Winter & Associates provides financial planning, portfolio management for individuals and small businesses, pension consulting, and selecting other managers. Financial planning was provided to 51–100 clients last fiscal year.
Winter & Associates reports 208 clients. They include 161 individual clients, 42 high-net-worth individuals, and 5 pension and profit-sharing plans. Of its assets, 92.8% ($167M across 552 accounts) are managed with discretion; $12.9M across 13 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 77% | 31% |
| High-net-worth individuals | 20% | 62% |
| Pension and profit-sharing plans | 2% | 7% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 161 | $55.8M | 31.1% | $347K |
| High-net-worth individuals | 42 | $111M | 61.9% | $2.65M |
| Pension and profit-sharing plans | 5 | $12.7M | 7.1% | $2.55M |
| Total | 208 | $180M | 100% | $864K |
- Clients
- 161
- Regulatory AUM
- $55.8M
- AUM share
- 31.1%
- Avg. per client
- $347K
- Clients
- 42
- Regulatory AUM
- $111M
- AUM share
- 61.9%
- Avg. per client
- $2.65M
- Clients
- 5
- Regulatory AUM
- $12.7M
- AUM share
- 7.1%
- Avg. per client
- $2.55M
Total
- Clients
- 208
- Regulatory AUM
- $180M
- AUM share
- 100%
- Avg. per client
- $864K
- 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
- 51–100
Winter & Associates charges 0.55%–1.00% a year for its Asset Management Fees. 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–$1M | 1.00% |
| $1M–$3M | 0.90% |
| $3M–$5M | 0.75% |
| $5M and above | 0.55% |
Fee details and sources
Other fees
- Financial Planning and Consulting
- Flat project fee of $3,500 to $6,500, or an hourly fee of $350 to $400 for less complex engagements.
- Retirement Plan Consulting
- Negotiable fee based on the assets in the plan, paid by the plan sponsor or the plan participants.
Nicole Tietel owns 75% or more of Winter & Associates. The leadership team of Winter & Associates includes President Nicole Tietel. It has 5 employees, 4 of them in advisory roles.
Leadership
Nicole TietelPresident, Chief Compliance Officer and Integrative Wealth Advisor
Shelby BirkelandWealth Advisor
Investment adviser representatives
4 representatives listed in the SEC register as of 9 October 2026.
Staff
- 5 employees
- 4 in advisory functions
- 4 state-registered reps
- 1 insurance agent
- Owns 75% or more of Winter & Associates, Inc.
Nicole Tietel
Control person · since January 2021
- Owns 10% to 25% of Winter & Associates, Inc.
Shelby Birkeland
since July 2026
Winter & Associates’ regulatory assets grew 1.8× from $101M (March 2022) to $180M (August 2026); clients fell from 246 to 208 and employees rose from 4 to 5.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $180M | 208 | 5 | 1 |
| April 2025 | $147M | 193 | 5 | 1 |
| April 2024 | $116M | 199 | 4 | 1 |
| March 2023 | $98.4M | 191 | 4 | 1 |
| March 2022 | $101M | 246 | 4 | 1 |
Besides its headquarters, Winter & Associates has 0 offices, with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 964 Grand Avenue, St. PaulHQ
Contact and registration details
- Legal name
- Winter & Associates, Inc.
- Headquarters
- 964 Grand Avenue, St. Paul, MN 55105
- Website
- winterassoc.com
- Phone
- 651-414-5000
- @winter-&-associates-inc.
- SEC file
- 801-123146
- Structure
- Minnesota corporation
- Fiscal year end
- December
Winter & Associates uses Charles Schwab ($97.4M, 58%) and Pershing ($69.6M, 42%) as custodians for its separately managed accounts. Winter & Associates does not have custody of client assets.
- PershingPershing LLC · Jersey City, NJ · $69.6M42%
- Charles SchwabCharles Schwab & Co., Inc. · El Paso, TX · $97.4M58%
At year end, Winter & Associates’ separately managed accounts were mostly in funds (70%) and stocks (22%). Its reported 13F holdings for the quarter ended 30 June 2026 total $133M across 85 positions; the largest are Victory Portfolios II (13.5%), Pacer Fds TR (6.1%) and Dimensional ETF Trust (5.8%).
What the accounts hold
- Stocks22%
- Funds70%
- Bonds5%
- State and local bonds3%
- U.S. government and agency bonds1%
- Investment grade corporate bonds1%
- Cash3%
Reported 13F holdings
- $133M
- Reported 13F value
- 85
- Positions
- 56.3%
- In the 10 largest
- +16.5%
- Value vs. prior quarter
- Victory Portfolios II · Short Trm BD ETF13.5%
- Pacer Fds TR · US Cash Cows 1006.1%
- Dimensional ETF Trust · Internatnal Val5.8%
- Invesco Exch Traded FD TR II · S&P 500 HB ETF5.8%
- Vanguard Index Fds · Small CP ETF4.9%
- iShares TR · Rus Top 200 ETF4.8%
- J P Morgan Exchange Traded F · Intl BD Opp ETF4.5%
- Apple Inc.4.1%
- Invesco Qqq TR · Unit Ser 13.6%
- Vanguard Star Fds · VG TL Intl Stk F3.1%
Together, the ten largest are 56.3% of reported value.
How many clients does Winter & Associates have?
Winter & Associates has 208 clients and manages $180 million for them, as of August 2026. They include 161 individual clients, 42 high-net-worth individuals, and 5 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 18 August 2026
What services does Winter & Associates offer?
Winter & Associates 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 Winter & Associates charge?
Winter & Associates charges 0.55%–1.00% a year for its Asset Management Fees. Each asset band is charged at its own rate. The fee is billed in advance and is negotiable.
Source: 10 13 2026 WAA FORM ADV PART 2A AND 2B FINAL, filed 13 October 2026
Which custodians does Winter & Associates use?
Winter & Associates’ separately managed account assets are held at Charles Schwab & Co., Inc. (El Paso, TX), with $97.4M and Pershing LLC (Jersey City, NJ), with $69.6M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 18 August 2026
How many financial advisors does Winter & Associates have?
Winter & Associates has 4 investment adviser representatives registered with state securities authorities, out of 5 employees, and 4 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 Winter & Associates invest in?
At the end of its last fiscal year, Winter & Associates’ separately managed accounts held 70% registered funds (mutual funds, ETFs, BDCs), 22% exchange-traded equities, 3% state and local bonds, 3% cash and equivalents, 1% U.S. government and agency bonds and 1% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Winter & Associates?
Winter & Associates’ direct owners are Nicole Tietel (75% or more) and Shelby Birkeland (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 18 August 2026
How does Winter & Associates get paid?
Winter & Associates is paid through a percentage of assets under management, hourly charges 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
Is Winter & Associates registered with the SEC?
Yes, Winter & Associates has been registered with the SEC as an investment adviser since 2 February 2022. Its CRD number is 310349 and its SEC file number is 801-123146.
Source: Form ADV Part 1A, Item 1, filed 18 August 2026; IAPD firm record
How do I contact Winter & Associates?
Winter & Associates’ main office is at 964 Grand Avenue, St. Paul, MN 55105. Its phone number is 651-414-5000. Its website is winterassoc.com.