# TCM Investment Advisers

TCM Investment Advisers is a Bank / Wealth / Trust based in Newport Beach, United States.

## Overview

- **Organization type:** Bank / Wealth / Trust
- **Headquarters:** Newport Beach, United States
- **Region:** North America
- **Address:** Newport Beach, CA, United States
- **Founded:** 1991
- **Assets under management:** $500M – $2B (Altss estimate)
- **Website:** tcmadvisers.com
- **LinkedIn:** linkedin.com/company/tcm-investment-group

## Regulatory record

- **CRD number:** 137543
- **Registration status:** Registered
- **Latest Form ADV filing:** 2026-05-18T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/137543

## About

TCM Investment Advisers is a state-registered investment adviser with $78,335 in regulatory assets under management. The firm has one employee and one investment adviser. It operates with a single investment adviser.

## People

- Dennis Schmal — Founder, CEO & Chief Investment Officer
- Michael L. Schmal — Managing Director, Senior Portfolio Manager

## Questions

### Who runs investment decisions at TCM Investment Advisers?

Dennis Schmal, the founder, serves as CEO and Chief Investment Officer and has led the firm's investment process since 1991. His son, Michael L. Schmal, is a Managing Director and Senior Portfolio Manager, forming a multigenerational leadership team that directly manages portfolio construction and security selection.

### What sectors does TCM Investment Advisers focus on?

The firm concentrates on financial services and business services companies. Within financial services, coverage spans banks, insurers, asset managers, and specialty finance. Business services encompasses companies with recurring revenue models, outsourcing, consulting, and other knowledge-based industries where TCM's deep fundamental research can identify durable competitive advantages.

### Does TCM Investment Advisers run a mutual fund or separate accounts?

TCM manages concentrated separate accounts for institutional and high-net-worth clients. The firm does not operate a mutual fund complex, preferring custom portfolio construction that aligns individual client mandates with its research process, rather than managing pooled vehicle flows that can pressure investment decisions.

### What is TCM's typical investment holding period?

The firm operates with a multi-year holding horizon. Dennis Schmal has publicly articulated that value recognition in complex financial and business services companies often requires patience through regulatory cycles, management transitions, and market sentiment shifts. Turnover is deliberately low, reflecting research conviction rather than trading activity.

## Related profiles

- [TCI Wealth Advisors](https://altss.com/profile/tci-wealth-advisors)
- [TCP Asset Management](https://altss.com/profile/tcp-asset-management)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/tcm-investment-advisers

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