Wealth manager, independent · Bozeman, MT
Bitterroot Capital Advisors LLC
SEC-registered investment adviser · CRD 109088 · SEC 801-58029
At a glance
Bitterroot Capital Advisors LLC is an SEC-registered investment adviser based in Bozeman, Montana, with $1.8B in regulatory assets under management as of its Form ADV filed August 24, 2026. It reports 20 individual clients, 20 of them high-net-worth, holding an average of about $89 million each, and 7 employees. That ranks it 619th among the nation’s 5,657 independent wealth management RIAs and 2nd of 12 in Montana.
Main office 406-556-8200bitterrootcapital.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.8B
- Rank among independent wealth managers
- #619 of 5,657
- Rank among all SEC RIAs
- #3,879 of 17,210
- Rank in Montana
- #2 of 12
- Individual clients
- 20
- High-net-worth clients
- 20
- Accounts
- 15
- Discretionary
- 14% of AUM
- Employees
- 7
- Advisory staff
- 7
- Offices
- 1
Owners and executives on its Form ADV
- Andrew S. MartzloffManaging Member
- Carol P. ChestnutChief Compliance Officer
- Keith A GertsenMember
Custody and brokerage
Custodian
Bitterroot Capital Advisors LLC’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Broker-dealer
Hybrid RIA
Bitterroot Capital Advisors LLC is a hybrid RIA: 1 of its employees are also registered representatives of a broker-dealer.
Form ADV Part 1 doesn’t name an unaffiliated broker-dealer. The firm’s Part 2A brochure (Item 10) and each adviser’s record on the SEC’s adviser search do.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 20 | $1.8B | 100% |
Disciplinary disclosures
Bitterroot Capital Advisors LLC reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Selecting other advisers
- Other services
How it’s paid
- A percentage of assets under management
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗bitterrootcapital.com ↗
AtlasMembers
The full record on Bitterroot Capital Advisors LLC
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
- Locked
- Growth over one, three and five years
- Locked
- Rank against 2,202 peers of its type and size
- Locked
- Owners and executives, with titles and stakes
- 3 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 1Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Similar-size RIAs in Montana
All of Montana →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Stack Financial Management IncWhitefish | $2.0B | 779 |
| Allied Investment Advisors LLCBillings | $1.5B | 953 |
| Xypn SapphireBozeman | $1.3B | 721 |
Background
Questions
How much does Bitterroot Capital Advisors LLC manage?
Bitterroot Capital Advisors LLC reports $1.8B in regulatory assets under management across 15 accounts, 14% of it on a discretionary basis, on its Form ADV filed August 24, 2026.
How many clients does Bitterroot Capital Advisors LLC have?
It reports 20 individual clients: 20 high-net-worth individuals and 0 other individuals. Individuals account for about 100% of its regulatory assets.
Where is Bitterroot Capital Advisors LLC headquartered?
Its main office is in Bozeman, Montana. It reports 1 office in total and 7 employees, 7 of whom perform investment advisory functions.
How does Bitterroot Capital Advisors LLC charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
Is Bitterroot Capital Advisors LLC a hybrid RIA with a broker-dealer?
Bitterroot Capital Advisors LLC is a hybrid RIA: 1 of its employees are also registered representatives of a broker-dealer. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is Bitterroot Capital Advisors LLC a fiduciary?
As an SEC-registered investment adviser, Bitterroot Capital Advisors LLC owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 1 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is Bitterroot Capital Advisors LLC’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-08-24), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →