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RIA / WealthRegistered adviserindependent wealth managerSEC registeredRAUM 1b 10b

BITTERROOT CAPITAL ADVISORS LLC

CRD 109088

BOZEMAN, MT

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:08e3cd86-bb66-e6a5-b298-7a24bf2c4390

Data as of Aug 24, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 5:56 AM UTC and rebuilt at most every 15 minutes.

Relationships: 6
Dated events: 3
On other graphs: 0
Observed: Mar 30, 2012 to Aug 24, 2026
23 observations

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Firm class: independent wealth managerderivedprivate_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=1.0
Regulatory AUM: $1.8BItem 5.F on the latest filing (2026-08-24); as reported, and an affiliate's assets may be counted again on its own filing
Discretionary RAUM: $254M
Private client RAUM: $1.8BderivedItem 5.D individuals plus high net worth individuals
Private client share: 100%derivedprivate client RAUM over total RAUM
Advisors on IAPD: 2
RAUM per advisor: $890Mderivedthe firm's RAUM over its IAPD headcount: a firm average, never a person's book
Employees: 7
Advisory employees: 7
Offices: 0Schedule D 1.F, beyond the principal office
Accounts: 15
High net worth clients: 20
SEC number: 801-58029
CRD: 109088
Filings on the tape: 23
First filed: Mar 30, 2012
Latest filed: Aug 24, 2026
Organised: Limited Liability Company, DE
Website: bitterrootcapital.com

Advisors on IAPD

current investment adviser representatives on the IAPD individual feed, longest tenure first

Advisor	Designations	Branch	Years here	In industry	Prior firms	Dual registered
ANDREW STEWART MARTZLOFF	n/a	BOZEMAN, MT	22	27	n/a	no
Keith A Gertsen	n/a	Boca Raton, FL \| BOZEMAN, MT	0	25	1	no

Owners and control persons

Schedule A and B as filed; ownership codes are the form's bands (NA under 5%, A 5 to 10%, B 10 to 25%, C 25 to 50%, D 50 to 75%, E over 75%); people are listed as filed and never merged by name

Owner	Title	Ownership code	Control person	Acquired	First seen	Last seen
GARDINER, CARL, WADE	Member	C	yes	01/2021	Mar 26, 2021	Mar 5, 2024
MARTZLOFF, ANDREW, STEWART	MANAGING MEMBER	D	yes	01/1999	Mar 30, 2012	Mar 5, 2024
POWERS, WILLIAM, JOSEPH	MEMBER AND CHIEF COMPLIANCE OFFICER	B	no	01/2011	Mar 30, 2012	Mar 5, 2024

Regulatory AUM by fiscal year

annual amendments (and the roster's annual snapshot) as filed; where a year was amended twice the later filing draws the line; showing 15 of 16

Fiscal year	Filed	RAUM	Discretionary	Employees	Advisory staff	Offices	Private funds	Fund GAV
2025	Apr 30, 2026	$1.8B	$254M	7	7	0	n/a	n/a
2024	Mar 28, 2025	$1.5B	$292M	8	8	0	n/a	n/a
2023	Mar 4, 2024	$1.5B	$366M	8	8	0	n/a	n/a
2022	Mar 10, 2023	$1.2B	$97.5M	8	8	0	n/a	n/a
2021	Mar 30, 2022	$1.2B	$107M	8	8	0	n/a	n/a
2020	Mar 26, 2021	$1.1B	$42.5M	7	7	0	n/a	n/a
2019	Mar 30, 2020	$935M	$33.2M	7	7	0	n/a	n/a
2018	Apr 10, 2019	$996M	$119M	8	8	1	n/a	n/a
2017	Mar 27, 2018	$1.1B	$107M	6	6	1	n/a	n/a
2016	Mar 27, 2017	$677M	$54.7M	6	6	n/a	n/a	n/a
2015	Mar 29, 2016	$565M	$91.8M	6	6	n/a	n/a	n/a
2014	Mar 26, 2015	$592M	$65.6M	6	5	n/a	n/a	n/a
2013	Mar 27, 2014	$664M	$78.1M	6	5	n/a	n/a	n/a
2012	Mar 28, 2013	$662M	$59.3M	6	3	n/a	n/a	n/a
2011	Mar 30, 2012	$685M	$82.4M	n/a	n/a	n/a	n/a	n/a

Advisor flows

derived: registrations beginning and ending at this CRD on IAPD, bulk corporate re-registrations excluded; the rate is departures over IAPD headcount

Joined, 12m	Left, 12m	Net, 12m	Departure rate, 12m	Joined, 90d	Left, 90d	Left, no destination yet	Joined, 36m	Left, 36m
1	1	0	50.0%	0	0	0	1	1

Growth

derived from consecutive annual filings; RAUM as reported

Latest fiscal year	RAUM	A year earlier	1y change	Three years earlier	3y CAGR	Employees	A year earlier	Offices	A year earlier
2025	$1.8B	$1.5B	22.5%	$1.2B	13.2%	7	8	0	0

