About Us

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Bitterroot Capital Advisors, LLC (“BCA”) is a selective financial advisory firm. We serve a small group of private client families with substantial assets. Our clients seek planning and execution services for the long term to support their needs today and their investment goals for the future.

“Being independent allows us to make the right decisions for clients – without bias. To do so, we define our role as advisors as designing custom global portfolios across asset classes. To construct these portfolios, we identify, recommend and monitor best-in-class investment strategies from around the world.”

We solve problems. Each of our clients is unique, and as a result, the solutions we develop and deliver are custom-tailored. Our core investment and financial expertise can provide peace of mind to our clients, as they are confident their specific circumstances and needs are the starting point for a plan.

BCA is confidential, international and comprehensive in scope. Registered as investment advisors in the United States (with the SEC) and in Canada, we serve clients in several countries, without a home-country bias.

We provide advice, strategy, solutions and service.  But we do not ourselves manage portfolios of individual stocks or bonds or other securities for clients, eliminating a common source of conflicts of interest.  Our sole focus is our clients’ well-being.  Our core promise is to provide unconditional advice – informed, objective and independent – that’s solely in our clients’ best interests.

Approach

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We work with people who desire and can benefit from our singular approach. We look for those who want us to protect their wealth while supporting their lifestyle and charitable interests. BCA has no prescribed minimum asset size; however, client resources should economically justify the customized, experienced, personal attention we provide. From this potential group, we select those with whom we can develop lasting relationships.

“With a handful of select private clients, BCA’s very personalized 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, multi-disciplinary advice. We have a diverse team, with complementary areas of expertise that enables us to solve problems, pursue worldwide investment opportunities, provide a comprehensive range of services and deliver results.


When working with BCA, clients have the ongoing attention of our senior-level executives and the power of the entire team. We are experts at integrating the advice of other specialists – such as tax, legal and banking – into our solutions, whether such advice comes from existing client relationships or from those whose expertise we might recommend to complement existing resources and networks.

Either way, we have the expertise and wisdom to source, select and coordinate the best advice possible. And to this mix we add best-in-class investment managers from around the globe.

We avoid real or perceived conflicts of interest by delegating management of individual investment strategies to a broad collection of world-class managers, each selected for its specific expertise and the unique role its strategy may serve in a client portfolio.  We do not accept commissions, rebates or consideration from these managers or any third parties.

Our income comes solely from fees paid directly by our clients. Our role is to ensure 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, Principal & Founder

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Andrew S. Martzloff

Managing Director, Principal & 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. He 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 Tuck School of Business, where he was named an Edward Tuck Scholar.

William J. Powers

Principal & Chief Compliance Officer

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William J. Powers

Principal & 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 CM Capital (2007-2009).

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

Carl W. Gardiner

Principal & Client Advisor

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Carl W. Gardiner

Principal & Client Advisor

Carl W. Gardiner, CFA joined Bitterroot Capital Advisors in 2019 to provide multi-disciplinary financial and investment advice to BCA’s select group of private clients. Carl applies his unusual mix of transactional, fundamental and quantitative skills to BCA clients’ unique situations when developing unconditional advice and solutions that help simplify the complex.

Before joining BCA, Carl spent 18 years as an investment analyst and portfolio manager at Schafer Cullen Capital Management and Copper Arch Capital in New York City. Before that, he spent nine years as an investment banker with Merrill Lynch & Co. in New York and London, where he advised corporate clients on mergers & acquisitions and financings, including several landmark transactions.

Carl earned a BA with High Honors in Government from the University of Virginia and a MA in International Economics from Johns Hopkins University. He is a CFA charterholder.

Sid Nadkarni

Chief Investment Officer

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Sid Nadkarni

Chief Investment Officer

Sid Nadkarni joined Bitterroot Capital Advisors in 2019 with more than 16 years’ experience in the investment management business. Before joining Bitterroot, Sid was Senior Portfolio Manager with the Abu Dhabi Investment Authority (UAE’s sovereign wealth fund) and previously held a similar position and title for Shell Asset Management in the Netherlands. Sid began his career as an investment banker with Arthur Andersen in Virginia and then later at Lehman Brothers in New York City.

Sid received his BS in Commerce from the University of Virginia and MBA with Distinction from Harvard Business School.

Carrie P. Chestnut

Head of Client Operations

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Carrie P. Chestnut

Head of Client Operations

Carrie P. Chestnut, CFA, joined Bitterroot Capital Advisors in 2017. Prior to joining BCA, 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. She is a CFA charterholder.

John E. Galt

Head of Finance and Operations

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John E. Galt

Head of Finance and Operations

John E. Galt, CPA, joined BCA in 2019. Before joining Bitterroot, John was with major regional public accounting firm Eide Bailly LLP for eight years, most recently as Tax Manager. In that role, he worked primarily on income tax and estate & trust matters for individual and corporate clients while also advising on succession and financial planning and IRS response consultations.

John earned his BS in Business Management and a Masters of Accountancy from Rocky Mountain College.

Nathan R. Tewson

Portfolio Analyst

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Nathan R. Tewson

Portfolio Analyst

Nathan R. Tewson joined Bitterroot Capital Advisors in 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 as part of our client services team, Nathan conducts research on investment managers and markets.

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

Nick Dumford

Portfolio Analyst

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Nick Dumford

Portfolio Analyst

Nicholas Dumford, CPA, joined Bitterroot Capital Advisors in 2021.  Before joining Bitterroot, Nick practiced tax in the greater Denver area at RSM US LLP, an international public accounting firm.  Most of his four years of tax experience were within the financial services industry where he specialized in flow-through entities.

Nick received his BS in Business Administration with concentrations in Accounting and Financial Planning from Colorado State University.

Ashlee Buller

Portfolio Analyst

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Ashlee Buller

Portfolio Analyst

Ashlee Buller began working with BCA in 2020.  She is now a Portfolio Analyst, performing analytics, portfolio accounting and client reporting as part of our client services team.

Ashlee received a BS in Business with a concentration in Finance and is nearing completion of her Masters of Professional Accountancy, both from Montana State University.

Our Services

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As none of our clients has precisely the same needs, we do not have a one-size-fits-all menu of services. We strive, however, to provide peace of mind for all of our clients.

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



We customize the scope and depth of our services to fit client 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, cash flow and other plans
  • Developing and implementing practical strategies for achieving those goals
  • Building portfolios that improve forward-looking risk-adjusted investment returns
  • 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, asset classes and currencies
  • Evaluating and managing portfolio liquidity
  • Developing risk management strategies

News

Top Financial Advisors 2019

Financial Times • June 27, 2019
Bitterroot Capital is pleased to announce it has been named to the 2019 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 sixth annual FT 300 list.
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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.
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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.
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.
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Contact Us

BCA is not for everyone – and we are proud of that distinction. We look for a select group of individuals (and their entities) whose financial position and preferences enable them to thrive while working with us.

We welcome your interest. Please call or email us to set up a confidential exploratory consultation. Founded in San Francisco, our headquarters has been based in Bozeman, Montana since 2000.

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

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

Bitterroot Capital