# RETIREMENT PLAN ADVISORS SERVICES, LLC X-17A-5/A (2026-03-02) — Broker-dealer annual report
- Company: RETIREMENT PLAN ADVISORS SERVICES, LLC
- Form: X-17A-5/A
- Filed: 2026-03-02
- Period: 2025-12-31
- Accession: 0001135450-26-000002
- CIK: 1135450
- File #: 8-53159
- Type: Broker-dealer
- Material weakness: No
- Auditor: Topel Forman LLC
- Auditor location: Chicago, IL
- Contact: Joshua Schwartz
- 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/1135450/000113545026000002/2rpas2025.pdf
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U NI T E D S T A T E S S E C U RI TI E S A N D E X C H A N G E C O M MI S SI O N W as hi n gt o n, D. C. 2 0 5 4 9
O M B A P P R O V AL O M B Nu m b er: 3 2 3 5- 0 1 2 3 Ex pir es: N o v . , 2 0 2 6 Esti m at e d av er a g e bur d e n h o urs p er res p o ns e: 1 2
> S E C FIL E N U M B E R 8-53159
# A N N U AL R E P O R T S F O R M X 1 7 A - 5 P A R T III
F A CI N G P A G E
I nf or m ati o n R e q uir e d P urs u a nt t o R ul es 1 7 a 5, 1 7 a 1 2, a n d 1 8 a 7 u n d er t h e S ec uriti es E xc h a n g e Act of 1 9 3 4
FILI N G F O R T H E P E RI O D B E GI N NI N G \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ A N D E N DI N G \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ 01/01/25 12/31/25
M M/ D D/ Y Y M M/ D D/ Y Y
A. R E GI S T R A N T I D E N TI FI C A TI O N
#### N A M E O F FI R M: \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ Retirement Plan Advisors Services, LLC
T Y P E O F R E GI S T R A N T (c h eck all a p plic a bl e b ox es):
Br ok er d e al er S ec urit y b as e d s w a p d e al er M aj or s ec urity b as e d s w a p p artici p a nt C h ec k h er e if r es p o n d e nt is als o a n O T C d eriv ativ es d e al er ■
A D D R E S S O F P RI N CI P AL PL A C E O F B U SI N E S S: ( D o n ot us e a P. O. b ox n o.)
#### \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ \_ 29 E. Madison St., Suite 500
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| Chicago
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| Joshua Schwartz
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| 500 N. Michigan Ave, Suite 1700
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{1}------------------------------------------------
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{2}------------------------------------------------
#### RETIREMENT PLAN ADVISORS SERVICES, LLC
#### FINANCIAL STATEMENTS
#### DECEMBER 31, 2025 AND 2024
{3}------------------------------------------------
#### INDEX
| | Page |
|----------------------------------------------------------------------------------------------------------------------------------------------------|------|
| Report of Independent Registered Public Accounting Firm | 1 |
| Statements
of Financial Condition
as of December 31, 2025
and 2024 | 2 |
| Statements
of Operations
for the years
ended
December 31, 2025
and 2024 | 3 |
| Statements
of Changes in Equity
for the years
ended
December 31, 2025
and
2024 | 4 |
| Statements
of Cash Flows
for the years
ended
December 31, 2025
and 2024 | 5 |
| Notes to Financial Statements | 6-16 |
| Supplementary
Information | |
| Schedule I -
Computation of Net Capital
as of December 31, 2025 | 17 |
| Schedule II –
Computation for Determination of the Reserve Requirement
Under Rule 15c3-3 of the Securities and Exchange Commission | 18 |
| Schedule III
–
Information Relating to the Possession or Control Requirements
Under Rule 15c3-3 of the Securities and Exchange Commission | 19 |
| Independent Registered Public Accounting Firm Review of the Exemption
Report SEA Rule 17a-5(g)(2)(ii) | 20 |
| Exemption Report SEA Rule 17a-5(d)(4) | 21 |
{4}------------------------------------------------
#### 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, 2025 and 2024, 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, 2025 and 2024, 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 17-19 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. §240.17a-5. In our opinion, the supplemental information included on pages 17-19 is fairly stated, in all material respects, in relation to the financial statements as a whole.
