J. W. Cole Advisors, Inc..

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CENSURED, DISGORGEMENT, PREJUDGMENT INTEREST, AND CIVIL PENALTY.
3.
Date Initiated (MM/DD/YYYY): 
12/04/2018
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
3-20475
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
MONEY MARKET FUND(S)/NTF(S)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
JWCA'S MF SHARE CLASS SELECTION RESULTED IN AN UNAFFILIATED B/D, JW COLE FINANCIAL ("JWCF") RECEIVING THREE TYPES OF FEES AS A
RESULT OF JWCA'S ADVISORY CLIENTS INVESTMENTS AT TIMES FROM JANUARY 2014 THROUGH MARCH 2021. THE FEES INCLUDED 1) FEES THAT JWCF
RECEIVED WHEN JWCA PURCHASED, RECOMMENDED, OR HELD IN CLIENT MF SHARE CLASSES THAT PAID FEES PURSUANT TO RULE 12B-1 UNDER THE
INVESTMENT COMPANY ACT OF 1940 ("12B-1 FEES") INSTEAD OF LOWER-COST AVAILABLE SHARE CLASSES FOR THE SAME FUNDS THAT DID NOT
CHARGE THESE FEES; 2) FEES JWCF RECEIVED FROM ITS UNAFFILIATED CLEARING BROKER (THE "CLEARING BROKER") AS A RESULT OF JWCA'S
ADVISORY CLIENTS' INVESTMENTS IN SHARE CLASSES OF MUTUAL FUNDS FOR WHICH THE CLEARING BROKER PAID REVENUE SHARING INSTEAD OF
LOWER-COST AVAILABLE SHARE CLASSES FOR THE SAME FUNDS THAT WERE NOT ELIGIBLE FOR SUCH PAYMENTS; AND (3) FEES JWCF RECEIVED FROM
ITS CLEARING BROKER AS A RESULT OF JWCA SWEEPING ITS ADVISORY CLIENTS 'CASH INTO CERTAIN MONEY MARKET MUTUAL FUNDS ("MONEY
MARKET FUNDS")INSTEAD OF LOWER-COST SHARE CLASSES FOR THE SAME MONEY MARKET FUNDS THAT WERE AVAILABLE TO CLIENTS THAT DID NOT
RESULT IN THE PAYMENT OF FEES TO JWCF.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
08/25/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 850,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
TOTAL $1,957,053.11.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
JWCA WITHOUT ADMITTING OR DENYING THE FINDINGS, AS PART OF THE UNDERTAKING PROCESS, HAS UPDATED ITS ADV PART 2A AND POLICIES &
PROCEDURES RELATING TO APPROPRIATE SHARE CLASSES, NTFS AND MONEY MARKET USE. THE UNAFFILIATED B/D HAS DISCONTINUED THE RECEIPT
OF REVENUE SHARE ON MONEY MARKET AND NTF TRANSACTIONS RELATED TO JWCA. POTENTIALLY AFFECTED CLIENTS HAVE BEEN NOTIFIED AND A
FAIR FUND ESTABLISHED FOR PAYMENT OF DISGORGEMENT AND CIVIL PENALTY.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
124583
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
J.W. COLE FINANCIAL, INC.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINRA
2.
Principal Sanction:
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/01/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2019061764801

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
JW COLE FINANCIAL
6.
Principal Product Type:
Other
Other Product Types: 
ALTERNATIVE MUTUAL FUNDS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FINRA ALLEGED THAT THE FIRM DID NOT HAVE A REASONABLY DESIGNED SYSTEM WITH RESPECT TO THE RECOMMENDATION OF ALTERNATIVE MUTUAL
FUNDS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Acceptance, Waiver & Consent(AWC)
11. Resolution Date (MM/DD/YYYY):
03/18/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 50,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CERTIFICATION SIGNED BY OFFICER AND REGISTERED PRINCIPAL OF THE FIRM THAT, AS OF THE DATE OF THE CERTIFICATION, J.W. COLE HAS
ESTABLISHED AND IMPLEMENTED POLICIES, PROCEDURES, AND INTERNAL CONTROLS REASONABLY DESIGNED TO ADDRESS AND REMEDIATE THE
ISSUES IDENTIFIED IN THIS AWC.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE FINE WAS PAID IN FULL ON APRIL 8, 2021. THE FIRM IS IN THE PROCESS OF MAKING THE RESTITUTION PAYMENTS, IN FULL, WITHIN THE
TIME FRAME SET FORTH IN THE AWC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
WITHOUT ADMITTING OR DENYING THE FINDINGS IN THE AWC, THE FIRM CONSENTED TO THE ENTRY OF THOSE FINDINGS AND THE SANCTIONS
DESCRIBED ABOVE.