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Armbruster Capital Management
David Armbruster's Pittsford-based RIA has run concentrated value portfolios for private clients since 1985.
Armbruster Capital Management
At Armbruster Capital Management (ACM), we believe investing should be grounded in integrity, discipline, and transparency. Founded in 2009, our firm has grown to manage over $1 billion in assets, serving individuals, institutions, and corporations nationwide. Our story is rooted in independence. From the start, ACM chose to operate as a fee-only, SEC-registered investment advisor, free from third-party commissions or outside affiliations. That decision wasn’t just about business; it was about building trust. We want clients to know that every recommendation we make is guided by their goals and not by incentives. That’s why the Wall Street Journal featured ACM in a 2025 story about fiduciary advisors—underscoring our commitment to acting in your best interest, not ours. We also believe financial advice should extend beyond investments. Whether it’s estate planning, tax considerations, or retirement strategies, we act as a sounding board, helping clients navigate life’s complexities without the pressure of hourly fees. Today, ACM stands as a firm that has grown in size but stayed true to its roots: personal service, disciplined investing, and unwavering independence. Our story is about more than managing money; it’s about building lasting relationships and guiding generations toward financial peace of mind and uncompromising integrity. For disclosures, visit: https://www.armbrustercapital.com/compliance/
General information
Firm type
Asset Manager
Year founded
1985
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Pittsford
Corporate office
Pittsford, NY, United States
Principals
David W. Armbruster
President and Chief Investment Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Armbruster Capital Management?
David W. Armbruster serves as President and Chief Investment Officer. He founded the firm in 1985 and remains the lead decision-maker for portfolio construction and security selection. There are no publicly identified co-portfolio managers.
What is Armbruster Capital Management's investment philosophy?
The firm applies a value-oriented equity discipline, favoring large-cap US companies trading below their estimated intrinsic value. Portfolios are typically concentrated, and turnover is low, reflecting a long-term ownership mindset. Fixed income allocations serve as ballast rather than return drivers.
Does the firm operate as a family office or a traditional RIA?
Armbruster is structured as an independent registered investment adviser, not a single-family office. It serves multiple unrelated private clients, trusts, and retirement plans. However, its boutique scale and founder-led governance give it an operational feel closer to a family office than to a multi-billion-dollar institutional manager.
How does the firm compare to the large wirehouses in upstate New York?
Armbruster's key differentiator — sustained over four decades — is fiduciary independence. It does not sell proprietary products, earn commissions, or answer to a public parent company. That contrasts with the region's dominant wirehouse and bank-owned advisory models, where product distribution incentives can create structural conflicts.
Has the ownership or corporate structure changed since founding?
No. David Armbruster founded the firm in 1985, and it has remained an independent, privately held entity headquartered in Pittsford, New York. It has never been acquired, merged, or recapitalized by an outside financial institution, a status that is increasingly atypical for an RIA of its vintage.
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