# Bates Financial Advisors, Inc.

> Bates Financial Advisors, Inc. is an SEC-registered investment advisory firm in Rockford, IL, registered since 2011, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated June 25, 2026.

- CRD: 116515
- Filed as: BATES FINANCIAL ADVISORS, INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Rockford, IL
- Filing period: October 2026
- Form ADV filing dated: June 25, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/116515
- AdvisorCensus page: https://advisorcensus.com/firm/bates-financial-advisors-inc-rockford-il-116515

## Quick answers

**How is Bates Financial Advisors, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Bates Financial Advisors, Inc. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Bates Financial Advisors, Inc. located?**
Bates Financial Advisors, Inc.'s principal office is in Rockford, IL, according to its Form ADV.

**Is Bates Financial Advisors, Inc. registered with the SEC or a state?**
Bates Financial Advisors, Inc. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 116515.

**How much does Bates Financial Advisors, Inc. manage?**
Bates Financial Advisors, Inc. reports $439,211,752 in regulatory assets under management in its Form ADV filing dated June 25, 2026 (100% discretionary).

**How have Bates Financial Advisors, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Bates Financial Advisors, Inc.: Regulatory assets under management: $529,249,409 in the October 2021 data and $439,211,752 in the October 2026 data, down 17%. Total employees: 10 in October 2021 and 5 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Bates Financial Advisors, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (267); high net worth individuals (130); charitable organizations (2).

**Which custodians does Bates Financial Advisors, Inc. use?**
Bates Financial Advisors, Inc.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Altruist Financial LLC and Fidelity Brokerage Services LLC as custodians holding 10% or more of its separately managed account assets.

**Does Bates Financial Advisors, Inc. report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/116515

**What changed in Bates Financial Advisors, Inc.'s recent Form ADV filings?**
In the July 2026 filing data: Registered or notice-filed in CT.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)

### Custodians (Schedule D, Section 5.K(3))
- Altruist Financial LLC
- Fidelity Brokerage Services LLC

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $439,211,752
- Discretionary: $438,219,609
- Non-discretionary: $992,143

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 267 | $126,160,775 |
| High net worth individuals | 130 | $311,843,128 |
| Charitable organizations | 2 | $1,207,849 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses

### Firm details
- Registered since: 2011 (15 years)
- Employees: 5 total, 5 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, CA, CO, CT, FL, IA, IL, IN, MO, TN, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [batesfinancialadvisors.com](https://batesfinancialadvisors.com)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $529,249,409 | 10 | March 22, 2021 |
| October 2022 | $550,506,678 | 10 | March 10, 2022 |
| October 2023 | $451,525,647 | 12 | June 28, 2023 |
| October 2024 | $430,401,703 | 9 | May 13, 2024 |
| October 2025 | $395,625,847 | 7 | March 31, 2025 |
| October 2026 | $439,211,752 | 5 | June 25, 2026 |

Regulatory assets under management: $529,249,409 in the October 2021 data and $439,211,752 in the October 2026 data, down 17%.
Total employees: 10 in October 2021 and 5 in October 2026.

## Changes in the filing (last 12 months)

### July 2026
- Registered or notice-filed in CT.

### May 2026
- Employees performing advisory functions went from 7 to 5.
- Regulatory assets under management went from $395,625,847 to $439,211,752 (+11%).

### January 2026
- No longer registered or notice-filed in MI.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Bates Financial Advisors, Inc. (CRD 116515): Form ADV filing data as of October 2026.