactions. The Company has identified its internal Leadership Team and the Board of its parent entity as the chief operating decision makers (CODM). Collectively, they use net income to evaluate the results of the business. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using the information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies. {16}------------------------------------------------ ## **8. SINGLE SEGMENT REPORTING: (CONTINUED)** The following table presents the segment revenue and significant expenses for the year ended December 31 , 2024. | | 2024 | | | |------------------------------------|------|-------------|--| | Revenue: | \$ | 2,863,706 | | | Less: | | | | | Administration/operations charges | \$ | 691
,871 | | | Amortization | | 16,500 | | | Computer technology charges | | 53,806 | | | Employee compensation and benefits | | 1,169,794 | | | Insurance | | ,623
51 | | | Licenses and permits | | ,422
41 | | | Office expenses | | 16,832 | | | Professional fees | | 34,923 | | | Net Income | \$ | 786,935 | | The following table presents the other required segment disclosures for the year ended December 31 , 2024. | | 2024 | | |-----------------------------|------|-----------| | Other segment disclosures | | | | Commission income | \$ | 2,770,325 | | Interest income | | 26,122 | | Other income | | 67,259 | | Total Revenues | \$ | 2,863,706 | | Amortization | | 16,500 | | N oncash financing activity | | 495,000 | | Segment assets | | 1,880,186 | {17}------------------------------------------------ #### **9. INTANGIBLE ASSETS:** On October 31 , 2024, RPAG acquired the commission business of Retirement Benefit Systems, Inc., Database Financial Solutions, Inc., and Database Financial Services, Inc. ( collectively known as DFS) through its parent company. The total purchase price for the acquisition was \$1 ,650,000 and approximately 30% of the business is broker-dealer related with the other 70% being insurance business. Accordingly, RP AG pushed down the 30% related to the broker-dealer business and the Company recorded \$495,000 on its books as an intangible asset for customer list from the acquisition and an equity contribution from RP AG. The customer list will be amortized over five (5) years with \$16,500 in amortization expense recorded in 2024. Future amortization expense for each year from 2025 to 2028 will be \$99,000 and \$82,500 in 2029. #### **10. SUBSEQUENT EVENTS:** No additional subsequent events were noted through ebruary 27, 2024 the date on which the financial statements were issued. {18}------------------------------------------------ ## SUPPLEMENTARY INFORMATION {19}------------------------------------------------ ## RETIREMENT PLAN ADVISORS SERVICES, LLC SCHEDULE I COMPUTATION OF NET CAPITAL PURSUANT TO RULE 15C3-1 OF THE SECURITIES AND EXCHANGE COMMISSION ACT OF 1934 AS OF DECEMBER 31, 2024 #### NET CAPITAL: | Total member's equity | \$ 1,366,595 | |-----------------------------------------------------|---------------| | Less nonallowable assets: | | | Prepaid expenses | 70,601 | | Net receivables from affiliates | 177,621 | | Intangible assets | 478,500 | | | \$
726,722 | | Net capital before haircuts | \$
639,873 | | Less haircuts | | | Net capital | \$
639,873 | | Minimum net capital required | 34,239 | | Excess net capital | \$
605,634 | | Aggregate indebtedness | \$
513,591 | | Percentage of aggregate indebtedness to net capital | 80.26% | There are no material differences between the preceding computation and the company's corresponding unaudited part II of form X-17a-5 as of December 31, 2024, filed January 24, 2025. {20}------------------------------------------------ #### RETIREMENT PLAN ADVISORS SERVICES, LLC SCHEDULE II COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2024 The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to paragraph (k)(l) of the rule. {21}------------------------------------------------ ## RETIREMENT PLAN ADVISORS SERVICES, LLC SCHEDULE III INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS UNDER RULE 15C3-3 OF THE SECURITIES AND EXCHANGE COMMISSION AS OF DECEMBER 31, 2024 The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to paragraph (k)(l) of the rule. {22}------------------------------------------------ ![](_page_22_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Members of Retirement Plan Advisors Services, LLC We have reviewed management's statements, included in the accompanying Exemption Report, in which **(1)** Retirement Plan Advisors Services, LLC identified the following provisions of 17 C.F.R. § 15c3-3(k) under which Retirement Plan Advisors Services, LLC claimed an exemption from 17 C.F.R. §240.15c3-3(k)(l) (the "exemption provisions") and (2) Retirement Plan Advisors Services, LLC stated that Retirement Plan Advisors Services, LLC met the identified exemption provisions throughout the most recent fiscal year without exception. Retirement Plan Advisors Services, LLC's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about Retirement Plan Advisors Services, LLC's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opm10n. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(l) of Rule **l** 5c3-3 under the Securities Exchange Act of 1934. Certified Public Accountants Chicago, Illinois February 27, 2025 **audit • tax • consulting** www.topelforman.com {23}------------------------------------------------ ![](_page_23_Picture_0.jpeg) # Retirement Plan Advisors Services, LLC Exemption Report The below information is designed to meet the Exemption Report criteria pursuant to SEC Rule 17a-5(d)(4): Retirement Plan Advisors Services, LLC (the "Company") is a registered broker-dealer subject to Rule **l** 7a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.l 7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240. l 7a-5(d)(l) and (4). To the best of its knowledge and belief, the Company states the following: - **(1)** The Company claimed an exemption from 17 C.F.R. § 240. **l** 5c3-3 under the following provisions of 17 C.F.R. § 240.15c3-3 *(k) :* paragraph k **(1).** - (2) The Company met the identified exemption provisions in 17 C.F.R. § 240.15c3-3(k) throughout the most recent fiscal year without exception. I, Joshua Schwartz, swear ( or affirm) that, to my best knowledge and belief, this Exemption Report is true and correct. Chief Financial Officer February 17, 2025 Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.