MIDWESTERN FINANCIAL GROUP

Item 1: Cover Page Midwestern Financial, LLC 103 E College Street, Suite 210 Iowa City, IA 52240 Form ADV Part 2A – Firm Brochure 319-499-1620 www.midwesternfinancial.com Dated March 27, 2026 This Brochure provides information about the qualifications and business practices of Midwestern Financial, LLC d/b/a Midwestern Financial Group “MFG”. If you have any questions about the contents of this Brochure, please contact us at 319-499-1620. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Midwestern Financial, LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission. Registration of an investment adviser does not imply any level of skill or training. Additional information about MFG is available on the SEC’s website at www.adviserinfo.sec.gov which can be found using the firm’s identification number 270022. 1  Since the last annual filing of the Form ADV Part 2A, dated March 13, 2025, the following material change has occurred: Item 2: Material Changes • Items 1 and 4 – Effective May 1, 2025, we are now registered with the U.S. Securities and Exchange Commission. Please note, this item discusses only changes we consider material and not all changes made. 2  Item 3: Table of Contents Contents Item 1: Cover Page ........................................................................................................................................... 1 Item 2: Material Changes ................................................................................................................................. 2 Item 3: Table of Contents ................................................................................................................................ 3 Item 4: Advisory Business ................................................................................................................................ 4 Item 5: Fees and Compensation ...................................................................................................................... 7 Item 6: Performance-Based Fees and Side-By-Side Management .................................................................. 9 Item 7: Types of Clients .................................................................................................................................... 9 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss ............................................................ 9 Item 9: Disciplinary Information .................................................................................................................... 12 Item 10: Other Financial Industry Activities and Affiliations ......................................................................... 12 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading .................. 12 Item 12: Brokerage Practices ......................................................................................................................... 14 Item 13: Review of Accounts ......................................................................................................................... 16 Item 14: Client Referrals and Other Compensation ...................................................................................... 16 Item 15: Custody ............................................................................................................................................ 17 Item 16: Investment Discretion ..................................................................................................................... 17 Item 17: Voting Client Securities ................................................................................................................... 18 Item 18: Financial Information ...................................................................................................................... 18 Form ADV Part 2B – Brochure Supplement ................................................................................................... 19 3  Description of Advisory Firm Item 4: Advisory Business Midwestern Financial, LLC d/b/a Midwestern Financial Group is registered as an investment adviser with the U.S. Securities and Exchange Commission. We were founded in May 2015. Patrick S. Campbell and Joseph D. Jay are the principal owners of MFG. As of December 31, 2025, MFG manages $172,843,118 on a discretionary basis. Types of Advisory Services Investment Management Services We are in the business of managing individually tailored investment portfolios. Our firm provides continuous advice to a client regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop a client's personal investment policy or an investment plan with an asset allocation target and create and manage a portfolio based on that policy and allocation target. During our data-gathering process, we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity needs. We may also review and discuss a client’s prior investment history, as well as family composition and background. Account supervision is guided by the stated objectives of the client (i.e., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Fees pertaining to this service are outlined in Item 5 of this brochure. Financial Planning We provide financial planning services on topics such as retirement planning, risk management, college savings, cash flow, debt management, work benefits, and estate and incapacity planning. Financial planning is a comprehensive evaluation of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. The key defining aspect of financial planning is that through the financial planning process, all questions, information and analysis will be considered as they impact and are impacted by the entire financial and life situation of the client. Clients purchasing this service will receive a written or an electronic report, providing the client with a detailed financial plan designed to achieve his or her stated financial goals and objectives. In general, the financial plan will address any or all of the following areas of concern. The client and advisor will work together to select the specific areas to cover. These areas may include, but are not limited to, the following: • Cash Flow and Debt Management: We will conduct a review of your income and expenses to determine your current surplus or deficit along with advice on prioritizing how any surplus should be 4  used or