Cherry Tree Wealth Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, estate planning, insurance, and tax planning. Financial planning was provided to 251–500 clients last fiscal year.
Cherry Tree Wealth Management reports 334 clients. They include 266 individual clients, 33 charitable organizations and 27 high-net-worth individuals. Of its assets, 95.5% ($643M across 1,094 accounts) are managed with discretion; $30.3M across 7 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 80% | 55% |
| High-net-worth individuals | 8% | 39% |
| Pension and profit-sharing plans | 2% | 4% |
| Charitable organizations | 10% | 1% |
| State or municipal government entities | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 266 | $370M | 54.9% | $1.39M |
| High-net-worth individuals | 27 | $265M | 39.3% | $9.8M |
| Pension and profit-sharing plans | 7 | $30.3M | 4.5% | $4.32M |
| Charitable organizations | 33 | $6.83M | 1.0% | $207K |
| State or municipal government entities | 1 | $2.07M | 0.3% | $2.07M |
| Total | 334 | $673M | 100% | $2.02M |
- Clients
- 266
- Regulatory AUM
- $370M
- AUM share
- 54.9%
- Avg. per client
- $1.39M
- Clients
- 27
- Regulatory AUM
- $265M
- AUM share
- 39.3%
- Avg. per client
- $9.8M
- Clients
- 7
- Regulatory AUM
- $30.3M
- AUM share
- 4.5%
- Avg. per client
- $4.32M
- Clients
- 33
- Regulatory AUM
- $6.83M
- AUM share
- 1.0%
- Avg. per client
- $207K
- Clients
- 1
- Regulatory AUM
- $2.07M
- AUM share
- 0.3%
- Avg. per client
- $2.07M
Total
- Clients
- 334
- Regulatory AUM
- $673M
- AUM share
- 100%
- Avg. per client
- $2.02M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
Cherry Tree Wealth Management charges 0.32%–1.00% a year for its Portfolio Management Service. The fee is billed in advance and is negotiable. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Employee Benefit Retirement Plan Consulting
- Retirement plan consulting fees typically range from 0.25% to 0.65% of assets under management, billed quarterly in advance, with $500,000 generally required.
- Financial Planning
- Financial planning fees depend on the complexity of the engagement and are agreed before contracting; clients are billed monthly in arrears on actual hours.
Adam Smith Companies, LLC owns 75% or more of Cherry Tree Wealth Management and is in turn owned by Anton Christianson (75% or more). The leadership team of Cherry Tree Wealth Management includes President Conner Kolodge, Chief Investment Officer John O'Connor and Chief Financial Officer Jane Bortnem. It has 12 employees, 9 of them in advisory roles.
Leadership
Conner KolodgeInvestment Advisor and President- Jane BortnemChief Financial Officer, Treasurer, Secretary & Chief Compliance Officer
- Anton ChristiansonChairman
- Kevin O'ConnorEmeritus Wealth Strategist
John O'ConnorChief Investment Officer and Investment Advisor- Keith TufteInvestment Advisor
- Gordon StoferNon Managing Member
Investment adviser representatives
9 representatives listed in the SEC register as of 9 October 2026.
- Keith Norman Tufte
Staff
- 12 employees
- 9 in advisory functions
- 9 state-registered reps
- 3 broker-dealer reps
- 1 insurance agent
- Owns 75% or more of Cherry Tree Wealth Management, LLC
Adam Smith Companies, LLC
Control person · since July 2009
- Owns 75% or more of Adam Smith Companies, LLC
Anton Christianson
Control person · since March 1997
- Owns 5% to 10% of Cherry Tree Wealth Management, LLC
Gordon Stofer
Control person · since July 2009
Cherry Tree Wealth Management’s regulatory assets grew 1.6× from $421M (March 2021) to $673M (March 2026); clients rose from 307 to 334 and employees from 11 to 12. In 2012, Adam Smith Management joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $673M | 334 | 12 | 2 |
| March 2025 | $593M | 326 | 12 | 2 |
| July 2024 | $554M | 339 | 11 | 1 |
| March 2023 | $485M | 317 | 11 | 1 |
| March 2022 | $476M | 309 | 12 | 1 |
| March 2021 | $421M | 307 | 11 | 1 |
Firms that joined
20121 joined
- Adam Smith ManagementNo filed AUM
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Cherry Tree Wealth Management has 1 office, with 2 listed addresses in Michigan and Minnesota.
