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Marshfield Associates

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Client assets under management

$4,693,948,345

Clients

3,946

22% high-net worth

Advisors

10

of 27 employees

Firm type

Multi Team

Clients per advisor

395

Very High

Average account size

$1,189,546

About

Marshfield Associates is a registered investment adviser managing approximately $8.12 billion for a mix of institutional and individual clients. Its client base includes high‑net‑worth individuals and, unusually for firms of this size, state and municipal government entities, investment companies, and sovereign wealth funds; services are delivered through separately managed accounts, wrap‑fee and model portfolio programs, and a 1940 Act mutual fund.

Marshfield is a long‑only value investor running a concentrated Core Value Equity Strategy that typically holds about 16–20 stocks and an optional Balanced Strategy that adds fixed income; the firm emphasizes quality, conservative intrinsic value estimates, and a strict margin‑of‑safety buy discipline and is willing to hold substantial cash while waiting for target prices. Research is conducted in‑house by a seven‑member team (six analysts and one economist) with four principals as voting members, and trades for new positions may be executed over days, weeks, or months; the firm will, upon specific client request, enter performance‑based fee arrangements and manages accounts side‑by‑side with its registered fund.

Marshfield’s operational profile is distinctive for its high client count relative to advisory headcount — nearly 3,946 clients served by ten advisors — reflecting scale through wrap and model programs and a general practice of not tailoring advisory services to most clients. The firm also typically does not offer financial planning, a feature that is less common among peers, and combines concentrated, patient value investing with the capability to serve both large institutional investors and many retail accounts.

Client services

Portfolio management

Expertise

Concentrated stock management Active portfolio management Wealth management

Fee options

Percentage

$1 million - $10 million: 1.25% for accounts with more than 60% equity allocation $10 million+: 1.00% for accounts with more than 60% equity allocation $1 million - $10 million: 1.00% for accounts with 60% or less equity allocation $10 million+: 0.90% for accounts with 60% or less equity allocation

Performance-based

Offered upon specific SMA client request; fees vary based on performance relative to benchmark, compliant with Rule 205-3

Other

Account minimum: $1,000,000 Minimum fee: Minimum billing of $100 for a partial quarter when an account opens; no refund if amount to return is $25 or less Fee-only: Asset-based fees as per tiered schedule; performance-based fees available upon specific client request

Main office location

Marshfield Associates

1330 Connecticut Ave Nw, Suite 400

Washington DC 20036, United States

Number of offices

1

Most active in

Arizona · California · Colorado · Connecticut · Delaware · District of Columbia · Florida · Georgia · Idaho · Illinois · Indiana · Iowa · Louisiana · Maine · Maryland · Massachusetts · Michigan · Minnesota · Montana · Nevada · New Hampshire · New Jersey · New Mexico · New York · North Carolina · Ohio · Oregon · Pennsylvania · Rhode Island · South Carolina · Tennessee · Texas · Utah · Vermont · Virginia · Washington · West Virginia · Wisconsin · Wyoming

Disclosures

Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.

Business activities & affiliations

Advisors at this firm

user avatar

Christopher N

Series 65

Washington, DC

Marshfield Associates

Christopher Niemczewski is a Series 65-licensed financial advisor with 32 years of industry experience. He has been with Marshfield Associates since 2009. Marshfield Associates is a registered investment adviser serving a diverse client base that includes high net worth individuals, pension plans, foundations, government entities, sovereign wealth funds, and investment companies. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and manages approximately $7.5 billion across 13 advisors.

Concentrated stock management Active portfolio management Wealth management
user avatar

Richard S

Series 65

Washington, DC

Marshfield Associates

Richard Seaton is a Series 65-licensed financial advisor at Marshfield Associates with eight years of industry experience. He has worked at Marshfield Associates since 2017 and previously spent six years at TTR Sotheby's Realty and 20 years at Impact Marketing + Communications. Marshfield Associates serves a diverse client base that includes high net worth individuals, institutional investors, and government entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy with an emphasis on quality and intrinsic value.

