# EDGAR Filing Document

**Accession Number:** 0001669517
**File Stem:** 0001669517-25-000089
**Filing Date:** 2025-11
**Character Count:** 11557
**Document Hash:** 5792e73c426cb5715c5df09e4a0fc195
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669517-25-000089.hdr.sgml**: 20260114

**ACCESSION NUMBER**: 0001669517-25-000089

**CONFORMED SUBMISSION TYPE**: MA/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20260114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PFM FINANCIAL ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001669517

**ORGANIZATION NAME:**
- **EIN:** 811642787
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-02030
- **FILM NUMBER:** 26533050

**BUSINESS ADDRESS:**
- **STREET 1:** 1735 MARKET STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103-2700
- **BUSINESS PHONE:** 215-567-6100

**MAIL ADDRESS:**
- **STREET 1:** 1735 MARKET STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103-2700

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001669517

**Filer CCC:** XXXXXXXX

**Contact Name:** CHERYL MADDOX

**Contact Phone:** 215-567-6100

**Contact Email:** MADDOXC@PFM.COM

**Notification Emails:** wellsg@pfm.com

### Type of Filing

**Selected Filing Type:** Amendment

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** PFM FINANCIAL ADVISORS LLC

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 81-1642787

**D. Registrations:**

- **Municipal Advisor:** SEC File No: 867-02030

**E. Principal Office and Place of Business:** 1735 MARKET STREET, 42nd FLOOR, PHILADELPHIA, PA, 19103

**Telephone Number:** 215-567-6100

**Additional Offices of Employment:**

- **Office #1 (Add):** 100 MARKET STREET, SUITE 100, HARRISBURG, PA, 17101 | Phone: 717-232-2723

- **Office #2 (Add):** 555 BRIARWOOD CIRCLE, SUITE 333, ANN ARBOR, MI, 48108 | Phone: 734-994-9700

- **Office #3 (Add):** 100 High Street, Suite 2300, BOSTON, MA, 02110 | Phone: 617-330-6914

- **Office #4 (Add):** 4350 NORTH FAIRFAX DRIVE, SUITE 590, ARLINGTON, VA, 22203 | Phone: 703-741-0175

- **Office #5 (Add):** 200 S. ORANGE AVENUE, 7TH FLOOR, SUITE 760, ORLANDO, FL, 32801 | Phone: 407-648-2208

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.pfm.com

**G. Chief Compliance Officer (CCO):**

**Name:** CHERYL DENISE MADDOX

**Titles:** MANAGING DIRECTOR, CHIEF COMPLIANCE OFFICER

**Address:** 1735 MARKET STREET, 42nd FLOOR, PHILADELPHIA, PA, 19103

**Phone Number:** 215-567-6100

**Email:** maddoxc@pfm.com

**H. Business Affiliates:**

- **Name:** PFM SWAP ADVISORS LLC

  - **Issuing Agency:** COMMODITIES FUTURES TRADING COMMISSION/NATIONAL FUTURES ASSOCIATION (NFA); MUNICIPAL SECURITIES RULEMAKING BOARD/SECURITY EXCHANGE COMMISSION (SEC)

  - **Jurisdiction:** 

- **Name:** PFM SOLUTIONS LLC

- **Name:** PFM GROUP CONSULTING LLC

- **Name:** MUNITE LLC

**I. Location of Books and Records:** Yes

### Item 2: Form of Organization

**A. Applicant's form of organization:** Limited Liability Company (LLC)

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** PA

**D. Date of Organization:** 01-15-2016

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 173

**B. Municipal Advisory Activities - Employees:** 173

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 0

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 1953

**&nbsp;&nbsp;&nbsp;Types of Clients:** Municipal Entities, Non-profit organizations, Corporations or other businesses

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Hourly Charges
Fixed Fees
Contingent Fees
, Hourly Charges, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Investments, Advice ME Other Investments, Advice Guaranteed IC, Advice Use Of MD, Advice On Selection, Other

### Item 5: Other Business Activities

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Commodity trading advisor, Other municipal advisor, Commodity trading advisor, Other municipal advisor, Other municipal advisor

**Total Associated Persons:** 1

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** Yes

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** Yes

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** Yes

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** No

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** No

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** No

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** No

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** Yes

### Schedule A: Direct Owners and Executive Officers

| Name                 | Title/Status             | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| PFM FA HOLDINGS, LLC | MEMBER                   | 12-06-2021      | E - 75% or more   | Yes               |  |  |
| CHERYL D MADDOX      | SECRETARY                | 05-16-2018      | NA - less than 5% | Yes               |  | 000000000    |
| DANIEL JAY HARTMAN   | PRESIDENT                | 04-07-2025      | NA - less than 5% | Yes               |  | 000000000    |
| CHERYL DENISE MADDOX | CHIEF COMPLIANCE OFFICER | 10-08-2021      | NA - less than 5% | Yes               |  | 000000000    |
| JOANNE NMN CARTER    | CHIEF EXECUTIVE OFFICER  | 04-07-2025      | NA - less than 5% | Yes               |  | 000000000    |

### Schedule B: Indirect Owners

| Owning Entity        | Name        | Title/Status   | Date Acquired   | Ownership Code   | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| PFM FA HOLDINGS, LLC | PFM II, LLC | MEMBER         | 12-06-2021      | E - 75% or more  | Yes               |  |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity        | Name                 | Title/Status             | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | PFM FA HOLDINGS, LLC | MEMBER                   | 12-06-2021      | E - 75% or more   | Yes               |  |  |
|  | Indirect    | PFM FA HOLDINGS, LLC | PFM II, LLC          | MEMBER                   | 12-06-2021      | E - 75% or more   | Yes               |  |  |
|  | Direct      |  | CHERYL D MADDOX      | SECRETARY                | 05-16-2018      | NA - less than 5% | Yes               |  | 000000000    |
|  | Direct      |  | DANIEL JAY HARTMAN   | PRESIDENT                | 04-07-2025      | NA - less than 5% | Yes               |  | 000000000    |
|  | Direct      |  | CHERYL DENISE MADDOX | CHIEF COMPLIANCE OFFICER | 10-08-2021      | NA - less than 5% | Yes               |  | 000000000    |
|  | Direct      |  | JOANNE NMN CARTER    | CHIEF EXECUTIVE OFFICER  | 04-07-2025      | NA - less than 5% | Yes               |  | 000000000    |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for —

- **CRD Number:** —

- **Disclosure Number:** —

### Execution Page

**Signature:** JoAnne Carter

**Signer Name:** JoAnne Carter

**Title:** Chief Executive Officer

**Date:** 11-17-2025