White Pine Capital LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Client AUMClient assets under management
$334,774,980
Clients
79
Advisors
3
of 7 employees
About
White Pine Capital LLC provides fee-based, discretionary investment management to high‑net‑worth individuals, family offices and a range of institutional clients, managing approximately $431 million in discretionary assets as of 12/31/2025. Services include customized wealth management across multiple asset classes and a Small Cap Equity strategy delivered through separately managed accounts and participation in wrap‑fee programs.
The firm’s Wealth Management approach combines active and passive investments and extends asset allocation beyond domestic equities and fixed income to include high yield, international securities, preferred securities, precious metals, real estate and limited partnerships, with portfolio weightings adjusted for clients’ cashflow, tax planning and risk tolerance. Its Small Cap Equity strategy targets smaller public companies trading at discounts to estimated private market value, emphasizing attractive valuations, supportive capital structures and management‑level catalysts on a typical 6–8 quarter investment horizon.
White Pine is affiliated with a private investment vehicle, Itasca, for which principals serve as managing members through an affiliated adviser and for which the firm provides administrative services; Itasca employs a long/short approach, may incur performance‑based fees, is audited, and WPC may recommend it to accredited clients while grouping trades across the fund and advisory accounts. The firm’s participation in third‑party wrap programs and use of prime brokerage arrangements are operational features that limit certain execution options (as noted in its brochure) and distinguish its operational model from many peers.
Client services
Expertise
Occupation focus
Fee options
Fees may be fixed annual fees in certain circumstances, negotiable and sometimes discounted or waived.
$0 - $1,000,000: 1.00% $1,000,001 - $10,000,000: 0.75% $10,000,001 - $25,000,000: 0.50% $25,000,001+: Negotiable
Performance-based fees offered only for Itasca Capital Partners LLC, not to other clients.
Account minimum: $1,000,000
Main office
3800 American Blvd West, Suite 645
Bloomington MN 55431
Advisors at this office
3
Most active in
California · Florida · Minnesota · New Hampshire · Texas · Virginia · Wisconsin
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is active or affiliated with:
Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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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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.
Advisors at this firm
Michael W
CFA®, Series 63, Series 65
Bloomington, MN
White Pine Capital LLC
Michael Wallace is a CFA® charterholder with 19 years of industry experience, currently serving as an advisor at White Pine Capital LLC since 2000. He is also a manager member of Itasca Capital Partners, LLC, a limited liability investment partnership. White Pine Capital provides fee-based, discretionary portfolio and wealth management services to institutional clients, family offices, and high-net-worth individuals. The firm employs a combination of active and passive investment strategies across multiple asset classes, tailoring allocations based on clients’ specific financial needs and risk profiles.
Timothy M
Series 63, Series 65
Bloomington, MN
White Pine Capital LLC
Timothy Madey is a financial advisor at White Pine Capital LLC with 23 years of industry experience. He holds Series 63 and Series 65 licenses and has been with White Pine Capital since 2013. Madey is also a manager member of Itasca Capital Partners, LLC, a limited liability investment partnership. White Pine Capital provides fee-based, discretionary portfolio and wealth management to institutional clients, family offices, and high-net-worth individuals. The firm employs a mix of active and passive investments across multiple asset classes and manages separately managed accounts, including held-away retirement accounts, using a third-party platform.
Charles B
Bloomington, MN
White Pine Capital LLC
Charles Bellows Jr. is a financial advisor at White Pine Capital LLC with 16 years of industry experience. He has been with White Pine Capital since 2003. White Pine Capital provides fee-based, discretionary portfolio and wealth management services to institutional clients, family offices, and high-net-worth individuals. The firm employs a combination of active and passive investment strategies across multiple asset classes, tailoring allocations based on clients’ cash-flow needs, tax considerations, risk tolerance, and time horizon.
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