Certified Public Accountants
We have served as Retirement Plan Advisors Services, LLC's auditor since 2011.
Chicago, Illinois February 25, 2026
audit tax advisory www.topelforman.com
{5}------------------------------------------------
#### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF FINANCIAL CONDITION DECEMBER 31, 2025 AND 2024
| | 2025 | 2024 |
|---------------------------------------|---------------|---------------|
| ASSETS | | |
| Cash and cash equivalents | \$
790,304 | \$
974,910 |
| Commissions receivable | 240,564 | 178,554 |
| Due from RPA, LLC | 414,829 | 137,601 |
| Due from RPAG, LLC | - | 15,217 |
| Due from advisors | - | 24,803 |
| Prepaid expenses and other assets | 67,653 | 70,601 |
| Intangible assets, net | 422,484 | 478,500 |
| TOTAL ASSETS | \$ 1,935,834 | \$ 1,880,186 |
| LIABILITIES AND MEMBER'S EQUITY | | |
| Due to RPA, LLC | \$
- | \$
94,463 |
| Due to RPAG, LLC | 249,504 | 7,309 |
| Accrued expenses | 694,245 | 411,819 |
| Total Liabilities | \$
943,749 | \$
513,591 |
| Member's Equity | \$
992,085 | \$ 1,366,595 |
| TOTAL LIABILITIES AND MEMBER'S EQUITY | \$ 1,935,834 | \$ 1,880,186 |
{6}------------------------------------------------
#### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2025 AND 2024
| | 2025 | 2024 |
|------------------------------------|-----------------|-----------------|
| REVENUES: | | |
| Commission income | \$
3,239,640 | \$
2,770,325 |
| Interest income | 21,156 | 26,122 |
| Other income | - | 67,259 |
| Total Revenues | \$
3,260,796 | \$
2,863,706 |
| OPERATING EXPENSES: | | |
| Administration/operations charges | \$
719,092 | \$
691,871 |
| Amortization | 105,202 | 16,500 |
| Computer technology charges | 51,974 | 53,806 |
| Employee compensation and benefits | 1,743,284 | 1,169,794 |
| Insurance | 51,570 | 51,623 |
| Licenses and permits | 49,531 | 41,422 |
| Office expenses | 14,327 | 16,832 |
| Professional fees | 39,511 | 34,923 |
| Total Operating Expenses | \$
2,774,491 | \$
2,076,771 |
| Net Income | \$
486,305 | \$
786,935 |
{7}------------------------------------------------
#### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF CHANGES IN EQUITY YEARS ENDED DECEMBER 31, 2025 AND 2024
| | Member's
Equity | | |
|------------------------------|--------------------|-----------|--|
| Balance at January 1, 2024 | \$ | 1,074,660 | |
| Net income | | 786,935 | |
| Contributions | | 495,000 | |
| Distributions | | (990,000) | |
| Balance at December 31, 2024 | \$ | 1,366,595 | |
| Net income | | 486,305 | |
| Contributions | | 49,185 | |
| Distributions | | (910,000) | |
| Balance at December 31, 2025 | \$ | 992,085 | |
{8}------------------------------------------------
#### RETIREMENT PLAN ADVISORS SERVICES, LLC STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2025 AND 2024
| CASH FLOWS FROM OPERATING ACTIVITES: | 2025 | | 2024 | |
|----------------------------------------------------------------------------------|------|-----------|-----------------|--|
| Net Income | \$ | 486,305 | \$
786,935 | |
| Adjustments to reconcile net income to net cash provided by operating activites: | | | | |
| Amortization | | 105,202 | 16,500 | |
| (Increase) Decrease In: | | | | |
| Commissions receivable | | (62,010) | 41,427 | |
| Due from RPA, LLC | | (277,228) | 92,133 | |
| Due from RPAG, LLC | | 15,217 | (15,217) | |
| Due from advisors | | 24,803 | (129) | |
| Prepaid expenses and other current assets | | 2,948 | (43,221) | |
| Increase (Decrease) In: | | | | |
| Due to RPA, LLC | | (94,463) | 20,705 | |
| Due to RPAG, LLC | | 242,195 | 7,309 | |
| Accrued expenses | | 282,426 | 124,038 | |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | \$ | 725,394 | \$ 1,030,480 | |
| CASH FROM FINANCING ACTIVITIES: | | | | |
| Distributions | \$ | (910,000) | \$
(990,000) | |
| NET CASH USED BY FINANCING ACTIVITIES | \$ | (910,000) | \$
(990,000) | |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | \$ | (184,606) | \$
40,480 | |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | | 974,910 | 934,430 | |
| CASH AND CASH EQUIVALENTS, END OF YEAR | \$ | 790,304 | \$
974,910 | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | |
| Schedule of Noncash Investing Activities | | | | |
| Intangible asset acquired through contribution | \$ | 49,185 | \$
495,000 | |
{9}------------------------------------------------
