Description of the Firm Dorval Corporation is a Minnesota domiciled corporation formed in November of 2003 for general business purposes and is currently registered as an investment adviser with the SEC. We typically operate under the trade name Dorval & Chorne Financial Advisors. Daniel J. Dorval, CFP® is the firm’s President and Chief Compliance Officer (firm supervisor), and John T. Chorne, CFP® serves as our Vice President. Both officers maintain interest in the firm. Detailed background information about Messrs. Dorval and Chorne can be found in their personal Form ADV Part 2B supplement that accompanies this firm brochure. Our firm is independently owned, but we do have industry affiliations and operating relationships that are described in Items 5 and 10 of this brochure. Dorval & Chorne Financial Advisors and its associates may register, become licensed or meet certain exemptions to registration and/or licensing in other jurisdictions in which investment advisery business is conducted. As of December 31, 2023, Dorval & Chorne Financial Advisors managed approximately $232,585,120 on a discretionary basis and $22,607,739 on a non-discretionary basis. Description of Services An initial interview with the client is conducted to discuss their current situation, long-term goals, and the scope of services that may be provided. Prior to or during this first meeting the client will be provided with this Form ADV Part 2 firm brochure that includes a statement involving the firm’s privacy policy, as well as a brochure supplement about their firm representative. Material conflicts of interest will be disclosed involving the firm and its associates that could be reasonably expected to impair the rendering of unbiased and objective advice, such as information found in Items 10 through 12 of this brochure. If you choose to engage the firm for its services, you must first execute our client agreement. Thereafter discussion and analysis will be conducted to determine your financial needs, goals, holdings, etc. Depending on the scope of the engagement, you may be asked to provide copies of the following documents early in the process:
• Wills, codicils, and trusts
• Insurance policies
• Mortgage information
• Student loans
• Credit card information and other forms of revolving debt
• Tax returns
• Divorce decree or separation agreement
• Current financial specifics including W-2s or 1099s
• Information on current retirement plans and benefits provided by your employer
• Statements reflecting current investments in retirement and non-retirement accounts
• Employment or other business agreements you may have in place It is important that the firm is provided with an adequate level of information and supporting documentation throughout the term of the engagement including but not limited to: source of funds, income levels, and an account holder or attorney-in-fact’s authority to act on behalf of the account, among Page 5 of 27 other information that may be necessary for our services. The information and/or financial statements provided need to be accurate. The firm may, but is not obligated to, verify the information that you have provided which will then be used in the advisory process. It is also essential that you inform the firm of significant issues that may call for an update to your plan. Events such as changes in employment or marital status, an unplanned windfall, etc., can have an impact on your circumstances and plans. Our firm needs to be aware of such events so that adjustments may be made as necessary. Financial Planning Your financial plan is customized for your situation, and it may be broad-based or narrowly focused as you desire. The incorporation of most or all the following components allows not only a thorough analysis but also a tailored plan that is focused on your unique requirements so that we are able to assist you in reaching your goals. Cash Flow Analysis and Debt Management A review of your income and expenses will be conducted to determine your current surplus or deficit. Based upon the results, advice is provided on prioritizing how any surplus should be used, or how to reduce expenses if they exceed your income. Guidance on the prioritization of which debts to repay may be provided, based upon such factors as the debt’s interest rate and any income tax ramifications. Recommendations may also be made regarding the appropriate level of cash reserves for emergencies and other financial goals. These recommendations are based upon a review of cash accounts (such as money market funds) for such reserves and may include strategies to save desired reserve amounts. Risk Management A risk management review includes an analysis of your exposure to major risks that could have a significant adverse impact on your financial picture, such as premature death, disability, property and casualty losses, or the need for long-term care planning. Advice may be provided on ways to minimize such risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the potential cost of not purchasing insurance (“self-insuring”). Employee Benefits A review is conducted, and analysis is made as to whether you, as an employee, are taking maximum advantage of your employee benefits. The firm will offer advice on your employer-sponsored retirement plan and/or stock options, along with other benefits that may be available to you. Personal Retirement Planning Retirement planning services typically include projections of your likelihood of achieving your financial goals, with financial independence usually the primary objective. For situations where projections show less than the desired results, a recommendation may include showing you the impact on those projections by making changes in certain variables (i.e., working longer, saving more, spending less, taking more risk with investments). If you are near retirement or already retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to adversely alter spending during your retirement years. Tax Planning Strategies Guidance is available on ways to minimize current and future income taxes as a part of your overall financial planning picture. For example, recommendations may be offered as to which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration that there is always a possibility of future changes to federal, state or local tax laws and rates that may impact your situation. Page 6 of 27 Please consult your tax professional for specific tax advice Education Planning Advice involving funding an education may include projecting the amount that will be needed to achieve post-secondary goals, along with savings strategies and the “pros-and-cons” of various college savings vehicles that are available. A review of your financial picture as it relates to eligibility for financial aid or ways to contribute to family members’ educations will be offered. Estate Planning and Charitable Giving Our review typically includes an analysis of the client’s exposure

