About Us

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Bitterroot Capital Advisors, LLC (“BCA”) is an exclusive financial advisory firm. We serve a select group of clients with substantial assets who want the benefits of leading their desired lifestyles without undue risk.

“Being independent allows us to make the right decisions for clients, without bias. Bitterroot Capital Advisors does not invest or manage client funds.”

Our clients are unique and, as a result, the solutions we provide are custom-tailored. Our core capabilities can provide the peace of mind to allow you to protect and grow your wealth without hindering your lifestyle.

We are confidential, international and comprehensive. We are a registered investment advisor regulated by the S.E.C. in the United States, and the O.S.C. in Canada.

We provide advice, service and strategy, but do not offer money management, which eliminates an important conflict of interest. Our only interest is your wellbeing. And to help you get there, we provide the best possible advice. We call it unconditional advice.

Approach

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We work with people who desire and can benefit from our singular approach. From this potential group, we select those with whom we can develop lasting relationships. We look for people who want us to protect their wealth without hindering their lifestyle. We have no prescribed minimum asset size, however client resources should economically justify the customized, personal attention that we provide.

“With a handful of select private clients, BCA’s very personalized—and exclusive—services are not for everyone. We are fully accountable and believe in applying judgment to produce results, not promises.”


We provide exquisitely tailored service, but we differentiate ourselves by providing unparalleled advice. We have a diverse team, with complementary areas of expertise that enables us to provide a comprehensive range of services, pursue worldwide investment opportunities, solve problems and get results.

When you work with us, you have the power of the team and the ongoing attention of our senior-level executives. We are experts at integrating the advice of other specialists, such as tax, legal and banking, into our strategies—whether such advice is from existing relationships or from those whose expertise we might recommend as a complement. To this mix we add best-in-class investment managers.

Either way, we have the expertise and wisdom to provide the best advice possible.

We avoid real or perceived conflicts of interest. We do not manage money, nor do we have affiliations with fund managers or brokers. We do not accept commissions, rebates or consideration from third parties.

Our income comes directly from fees. We exist so that our clients are well informed and their financial futures are wisely protected. We are fully accountable and believe in applying judgment to produce results, not promises.

Our Team

Andrew S. Martzloff

Managing Director & Founder

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Andrew S. Martzloff

Managing Director & Founder

Andrew S. Martzloff founded Bitterroot Capital Advisors, in 1998, as an independent financial advisory firm dedicated to providing comprehensive, personalized financial advice and service to a select group of private clients worldwide.

Andrew has built an organization and culture that is unsurpassed in client service and results.

Before founding Bitterroot Capital, Andrew spent more than ten years advising public and private corporations as an investment banker with Alex. Brown & Sons in San Francisco, and Morgan Stanley & Co. in New York.

Andrew earned his BA with Distinction, and Honors in Economics, from Stanford University and an MBA from Dartmouth’s Amos Tuck School, where he was named an Edward Tuck Scholar.

Bitterroot Capital

William J. Powers

Chief Compliance Officer

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William J. Powers

Chief Compliance Officer

William J. Powers, MBA, CPA, joined Bitterroot Capital Advisors in 2011. Bill has extensive financial and operational experience and held such executive positions as Managing Director, Chief Operating Officer, Chief Compliance Officer and Chief Financial Officer at Hall Capital (2000-2007) in San Francisco and Managing Director and Chief Financial Officer with C.M. Capital (2007-2009).

Bill earned his BS in Economics from St. Mary’s College and MBA in Accounting from Golden Gate University.

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Eric W. Flynn

Principal

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Eric W. Flynn

Principal

Eric W. Flynn, CFA and CPA (inactive), joined Bitterroot Capital in May 2002. Prior to joining Bitterroot he worked as a tax intern for Arthur Andersen.

Eric earned his BS in Accounting and Masters of Professional Accountancy, both with Highest Honors, from Montana State University.

Francis M. Chu

Senior Investment Analyst

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Francis M. Chu

Senior Investment Analyst

Francis M. Chu, CFA, CPA, joined Bitterroot Capital Advisors in 2012. Francis has more than 15 years of investment experience. Prior to joining Bitterroot, Francis was Head of Research and Co-Portfolio Manager at Muirfield Capital Management and was also Head of Relative Value Strategies at Ivy Asset Management, both in New York City. Francis began his career at Goldman Sachs and Arthur Andersen.

Francis graduated Magna Cum Laude from NYU.

Nathan R. Tewson

Portfolio Analyst

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Nathan R. Tewson

Portfolio Analyst

Nathan R. Tewson joined Bitterroot Capital Advisors in July of 2013, after over ten years of experience in the finance industry as a Business Analyst and Commercial Lender for American Bank. In addition to performing accounting and analytics for client portfolios, Nathan conducts research on investment managers and markets.