how to reduce expenses if they exceed your income. Advice may also be provided on which debts to pay off first based on factors such as the interest rate of the debt and any income tax ramifications. We may also recommend what we believe to be an appropriate cash reserve that should be considered for emergencies and other financial goals, along with a review of accounts (such as money market funds) for such reserves, plus strategies to save desired amounts. • College Savings: Includes projecting the amount that will be needed to achieve college or other post- secondary education funding goals, along with advice on ways for you to save the desired amount. Recommendations as to savings strategies are included, and, if needed, we will review your financial picture as it relates to eligibility for financial aid or the best way to contribute to grandchildren (if appropriate). • Employee Benefits Optimization: We will provide review and analysis as to whether you, as an employee, are taking the maximum advantage possible of your employee benefits. If you are a business owner, we will consider and/or recommend the various benefit programs that can be structured to meet both business and personal retirement goals. • Estate Planning: This usually includes an analysis of your exposure to estate taxes and your current estate plan, which may include whether you have a will, powers of attorney, trusts and other related documents. Our advice also typically includes ways for you to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts. We always recommend that you consult with a qualified attorney when you initiate, update, or complete estate planning activities. We may provide you with contact information for attorneys who specialize in estate planning when you wish to hire an attorney for such purposes. From time-to-time, we will participate in meetings or phone calls between you and your attorney with your approval or request. • Financial Goals: We will help clients identify financial goals and develop a plan to reach them. We will identify what you plan to accomplish, what resources you will need to make it happen, how much time you will need to reach the goal, and how much you should budget for your goal. • Insurance: Review of existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile. • Investment Analysis: This may involve developing an asset allocation strategy to meet clients’ financial goals and risk tolerance, providing information on investment vehicles and strategies, reviewing employee stock options, as well as assisting you in establishing your own investment account at a selected broker/dealer or custodian. The strategies and types of investments we may recommend are further discussed in Item 8 of this brochure. • Retirement Planning: Our retirement planning services typically include projections of your likelihood of achieving your financial goals, typically focusing on financial independence as the primary objective. For situations where projections show less than the desired results, we may make 5  recommendations, including those that may impact the original projections by adjusting certain variables (i.e., working longer, saving more, spending less, taking more risk with investments). If you are near retirement or already retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to adversely alter spending during your retirement years. • Risk Management: A risk management review includes an analysis of your exposure to major risks that could have a significant adverse impact on your financial picture, such as premature death, disability, property and casualty losses, or the need for long-term care planning. Advice may be provided on ways to minimize such risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the potential cost of not purchasing insurance (“self-insuring”). • Tax Planning Strategies: Advice may include ways to minimize current and future income taxes as a part of your overall financial planning picture. For example, we may make recommendations on which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration that there is always a possibility of future changes to federal, state or local tax laws and rates that may impact your situation. We recommend that you consult with a qualified tax professional before initiating any tax planning strategy, and we may provide you with contact information for accountants or attorneys who specialize in this area if you wish to hire someone for such purposes. We will participate in meetings or phone calls between you and your tax professional with your approval. Pension Consulting We offer pension consulting to plans and their trustees, as a fiduciary within the meaning of Section 3(21) of ERISA, with respect to such matters as helping employees allocate their funds to investment options available in their plan, and employee education. All plans to which we provide these services are regulated under the Employee Retirement Income Securities Act ("ERISA"). We will provide consulting services to the plan fiduciaries as described above. The plan fiduciary is free to seek independent advice about the appropriateness of any recommended services for the plan. Educational Seminars We may provide educational seminars on an “as announced” basis for groups seeking general advice on investments and other areas of personal finance. The content of these seminars will vary depending upon the needs of the attendees. These seminars are purely educational in nature and do not involve the sale of any investment products. The information presented will not be based on any one individual person’s needs, nor does MFG provide individualized investment advice to attendees during these seminars. Client Tailored Services and Client Imposed Restrictions We offer the same suite of services to all of our clients. However, specific client financial plans and their implementation are dependent upon the client Investment Policy Statement which outlines each client’s 6  current situation (income, tax levels, and risk tolerance levels) and is used to construct a client specific plan to aid in the selection of a portfolio that matches restrictions, needs, and targets. Wrap Fee Programs We do not participate in wrap fee programs. Item 5: Fees and Compensation Please note, unless a client has received the firm’s disclosure brochure at least 48 hours prior to signing the investment