White Pine Capital provides portfolio management for individuals and small businesses and portfolio management for institutions. The firm advises 1 private fund.
White Pine Capital reports 84 clients. They include 70 high-net-worth individuals, 9 individual clients and 5 other clients. Nearly all assets ($431M across 352 accounts) are managed with discretion; $39.7K across 1 account is not. A wrap fee program the firm both sponsors and manages holds $9.34M.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 11% | 1% |
| High-net-worth individuals | 83% | 76% |
| Pension and profit-sharing plans | Fewer than 5 | <1% |
| Charitable organizations | Fewer than 5 | 3% |
| Other | 6% | 19% |
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) | 9 | $6.09M | 1.4% | $676K |
| High-net-worth individuals | 70 | $329M | 76.3% | $4.7M |
| Pension and profit-sharing plans | Fewer than 5 | $3.74M | 0.9% | — |
| Charitable organizations | Fewer than 5 | $12M | 2.8% | — |
| Other | 5 | $80.1M | 18.6% | $16M |
| Total | 84 | $431M | 100% | — |
- Clients
- 9
- Regulatory AUM
- $6.09M
- AUM share
- 1.4%
- Avg. per client
- $676K
- Clients
- 70
- Regulatory AUM
- $329M
- AUM share
- 76.3%
- Avg. per client
- $4.7M
- Clients
- Fewer than 5
- Regulatory AUM
- $3.74M
- AUM share
- 0.9%
- Avg. per client
- —
- Clients
- Fewer than 5
- Regulatory AUM
- $12M
- AUM share
- 2.8%
- Avg. per client
- —
- Clients
- 5
- Regulatory AUM
- $80.1M
- AUM share
- 18.6%
- Avg. per client
- $16M
Total
- Clients
- 84
- Regulatory AUM
- $431M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 1
White Pine Capital charges 0.50%–1.00% a year for its Wealth Management Services Accounts.
Fee details and sources
Michael Wallace owns 25% to 50% of White Pine Capital. The leadership team of White Pine Capital includes President Michael Wallace, Chief Investment Officer Timothy Madey and Chief Compliance Officer Barbara Hardy. It has 7 employees, 4 of them in advisory roles.
Staff
- 7 employees
- 4 in advisory functions
- 3 state-registered reps
- Owns 25% to 50% of White Pine Capital LLC
Michael Wallace
Control person · since December 2024
- Owns 25% to 50% of White Pine Capital LLC
Timothy Madey
Control person · since December 2024
- Owns 10% to 25% of White Pine Capital LLC
Barbara Hardy
Control person · since March 2008
White Pine Capital’s regulatory assets grew from $349M (April 2021) to $431M (March 2026); clients were 84 in both filings and employees were 7 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Mar 2026March 2026 | $431M | 84 | 7 | 2 |
| Mar 2025March 2025 | $364M | 83 | 6 | 2 |
| Mar 2024March 2024 | $325M | 80 | 6 | 2 |
| Mar 2023March 2023 | $325M | 82 | 6 | 2 |
| Jun 2022June 2022 | $404M | 82 | 7 | 2 |
| Apr 2021April 2021 | $349M | 83 | 7 | 2 |
Besides its headquarters, White Pine Capital has 1 office (1 private residence, listed without an address), with 1 listed address in 1 state.
Minnesota · 1 listed address
- 3800 American BLVD West, Suite 645, BloomingtonHQ
Contact and registration details
- Legal name
- White Pine Capital LLC
- Headquarters
- 3800 American BLVD West, Suite 645, Bloomington, MN 55431
- Website
- whitepinecapital.com
- Phone
- 612-376-9765
- SEC file
- 801-57154
- Structure
- Delaware LLC
- Fiscal year end
- December
White Pine Capital’s named custodians for separately managed accounts are Fidelity ($358M, 88%) and Charles Schwab ($49.3M, 12%). White Pine Capital has custody of $136M for 19 clients.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $358M88%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $49.3M12%
At year end, White Pine Capital’s separately managed accounts were mostly in stocks (77%) and bonds (11%). Its reported 13F holdings for the quarter ended 30 June 2026 total $423M across 240 positions; the largest are 3m CO (3.7%), Apple Inc. (3.5%) and iShares Core S&P 500 Index Fun (2.8%).
What the accounts hold
- Stocks77%
- Bonds11%
- Investment grade corporate bonds4%
- U.S. government and agency bonds3%
- State and local bonds2%
- High-yield corporate bonds2%
- Cash5%
- Other7%
- Preferred securities, international securities, limited partnerships, gold7%
How many clients does White Pine Capital have?
White Pine Capital has 84 clients and manages $431 million for them, as of March 2026. They include 70 high-net-worth individuals, 9 individual clients and 5 other clients.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does White Pine Capital offer?
White Pine Capital provides portfolio management for individuals and small businesses and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does White Pine Capital charge?
White Pine Capital charges 0.50%–1.00% a year for its Wealth Management Services Accounts.
Source: WHITE PINE CAPITAL LLC FORM ADV 2A, filed 31 March 2026
Which custodians does White Pine Capital use?
White Pine Capital’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $358M and Charles Schwab & Co., Inc. (Westlake, TX), with $49.3M. 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 White Pine Capital have?
White Pine Capital has 3 investment adviser representatives registered with state securities authorities, out of 7 employees, and 4 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 White Pine Capital invest in?
At the end of its last fiscal year, White Pine Capital’s separately managed accounts held 77% exchange-traded equities, 7% other, 5% cash and equivalents, 4% investment grade corporate bonds, 3% U.S. government and agency bonds, 2% state and local bonds and 2% high-yield corporate bonds. The 7% other category is described as: Preferred Securities, International Securities, Limited Partnerships, Gold. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns White Pine Capital?
White Pine Capital’s direct owners are Michael Wallace, Barbara Hardy and Timothy Madey, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does White Pine Capital get paid?
White Pine Capital 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 White Pine Capital?
White Pine Capital’s main office is at 3800 American BLVD West, Suite 645, Bloomington, MN 55431. Its phone number is 612-376-9765. Its website is whitepinecapital.com.