Capstone Financial Advisors provides financial planning, portfolio management for individuals and small businesses, pension consulting, selecting other managers, education planning, estate planning, insurance, tax planning, and tax preparation. Financial planning was provided to 500 clients last fiscal year.
Capstone Financial Advisors reports 1,072 clients. They include 692 individual clients, 376 high-net-worth individuals, and 4 pension and profit-sharing plans. Of its assets, 99.7% ($2.86B across 4,164 accounts) are managed with discretion; $7.92M across 9 accounts are not. It advised 6 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 65% | 9% |
| High-net-worth individuals | 35% | 90% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | Fewer than 5 | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 692 | $264M | 9.2% | $381K |
| High-net-worth individuals | 376 | $2.59B | 90.5% | $6.9M |
| Pension and profit-sharing plans | 4 | $7.11M | 0.2% | $1.78M |
| Charitable organizations | Fewer than 5 | $3.18M | 0.1% | — |
| Total | 1,072 | $2.87B | 100% | — |
- Clients
- 692
- Regulatory AUM
- $264M
- AUM share
- 9.2%
- Avg. per client
- $381K
- Clients
- 376
- Regulatory AUM
- $2.59B
- AUM share
- 90.5%
- Avg. per client
- $6.9M
- Clients
- 4
- Regulatory AUM
- $7.11M
- AUM share
- 0.2%
- Avg. per client
- $1.78M
- Clients
- Fewer than 5
- Regulatory AUM
- $3.18M
- AUM share
- 0.1%
- Avg. per client
- —
Total
- Clients
- 1,072
- Regulatory AUM
- $2.87B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 6
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 500
Capstone Financial Advisors charges 0.50%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable. The brochure also prices 2 other services, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$2M | 1.00% |
| $2M–$4M | 0.75% |
| $4M–$6M | 0.60% |
| $6M and above | 0.50% |
Fee details and sources
Other fees
- Financial Planning Services
- Fixed fees generally range from $1,000 to $30,000 and hourly rates from $150 to $400, with a $6,000 minimum fee for financial planning.
- Tax Preparation
- Tax preparation fees vary with the complexity of the return and are agreed with the client before services are completed.
Troy Bute owns 25% to 50% of Capstone Financial Advisors. The leadership team of Capstone Financial Advisors includes President Troy Bute and Chief Compliance Officer Drew Ahrens. It has 30 employees, 25 of them in advisory roles.
Leadership
- Troy ButePresident/Director
- Drew AhrensChief Compliance Officer
- Richard MarksSecretary/Treasurer
- Jason TelfordDirector
- Brian NiksaShareholder
- Aldo VultaggioShareholder
Investment adviser representatives
18 representatives listed in the SEC register as of 9 October 2026.
- Troy E. Bute
- Matthew Christian De Stefano
- Michal Gicala
- Jeffrey Drew Hansen
- Sandra Lee Higgins
- John Timothy Koenig
- John Charles Kosik
- Jeremy Thomas Lorenz
- James Anthony Marquez
- Marisa Ann Marshall
- Kari Jean McKinley
- Ma Guadalupe Navarro
- Brian Michael Niksa
- Brian William Peterson
- Nicholas Stephen Reed
- Jason Dwain Telford
- Aldo Salvatore Vultaggio
- Robert John Wootton
Staff
- 30 employees
- 25 in advisory functions
- 16 state-registered reps
- 1 soliciting firm
- Owns 25% to 50% of Capstone Financial Advisors Inc
Troy Bute
Control person · since January 2018
- Owns 10% to 25% of Capstone Financial Advisors Inc
Jason Telford
Control person · since January 2018
- Owns 5% to 10% of Capstone Financial Advisors Inc
Richard Marks
Control person · since January 2018
- Owns 5% to 10% of Capstone Financial Advisors Inc
Brian Niksa
since January 2018
- Owns 5% to 10% of Capstone Financial Advisors Inc
Aldo Vultaggio
since January 2018
Capstone Financial Advisors’ regulatory assets grew 1.6× from $1.84B (March 2021) to $2.87B (March 2026); clients rose from 521 to 1,072 and employees from 28 to 30.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $2.87B | 1,072 | 30 | 2 |
| March 2025 | $2.44B | 906 | 30 | 2 |
| March 2024 | $2.12B | 668 | 31 | 1 |
| March 2023 | $1.82B | 628 | 25 | 1 |
| March 2022 | $2.1B | 566 | 27 | 1 |
| March 2021 | $1.84B | 521 | 28 | 1 |
Besides its headquarters, Capstone Financial Advisors has 1 office, with 2 listed addresses in Illinois and Tennessee.
