Gambit Capital Management provides financial planning, portfolio management for individuals and small businesses, pension consulting, and selecting other managers. Financial planning was provided to 251–500 clients last fiscal year.
Gambit Capital Management reports 107 clients. They include 58 individual clients and 49 high-net-worth individuals. Of its assets, 98.1% ($164M across 366 accounts) are managed with discretion; $3.2M across 15 accounts are not. It advised 6 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 54% | 10% |
| High-net-worth individuals | 46% | 89% |
| Corporations and other businesses | 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) | 58 | $16.4M | 9.8% | $283K |
| High-net-worth individuals | 49 | $149M | 88.9% | $3.04M |
| Corporations and other businesses | Fewer than 5 | $2.11M | 1.3% | — |
| Total | 107 | $167M | 100% | — |
- Clients
- 58
- Regulatory AUM
- $16.4M
- AUM share
- 9.8%
- Avg. per client
- $283K
- Clients
- 49
- Regulatory AUM
- $149M
- AUM share
- 88.9%
- Avg. per client
- $3.04M
- Clients
- Fewer than 5
- Regulatory AUM
- $2.11M
- AUM share
- 1.3%
- Avg. per client
- —
Total
- Clients
- 107
- Regulatory AUM
- $167M
- 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
- 251–500
Gambit Capital Management charges 0.25%–1.00% a year for its Investment management and financial planning. The fee is billed in arrears and is negotiable. The brochure also prices 4 other services, listed under fee details.
Fee details and sources
Other fees
- Employee benefit plan services
- Fee not to exceed 2.00% of total plan assets, negotiable, paid in advance quarterly.
- Financial coaching
- Initial consultation fee of $300, then $60 per month in arrears, negotiable at the firm's discretion.
- Outsourced CIO consulting
- Flat fee of $1,000 per month, negotiable, paid in arrears monthly.
- Tax preparation
- Flat fee based on complexity, typically $500 to $2,500, due at completion of the engagement.
Daniel Powers owns 50% to 75% of Gambit Capital Management. The leadership team of Gambit Capital Management includes President Tyler Schelhaas. It has 6 employees.
Leadership
- Tyler SchelhaasManager and President
Daniel PowersManager and CCO
Investment adviser representatives
7 representatives listed in the SEC register as of 9 October 2026.
Staff
- 6 employees
- 6 in advisory functions
- 6 state-registered reps
- 1 insurance agent
- Owns 50% to 75% of Gambit Capital Management, LLC
Daniel Powers
Control person · since December 2021
- Owns 50% to 75% of Gambit Capital Management, LLC
Spronk Brothers Holdings, LLC
Control person · since December 2025
- Owns 25% to 50% of Spronk Brothers Holdings, LLC
Tyler & Courtney Schelhaas Revokable Trust
Control person · since December 2025
- Owns 50% to 75% of Tyler & Courtney Schelhaas Revokable Trust
Tyler Schelhaas
Control person · since December 2025
- Owns 50% to 75% of Tyler & Courtney Schelhaas Revokable Trust
Courtney Schelhaas
Control person · since December 2025
- Owns 25% to 50% of Spronk Brothers Holdings, LLC
Randall K. Spronk Trust
Control person · since December 2025
- Owns 75% or more of Randall K. Spronk Trust
Randall Spronk
Control person · since December 2025
- Owns 25% to 50% of Spronk Brothers Holdings, LLC
Seth & Taylor Spronk Revokable Trust
Control person · since December 2025
- Owns 50% to 75% of Seth & Taylor Spronk Revokable Trust
Seth Spronk
Control person · since December 2025
- Owns 50% to 75% of Seth & Taylor Spronk Revokable Trust
Taylor Spronk
Control person · since December 2025
Gambit Capital Management’s regulatory assets grew 1.7× from $101M (July 2025) to $167M (August 2026); clients rose from 83 to 107 and employees from 4 to 6.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $167M | 107 | 6 | 4 |
| July 2025 | $101M | 83 | 4 | 4 |
Besides its headquarters, Gambit Capital Management has 3 offices (2 private residences, listed without an address), with 2 listed addresses in Minnesota.
Minnesota · 1 listed address
- 221 Main Street, Stillwater
Other business names
Gambit Capital Management has reported 1 other business name to the SEC.
- Still Water Wealth Management
Contact and registration details
- Legal name
- Gambit Capital Management, LLC
- Headquarters
- Not reported
- Website
- gambitcm.com
- Phone
- 651-427-9001
- @gambitcm
- SEC file
- 801-132187
- Structure
- Tennessee LLC
- Fiscal year end
- December
Gambit Capital Management uses Charles Schwab ($167M) as custodian for its separately managed accounts. Gambit Capital Management has custody of $32.8M in client assets for 57 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $167M100%
At year end, Gambit Capital Management’s separately managed accounts were mostly in funds (59%) and stocks (37%).
What the accounts hold
- Stocks37%
- Funds59%
- Bonds1%
- Cash2%
- Other1%
- Derivatives1%
How many clients does Gambit Capital Management have?
Gambit Capital Management has 107 clients and manages $167 million for them, as of August 2026. They include 58 individual clients and 49 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 3 August 2026
What services does Gambit Capital Management offer?
Gambit Capital Management provides financial planning, portfolio management for individuals and small businesses, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Gambit Capital Management charge?
Gambit Capital Management charges 0.25%–1.00% a year for its Investment management and financial planning. The fee is billed in arrears and is negotiable.
Which custodians does Gambit Capital Management use?
Gambit Capital Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $167M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 3 August 2026
How many financial advisors does Gambit Capital Management have?
Gambit Capital Management has 6 investment adviser representatives registered with state securities authorities, out of 6 employees, and 6 perform investment advisory functions. 0 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 Gambit Capital Management invest in?
At the end of its last fiscal year, Gambit Capital Management’s separately managed accounts held 59% registered funds (mutual funds, ETFs, BDCs), 37% exchange-traded equities, 2% cash and equivalents, 1% U.S. government and agency bonds and 1% derivatives.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Gambit Capital Management?
Gambit Capital Management is owned through a chain of holding companies by Tyler and Courtney Schelhaas, Randall Spronk, and Seth and Taylor Spronk. Its direct owners are Daniel Powers (50% to 75%) and Spronk Brothers Holdings, LLC (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 3 August 2026
How does Gambit Capital Management get paid?
Gambit Capital Management is paid through a percentage of assets under management and fixed fees. 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
How do I contact Gambit Capital Management?
Its phone number is 651-427-9001. Its website is gambitcm.com.