FORM ADV Part 3 – Client Relationship Summary
Date: 8/21/2024

Item 1: Introduction
Nicholas Wealth Management is an investment adviser offering advisory accounts and services.
Brokerage and investment advisory services and fees differ, and it is important that you understand the
differences. This document gives you a summary of the types of services and fees we offer. Please visit
www.investor.gov/CRS for free, simple tools to research firms and financial professionals, as well as educational materials about broker-dealers, investment advisers, and investing.

Item 2: Relationships and Services
Questions to ask us: Given my financial situation, should I choose an investment advisory service? Why or
why not? How will you choose investments to recommend to me? What is your relevant experience,
including your licenses, education and other qualifications? What do these qualifications mean?

What investment services and advice can you provide me? Our firm primarily offers the following investment
advisory services to retail clients: portfolio management via a wrap fee program (we review your portfolio,
investment strategy, and investments); financial planning (we assess your financial situation and provide
advice to meet your goals). As part of our standard services, we typically monitor client accounts on an annual
basis. Our firm offers both discretionary advisory services (where our firm makes the decision regarding the
purchase or sale of investments) as well as non-discretionary services (where the retail investor makes the
ultimate decision). We limit the types of investments that are recommended since not every type of investment
vehicle is needed to create an appropriate portfolio, but do not limit these investments to proprietary products.
Our minimum account size is $250,000. Please also see our Form ADV Part 2A (“Brochure”), specifically Items
4 & 7.

Item 3: Fees, Costs, Conflicts, and Standard of Conduct
Questions to ask us: Help me understand how these fees and costs might affect my investments. If I give
you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me? How
might your conflicts of interest affect me, and how will you address them?

What fees will I pay? Our fees vary depending on the services you receive. Additionally, the amount of
assets in your account affects our advisory fee; the more assets you have in your advisory account, the more
you will pay us and thus we have an incentive to increase those assets in order to increase our fee.
Moreover, for performance-based fee arrangements, we make more money the better your investment
returns are, so we have an incentive to invest in riskier investments due to the higher risk/higher reward
attributes. For hourly fee arrangements, each additional hour (or portion thereof) we spend working for you
would increase the advisory fee. All fees are paid monthly in arrears. The only exception are fees for the
selection of Stewardship Partners, LLC as third-party adviser that are withdrawn directly from the client's
accounts with client's written authorization. Fees are paid quarterly in advance. Additionally, we have the
following compensation structure: Other: EDUCATIONAL SEMINAR FEES CHARGED PER SEMINAR. You
pay our fees even if you do not have any transactions and the advisory fee paid to us generally does not
vary based on the type of investments selected. Please also see Items 4, 5, 6, 7 & 8 of our Brochure.

Some investments (e.g., mutual funds, variable annuities, etc.) impose additional fees (e.g., transactional fees
and product-level fees) that reduce the value of your investment over time. The same goes for any
additional fees you pay to a custodian. For the wrap fee program, you will not typically pay additional
transaction fees and thus our advisory fee is higher than if you paid transaction fees separately. You will
pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees
and costs you are paying. Please also see our Brochure for additional details.

What are your legal obligations to me when acting as my investment adviser? How else does your firm
make money and what conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of
yours. At the same time, the way we make money creates some conflicts with your interests. You should
understand and ask us about these conflicts because they can affect the investment advice we provide you.
Here are some examples to help you understand what this means:

Our financial professionals can receive commissions and therefore have an incentive to recommend
products that provide them or us additional compensation over those that do not
For AUM fees, the more assets you have in your advisory account, the more you will pay us and
thus we have an incentive to increase those assets in order to increase our fee
For performance-based fees, we make more money the better your investment returns are, so we
have an incentive to invest in riskier investments due to the higher risk/higher reward attributes
For hourly fees, each additional hour we spend working for you would increase the advisory fee
and thus we have an incentive for you to agree to have us complete more work for you

How do your financial professionals make money?
Primarily, we and our financial professionals receive cash compensation from the advisory services we
provide to you because of the advisory fees we receive from you. This compensation may vary based on
different factors, such as those listed above in this Item. Our financial professionals also have the ability to
receive commissions from clients and therefore have an incentive to recommend products that provide them
or us additional compensation over those that do not. Additionally, we recommend investments in which
our related persons (e.g., a financial professional with our firm) have a proprietary interest. Thus we are
incentivized to have you invest in those investments since our related persons receive added compensation
from those investments. Moreover, we receive compensation from third parties for recommending certain
investments and thus have an incentive to recommend those investments over other choices. Because we
manage your portfolio in a wrap fee program, we have an incentive to limit trading in your account and to
favor asset types that do not have a transaction fee in order to minimize trading expenses that we would
have to normally pay out of our management fee. Please also see Item 10 of our Brochure for additional
details.

Item 4: Disciplinary History
Questions to ask us: As a financial professional, do you have any disciplinary history? For what type of
conduct?
Do you or your financial professionals have legal or disciplinary history? Yes. Some of NWM’s financial
professionals have a legal or disciplinary history. Visit https://www.investor.gov/ for a free, simple search tool
to research us and our financial professionals.

Item 5: Additional Information
Questions to ask us: Who is my primary contact person? Is he or she a representative of an investment
adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

For additional information on our advisory services, see our Brochure available at
https://adviserinfo.sec.gov/fi... and any individual brochure supplement your representative provides. If you have any questions, need additional information, or want another copy of
this Client Relationship Summary, then please contact us at 404-890-5606.