advisory contract, the investment advisory contract may be terminated by the client within five (5) business days of signing the contract without incurring any advisory fees. How we are paid depends on the type of advisory service we are performing. Please review the fee and compensation information below. Investment Management Services Our standard advisory fee is based on the market value of the assets under management and is calculated as follows: Account Value Annual Advisory Fee 1.00% First $1,500,000 0.88% Next $1,000,000 0.76% Next $2,500,000 0.64% Next $5,000,000 0.50% $10,000,000 and Above The annual fees are negotiable and are pro-rated and paid in advance on a quarterly basis. The advisory fee is a blended fee and is calculated by assessing the percentage rates using the predefined levels of assets as shown in the above chart, resulting in a combined weighted fee. For example, an account valued at $2,500,000 would pay an effective fee of 0.952% with the annual fee of $23,800.00. The quarterly fee is determined by the following calculation: (($1,500,000 x 1.00%) + ($1,000,000 x 0.88%)) ÷ 4 = $5,950.00. No increase in the annual fee shall be effective without agreement from the client by signing a new agreement or amendment to their current advisory agreement. For fee calculation purposes, accounts within the same household are aggregated to reach the fee breakpoints. Advisory fees are directly debited from client accounts, or the client may choose to pay by check or debit/credit card. Accounts initiated or terminated during a calendar quarter will be charged a pro-rated fee based on the amount of time remaining in the billing period. An account may be terminated with written notice at least 15 calendar days in advance. Upon termination of the account, any unearned fee will be refunded to the client. 7  Early Investors Program We offer financial planning services for beginning investors using one of the following three tiers: Description of Services Individual budget review and retirement analysis. Price Tier $399.00 Individual retirement planning, student loan debt review and account set up. Couple retirement planning, student loan debt review and account set up. $549.00 $799.00 These fees for financial planning are paid up front, in advance of the presentation of the plan. Payment can be made by check or debit/credit card. Clients may terminate the agreement without penalty, for a full refund of MFG’s fees, within five business days of signing the Financial Planning Agreement. Thereafter, clients may terminate the Financial Planning Agreement upon written notice. Financial Planning Fixed Fee Financial Planning is offered on a fixed fee basis. The fixed fee will be agreed upon before the start of any work. The fixed fee can range between $250.00 and $35,000.00. The fee is negotiable and billed in advance, however, upon agreement between MFG and the Client, payment may be made in either monthly or quarterly installments or in arrears. Payment can be made by check or debit/credit card. MFG will not bill an amount above $500.00 more than 6 months in advance. In the event of early termination, the client will be billed for the hours worked at a rate of $250.00 per hour. If the initial deposit is greater than the amount billed, then the client will be refunded the difference. Pension Consulting Fee The annual pension consulting fee is 1.00% of plan assets. At the end of each 3-month period (a “quarter”), the value of the plan shall be determined by adding the value of the securities, cash equivalents and any cash balance in the plan. If the plan has a negative cash balance, the fee will be charged on the total assets under management, which will not include any cash debit (borrowing). Advisory fees are directly debited from the plan by the third-party administrator, or the client may choose to pay by check. Plans initiated or terminated during a calendar quarter will be charged a pro-rated fee based on the amount of time remaining in the billing period. Upon termination of the account, any unearned fee will be refunded to the account. Educational Seminars Fees for Educational Seminars will vary due to varying scope, length, and complexity of seminars. Fees are negotiable and vary from up to $2,000 per seminar or up to $500 per participate. In the event that seminar attendees will be responsible for payment, the fee will be published on the seminar announcement or invitation. MFG may also provide pro bono seminars at its own discretion. Other Types of Fees and Expenses Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which may be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and other third parties such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities 8  transactions. Mutual fund and exchange traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to our fee, and we shall not receive any portion of these commissions, fees, and costs. Item 12 further describes the factors that we consider in selecting or recommending broker-dealers for client’s transactions and determining the reasonableness of their compensation (e.g., commissions). We do not accept compensation for the sale of securities or other investment products including asset- based sales charges or service fees from the sale of mutual funds. We do not offer performance-based fees. Item 6: Performance-Based Fees and Side-By- Side Management Item 7: Types of Clients We provide financial planning and portfolio management services to individuals, high net-worth individuals, pension and profit-sharing plans, and charitable organizations. We do not have a minimum account size requirement. