Whitcomb & Hess, Inc. ("Whitcomb & Hess") was founded in 1983 by the late Edward L. Whitcomb and James H. Hess. Mr. Hess still serves as President and is the principal owner of the firm. Whitcomb & Hess is located in Ashland, Ohio.
Whitcomb & Hess is a Certified Public Accounting (CPA) and investment advisory firm, whose primary business is providing tax, accounting, and management services to individuals and corporations. In addition to this practice, Whitcomb & Hess provides investment advisory and portfolio management services, and consulting services.
Whitcomb & Hess is a registered investment advisor (RIA) with the Securities and Exchange Commission (SEC) and is notice filed in states where such filings are required. Whitcomb & Hess is also an Ohio licensed insurance agency.
Whitcomb & Hess offers the following advisory services to our clients: INVESTMENT ADVISORY SERVICES INDIVIDUAL PORTFOLIO MANAGEMENT Our firm provides continuous advice to clients regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we determine the client's individual objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision is guided by the client's stated objectives (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors.
Although our investment advice is offered concerning predominantly no-load and institutional mutual funds, we may also recommend:
•Certificates of deposit
•Municipal securities
•Securities traded over-the-counter
•Variable annuities
•Exchange-listed securities
•Foreign issuers
•Corporate debt securities (other than commercial paper)
•Commercial paper
•United States governmental securities Because some types of investments involve certain additional degrees of risk they will only be recommended when consistent with the client's stated investment objectives, tolerance for risk, liquidity and suitability.
AMOUNT OF MANAGED ASSETS As of February 13, 2023, we provide continuous management services for $263,664,207 in client assets on a discretionary basis, and $33,345,426 in client assets on a non-discretionary basis.
4 PENSION CONSULTING SERVICES Our Pension Consulting Services are comprised of three distinct services. Clients may choose to use any or all of these services.
Selection of Investment Vehicles: We assist plan sponsors in constructing appropriate asset allocation models. We will then review various mutual funds (both index and managed) to determine which investments are appropriate. The number of investments to be recommended will be determined by the client.
Monitoring of Investment Performance: We monitor client investments continually. Although our firm is not involved in any way in the purchase or sale of these investments, we supervise the client's portfolio and will make recommendations to the client as market factors and the client's needs dictate.
Employee Communications: For pension, profit sharing, and 401(k) plan clients with individual plan participants exercising control over assets in their own account ("self-directed plans"), we may also provide annual educational support and investment workshops designed for the plan participants. The nature of the topics to be covered will be determined by us and the client under the guidelines established in the Employee Retirement Income and Securities Act ("ERISA") Section 404(c). The educational support and investment workshops will NOT provide plan participants with individualized, tailored investment advice or individualized, tailored asset allocation recommendations.
AMOUNT OF ASSETS IN 401(K) PLANS FOR WHICH WE PROVIDE CONSULTING SERVICES As of February 13, 2023,we were providing pension consulting services to fifteen (15) 401(k) plans with assets totaling approximately $22,472,370. These assets are included in our non-discretionary assets under management calculation noted above.
FINANCIAL PLANNING In accordance with requirements by the Certified Financial Planner Board of Standards, we have a fiduciary duty to place the interests of the Client above the interests of us as the Advisor, including operating with the highest regard to professionalism, integrity, competence, and diligence. We are also required to avoid conflicts of interest, or fully disclose material conflicts of

interest to the Client.
The financial planning process includes: understanding the client's personal and financial circumstances, identifying and selecting goals, analyzing the client's course(s) of action, developing and presenting the financial planning recommendations, implementing those recommendations, and monitoring and updating the financial planning progress.
As part of our financial planning service, we offer modular and broad-based planning. Our modular planning services are tailored for clients requiring advice on a single aspect(s) of their finances. For clients requiring board-based planning services, we provide a comprehensive evaluation of the client's current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, all questions, information and 5 analysis are considered as they impact and are impacted by the entire financial and life situation of the client. Clients purchasing this service typically receive a written report which provides the client with a detailed financial plan designed to assist the client achieve his or her financial goals and objectives.
In general, the financial plan can address any or all of the following areas:
•PERSONAL: We review family records, budgeting, personal liability, estate information, college planning, and other financial goals.
•TAX AND CASH FLOW: We analyze the client's income tax and spending and planning for past, current and future years; then illustrate the impact of various investments on the client's current income tax and future tax liability.
•INVESTMENTS: We analyze investment alternatives and their effect on the client's portfolio.
•INSURANCE: We review existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home, and automobile.
•RETIREMENT: We analyze current strategies and investment plans to help the client achieve his or her retirement goals.
•DEATH AND DISABILITY: We review the client's cash needs at death, income needs of surviving dependents, estate planning, and disability income.
•ESTATE: We assist the client in assessing and developing long-term strategies, including as appropriate, living trusts, wills, powers of attorney, and asset protection plans. In addition we will assess nursing home costs, Medicaid, elder law, and estate taxes. We gather required information through in-depth personal interviews. Information gathered may include the client's current financial status, tax status, future goals, returns objectives and attitudes towards risk. We carefully review documents supplied by the client and prepare a written report. Should the client choose to implement the recommendations contained in the plan, we suggest the client work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of financial plan recommendations is entirely at the client's discretion. Financial Planning recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company. All recommendations are of a generic nature.
Rollover Recommendations Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field Assistance Bulletin 2018-02 ceases to be in effect), for purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you.
When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best 6 interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. We benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your best interest.