#### **1. NATURE OF OPERATIONS:**
Retirement Plan Advisors Services, LLC, an Illinois Limited Liability Company (the "Company" or "RPAS, 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. ("RPAH, Inc.").
## **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.
## *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.
{10}------------------------------------------------
#### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)**
#### *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 has adopted the practical expedient provided by ASU 2025-05 to estimate credit losses on current accounts receivable and has also elected the accounting policy election to use subsequent cash collections to determine the allowance for credit losses. As of December 31, 2025, the Company has evaluated all collections through February 25, 2026. The Company determined the allowance for credit losses on financial assets measured at cost was de minimis as of December 31, 2025 and 2024, 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, 2025 and 2024:
| | 2025 | 2024 |
|-------------------------------|---------|---------|
| Balance as of January 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:
| | December 31,
2025 | December 31,
2024 | | January 1,
2024 |
|------------------------|----------------------|----------------------|---------|--------------------|
| Commissions receivable | \$
240,564 | \$ | 178,554 | \$
219,981 |
## *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, 2025, 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 did not note any material differences between the tax basis and financial statement amounts of its assets and liabilities.
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 FASB 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 while 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 more-likelythan-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, 2025, and 2024. RPAG income tax returns for years prior to December 31, 2022 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, generally 15 years.
#### *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 July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which aments Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU also allows for electing an accounting policy to consider collection activity after the balance sheet date but before the financial statements are available to be issued. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. Entities should apply the new guidance prospectively. The Company adopted the ASU effective January 1, 2025 using the prospective approach and did not have a material impact on results of operations and financial condition.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company adopted this ASU effective January 1, 2025 using the prospective approach and did not have a material impact on the results of operations and financial condition nor its disclosures since it's a disregarded entity for income tax purposes.
## **3. CONCENTRATION OF CREDIT RISK:**
The Company maintains its cash in various deposit accounts in three banks that are high credit quality financial institutions. 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, 2025 and 2024, the amounts in excess of statutory insured limit were approximately \$114,000 and \$416,000, respectively.
{14}------------------------------------------------
#### **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, 2025 and 2024 are below:
| | 2025 | | | 2024 | | |
|-------------------|------|-----------|----|-----------|--|--|
| Commission income | \$ | 3,239,640 | \$ | 2,770,325 | | |
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 daily. The performance obligation for commissions received on assets under management is settled on the calculation date, typically the end of a month or quarter.
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.
The Company has made no significant judgments in applying the revenue guidance prescribed in ASC 606 that affects 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 \$142,141 and \$115,217 for the years ended December 31, 2025 and 2024, respectively, of which \$93,343 and \$81,485 was allocated to RPA, LLC in 2025 and 2024, 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, 2025 and 2024, the Company had net capital of \$87,119 and \$639,873 and net capital requirements of \$62,917 and \$34,239, respectively. The net capital rule may effectively restrict the withdrawal of member's equity.
