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Investment Counselor

BTR is an investment counseling firm that serves high-net-worth individuals and families, foundations, and retirement plans. We devote the bulk of the firm’s resources to investment research and portfolio management and construct for each of our clients a tailored investment solution based on the client’s unique risk parameters, tax status, and financial objectives. Portfolios consist primarily of individual equities and fixed-income securities.

Disciplined portfolio construction and ongoing management are the critical foundations for investment success. BTR directly manages each portfolio because this allows customization and greater portfolio transparency. In-house portfolio management also means we can assist clients in navigating turbulent markets by communicating the rationale behind our investment stance.

BTR portfolio managers serve broadly as trusted advisors, helping our clients develop plans for retirement and navigate key financial decisions. We welcome the opportunity to help clients solve complex financial questions in conjunction with their tax and legal advisors.

Independent, Experienced, and Engaged

Our firm was founded in 1989 as an independent, employee-owned, and SEC-registered investment advisor. Our business model allows us to put our clients first and avoid the conflicts of interest inherent in brokerage and certain other financial advisory arrangements. The founders believed that this was the best model for serving our clients. Over more than two decades we have built the firm into an institution capable of serving our clients’ needs for generations to come. Each BTR client is served by a dedicated portfolio manager, who becomes a core member of the client’s financial team. We are discerning in seeking experienced and responsive portfolio managers with training from top-tier institutions and substantive professional credentials.


  • + Q: With whom do I work at BTR? How (and how often) will I interact with the firm?


    Each BTR client will work with two of our senior investment professionals, one of whom will serve as the portfolio manager and primary point of contact. This arrangement ensures a high level of availability and responsiveness to client needs. We understand that our clients use multiple channels of communication for convenience. While we value face-to-face engagement, we are comfortable working with clients over the phone, on a web meeting, or via e-mail. We are available as needed, but aim to conduct a detailed portfolio review with each client at least once a year.

  • + Q: What types of clients does BTR serve?


    BTR serves individuals, families, trusts, estates, conservatorships, foundations, and pension and profit-sharing plans.

  • + Q: What will my portfolio contain?


    BTR portfolios primarily consist of individual equities and fixed-income instruments, but may also hold a small number of mutual funds and exchange-traded funds, where appropriate, to achieve specific industry and/or geographic exposure.

  • + Q: How is BTR compensated?


    BTR earns a fee based on the amount of assets under management. We do not charge markups on transactions nor do we hold inventory of securities for sale to our clients. Furthermore, BTR does not charge set-up or termination fees.

  • + Q: What are your fees?


    BTR charges each client a fee of 1.00% per annum on the first $3 million of that client’s assets we manage and 0.75% on the next $7 million in assets, with an annual minimum fee of $10,000. Fees on assets exceeding $10 million are negotiable. For fixed income-only portfolios, BTR charges a fee of 0.50% per annum with the same annual minimum fee of $10,000. Related accounts may be combined for fee calculation purposes.

  • + Q: What are the firm’s minimums?


    BTR serves clients with $1 million or more in assets to be placed under our management. Related accounts may be combined to meet this minimum.

  • + Q: Who owns the firm?


    BTR is wholly owned and managed by the firm’s principals. The firm’s founders have implemented a transition and succession plan that has enabled BTR to attract and retain the next generation of portfolio managers and senior administrators as co-owners of the firm.

  • + Q: Will BTR manage an account comprised only of equities or fixed income?


    Yes, in addition to balanced portfolios, BTR manages portfolios comprised solely of equities or fixed income.

  • + Q: Where are my assets held?


    All BTR client assets are held at an independent, third-party “qualified custodian” for safekeeping. A qualified custodian is generally a broker-dealer or a bank trust department.

  • + Q: Am I able to select specific custodians or brokers?


    Yes, BTR maintains relationships with several custodians and many brokers. You may choose a custodian for your assets to execute securities transactions for your account. Please contact us with questions about specific custodians or brokers.

  • + Q: Will you accommodate existing holdings or must I sell them?


    BTR will tailor around and accommodate existing holdings or investment restrictions in implementing your portfolio. With each new client, we establish guidelines and objectives for portfolio management, including the treatment of existing holdings. Existing positions are then managed according to each client’s instructions and may be sold down over time or held indefinitely.

  • + Q: Do I approve each trade in advance?


    BTR is an SEC-registered investment advisor with discretionary authority over client accounts. BTR will execute individual trades according to client guidelines and objectives. Clients do not provide authorization for each trade. However, BTR must always act in the client’s best interest when providing investment advice and portfolio management.