Understanding The Biltmore Difference

Understanding The Biltmore Difference

Biltmore Investment Management is an independent investment advisory firm.  It is a fee based firm, there are no  sales commissions, but rather a fee that is based on the market value of the account.  In this way our reward is tied to the success of the account over the long-term.

We are regulated on the Federal level by the SEC, and the State level by the Wisconsin Department of Financial Institutions.  These regulators hold Biltmore to a much higher Fiduciary Standard in their practice than many of their competitors.


In recent years, trust companies associated with large bank holding companies have undergone a tremendous change, which, unfortunately, has resulted in a decrease of service.

Banks have gone through merger mania.  With each acquisition or merger, there is overwhelming pressure to cut staff and services at local levels in an effort to produce the “economies of scale” touted when the merger was announced.  As a consequence, the decision-making authority is transferred away from the local level and to a distant out of state bureaucracy that has no knowledge of the local market, or clients goals and desires.  Local offices are transitioned away from service delivery, and focus almost exclusively on sales of various proprietary bank products.

In short, they have forced their local officers to move away from their strong emphasis on personal service, which their clients have come to rely on, and more toward expense reduction in an effort to finance the corporations desire to get bigger and bigger.  This change is contrary to the desires of the client, and is certainly the principal reason for the substantial turnover in the corporation’s local representatives.  No one, not the clients, nor the local employees signed on for this reduction in service levels.


Much has been written about the lack of independence of the brokerage industry.  The fact that these groups are so actively involved in underwriting, bringing companies public and making markets in stocks leads many of their clients to wonder if their investment recommendations are tainted.

Recent revelations in the press have confirmed their client’s fears.

Due to the size and complexity of these organizations, in many cases, the local representative will make good faith recommendations to the client based on directions from the home office and he will not be aware of the self serving nature of the transaction.

Recent Required Disclosure by Brokerage Firms


The Securities and Exchange Commission requires all broker-dealers who give brokerage advice for a fee to make the following disclosure.  Accounts enrolled in this service are brokerage accounts and not advisory accounts.  Our interests may not always be the same as yours.  We are paid both by you and, sometimes, by people who compensate us based on what you buy.  Therefore, our profits, and our salespersons’ compensation, may vary by product and over time.

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