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#### **7. RELATED PARTIES:**
The Company is a wholly owned subsidiary of RPAG. RPAG is a wholly owned subsidiary of RPAH, Inc. The Company is also an affiliate with RPA, LLC by way of it also being a wholly owned subsidiary of RPAG.
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 RPA, 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 Statements of Operations. Compensation costs related to equity activity are incurred by RPAG and allocated to the Company. The Company records these expenses as compensation expense in the accompanying Statements of Operations.
The following is a recap of the amounts recognized by the Company relating to the Expense Sharing Agreement and other intercompany activity as of and for the years ended December 31:
| | 2025 | 2024 |
|---------------------------------------------------------|-----------------|---------------|
| Administration/operations charges from RPA, LLC | \$
719,092 | \$
691,871 |
| Compensation cost reimbursements received from RPA, LLC | \$
3,665,939 | \$3,144,607 |
| Compensation costs allocated from RPAG, LLC | \$
37,888 | \$
- |
The following is a recap of the intercompany receivables and payables as of December 31:
| | 2025 | | 2024 | |
|--------------------|------|---------|------|---------|
| Due from RPA, LLC | \$ | 414,829 | \$ | 137,601 |
| Due from RPAG, LLC | \$ | - | \$ | 15,217 |
| Due to RPA, LLC | \$ | - | \$ | 94,463 |
| Due to RPAG, LLC | \$ | 249,504 | \$ | 7,309 |
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#### **7. RELATED PARTIES: (CONTINUED)**
In the ordinary course of business, the Company collects certain revenues on behalf of RPAG. The Company acts as an agent for these revenues which are recorded on a net basis in the financial statements. RPAG also collects certain revenues on behalf of the Company which are recorded as commission income in the financial statements.
The following is a recap of the amounts recognized by the Company relating to these transactions as of and for the years ended December 31:
| | | 2025 | | 2024 | |
|--------------------------------------------|----|---------|----|--------|--|
| Insurance revenues collected by RPAS, LLC | \$ | 776,918 | \$ | 7,309 | |
| Commission revenues collected by RPAG, LLC | \$ | 104,760 | \$ | 24,574 | |
The Company receives commission income from Cambridge Investment Research, Inc. ("CIR"). The Company was affiliated with CIR by way of certain owners of RPAH, 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, CIG has ownership interest in RPAG, LLC. The Company received commission income from CIR of \$1,011,621 and \$859,609 during the years ended December 31, 2025 and 2024, respectively. The Company had a receivable balance due from CIR of \$92,126 and \$59,038 as of December 31, 2025 and 2024, respectively.
On January 1, 2025, RPAG started a long-term incentive plan and also issued phantom units to select employees. Both plans entitle employees to receive a cash payment upon exercise. Both plans will cliff vest 100% on December 31, 2031. For the year ended December 31, 2025, the Company recognized net compensation expense of \$37,888 related to both plans.
In July 2025, the Company entered into a Severance Agreement with a former employee. Per the terms of the agreement, the Company paid severance to the former employee in the amount of \$250,000, of which \$125,000 was due and accrued at December 31, 2025. RPAS allocated \$150,000 of this expense to RPA, LLC under the Expense Sharing Agreement.
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#### **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.
