Firm Description
Woodfield Financial Advisors Inc. was founded in 2009. Woodfield Financial Advisors,
Inc. is the successor to Woodfield Planning Corporation which was founded in 1982.
Woodfield Financial Advisors, Inc., provides personalized confidential financial planning
and investment management to individuals, pension and profit-sharing plans, trusts,
estates, charitable organizations, and small businesses. Advice is provided through
consultation with the client and may include determination of financial objectives,
identification of financial problems, cash flow management, tax planning, insurance
review, investment management, education funding, retirement planning, and estate
planning.
Principal Owners – James B. Dobbs is the sole stockholder.
Types of Advisory Services
Woodfield Financial Advisors, Inc. provides investment advisory services, also known
as asset management services; furnishes investment advice consultations; issues
special reports about securities; and issues, charts, graphs, formulas, or other devices
which clients may use to evaluate securities.
Many clients choose to have Woodfield Financial Advisors, Inc. manage their investable
assets in order to obtain ongoing in-depth advice and life planning. Portfolio
Management for individuals, small businesses, and institutional clients (other than
investment companies) entails portfolio design based on risk tolerance, goals, age and
past investment experience. We suggest an asset allocation model after completing an
interview with the prospective client which includes a written risk questionnaire. After
establishing an asset allocation model, we transfer assets to the selected investments.
We then monitor portfolio performance and client reaction to market swings,
recommending adjustments to asset allocation model if necessary. Portfolios will be
rebalanced semi-annually to their respective original asset allocation model(s). All
servicing of accounts will be performed by our firm. This includes but is not limited to;
client requested distributions, additional investments, and registration changes.
The quarterly Investment Advisory Agreement fee is based on a percentage of the
investable assets according to the following schedule:
0.25%* (1% annual rate) of the account invested asset value at the beginning of the
preceding quarter, adjusted for cash flows in/out of the account during the quarter
(dividend and capital gain distribution activity is excluded from this calculation).
[*applicable to the first $5 million aggregate client account(s) invested balance for all
accounts held at Fidelity WealthScape, a quarterly fee of 0.20% (0.80% annual rate)
applies to the aggregate client invested balance that exceeds $5 million asset value]
The client or Woodfield Financial Advisors, Inc. may terminate an Investment Advisory
Agreement by written notice to the other party. At termination, fees will be charged on a
pro rata basis for the portion of the quarter completed. The portfolio value at the
completion of the prior full billing quarter is used as the basis for the fee computation,
adjusted for the number of days during the billing quarter prior to termination.
As of December 31, 2023, Woodfield Financial Advisors, Inc. manages approximately
$132,898,864 on a discretionary basis and $29,755,657 on a non-discretionary basis.
We do not participate in wrap fee accounts.
On more than an occasional basis, Woodfield Financial Advisors, Inc. furnishes advice
to clients on matters not involving securities, such as financial planning matters, taxation
issues, and trust services that often include estate planning.
Tailored Relationships
The goals and objectives for each client are documented. Investment policy statements
may be created that reflect the stated goals and objectives. Clients may impose
restrictions on investing in certain securities or types of securities.
A financial plan is designed to help the client with all aspects of financial planning and
may include an ongoing Investment Advisory Agreement after the financial plan is
completed (see section titled Investment Advisory Agreement). Planning may be done
on an hourly basis if desired by the client. The hourly rate for limited scope
engagements is $300. Single fee engagements may also be arranged. The initial
meeting may be by telephone, video chat, or in person, is free of charge and is
considered an exploratory interview to determine the extent to which financial planning
and investment advisory services may be beneficial to the client.
The financial plan may include but is not limited to: a net worth statement; cash
flow management; strategic tax planning;
a review of insurance policies and
coverage levels, estate planning, education planning, review of retirement
accounts, and plans including investment allocation in 401k and other accounts
where client has discretion over the asset allocation model; a review of
investment accounts.
A written evaluation of each client's initial situation as well as our
recommendations is provided to the client. Periodic reviews are also
communicated to provide reminders of the specific courses of action that need to
be taken. More frequent reviews occur but are not necessarily communicated to
the client unless immediate changes are recommended.
Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are
engaged directly by the client on an as-needed basis.
Detailed investment advice and specific recommendations are provided as part
of a financial plan. Implementation of the recommendations is at the discretion of
the client.
Net worth Statement includes preparation of a detailed statement of the clients’
financial condition including all assets, liabilities. (1-2 hours)
Cash flow management could include advice on which investment to take
distributions from for income needs or required minimum distributions. We may
give advice on what order debts should be paid down. For example; paying down
credit card debt would usually be a priority. (1-6 hours)
Tax planning could include advice about the advantages of retirement plan
contributions (through employment or individually) to fund retirement and reduce
current income taxes. Giving advice on which assets will generate the least tax
liability upon taking distributions. Tax efficient wealth transfer strategies. (1-6
hours)
Insurance planning may include a review of client’s auto, homeowners, life,
disability, long term care and health insurance (when applicable) and give advice
tailored to individual situation. Our recommendations may result in our
implementing changes or may result in our directing client to make changes
through employer benefits department or current agent. (1-6 hours)
Estate Planning for our clients is generally accomplished with the collaboration
of an estate planning attorney and an accountant. Our main concern is that the
client’s assets are distributed according to their wishes with the least tax liability
for the client’s heirs. The decision whether our client uses a will or trust, or other
beneficiary arrangements are ultimately between the client and their attorney.
We will assist in implementing changes in registration or beneficiaries for client’s
assets. In some cases, Life insurance will be required to accomplish the estate
plan. This might be necessary to pay the outstanding balance on a mortgage, so
the spouse does not have their living standard reduced during their remaining
years. It may be used to fund a “buy/sell” agreement for business owners to heirs
to be compensated for their share of the business. (1-6 hours)
Education funding is calculated based upon the current cost of schooling,
expected rate of return, anticipated inflation rate and date at which funds will be
required. The need will be satisfied with the option of a lump sum investment
today or monthly investment until the time that school begins. After the need is
determined and agreed on, we will implement the program if our client approves.
Typically, this will involve using mutual funds within a 529 plan or UTMA account
depending on the specific situation. (1-5 hours)
Retirement planning consists of doing an analysis based on our client’s
estimated monthly income need after retirement. We will take into consideration
current invested assets including current retirement plans, future pensions and
social security benefits when analyzing income required. If there is an anticipated
shortfall, we will suggest that the client begin saving the pre-determined amount
to accumulate enough assets to allow monthly distributions that will satisfy the
shortfall. Lastly, we will implement this strategy typically utilizing a portfolio of “no
load” mutual funds that matches the client’s tolerance for risk. After retirement
we continually monitor portfolio performance as well as client withdrawals. If a
client is making excessive withdrawals, we will counsel restraint. Our estimates
regarding performance tend to be conservative. This is meant to give a little
“comfort zone” to prevent depleting assets prior to the point when the need no
longer exists. (2-7 hours)
The goals and objectives for each client are documented. Clients may impose
restrictions on investing in certain securities or types of securities.