Capital Management Services
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Capital Management Services is a fee-only investment adviser that provides investment planning and discretionary portfolio management for individuals, trusts and small company retirement plans. As of December 31, 2025, the firm reported managing roughly $12,000,000 on a discretionary basis for a very small number of clients.
The firm emphasizes long-term, strategic asset allocation and uses a combination of fundamental and cyclical analysis to assess market opportunities, building core portfolios around selected no-load mutual funds and individual securities. Accounts are reviewed at least quarterly, clients receive custodial statements and quarterly reports, and clients can impose reasonable restrictions on how their accounts are managed.
The practice is a long-established sole proprietorship (operating since 1989), resulting in an unusually low client-to-advisor ratio compared with many peers. The adviser may invest alongside clients in selected funds and securities to align interests, and it does not vote client proxies — proxy materials are directed to clients for voting.
Client services
Expertise
Fee options
$0 - $250,000: 0.6% Above $250,000+: Negotiable
Account minimum: $150,000 Fee-only: Advisory fees only, no commissions or other compensation received.
Main office
Santa Barbara CA
Advisors at this office
1
Most active in
California
Also doing business as
Biehl, David Bernard · Capital Management Services
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
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