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Our primary methods of investment analysis are fundamental and cyclical analysis and we also employ use of both active and passive investing. We also provide individuals with custom portfolios to meet their personal investment strategies, designed to achieve each client’s unique financial goals. Fundamental analysis involves analyzing individual companies and their industry groups, such as a company’s financial statements, details regarding the company’s product line, the experience, and expertise of the company’s management, and the outlook for the company’s industry. The resulting data is used to measure the true value of the company’s stock compared to the current market value. The risk of fundamental analysis is that information obtained may be incorrect and the analysis may not provide an accurate estimate of earnings, which may be the basis for a stock’s value. If securities prices adjust rapidly to new information, utilizing fundamental analysis may not result in favorable performance. Cyclical analysis assumes that the markets react in cyclical patterns which, once identified, can be leveraged to provide performance. The risks with this strategy are two-fold: 1) the markets do not always repeat cyclical patterns and 2) if too many investors begin to implement this strategy, it changes the very cycles they are trying to take advantage of. 9  Investment Management We primarily practice a mixture of passive and active investment management. Passive investing involves building portfolios that are comprised of various distinct asset classes. The asset classes are weighted in a manner to achieve a desired relationship between correlation, risk and return. Funds that passively capture the returns of the desired asset classes are placed in the portfolio. The funds that are used to build passive portfolios are typically index mutual funds or exchange traded funds. Passive investment management is characterized by low portfolio expenses (i.e. the funds inside the portfolio have low internal costs), minimal trading costs (due to infrequent trading activity), and relative tax efficiency (because the funds inside the portfolio are tax efficient and turnover inside the portfolio is minimal). In contrast, active management involves identifying a manager or managers who employ some method, strategy, or technique to construct a portfolio. We also utilize individual security selection as a form of active management. Material Risks Involved All investing strategies we offer involve risk and may result in a loss of your original investment which you should be prepared to bear. Many of these risks apply to stocks, bonds, commodities and any other investment or security. Material risks associated with our investment strategies are listed below. Market Risk: Market risk involves the possibility that an investment’s current market value will fall because of a general market decline, reducing the value of the investment regardless of the operational success of the issuer’s operations or its financial condition. Strategy Risk: The Adviser’s investment strategies and/or investment techniques may not work as intended. Small and Medium Cap Company Risk: Securities of companies with small and medium market capitalizations are often more volatile and less liquid than investments in larger companies. Small and medium cap companies may face a greater risk of business failure, which could increase the volatility of the client’s portfolio. Turnover Risk: At times, the strategy may have a portfolio turnover rate that is higher than other strategies. A high portfolio turnover would result in correspondingly greater brokerage commission expenses and may result in the distribution of additional capital gains for tax purposes. These factors may negatively affect the account’s performance. Limited markets: Certain securities may be less liquid (harder to sell or buy) and their prices may at times be more volatile than at other times. Under certain market conditions we may be unable to sell or liquidate investments at prices we consider reasonable or favorable, or find buyers at any price. Concentration Risk: Certain investment strategies focus on particular asset-classes, industries, sectors or types of investment. From time to time these strategies may be subject to greater risks of adverse developments in such areas of focus than a strategy that is more broadly diversified across a wider variety of investments. 10  Interest Rate Risk: Bond (fixed income) prices generally fall when interest rates rise, and the value may fall below par value or the principal investment. The opposite is also generally true: bond prices generally rise when interest rates fall. In general, fixed income securities with longer maturities are more sensitive to these price changes. Most other investments are also sensitive to the level and direction of interest rates. Legal or Legislative Risk: Legislative changes or Court rulings may impact the value of investments, or the securities’ claim on the issuer’s assets and finances. Inflation: Inflation may erode the buying-power of your investment portfolio, even if the dollar value of your investments remains the same. Risks Associated with Securities Apart from the general risks outlined above which apply to all types of investments, specific securities may have other risks. Common stocks may go up and down in price quite dramatically, and in the event of an issuer’s bankruptcy or restructuring could lose all value. A slower-growth or recessionary economic environment could have an adverse effect on the price of all stocks. Corporate Bonds are debt securities to borrow money. Generally, issuers pay investors periodic interest and repay the amount borrowed either periodically during the life of the security and/or at maturity. Alternatively, investors can purchase other debt securities, such as zero-coupon bonds, which do not pay current interest, but rather are priced at a discount from their face values and their values accrete over time to face value at maturity. The market prices of debt securities fluctuate depending on such factors as interest rates, credit quality, and maturity. In general, market prices of debt securities decline when interest rates rise and increase when interest rates fall. The longer the time to a bond’s maturity, the greater its interest rate risk. Municipal Bonds are debt obligations generally issued to obtain funds for various public purposes, including the construction of public facilities. Municipal bonds pay a lower rate of return than most other types of bonds. However, because of a municipal bond’s tax-favored status, investors should compare the relative after-tax return to the after-tax return of other bonds, depending on the investor’s tax bracket. Investing in municipal bonds carries the same general risks as investing in bonds in general. Those risks include interest rate risk, reinvestment risk, inflation risk, market risk, call or redemption risk, credit risk, and liquidity and valuation risk. Exchange Traded Funds prices may vary significantly from the Net Asset Value due to market conditions. Certain Exchange Traded Funds may not track underlying benchmarks as expected. Investment Companies Risk. When a client invests in open end mutual funds or ETFs, the client indirectly bears its proportionate share of any fees and expenses payable directly by those funds. Therefore, the client will incur higher expenses, many of which may be duplicative. In addition, the client’s overall portfolio may be affected by losses of an underlying fund and the level of risk arising from the investment practices of an underlying fund (such as the use of derivatives). ETFs are also subject to the following risks: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iii) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or 11  the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. The Adviser has no control over the risks taken by the underlying funds in which clients invest. Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of MFG or the integrity of our management. Item 9: Disciplinary Information No MFG employee is registered, or has an application pending to register, as a broker-dealer or a registered representative of a broker-dealer. Item 10: Other Financial Industry Activities and Affiliations No MFG employee is registered, or has an application pending to register, as a futures commission merchant, commodity pool operator or a commodity trading advisor. MFG only receives compensation directly from clients. We do not receive compensation from any outside source. We do not have any conflicts of interest with any outside party. Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading As a fiduciary, our firm and its associates have a duty of utmost good faith to act solely in the best interests of each client. Our clients entrust us with their funds and personal information, which in turn places a high standard on our conduct and integrity. Our fiduciary duty is a core aspect of our Code of Ethics and represents the expected basis of all of our dealings. This code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield associated persons from liability for personal trading or other conduct that violates a fiduciary duty to advisory clients. A summary of the Code of Ethics' Principles is outlined below. • Integrity - Associated persons shall offer and provide professional services with integrity. • Objectivity - Associated persons shall be objective in providing professional services to clients. • Competence - Associated persons shall provide services to clients competently and maintain the necessary knowledge and skill to continue to do so in those areas in which they are engaged. 12  • Fairness - Associated persons shall perform professional services in a manner that is fair and reasonable to clients, principals, partners, and employers, and shall disclose conflict(s) of interest in providing such services. • Confidentiality - Associated persons shall not disclose confidential client information without the specific consent of the client unless in response to proper legal process, or as required by law. • Professionalism - Associated persons’ conduct in all matter shall reflect credit of the profession. • Diligence - Associated persons shall act diligently in providing professional services. We will, upon request, promptly provide a complete code of ethics. Our firm and its “related persons” (associates, their immediate family members, etc.) do not recommend to clients, or buys or sells for client accounts, securities in which we have a material financial interest. We may buy or sell securities the same as, similar to, or different from, those we recommend to clients for their accounts. A recommendation made to one client may be different in nature or in timing from a recommendation made to a different client. Clients often have different objectives and risk tolerances. At no time, however, will our firm or any related party receive preferential treatment over our clients. In an effort to reduce or eliminate certain conflicts of interest involving the firm or personal trading, our policy may require that we restrict or prohibit associates’ transactions in specific securities transactions. Any exceptions or trading pre-clearance must be approved by our Chief Compliance Officer in advance of the transaction in an account, and we maintain the required personal securities transaction records per regulation. Additionally, MFG requires adherence to its Insider Trading Policy, and the CFA Institute's Code of Ethics and Standards of Professional Conduct. Investment Advice Relating to Retirement Accounts When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions, we must: • Meet a professional standard of care when making investment recommendations (give prudent advice). • Never put our financial interests ahead of yours when making recommendations (give loyal advice). • Avoid misleading statements about conflicts of interest, fees, and investments. • Follow policies and procedures designed to ensure that we give advice that is in your best interest. • Charge no more than is reasonable for our services. • Give you basic information about conflicts of interest. In addition, and as required by this rule, we provide information regarding the services that we provide to you, and any material conflicts of interest, in this brochure and in your client agreement. 13  Factors Used to Select Custodians and/or Broker-Dealers Item 12: Brokerage Practices Midwestern Financial, LLC does not have any affiliation with any custodian we recommend. Specific custodian recommendations are made to the Client based on their need for such services. We recommend custodians based on the reputation and services provided by the firm. In recommending custodians, we have an obligation to seek the “best execution” of transactions in Client accounts. The determinative factor in the analysis of best execution is not the lowest possible commission cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of the custodian’s services. The factors we consider when evaluating a custodian for best execution include, without limitation, the custodian’s: ● Combination of transaction execution services and asset custody services (generally without a separate fee for custody); ● Capability to execute, clear, and settle trades (buy and sell securities for your account); ● Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payment, etc.); ● Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc.); ● Availability of investment research and tools that assist us in making investment decisions ● Quality of services; ● Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices; ● Reputation, financial strength, security and stability; ● Prior service to us and our clients. With this in consideration, our firm recommends Charles Schwab & Co., Inc., a registered broker-dealer, member FINRA and SIPC (“Schwab”). Although Clients may request us to use a custodian of their choosing, we generally recommend that Clients open brokerage accounts with Schwab. We are not affiliated with Schwab. The Client will ultimately make the final decision of the custodian to be used to hold the Client’s investments by signing the selected custodian’s account opening documentation. 