The following table presents the segment revenue and significant expenses for the years ended December 31, 2025 and 2024:
| | 2025 | | 2024 |
|------------------------------------|------|-----------|-----------------|
| Revenue: | \$ | 3,260,796 | \$
2,863,706 |
| Less: | | | |
| Administration/operations charges | \$ | 719,092 | \$
691,871 |
| Amortization | | 105,202 | 16,500 |
| Computer technology charges | | 51,974 | 53,806 |
| Employee compensation and benefits | | 1,743,284 | 1,169,794 |
| Insurance | | 51,570 | 51,623 |
| Licenses and permits | | 49,531 | 41,422 |
| Office expenses | | 14,327 | 16,832 |
| Professional fees | | 39,511 | 34,923 |
| Net Income | \$ | 486,305 | \$
786,935 |
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#### **8. SINGLE SEGMENT REPORTING: (CONTINUED)**
The following table presents the other required segment disclosures for the years ended December 31, 2025 and 2024:
| | 2025 | 2024 | | |
|----------------------------|-----------------|------|-----------|--|
| Other segment disclosures | | | | |
| Commission income | \$
3,239,640 | \$ | 2,770,325 | |
| Interest income | 21,156 | | 26,122 | |
| Other income | - | | 67,259 | |
| Total Revenues | \$
3,260,796 | \$ | 2,863,706 | |
| Amortization | 105,202 | | 16,500 | |
| Noncash financing activity | 49,185 | | 495,000 | |
| Segment assets | 1,935,834 | | 1,880,186 | |
#### **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, RPAG 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 RPAG.
On April 30, 2025, RPAG acquired the commission and fee business of Joseph Hilliard. The total purchase price of the acquisition was \$103,149 and approximately 42% of the business is brokerdealer related with the other 58% being fee business. Accordingly, RPAG pushed down 42% related to the broker-dealer business and the Company recorded \$43,838 on its books as an intangible asset for customer list from the acquisition and an equity contribution from RPAG.
On August 28, 2025, RPAG acquired some St. Louis area school district commission and fee business. The total purchase price of the acquisition was \$21,389 and approximately 25% of the business is broker-dealer related with the other 75% being fee business. Accordingly, RPAG pushed down 25% related to the broker-dealer business and the Company recorded \$5,347 on its books as an intangible asset for customer list from the acquisition and an equity contribution from RPAG.
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#### **9. INTANGIBLE ASSETS: (CONTINUED)**
The table below shows the intangible assets and accumulated amortization for the years ended December 31:
| | 2025 | 2024 | | |
|--------------------------|---------------|------|---------|--|
| Customer lists | \$
544,186 | \$ | 495,000 | |
| Accumulated amortization | 121,702 | | 16,500 | |
| Intangibles, net | \$
422,484 | \$ | 478,500 | |
Total amortization expense amounted to \$105,202 and \$16,500 for the years ended December 31, 2025 and 2024, respectively.
The following table summarizes the estimated future amortization expense of the intangible assets for the years ending December 31:
| | Expense | | |
|------------|---------|---------|--|
| 2026 | \$ | 108,837 | |
| 2027 | | 108,837 | |
| 2028 | | 108,837 | |
| Thereafter | | 95,973 | |
| | \$ | 422,484 | |
#### **10. SUBSEQUENT EVENTS:**
No additional subsequent events were noted through February 25, 2026 the date on which the financial statements were issued.
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#### SUPPLEMENTARY INFORMATION
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#### 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, 2025
#### NET CAPITAL:
| Total member's equity | \$
992,085 |
|-----------------------------------------------------|---------------|
| Less nonallowable assets: | |
| Prepaid expenses | 67,653 |
| Net receivables from affiliates | 414,829 |
| Intangible assets | 422,484 |
| | \$
904,965 |
| Net capital before haircuts | \$
87,119 |
| Less haircuts | - |
| Net capital | \$
87,119 |
| Minimum net capital required | 62,917 |
| Excess net capital | \$
24,202 |
| Aggregate indebtedness | \$
943,749 |
| Percentage of aggregate indebtedness to net capital | 1083.28% |
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, 2025, filed January 27, 2026.
{22}------------------------------------------------
#### 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, 2025
The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to paragraph (k)(1) of the rule.
{23}------------------------------------------------
#### 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, 2025
The Company is exempt from the provisions of Rule 15c3-3 under the Securities Exchange Act of 1934, pursuant to paragraph (k)(1) of the rule.
{24}------------------------------------------------
#### 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)(1) (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 opinion.
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)(1) of Rule 15c3-3 under the Securities Exchange Act of 1934.
Certified Public Accountants
Chicago, Illinois February 25, 2026
{25}------------------------------------------------
#### 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 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) 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. § 240.15c3-3 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 1, 2026
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.