Marshfield Associates, Inc.
- Regulatory AUM
- $8.1B
- Discretionary
- $8.1B
- Clients
- 3,996
- Avg AUM / client
- $2.0M
- Accounts
- 5,000
- Employees
- 27
AUM over time
Annual snapshots from Form ADV filings · as of Jul 10, 2026
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Individuals (non-high net worth) | 3,089 | $1.3B | 15.6% |
| High net worth individuals | 857 | $3.4B | 42.2% |
| Investment companies | 1 | $1.3B | 16.2% |
| Pension and profit sharing plans | 4 | $389M | 4.79% |
| Charitable organizations | 37 | $421M | 5.19% |
| State or municipal government entities | 1 | $21.6M | 0.27% |
| Sovereign wealth funds and foreign official institutions | 1 | $1.2B | 14.7% |
| Corporations and other businesses | 6 | $88.3M | 1.09% |
Retirement plan clients
Plans that reported this firm as an investment service provider on Form 5500 Schedule C.
| Plan | Location | Plan year |
|---|---|---|
| Cumberland, Md & Vicinity Building & Construction Employees Trust Fund Cumberland, Md & Vicinity Building & Construction Employees Trust Fun | 2024 | |
| Ibew Local Union No. 915 Pension Annuity Fund Ibew Local No. 915 Pension Annuity Fund | 2024 | |
| Bricklayers Union Local No 1 Of Missouri Pension P Bricklayers Union Local No 1 Of Missouri Pension Plan | 2024 | |
| American Federation Of Government Employees Pension Plan American Federation Of Government Employees | 2024 |
People (12)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Christopher Martin Niemczewski | Principal | Feb 1993 (34y) | ≈ 37.5% – 75% via Christopher M. Niemczewski Revocable Trust U/A Dtd June 6, 2014 | |
| William Gilmore Stott | Principal | Feb 1993 (34y) | Less than 5% | |
| Elise Jordan Hoffmann | Principal | Oct 1996 (30y) | ≈ 7.5% – 25% via Elise Hoffmann Revocable Trust U/A Dtd June 6, 2014 | |
| Miller, Carolyn, Sue | Principal | Oct 1996 (30y) | Less than 5% | |
| Melissa Vinick | Principal | Dec 1997 (29y) | 10% – 25% | |
| Chad Andrew Goldberg | Principal | Nov 2010 (16y) | Less than 5% | |
| Judith Golden Becker | Principal | Feb 2020 (6y) | Less than 5% | |
| Walker, Brian, Edward | General Counsel And Chief Compliance Officer | Jan 2022 (5y) | Less than 5% | |
| Richard Dee Seaton | Registered representative | Jun 2017 (9y) | ||
| Amie Nessa Perl | Registered representative | May 2024 (2y) | ||
| Andrew Dale Clark | Registered representative | Jun 2024 (2y) | ||
| Kathryn Ross Cotter | Registered representative | Jan 2025 (2y) |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Christopher M. Niemczewski Revocable Trust U/A Dtd June 6, 2014 | Shareholder | Jun 2014 | A | 50% – 75% |
| Elise Hoffmann Revocable Trust U/A Dtd June 6, 2014 | Shareholder | Jun 2014 | A | 10% – 25% |
| Chad Goldberg Revocable Trust U/A Dtd January 10, 2024 | Shareholder | Jul 2024 | A | 5% – 10% |
Undisclosed: 0% – 25% of the firm is not attributable from the filed Schedule A bands.
Estimated effective ownership (look-through of filed bands):
- Christopher Martin Niemczewski: 75% – 100% of Christopher M. Niemczewski Revocable Trust U/A Dtd June 6, 2014 × 50% – 75% direct ≈ 37.5% – 75% of the firm
- Elise Jordan Hoffmann: 75% – 100% of Elise Hoffmann Revocable Trust U/A Dtd June 6, 2014 × 10% – 25% direct ≈ 7.5% – 25% of the firm
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Retirement plans served (4)
| Plan | Sponsor | Participants | Plan assets | As of |
|---|---|---|---|---|
| Cumberland, Md & Vicinity Building & Construction Employees Trust Fund | Cumberland, Md & Vicinity Building & Construction Employees Trust Fun | 217 | $64.3M | 05/01/2024 |
| Ibew Local Union No. 915 Pension Annuity Fund | Ibew Local No. 915 Pension Annuity Fund | 1,919 | $115M | 01/01/2024 |
| Bricklayers Union Local No 1 Of Missouri Pension P | Bricklayers Union Local No 1 Of Missouri Pension Plan | 545 | $130M | 01/01/2024 |
| American Federation Of Government Employees Pension Plan | American Federation Of Government Employees | 282 | $186M | 01/01/2024 |
From Form 5500 service-provider disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 07/10/2026 | 1.05 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
Services
- • Portfolio management for individuals/small businesses
- • Portfolio management for investment companies
- • Portfolio management for businesses/institutional clients
Custody
Reported custodians
- RBC $3.5B (43% of AUM) Jul 2026
- State Street $1.7B (21% of AUM) Jul 2026
- Fidelity Brokerage Services $724M (9% of AUM) Jul 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports it does not have custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Jul 10, 2026.
View current Form ADV (SEC/IAPD) ↗