1. Research and Other Soft-Dollar Benefits MFG does not have any soft-dollar arrangements with custodians whereby soft-dollar credits, used to purchase products and services, are earned directly in proportion to the amount of commissions paid by a Client. However, as a result of being on their institutional platform, Schwab may provide us with certain services and products that may benefit us. All such soft dollar benefits are consistent with the safe harbor contained in Section 28(e) of the Securities Exchange Act of 1934, as amended. Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like us. They provide our Clients and us with access to their institutional brokerage services (trading, custody, reporting 14  and related services), many of which are not typically available to Schwab retail customers. Schwab also makes available various support services. Some of those services help us manage or administer our Clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis (we don’t have to request them) and at no charge to us. The benefits received by MFG or its personnel do not depend on the number of brokerage transactions directed to Schwab. As part of its fiduciary duties to Clients, MFG at all times must put the interests of its Clients first. Clients should be aware, however, that the receipt of economic benefits by MFG or its related persons in and of itself creates a potential conflict of interest and may indirectly influence the MFG’s choice of Schwab for custody and brokerage services. This conflict of interest is mitigated as MFG regularly reviews the factors used to select custodians to ensure our recommendation is appropriate. Following is a more detailed description of Schwab’s support services: 1. Services that benefit you. Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of Client assets. The investment products available through Schwab include some to which we might not otherwise have access or that would require a significantly higher minimum initial investment by our Clients. Schwab’s services described in this paragraph generally benefit you and your account. 2. Services that may not directly benefit you. Schwab also makes available to us other products and services that benefit us but may not directly benefit you or your account. These products and services assist us in managing and administering our Clients’ accounts. They include investment research, both Schwab’s own and that of third parties. We may use this research to service all or a substantial number of our Clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that: • provide access to Client account data (such as duplicate trade confirmations and account statements) facilitate trade execution and allocate aggregated trade orders for multiple Client accounts facilitate payment of our fees from our Clients’ accounts • • provide pricing and other market data • • assist with back-office functions, recordkeeping, and Client reporting 3. Services that generally benefit only us. Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include: • Educational conferences and events • Consulting on technology, compliance, legal, and business needs • Publications and conferences on practice management and business succession 4. Your brokerage and custody costs. For our Clients’ accounts that Schwab maintains, Schwab generally does not charge you separately for custody services but is compensated by charging you commissions or other fees on trades that it executes or that settle into your Schwab account. Certain trades (for example, many mutual funds and ETFs) may not incur Schwab commissions or transaction fees. 15  2. Brokerage for Client Referrals We receive no referrals from a broker-dealer or third party in exchange for using that broker-dealer or third party. 3. Clients Directing Which Broker/Dealer/Custodian to Use We do recommend a specific custodian for clients to use, however, clients may custody their assets at a custodian of their choice. Clients may also direct us to use a specific broker-dealer to execute transactions. By allowing clients to choose a specific custodian, we may be unable to achieve most favorable execution of client transaction and this may cost clients’ money over using a lower-cost custodian. Aggregating (Block) Trading for Multiple Client Accounts Generally, we combine multiple orders for shares of the same securities purchased for advisory accounts we manage (this practice is commonly referred to as “block trading”). We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. The distribution of the shares purchased is typically proportionate to the size of the account, but it is not based on account performance or the amount or structure of management fees. Subject to our discretion, regarding particular circumstances and market conditions, when we combine orders, each participating account pays an average price per share for all transactions and pays a proportionate share of all transaction costs. Accounts owned by our firm or persons associated with our firm may participate in block trading with your accounts; however, they will not be given preferential treatment. Item 13: Review of Accounts Client accounts with the Investment Management Service will be reviewed regularly on a quarterly basis by Patrick S. Campbell, Managing Partner, and CCO. The account is reviewed with regards to the client’s investment policies and risk tolerance levels. Events that may trigger a special review would be unusual performance, addition or deletions of client-imposed restrictions, excessive draw-down, volatility in performance, or buy and sell decisions from the firm or per client's needs. Clients will receive trade confirmations from the broker(s) for each transaction in their accounts as well as monthly or quarterly statements and annual tax reporting statements from their custodian showing all activity in the accounts, such as receipt of dividends and interest. MFG does not provide written reports to Investment Management clients. Item 14: Client Referrals and Other Compensation We do not receive any economic benefit, directly or indirectly, from any third party for advice rendered to our clients. Nor do we directly or indirectly compensate any person who is not advisory personnel for client referrals. 