Illinois · 1 listed address
- 2001 Butterfield Road, Suite 1750, Downers GroveHQ
Tennessee · 1 listed address
- 8 Cadillac Drive, Brentwood
Contact and registration details
- Legal name
- Capstone Financial Advisors Inc
- Headquarters
- 2001 Butterfield Road, Suite 1750, Downers Grove, IL 60515
- Website
- capstone-advisors.com
- Phone
- 630-241-0833
- SEC file
- 801-56979
- Founded
- 1999
- Structure
- Illinois corporation
- Fiscal year end
- December
Capstone Financial Advisors uses Charles Schwab ($2.86B) as custodian for its separately managed accounts. Capstone Financial Advisors has custody of $281M in client assets for 501 clients.
- Charles SchwabCharles Schwab & Co., Inc. · West Lake, TX · $2.86B100%
At year end, Capstone Financial Advisors’ separately managed accounts were mostly in funds (88%). Its reported 13F holdings for the quarter ended 30 June 2026 total $2.05B across 192 positions; the largest are Vanguard Index Fds (17.8%), iShares TR (12.7%) and Dimensional ETF Trust (12.0%).
What the accounts hold
- Stocks9%
- Exchange-traded equities8%
- Non-exchange-traded equities1%
- Funds88%
- Bonds2%
- U.S. government and agency bonds1%
- State and local bonds1%
- Cash1%
Reported 13F holdings
- $2.05B
- Reported 13F value
- 192
- Positions
- 74.5%
- In the 10 largest
- +10.5%
- Value vs. prior quarter
- Vanguard Index Fds · Total Stk Mkt17.8%
- iShares TR · Rus 1000 ETF12.7%
- Dimensional ETF Trust · US Cor Equ 2 ETF12.0%
- Flexshares TR · Stoxx Globr Inf7.3%
- Vanguard BD Index Fds · Total Bnd Mrkt6.6%
- Vanguard Star Fds · VG TL Intl Stk F4.8%
- iShares TR · Core MSCI Total4.2%
- Dimensional ETF Trust · World EX US Core3.7%
- iShares TR · Rus 1000 Grw ETF2.8%
- Vanguard Charlotte Fds · Total Int BD ETF2.7%
Together, the ten largest are 74.5% of reported value.
How many clients does Capstone Financial Advisors have?
Capstone Financial Advisors has 1,072 clients and manages $2.87 billion for them, as of March 2026. They include 692 individual clients, 376 high-net-worth individuals, and 4 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Capstone Financial Advisors offer?
Capstone Financial Advisors provides financial planning, portfolio management for individuals and small businesses, pension consulting, selecting other managers, education planning, estate planning, insurance, tax planning, and tax preparation.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Capstone Financial Advisors charge?
Capstone Financial Advisors charges 0.50%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Source: CAPSTONE FORM ADV PART 2 DATED 3-31-26, filed 31 March 2026
Which custodians does Capstone Financial Advisors use?
Capstone Financial Advisors’ separately managed account assets are held at Charles Schwab & Co., Inc. (West Lake, TX), with $2.86B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Capstone Financial Advisors have?
Capstone Financial Advisors has 16 investment adviser representatives registered with state securities authorities, out of 30 employees, and 25 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Capstone Financial Advisors invest in?
At the end of its last fiscal year, Capstone Financial Advisors’ separately managed accounts held 88% registered funds (mutual funds, ETFs, BDCs), 8% exchange-traded equities, 1% non-exchange-traded equities, 1% U.S. government and agency bonds, 1% state and local bonds and 1% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Capstone Financial Advisors?
Capstone Financial Advisors’ direct owners are Troy Bute, Richard Marks, Jason Telford, Brian Niksa and Aldo Vultaggio, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Capstone Financial Advisors get paid?
Capstone Financial Advisors is paid through a percentage of assets under management, hourly charges, fixed fees and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Capstone Financial Advisors registered with the SEC?
Yes, Capstone Financial Advisors has been registered with the SEC as an investment adviser since 16 November 1999. Its CRD number is 109341 and its SEC file number is 801-56979.
Source: Form ADV Part 1A, Item 1, filed 31 March 2026; IAPD firm record
How do I contact Capstone Financial Advisors?
Capstone Financial Advisors’ main office is at 2001 Butterfield Road, Suite 1750, Downers Grove, IL 60515. Its phone number is 630-241-0833. Its website is capstone-advisors.com.