to estate taxes and their current estate plan, which may include whether they have a will, powers of attorney, trusts, and other related documents. We may assess ways to minimize or avoid estate taxes by implementing appropriate estate planning and charitable giving strategies. We are not a law firm, but we can recommend an attorney if a client does not have one on retainer (we do not receive compensation for our introductions). Divorce Planning Separation or divorce can have a major impact on a person’s goals and plans. We work with affected clients to help them gain an understanding of their unique situation and provide them with a realistic financial picture so that they are in a better situation to communicate with their family law attorney, mediator or soon to be ex-spouse. We can assist in the completion of cash flow and net worth projections, budgetary analysis, as well as help them understand the financial consequences involving a settlement. Investment Consultation The investment consultation component often involves providing information on the types of investment vehicles available, an investment analysis and strategy, asset selection and portfolio design, as well as limited assistance if your investment account is maintained at another broker/dealer or custodian. The strategies and types of investments that may be recommended are further discussed in Item 8 of this brochure. Business Consultation We are available to assist businesses in a variety of ways to include corporate finance advice, budgeting, employee retention strategies, as well as coordination with financial institutions, corporate attorney, or accounting firm.1 Broad-Based versus Modular Planning A financial plan requires detail and certain variables can affect the time involved in the development of the plan, such as the quality of your own records, complexity and number of current investments, diversity of insurance products and employee benefits you currently hold, size of the potential estate, and special needs of the client or their dependents, among others. At your request, we may concentrate on reviewing only a specific area (modular planning), such as focusing on your employer’s retirement plan allocation, funding a child’s education, etc. Note that when our services focus only on certain areas of your interest or need, your overall situation or needs may not be fully addressed due to limitations you may have established. 1 We do not serve as a retirement plan fiduciary, plan adviser or investment manager as defined in § 3(21) of the Employee Retirement Income Security Act of 1974 (ERISA) or as an ERISA § 3(38), nor do we serve as ERISA § 3(16) plan third-party administrator. Page 7 of 27 Whether we have created a broad-based or modular plan, we will present you with a summary of our recommendations and guide you in their implementation when appropriate. In all instances involving our engagements, our clients retain full discretion over all planning implementation decisions and are free to accept or reject any planning recommendation that we make. Portfolio Management We begin our portfolio management process by developing investment guidelines that reflect your objectives, time horizon, tolerance for risk. We allow reasonable account constraints that a client may have for their portfolio. For example, you have the right to exclude certain securities (e.g., no “sin stocks,” etc.) at your discretion. However, investment guidelines are designed to be specific enough to provide future guidance while allowing flexibility to work with changing market conditions. We will then develop a customized portfolio for you based on your unique situation, investment goals and tolerance for risk. Our portfolio strategies and recommended investments are discussed in Item 8, and we offer both non- discretionary and discretionary management of client assets (defined in Item 16). We do not sponsor or serve as portfolio manager for wrap fee investment programs. Educational Workshops From time-to-time we may organize complimentary educational seminar sessions involving personal finance and investing. Topics include issues related to general financial planning, educational funding, estate planning, retirement strategies, implications involving changes in marital status, and various other current economic or investment topics. Our workshops are educational in nature and do not involve the solicitation of insurance or investment products, nor do our general sessions offer specific advice to attendees. Retirement Plan Advice and Rollovers As a registered investment adviser, our firm is a fiduciary to every client, meaning that we are obligated to act in our clients’ best interests at all times. In addition to our fiduciary status as an investment adviser firm, when our firm provides advice to retirement investors, such as advice on an employer-sponsored retirement plan, Individual Retirement Account (IRA) or other qualified retirement plan, we may also be considered by the Department of Labor and the Internal Revenue Service to be acting as a fiduciary under Title I of ERISA and the Internal Revenue Code. These fiduciary obligations include requirements that we disclose our services and fees, conflicts of interest, and the reasons our recommendations are in the client’s best interests. After an analysis of the client’s situation and plan documents, we will consider relevant factors including but not limited to the following:
• Alternatives to rolling the employer plan to an IRA, including leaving the money in an employer’s retirement plan (if permitted), rolling the money to a new employer plan if available, or cashing out,
• The fees and expenses associated with both the employer’s plan and the rollover IRA (or other alternatives such as noted above) and whether the employer current pays for some or all of the plan’s expenses,
• The different levels of services and investments available under the employer plan and the rollover IRA, and other alternatives,
• Evidence that a rollover is the most appropriate choice in light of any additional costs and the resultant decrease in the client’s returns,
• How withdrawals are treated under each alternative (e.g., penalties up to age 55 vs. 59-1/2),
• Protection from creditors and legal judgments (unlimited vs. bankruptcy only, federal- and state- specific), Page 8 of 27
• Required minimum distributions,
• Tax implications of rolling shares of employer stock,
• The impact of economically significant investment features such as surrender schedules and index annuity cap and participation rates (such as in an employer-sponsored 403(b) plan account),
• Any other relevant variables particular to the client’s situation. The client will be made aware of conflicts of interest including but not limited to whether our firm will profit from a recommendation through financial planning and/or investment management fees, and whether services we offer are already provided by or available through the current plan, potentially at no additional cost.