# White Pine Investments

> White Pine Investments is a state-registered investment advisory firm in Wolfeboro, NH, registered since 2001, reporting under $25 million in regulatory assets under management in its Form ADV filing dated May 18, 2026.

- CRD: 117992
- Filed as: WHITE PINE INVESTMENTS
- Legal name: Kustas, Andrew Louis
- Registration: State-registered investment adviser (status as filed: APPROVED)
- Location: Wolfeboro, NH
- Filing period: October 2026
- Form ADV filing dated: May 18, 2026
- Public record (IAPD): https://adviserinfo.sec.gov/firm/summary/117992
- AdvisorCensus page: https://advisorcensus.com/firm/white-pine-investments-wolfeboro-nh-117992

## Quick answers

**How is White Pine Investments compensated?**
On its Form ADV (Item 5.E, October 2026), White Pine Investments reports these compensation arrangements: a percentage of assets under its management.

**Where is White Pine Investments located?**
White Pine Investments' principal office is in Wolfeboro, NH, according to its Form ADV.

**Is White Pine Investments registered with the SEC or a state?**
White Pine Investments is a state-registered investment advisory firm, registered since 2001. Status as filed: APPROVED. CRD 117992.

**How much does White Pine Investments manage?**
White Pine Investments reports $24,000,000 in regulatory assets under management in its Form ADV filing dated May 18, 2026 (100% discretionary).

**What types of clients does White Pine Investments serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (75); high net worth individuals (4).

**Does White Pine Investments report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.H(1)(a) (court injunction in the past ten years) and 11.H(2) (pending civil proceeding). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/117992

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management

### Regulatory assets under management (Item 5.F)
- Total: $24,000,000
- Discretionary: $24,000,000
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 75 | $16,000,000 |
| High net worth individuals | 4 | $8,000,000 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2001 (25 years)
- Employees: 1 total, 1 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, MA, NH
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.H(1)(a): In the past ten years, has a domestic or foreign court issued an injunction against the firm or an advisory affiliate in connection with investment-related activity?
- 11.H(2): Is the firm or an advisory affiliate now the subject of a civil proceeding that could result in a yes answer to any part of 11.H(1)?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's public record on IAPD: https://adviserinfo.sec.gov/firm/summary/117992

### Websites listed on Form ADV (Item 1.I)
- whitepineinvestments.com

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. White Pine Investments (CRD 117992): Form ADV filing data as of October 2026.