We are an independent, privately-owned firm of financial advisors, free from the influence of third parties

We provide a broad range of institutional-quality capital advisory and wealth management solutions to select private clients worldwide. We solve and manage financial issues for individuals, families and their family offices, most of whom have created substantial wealth.

We are an independent, privately-owned firm of financial advisors, free from the influence of third parties

We provide a broad range of institutional-quality capital advisory and wealth management solutions to select private clients worldwide. We solve and manage financial issues for individuals, families and their family offices, most of whom have created substantial wealth.

Our mission

To protect our clients’ financial futures

Our promise

To do so by providing unconditional advice

Our principles

We believe certain business principles and practices enhance the value of our services

  • Solve client problems

    As fiduciaries, we take a multi-disciplinary approach and adjust the scope of our services as needed.

  • Address the big picture by maintaining 360-degree visibility

    When building global portfolios across all asset types, we view comprehensive client investments and needs.

  • Target long-term results

    We deliver advice for the long-term, then measure results accordingly.

  • Maintain independence & objectivity at all times

    We avoid conflicts caused by being both referee and player, separating our role as advisors from the portfolio managers we recommend that are then retained by our clients.

Our principles

We believe certain business principles and practices enhance the value of our services

  • Solve client problems

    As fiduciaries, we take a multi-disciplinary approach and adjust the scope of our services as needed.

  • Address the big picture by maintaining 360-degree visibility

    When building global portfolios across all asset types, we view comprehensive client investments and needs.

  • Target long-term results

    We deliver advice for the long-term, then measure results accordingly.

  • Maintain independence & objectivity at all times

    We avoid conflicts caused by being both referee and player, separating our role as advisors from the portfolio managers we recommend that are then retained by our clients.

We are completely independent with access to the best-in-class strategies and managers across the globe.

Managing Director, Principal & Founder

Andrew S. Martzloff

Principal & Chief Compliance Officer

William J. Powers

Principal & Client Advisor

Carl W. Gardiner

Chief Investment Officer

Sid Nadkarni

Head of Client Operations

Carrie P. Chestnut

Head of Finance and Operations

John E. Galt

Portfolio Analyst

Brendan Ulvin

Portfolio Analyst

Seth Colella

Managing Director, Principal & Founder

Andrew S. Martzloff

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.

BA (with Distinction) and Economics (with Honors):Stanford University

MBA (named Edward Tuck Scholar):Dartmouth’s Tuck School of Business

Principal & Chief Compliance Officer

William J. Powers

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).

MBA Accounting:Golden Gate University

BS Economics:St. Mary’s College

Principal & Client Advisor

Carl W. Gardiner

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.

MA International Economics:Johns Hopkins University

BA with High Honors, Government:University of Virginia

Chief Investment Officer

Sid Nadkarni

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.

MBA with Distinction:Harvard Business School

BS Commerce:University of Virginia

Head of Client Operations

Carrie P. Chestnut

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.

BS Business:Montana State University

Head of Finance and Operations

John E. Galt

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.

Masters of Accountancy:Rocky Mountain College

BS Business Management:Rocky Mountain College

Portfolio Analyst

Brendan Ulvin

Brendan joined BCA in 2023 as a Portfolio Analyst after graduating with a major in Finance and a minor in Accounting from Montana State University.  During his university years, Brendan also worked in financial operations and customer service for a local business.

A native of Norway and fluent in multiple languages, Brendan is now part of our client services team responsible for accounting and reporting related to various client portfolios, processing private investment subscriptions, and financial analyses. 

BS Finance:Montana State University

Portfolio Analyst

Seth Colella

Seth Colella joined BCA as a Portfolio Analyst in 2023.  As an undergraduate student, Seth financed his education by working in financial management, customer service and marketing for a local business.  Immediately before joining our firm, he graduated with a BS, summa cum laude, from Montana State University where he majored in Finance.

A native of Bozeman, MT, Seth is now part of our client services team and is responsible for accounting and reporting for various client portfolios, processing private investment subscriptions, and financial analyses. 

BS Finance:Montana State University

We apply our specialized expertise to ensure our clients are well informed as we help protect their financial futures

20+ year record of successful performance

We bring a 20+ year record of successful professional performance in solving investment and other financial problems and issues for sophisticated private clients.

Extensive knowledge and relationships

We have 150+ years of combined experience across wealth advisory, investment management and investment banking.

Comprehensive Advice

We are experts at integrating the advice of other specialists – such as tax, legal & banking – from clients’ or our networks as needed, to develop comprehensive solutions to achieve clients’ objectives.

International Reach

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 apply our specialized expertise to ensure our clients are well informed as we help protect their financial futures

20+ year record of successful performance

We bring a 20+ year record of successful professional performance in solving investment and other financial problems and issues for sophisticated private clients.

Comprehensive Advice

We are experts at integrating the advice of other specialists – such as tax, legal & banking – from clients’ or our networks as needed, to develop comprehensive solutions to achieve clients’ objectives.

Extensive knowledge and relationships

We have 150+ years of combined experience across wealth advisory, investment management and investment banking.

International Reach

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.