Oppenheimer & Co. Inc. ("Oppenheimer") offers comprehensive financial planning services through its Planning Group. Comprehensive financial planning is an investment advisory service governed by the Investment Advisers Act of 1940. The advisory service terminates when we deliver the financial plan to you. You may choose to implement some of the goals of a financial plan through your Oppenheimer Financial Advisor. This implementation may be accomplished by executing securities or financial transactions, participating in an advisory program or some combination thereof. In executing transactions, Oppenheimer will act as broker-dealer, not an investment adviser. Your Financial Advisor is compensated for executing brokerage transactions. If you choose to implement some of the goals of a financial plan by participating in an advisory program sponsored by Oppenheimer or one of its advisory affiliates, Oppenheimer or its advisory affiliates would be acting as an investment adviser for you. Your Financial Advisor receives a portion of the fees payable to Oppenheimer in such programs.

There are important differences between brokerage and advisory services including the rights and obligations of the parties and the laws and rules under which they are regulated. Among other obligations, broker-dealers execute transactions on your instructions and are required to deal fairly with you and make recommendations that are suitable based on your risk tolerance, financial needs and objectives. Investment advisers are required to act solely in your best interest, provide specific disclosures to you and act in accordance with the standards of a fiduciary under applicable law. You need to understand these differences.