Concentrated stock management Active portfolio management Wealth management
user avatar

Melissa V

Series 63, Series 65

Washington, DC

Marshfield Associates

Melissa Vinick is a financial advisor at Marshfield Associates with 29 years of industry experience. She holds Series 63 and Series 65 licenses and has worked at Marshfield Associates since 1999. Vinick is also associated with Bushido Capital Partners LLC and Yogi Advisors LLC. Marshfield Associates is a registered investment adviser serving a diverse client base that includes high net worth individuals, pension plans, foundations, government entities, sovereign wealth funds, and investment companies. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and offers discretionary separately managed accounts, wrap-fee programs, non-discretionary model portfolios, and advisory services for an investment fund.

Concentrated stock management Active portfolio management Wealth management
user avatar

Amie P

Series 65

Washington, DC

Marshfield Associates

Amie Perl is a Series 65-licensed financial advisor at Marshfield Associates with three years of industry experience. Prior to joining Marshfield Associates, she worked for twelve years at Little Leaves Behavioral Services. Marshfield Associates is a registered investment adviser serving a diverse client base that includes high net worth individuals, pension plans, foundations, and government entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and offers discretionary separately managed accounts, model portfolios, and the Marshfield Concentrated Opportunity Fund.

Concentrated stock management Active portfolio management Wealth management
user avatar

William S

Series 65

Northboro, MA

Marshfield Associates

William Stott is a Series 65-licensed financial advisor with Marshfield Associates, where he has worked since 1990, accumulating 24 years of industry experience. He is based in Northboro, MA. Marshfield Associates is a registered investment adviser serving a diverse client base including high net worth individuals, pension plans, foundations, and government entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and manages approximately $7.5 billion across 13 advisors.

Concentrated stock management Active portfolio management Wealth management
user avatar

Chad G

Series 65

Washington, DC

Marshfield Associates

Chad Goldberg is a financial advisor at Marshfield Associates with 15 years of industry experience. He holds a Series 65 designation and has been with Marshfield Associates since 2009. Marshfield Associates is a registered investment adviser serving a diverse client base including high net worth individuals, pension plans, foundations, government entities, sovereign wealth funds, and investment companies. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy, supported by in-house research and offering both equity and balanced strategies.

Concentrated stock management Active portfolio management Wealth management
user avatar

Andrew C

Series 65, Series 66

Washington, DC

Marshfield Associates

Andrew Clark Jr. is a financial advisor at Marshfield Associates with three years of industry experience. He holds Series 65 and Series 66 credentials and previously worked at Arthur Gallagher & Co before joining Marshfield Associates in 2019. Marshfield Associates serves a diverse client base including high net worth individuals, pension plans, foundations, and government entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and manages approximately $7.5 billion across 13 advisors.

Concentrated stock management Active portfolio management Wealth management
user avatar

Judith B

Series 65

Washington, DC

Marshfield Associates

Judith Becker is a financial advisor at Marshfield Associates with six years of industry experience. She holds a Series 65 designation and has been with Marshfield Associates since 2018. Prior to joining the firm, she worked at the US Department of Education for 11 years. Marshfield Associates is a registered investment adviser serving a diverse client base, including high net worth individuals, pension plans, foundations, and government entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and offers discretionary and non-discretionary portfolio management services.

Concentrated stock management Active portfolio management Wealth management
user avatar

Kathryn C

Series 65

Washington, DC

Marshfield Associates

Kathryn Cotter is a Series 65-licensed financial advisor with Marshfield Associates in Washington, DC, where she has worked since 2024. She has six years of prior experience at Nexercise, Inc. and five years at BET Networks. Marshfield Associates is a registered investment adviser serving a diverse client base that includes high net worth individuals, pension plans, foundations, government entities, sovereign wealth funds, and investment companies. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy, supported by in-house research and a willingness to hold substantial cash positions.

Concentrated stock management Active portfolio management Wealth management
user avatar

Elise H

Series 65

Washington, DC

Marshfield Associates

Elise Hoffmann is a financial advisor at Marshfield Associates with 29 years of industry experience. She holds a Series 65 designation and has worked at Marshfield Associates since 1997. Hoffmann also has concurrent roles at Bushido Capital Partners LLC and Yogi Advisors, LLC, where she has been active since 2008 and 2007, respectively. Marshfield Associates serves a diverse client base including high net worth individuals, pension plans, foundations, and governmental entities. The firm employs a long-only, value-oriented investment approach focused on a concentrated Core Value Equity Strategy and manages approximately $7.5 billion across 13 advisors.

Concentrated stock management Active portfolio management Wealth management
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