16  Item 15: Custody MFG does not accept custody of client funds. Clients should receive at least quarterly statements from the broker dealer, bank or other qualified custodian that holds and maintains client's investment assets. We urge you to carefully review such statements and compare such official custodial records to the account statements or reports that we may provide to you. Our statements or reports may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities. MFG is not affiliated with the custodian, and the custodian does not supervise MFG, its agents, or its investment activities. Standing Letters of Authorization: MFG does maintain a standing letter of authorization (SLOA) where the funds or securities are being sent to a third party, and the following conditions are met: a. The client provides an instruction to the qualified custodian, in writing, that includes the client’s signature, the third party’s name, and either the third party’s address or the third party’s account number at a custodian to which the transfer should be directed. b. The client authorizes MFG, in writing, either on the qualified custodian’s form or separately, to direct transfers to the third party either on a specified schedule or from time to time. c. The client’s qualified custodian performs appropriate verification of the instruction, such as a signature review or other method to verify the client’s authorization and provides a transfer of funds notice to the client promptly after each transfer. d. The client has the ability to terminate or change the instruction to the client’s qualified custodian. e. MFG has no authority or ability to designate or change the identity of the third party, the address, or any other information about the third party contained in the client’s instruction. f. The client’s qualified custodian sends the client, in writing, an initial notice confirming the instruction and an annual notice reconfirming the instruction. g. MFG maintains records showing that the third party is not a related party of MFG or located at the same address as MFG. Item 16: Investment Discretion For those client accounts where we provide investment management services, we maintain discretion over client accounts with respect to securities to be bought and sold and the amount of securities to be bought and sold. Investment discretion is explained to clients in detail when an advisory relationship has commenced. At the start of the advisory relationship, the client will execute a Limited Power of Attorney which will grant our firm discretion over the account. Additionally, the discretionary relationship will be outlined in the advisory contract and signed by the client. 17  Item 17: Voting Client Securities We do not vote Client proxies. Therefore, Clients maintain exclusive responsibility for: (1) voting proxies, and (2) acting on corporate actions pertaining to the Client’s investment assets. The Client shall instruct the Client’s qualified custodian to forward to the Client copies of all proxies and shareholder communications relating to the Client’s investment assets. If the client would like our opinion on a particular proxy vote, they may contact us at the number listed on the cover of this brochure. In most cases, you will receive proxy materials directly from the account custodian. However, in the event we were to receive any written or electronic proxy materials, we would forward them directly to you by mail, unless you have authorized our firm to contact you by electronic mail, in which case, we would forward you any electronic solicitation to vote proxies. Item 18: Financial Information Registered investment advisers are required in this Item to provide you with certain financial information or disclosures about our financial condition. We have no financial commitment that impairs our ability to meet contractual and fiduciary commitments to clients, and we have not been the subject of a bankruptcy proceeding. We do not have custody of client funds or securities or require or solicit prepayment of more than $1,200 in fees per client six months in advance. 18  Midwestern Financial, LLC 103 E College Street, Suite 210 Iowa City, IA 552240 319-499-1620 www.midwesternfinancial.com Dated March 27, 2026 For Form ADV Part 2B – Brochure Supplement Patrick S. Campbell Managing Member, and Chief Compliance Officer This brochure supplement provides information about Patrick S. Campbell that supplements the Midwestern Financial, LLC d/b/a Midwestern Financial Group (“MFG”) brochure. A copy of that brochure precedes this supplement. Please contact Patrick S. Campbell if the MFG brochure is not included with this supplement or if you have any questions about the contents of this supplement. information about Patrick S. Campbell is available on the SEC’s website at Additional www.adviserinfo.sec.gov which can be found using the identification number 5584933. 