This simulator uses actual historical daily gross returns from BRIM's proprietary SMA strategies. Performance prior to each strategy's live inception date is backtested and hypothetical. Live inception dates: Innovation SMA — March 24, 2020; Growth SMA — April 14, 2022; Core SMA — March 23, 2021; Low Volatility SMA — April 16, 2021. The advisory fee is applied using a quarterly average-daily-balance methodology: each quarter, the fee equals the average daily portfolio balance multiplied by the annual rate divided by four, deducted at quarter-end. The S&P 500 benchmark is shown as a pure buy-and-hold with no advisory fee applied. Set fee to 0% to view gross-of-fee portfolio performance. Tax drag represents the estimated percentage of annual gains realized as short-term taxable income: 35% for Innovation SMA (higher turnover), 15% for Growth, Core, and Low Volatility SMAs, 100% for HYG bonds (all income from dividends), and 0% for the S&P 500 (modeled as buy-and-hold with unrealized gains). Tax drag applies only to taxable brokerage accounts — IRA and Roth IRA accounts are tax-advantaged. Federal tax brackets based on 2025 IRS marginal rates per IRS Rev. Proc. 2024-40. Quarterly rebalancing to target allocation is assumed. 401(k) accounts cannot hold the Innovation SMA — returns capped at Growth SMA performance. Asset location logic applied automatically: highest-growth strategies prioritized in Roth (tax-free), then Traditional IRA (tax-deferred), then Brokerage (taxable). Withdrawals follow tax-efficient order: Brokerage first, then Traditional IRA/401(k), then Roth IRA last. Withdrawal taxes are modeled as follows: Roth IRA withdrawals are tax-free; Traditional IRA and 401(k) withdrawals are taxed at 100% as ordinary income at the selected marginal rate; Brokerage withdrawals are taxed only on the gain portion using a blended capital gains rate (80% long-term, 20% short-term). If the portfolio value reaches zero due to withdrawals, it remains at zero for the remainder of the simulation. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. Consult a qualified financial advisor before making investment decisions.