Bates Financial Advisors provides financial planning, portfolio management for individuals and small businesses, estate planning, insurance, and tax planning. Financial planning was provided to 26–50 clients last fiscal year.
Bates Financial Advisors reports 399 clients. They include 267 individual clients, 130 high-net-worth individuals and 2 charitable organizations. Of its assets, 99.8% ($438M across 1,266 accounts) are managed with discretion; $992K across 7 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 67% | 29% |
| High-net-worth individuals | 33% | 71% |
| Charitable organizations | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 267 | $126M | 28.7% | $473K |
| High-net-worth individuals | 130 | $312M | 71.0% | $2.4M |
| Charitable organizations | Fewer than 5 | $1.21M | 0.3% | $604K |
| Total | 399 | $439M | 100% | — |
- Clients
- 267
- Regulatory AUM
- $126M
- AUM share
- 28.7%
- Avg. per client
- $473K
- Clients
- 130
- Regulatory AUM
- $312M
- AUM share
- 71.0%
- Avg. per client
- $2.4M
- Clients
- Fewer than 5
- Regulatory AUM
- $1.21M
- AUM share
- 0.3%
- Avg. per client
- $604K
Total
- Clients
- 399
- Regulatory AUM
- $439M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 26–50
Bates Financial Advisors charges 0.25%–1.00% a year for its Investment portfolio management services. The fee is billed in arrears, is negotiable and has a $700 annual minimum. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Consulting Services
- Hourly fee of $75 to $1,000, or a fixed fee typically $500 to $15,000, agreed before the contract.
- Financial Planning
- Hourly fee of $75 to $1,000, or a fixed fee typically $500 to $15,000; billed quarterly in arrears and negotiable.
George Bates owns 75% or more of Bates Financial Advisors. The leadership team of Bates Financial Advisors includes President George Bates and Chief Compliance Officer George Bates. It has 5 employees.
Staff
- 5 employees
- 5 in advisory functions
- 1 state-registered rep
- 1 broker-dealer rep
- 1 insurance agent
- Owns 75% or more of Bates Financial Advisors, Inc.
George Bates
Control person · since September 1984
Bates Financial Advisors’ regulatory assets fell from $529M (March 2021) to $439M (June 2026); clients fell from 774 to 399 and employees from 10 to 5.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Jun 2026June 2026 | $439M | 399 | 5 | 1 |
| Mar 2025March 2025 | $396M | 427 | 7 | 1 |
| May 2024May 2024 | $430M | 637 | 9 | 1 |
| Jun 2023June 2023 | $452M | 720 | 12 | 2 |
| Mar 2022March 2022 | $551M | 696 | 10 | 2 |
| Mar 2021March 2021 | $529M | 774 | 10 | 2 |
Besides its headquarters, Bates Financial Advisors has 0 offices, with 1 listed address in 1 state.
Illinois · 1 listed address
- 8437 Northern Ave, RockfordHQ
Contact and registration details
- Legal name
- Bates Financial Advisors, Inc.
- Headquarters
- 8437 Northern Ave, Rockford, IL 61107
- Website
- batesfinancialadvisors.com
- Phone
- 815-332-4020
- SEC file
- 801-72191
- Founded
- 1984
- Structure
- Illinois corporation
- Fiscal year end
- December
Bates Financial Advisors’ named custodians for separately managed accounts are Fidelity ($293M, 85%) and Altruist ($51.2M, 15%). Bates Financial Advisors has custody of client assets.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $293M85%
- AltruistAltruist Financial LLC · Kansas City, MO · $51.2M15%
At year end, Bates Financial Advisors’ separately managed accounts were mostly in funds (85%) and cash (10%).
What the accounts hold
- Stocks4%
- Funds85%
- Cash10%
Filed values cover 99%. The neutral 1% gap has no reported category.
How many clients does Bates Financial Advisors have?
Bates Financial Advisors has 399 clients and manages $439 million for them, as of June 2026. They include 267 individual clients, 130 high-net-worth individuals and 2 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 June 2026
What services does Bates Financial Advisors offer?
Bates Financial Advisors provides financial planning, portfolio management for individuals and small businesses, estate planning, insurance, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Bates Financial Advisors charge?
Bates Financial Advisors charges 0.25%–1.00% a year for its Investment portfolio management services. The fee is billed in arrears, is negotiable and has a $700 annual minimum.
Source: BATES FINANCIAL ADVISORS, INC. PART 2A BROCHURE, filed 1 April 2026
Which custodians does Bates Financial Advisors use?
Bates Financial Advisors’ separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $293M and Altruist Financial LLC (Kansas City, MO), with $51.2M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 June 2026
How many financial advisors does Bates Financial Advisors have?
Bates Financial Advisors has 1 investment adviser representative registered with state securities authorities, out of 5 employees, and 5 perform investment advisory functions. 1 employee is a registered representative of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Bates Financial Advisors invest in?
At the end of its last fiscal year, Bates Financial Advisors’ separately managed accounts held 85% registered funds (mutual funds, ETFs, BDCs), 10% cash and equivalents and 4% exchange-traded equities.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Bates Financial Advisors?
Bates Financial Advisors’ direct owner is George Bates (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 25 June 2026
How does Bates Financial Advisors get paid?
Bates Financial Advisors is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Bates Financial Advisors?
Bates Financial Advisors’ main office is at 8437 Northern Ave, Rockford, IL 61107. Its phone number is 815-332-4020. Its website is batesfinancialadvisors.com.