Firewall Capital Management

Firewall Capital Management is a small, discretionary investment adviser serving individual and high-net-worth clients, as well as trusts and small businesses, managing roughly $56 million for about 184 clients through a four-advisor team. Services include ongoing portfolio management with financial planning integrated at no separate charge, and the firm offers free standalone financial planning to firefighters and their families regardless of whether they engage investment management.

The firm’s investment approach uses modern portfolio theory and tactical asset allocation, with portfolios that may include individual stocks, bonds, mutual funds, ETFs and real-estate-related investments, and allocations tailored to clients’ goals and risk tolerances. Firewall requires clients to custody assets with a specified qualified custodian and executes discretionary trading on their behalf, a practice the brochure notes can result in directed brokerage rather than selecting brokers on a trade-by-trade basis.

A distinctive feature is that Firewall operates an affiliated licensed insurance agency and has advisory representatives who are licensed insurance agents and may receive commissions on insurance sales, a conflict the firm discloses and says it manages by limiting recommendations to customary products and allowing clients to use other agents. The firm also flags key-man risk due to the principal executive’s substantial outside commitments and describes delegation and supervision arrangements intended to provide continuity.