Nathan received a BS, with concentration in Finance, from Montana State University and recently completed graduate level coursework through the University of Washington’s Department of Applied Mathematics where he earned a Graduate Certificate in Computational Finance.

Carrie P. Chestnut

Portfolio Analyst

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Carrie P. Chestnut

Portfolio Analyst

Carrie P. Chestnut, CFA, joined Bitterroot Capital Advisors in 2017. Prior to joining Bitterroot, she worked as a Portfolio Manager at Capital Guardian Trust Company in Los Angeles and as a Financial Analyst at Right Now Technologies (now part of Oracle) in Bozeman. Carrie manages analytics, accounting and reporting for client portfolios and works with our clients as part of BCA’s client services team.

Carrie earned a BS in Business from Montana State University.

Elyse V. Finnegan

Portfolio Analyst

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Elyse V. Finnegan

Portfolio Analyst

Elyse V. Finnegan joined Bitterroot Capital Advisors in 2018. Prior to joining Bitterroot, she worked as an Experienced Associate for PricewaterhouseCoopers in San Francisco. Elyse manages analytics, accounting and reporting for client portfolios and works with our clients as part of BCA’s client services team.

Elyse earned a BS in Accounting from the University of Montana.

Our Services

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Since none of our clients have the same needs, we do not have a one-size-fits-all menu of services. We strive, however, to give all of our clients peace of mind.

“We offer unconditional advice and the highest level of service.”

To achieve that, we customize our services to fit your needs. Naturally, there are some areas where most clients seek our advice and involvement. These include:

  • Developing financial goals and asset allocation targets
  • Setting realistic investment, spending and other plans
  • Developing and implementing practical strategies for achieving those goals
  • Identifying, evaluating, recommending and monitoring third-party investment managers and direct investments
  • Incorporating income tax considerations with investment strategies to enhance net client benefits
  • Reporting on consolidated investment performance, asset values and exposure across all holdings, accounts, entities, classes and currencies
  • Evaluating and managing portfolio liquidity
  • Developing risk management strategies

Some clients ask us to help in other ways:

  • Devising and executing strategies related to concentrated/restricted equity positions, including managing risks associated with such positions
  • Acting as trustee or trust protector
  • Structuring/negotiating capital markets transactions and private investment placements
  • Addressing other issues, including unusual and unique financial matters

In delivering our services, we are not compensated by any third parties. We work only for you.

News

RIA Rankings 2018

Financial Advisor • July 5, 2018
Bitterroot Capital Advisors is ranked #22 in the Top 50 Fastest-Growing Firms, in the Financial Advisor magazine survey and ranking of Registered Investment Advisors in the US. Click here for the full rankings online.

 

Top Financial Advisors 2018

Financial Times • June 28, 2018
Bitterroot Capital is pleased to announce it has been named to the 2018 edition of the Financial Times 300 Top Registered Investment Advisers. The list recognizes top independent RIA firms from across the U.S. This is the fifth annual FT 300 list. Click here to read more.

 

Biggest RIA Gainers 2018

Investment News • June 9, 2018
Bitterroot Capital has grown significantly in the past year, now ranking 11th fastest growing among $1B+ fee-only RIAs. Investment News ranked fee-only RIAs by year-over-year growth in total assets.
Click here to read the full rankings.

 

CFA Society Spokane Global Society Excellence Award

May 16, 2018
CFA Society Spokane has been recognized by CFA Institute as the 2017 recipient of the Most Outstanding Society with less than 110 Members at its annual conference in Hong Kong. The award recognises the work and dedication shown by the society in serving its members and the investment profession. “We are honoured to receive the Most Outstanding Society award this year,” said Eric Flynn, President of CFA Society Spokane. “As a member society of CFA Institute, we are dedicated in our efforts help build the next generation of investment professionals, to serve our members and promote the highest standards of ethics, education, and professional excellence. We are proud of the recognition shown by CFA Institute for our commitment to supporting the organisation’s mission.” Learn more about the CFA Institute and CFA Society Spokane.

 

CFA Society Spokane Annual Dinner

March 8, 2018
Eric Flynn, CFA hosted the annual CFA Society Spokane forecast dinner in Bozeman, MT on March 8th bringing together financial professionals from all across the region to listen to Paul Smith, CFA (President and CEO, CFA Institute), Carol Schleif, CFA (Deputy CIO, Abbot Downing), and Nick Krsnich (CIO, JMN Investment Management). Learn more about the CFA Institute and CFA Society Spokane.

 

Click here to read the News Archive, for news older than six months.

Contact Us

We are not for everyone and we are proud of that distinction. We look for a select group of individuals whose financial position and personal preferences enable them to thrive while working with us. If you have questions, please call or email us to set up a confidential exploratory consultation.

Bitterroot Capital Advisors, LLC
118 East Main Street
Bozeman, Montana 59715

Phone: +1 406.556.8200
Fax: +1 406.556.8203
eric@bitterrootcapital.com

Bitterroot Capital