Relationships

Registered with (3)

← Keith A GertsenAdvisorregistration: current employment
May 22, 2026 to presentfactForm ADV
← ANDREW STEWART MARTZLOFFAdvisorregistration: current employment
Aug 11, 2004 to presentfactForm ADV
← CARL WADE GARDINERAdvisorregistration: previous registration
Oct 5, 2022 to May 14, 2026factForm ADV

Controls (2)

← GARDINER, CARL, WADEOwnerMEMBER, ownership code C, individual
Mar 26, 2021 to Mar 5, 2024factForm ADV
← MARTZLOFF, ANDREW, STEWARTOwnerMANAGING MEMBER, ownership code D, individual
Mar 30, 2012 to Mar 5, 2024factForm ADV

Owns (1)

← POWERS, WILLIAM, JOSEPHOwnerMEMBER AND CHIEF COMPLIANCE OFFICER, ownership code B, individual
Mar 30, 2012 to Mar 5, 2024factForm ADV

Dated events

Occurred
May 14, 2026
Advisor changed firm
Carl Wade Gardiner left Bitterroot Capital Advisors Llc for A&M Private Wealth Partners, Llc (registered 2026-04-10)
Form ADVobserved 5 days ago
Occurred
Mar 26, 2021
Control person joined
Wade Carl Gardiner (Shareholder) appeared on Schedule A of Bitterroot Capital Advisors Llc
Form ADVobserved 5 days ago
Occurred
Mar 27, 2018
Regulatory AUM changed
Bitterroot Capital Advisors Llc reported RAUM $1.1B, up 60% from $677.4M (2017-03-27 to 2018-03-27)
Form ADVobserved 5 days ago
$406M

Provenance

Graph: RIA / Wealth Management
Canonical id: dfx:ria:08e3cd86-bb66-e6a5-b298-7a24bf2c4390
First observed: Mar 30, 2012
Last observed: Aug 24, 2026 27 days ago
Source families: Federal regulator filings
3 registered feeds stand behind this record; each fact above carries its own dates and, where the publisher serves one, its document.
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

BITTERROOT CAPITAL ADVISORS LLC

CRD 109088

BOZEMAN, MT

This is the graph view. The full profile, with its team, deals and sources, is on RIA / Wealth Management.Open the full profile →

Search this name across graphsid dfx:ria:08e3cd86-bb66-e6a5-b298-7a24bf2c4390

Data as of Aug 24, 2026 (this record's last observation) from federal regulator filings. Page built Sep 20, 2026, 5:56 AM UTC and rebuilt at most every 15 minutes.

Advisor

Designations

Branch

Years here

In industry

Prior firms

Dual registered

ANDREW STEWART MARTZLOFF

n/a

BOZEMAN, MT

n/a

Keith A Gertsen

n/a

Boca Raton, FL | BOZEMAN, MT

Owner

Title

Ownership code

Control person

Acquired

First seen

Last seen

GARDINER, CARL, WADE

Member

yes

01/2021

Mar 26, 2021

Mar 5, 2024

MARTZLOFF, ANDREW, STEWART

MANAGING MEMBER

yes

01/1999

Mar 30, 2012

Mar 5, 2024

POWERS, WILLIAM, JOSEPH

MEMBER AND CHIEF COMPLIANCE OFFICER

01/2011

Mar 30, 2012

Mar 5, 2024

Fiscal year

Filed

RAUM

Discretionary

Employees

Advisory staff

Offices

Private funds

Fund GAV

2025

Apr 30, 2026

$1.8B

$254M

n/a

2024

Mar 28, 2025

$1.5B

$292M

n/a

2023

Mar 4, 2024

$1.5B

$366M

n/a

2022

Mar 10, 2023

$1.2B

$97.5M

n/a

2021

Mar 30, 2022

$1.2B

$107M

n/a

2020

Mar 26, 2021

$1.1B

$42.5M

n/a

2019

Mar 30, 2020

$935M

$33.2M

n/a

2018

Apr 10, 2019

$996M

$119M

n/a

2017

Mar 27, 2018

$1.1B

$107M

n/a

2016

Mar 27, 2017

$677M

$54.7M

n/a

2015

Mar 29, 2016

$565M

$91.8M

n/a

2014

Mar 26, 2015

$592M

$65.6M

n/a

2013

Mar 27, 2014

$664M

$78.1M

n/a

2012

Mar 28, 2013

$662M

$59.3M

n/a

2011

Mar 30, 2012

$685M

$82.4M

n/a

Joined, 12m

Left, 12m

Net, 12m

Departure rate, 12m

Joined, 90d

Left, 90d

Left, no destination yet

Joined, 36m

Left, 36m

50.0%

Latest fiscal year

RAUM

A year earlier

1y change

Three years earlier

3y CAGR

Employees

A year earlier

Offices

A year earlier

2025

$1.8B

$1.5B

22.5%

$1.2B

13.2%