19  Item 2: Educational Background and Business Patrick S. Campbell Born: 1982 Experience Educational Background • 2005 – Bachelor of Arts, University of Iowa • 2005 – Entrepreneurship Certificate, University of Iowa Business Experience • 05/2015 – Present, Midwestern Financial, LLC, Managing Member and CCO • 03/2017 – Present, MFG Business Advisors, LLC, Owner • 12/2012 – 03/2017, Campbell Risk Management & Consulting, LLC, Managing Member • 12/2012 – 03/2016, Campbell Financial Group, LLC, Managing Member • 08/2006 – 08/2013, Talent Wall, LLC, Proprietor • 06/2008 – 05/2012, World Trend Financial Planning Services, LTD, Financial Advisor No management person at Midwestern Financial, LLC has ever been involved in an arbitration claim of any kind or been found liable in a civil, self-regulatory organization, or administrative proceeding. Item 3: Disciplinary Information Patrick S. Campbell owns MFG Business Advisors, LLC. This activity accounts for approximately 5% of his time. MFG Business Advisors, LLC may refer clients to Midwestern Financial, LLC, and vis-versa, however clients are not required to use the services of MFG Business Advisors, LLC. Item 4: Other Business Activities Patrick S. Campbell owns Wastewater Supply, LLC and JOC, LLC, a real estate holding company. These two activities account for approximately less than 5% of his time. Additionally, Mr. Campbell owns a small amount of Monarc, Inc., Nebullam Inc., and Gemini Space Station LLC. While these business ventures do not require Mr. Campbell’s time, they do represent a potential conflict of interest. Patrick S. Campbell does not receive any economic benefit from any person, company, or organization, in exchange for providing clients advisory services through MFG. Item 5: Additional Compensation 20  Patrick S. Campbell, as Managing Member and Chief Compliance Officer of MFG, is responsible for supervision. He may be contacted at the phone number on this brochure supplement. Item 6: Supervision 21  Midwestern Financial, LLC 103 E College Street, Suite 210 Iowa City, IA 552240 319-499-1620 www.midwesternfinancial.com Dated March 27, 2026 For Form ADV Part 2B – Brochure Supplement Joseph D. Jay, CFA Managing Member This brochure supplement provides information about Joseph D. Jay that supplements the Midwestern Financial, LLC d/b/a Midwestern Financial Group (“MFG”) brochure. A copy of that brochure precedes this supplement. Please contact Patrick S. Campbell if the MFG brochure is not included with this supplement or if you have any questions about the contents of this supplement. Additional information about Joseph D. Jay is available on the SEC’s website at www.adviserinfo.sec.gov which can be found using the identification number 5917772. 22  Item 2: Educational Background and Business Joseph D. Jay, CFA Born: 1987 Experience Educational Background • 2011 – Bachelors Business Administration, Finance, University of Iowa • 2011 – Bachelor of Arts, Political Science, University of Iowa Business Experience • 05/2015 – Present, Midwestern Financial, LLC, Managing Partner • 03/2017 – Present, MFG Business Advisors, LLC, Owner • 05/2012 – 01/2016, Midwestern Financial Group, LLC, Managing Partner and CCO • 04/2011 – 05/2012, HJR Financial, Operations Associate Professional Designations, Licensing & Exams Chartered Financial Analyst (CFA): The CFA Program is a graduate-level self-study program that combines a broad-based curriculum of investment principles with professional conduct requirements. It is designed to prepare charterholders for a wide range of investment specialties that apply in every market all over the world. To earn a CFA charter, applicants study for three exams (Levels I, II, III) using an assigned curriculum. Upon passing all three exams and meeting the professional and ethical requirements, they are awarded a charter. No management person at Midwestern Financial, LLC has ever been involved in an arbitration claim of any kind or been found liable in a civil, self-regulatory organization, or administrative proceeding. Item 3: Disciplinary Information Joseph Jay owns MFG Business Advisors, LLC. This activity accounts for approximately 5% of his time. MFG Business Advisors, LLC may refer clients to Midwestern Financial, LLC, and vis-versa, however clients are not required to use the services of MFG Business Advisors, LLC. Item 4: Other Business Activities Joseph Jay owns Wastewater Supply, LLC and JOC, LLC, a real estate holding company. These two activities account for approximately less than 5% of his time. Additionally, Mr. Jay owns a small amount of Monarc, Inc., Nebullam Inc., and Gemini Space Station LLC. While these business ventures do not require Mr. Jay’s time, they do represent a potential conflict of interest. 23  Joseph D. Jay does not receive any economic benefit from any person, company, or organization, in exchange for providing clients advisory services through MFG. Item 5: Additional Compensation Patrick S. Campbell, as Managing Member and Chief Compliance Officer of MFG, is responsible for supervision. He may be contacted at the phone number on this brochure supplement. Item 6: Supervision 24  Midwestern Financial, LLC 103 E College Street, Suite 210 Iowa City, IA 552240 319-499-1620 www.midwesternfinancial.com Dated March 27, 2026 For Form ADV Part 2B – Brochure Supplement Andrew P. Picchietti Paraplanner This brochure supplement provides information about Andrew P. Picchietti that supplements the Midwestern Financial, LLC d/b/a Midwestern Financial Group (“MFG”) brochure. A copy of that brochure precedes this supplement. Please contact Patrick S. Campbell if the MFG brochure is not included with this supplement or if you have any questions about the contents of this supplement. information about Andrew P. Picchietti is available on the SEC’s website at Additional www.adviserinfo.sec.gov which can be found using the identification number 7670408. 25  Item 2: Educational Background and Business Andrew Peter Picchietti Born: 1999 Experience Educational Background • 2022 – Bachelors Business Administration, Finance, University of Iowa Business Experience • 10/2022 – Present, Midwestern Financial, LLC, Paraplanner • 05/2020 – 09/2022, Adamantine Spine Moving Company, Crew Lead • 05/2018 – 01/2020, Riverside Casino & Golf Resort, Table Gamers Dealer Exams • NASSAA Series 65 Exam – Uniform Investment Advisor Law Examination – 2022 No management person at Midwestern Financial, LLC has ever been involved in an arbitration claim of any kind or been found liable in a civil, self-regulatory organization, or administrative proceeding. Item 3: Disciplinary Information Andrew P. Picchietti is not involved with any outside business activities. Item 4: Other Business Activities Andrew P. Picchietti does not receive any economic benefit from any person, company, or organization, in exchange for providing clients advisory services through MFG. Item 5: Additional Compensation Patrick S. Campbell, as Managing Member and Chief Compliance Officer of MFG, is responsible for supervision. He may be contacted at the phone number on this brochure supplement. Item 6: Supervision 26