Michigan · 1 listed address
- 236 1/2 East Front Street, Traverse City
Minnesota · 1 listed address
- 301 Carlson Parkway, Suite 103, MinnetonkaHQ
Contact and registration details
- Legal name
- Cherry Tree Wealth Management, LLC
- Headquarters
- 301 Carlson Parkway, Suite 103, Minnetonka, MN 55305
- Website
- cherrytreewealth.com
- Phone
- 952-893-9012
- View profile
- SEC file
- 801-70554
- Founded
- 2009
- Structure
- Delaware LLC
- Fiscal year end
- December
Cherry Tree Wealth Management uses Charles Schwab ($435M, 69%) and Fidelity ($196M, 31%) as custodians for its separately managed accounts. Cherry Tree Wealth Management has custody of $68.4M in client assets for 49 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $435M69%
- FidelityNational Financial Services LLC · Boston, MA · $196M31%
At year end, Cherry Tree Wealth Management’s separately managed accounts were mostly in stocks (63%) and bonds (32%). Its reported 13F holdings for the quarter ended 31 March 2026 total $473M across 582 positions; the largest are SPDR Series Trust (4.6%), SPDR Series Trust (4.5%) and Vanguard BD Index Fds (4.4%).
What the accounts hold
- Stocks63%
- Bonds32%
- Investment grade corporate bonds27%
- U.S. government and agency bonds3%
- State and local bonds2%
- Cash5%
Reported 13F holdings
- $473M
- Reported 13F value
- 582
- Positions
- 35.7%
- In the 10 largest
- —
- Value vs. prior quarter
- SPDR Series Trust · State Street Spd4.6%
- SPDR Series Trust · State Street Spd4.5%
- Vanguard BD Index Fds · Total Bnd Mrkt4.4%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt4.1%
- Vanguard Index Fds · Value ETF3.9%
- iShares TR · Core S&P500 ETF3.3%
- Vanguard Whitehall Fds · High Div Yld2.9%
- SPDR Series Trust · State Street Spd2.8%
- Vanguard Index Fds · Small CP ETF2.7%
- Vanguard Index Fds · SM CP Val ETF2.6%
Together, the ten largest are 35.7% of reported value.
How many clients does Cherry Tree Wealth Management have?
Cherry Tree Wealth Management has 334 clients and manages $673 million for them, as of March 2026. They include 266 individual clients, 33 charitable organizations and 27 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Cherry Tree Wealth Management offer?
Cherry Tree Wealth Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, estate planning, insurance, and tax planning.
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 Cherry Tree Wealth Management charge?
Cherry Tree Wealth Management charges 0.32%–1.00% a year for its Portfolio Management Service. The fee is billed in advance and is negotiable.
Source: CHERRY TREE WEALTH MANAGEMENT MARCH 2026, filed 27 March 2026
Which custodians does Cherry Tree Wealth Management use?
Cherry Tree Wealth Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $435M and National Financial Services LLC (Boston, MA), with $196M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 March 2026
How many financial advisors does Cherry Tree Wealth Management have?
Cherry Tree Wealth Management has 9 investment adviser representatives registered with state securities authorities, out of 12 employees, and 9 perform investment advisory functions. 3 employees are registered representatives of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Cherry Tree Wealth Management invest in?
At the end of its last fiscal year, Cherry Tree Wealth Management’s separately managed accounts held 63% exchange-traded equities, 27% investment grade corporate bonds, 5% cash and equivalents, 3% U.S. government and agency bonds and 2% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Cherry Tree Wealth Management?
Cherry Tree Wealth Management is owned through a holding company by Anton Christianson. Its direct owners are Gordon Stofer (5% to 10%) and Adam Smith Companies, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Cherry Tree Wealth Management get paid?
Cherry Tree Wealth Management is paid through a percentage of assets under management. 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 Cherry Tree Wealth Management registered with the SEC?
Yes, Cherry Tree Wealth Management has been registered with the SEC as an investment adviser since 3 September 2009. Its CRD number is 151406 and its SEC file number is 801-70554.
Source: Form ADV Part 1A, Item 1, filed 27 March 2026; IAPD firm record
How do I contact Cherry Tree Wealth Management?
Cherry Tree Wealth Management’s main office is at 301 Carlson Parkway, Suite 103, Minnetonka, MN 55305. Its phone number is 952-893-9012. Its website is cherrytreewealth.com.