About
Our story began in 1961.
Three generations of the same family serving, investing, planning, and doing the right things for the right reasons. Fjell Capital is what that practice became: an independent, employee-owned fiduciary serving households with $1M to $15M in investable assets — in Fargo-Moorhead, in Phoenix, and in 22 other states.
The firm
Independent, and employee owned.
Fjell Capital was built to serve as a fiduciary from the first day. There are no outside shareholders and no product manufacturer above us, so there is no one to answer to but the families we serve. The firm became employee owned in 2024.
Fjell is Norwegian for mountain. The practice it came from has been in downtown Fargo since 1961.
On the record
Founded in Fargo, by Tom Stadum and Dan Schuster
Aug 2020
SEC-registered investment adviser, CRD #327541
2023
Under management, as of December 31, 2025
$187M
Households served, in Fargo-Moorhead, Phoenix and beyond
~200
CityWire 50 Growers Across America
2024
Mastery
Advice is a craft. We expect to be the most prepared people in the room.
Details
The basis points, the beneficiary form, the withdrawal order. The small things can compound.
Service
Call and someone who knows you answers. There is no service tier and no handoff.
Ownership
The people advising you own the firm, and carry the consequences of its advice.
Our rich legacy guides us in everything we do for clients. It is a privilege to serve as trusted fiduciaries.
Tom Stadum · Founder
The story
Sixty-five years, one client promise.
1961
Cliff Stadum begins advising clients as a broker at Piper Jaffray & Sandler, in downtown Fargo.
1992
Roger Stadum joins his father at Piper Jaffray & Sandler, and takes over the practice shortly after.
2013
Tom Stadum becomes the third generation of the family to serve clients, joining Roger at UBS to form The Stadum Group.
2020
Tom Stadum and Dan Schuster found Fjell Capital in August, as an independent wealth management firm.
2023
Fjell registers with the SEC as an independent investment adviser, CRD #327541.
2024
The firm becomes employee owned, with Jacob Radke and Dan Schuster as partners, and is named to the CityWire 50 Growers Across America list.
2025
$187,026,631 under management as of December 31, for about 200 households.
2026
Fjell expands to serve families in Phoenix, Arizona.
AUM per Form ADV Part 2A, March 27, 2026, Item 4.F. Household count as of April 2026. Fjell Capital is a fiduciary and is legally required to act in your best interest at all times. Verify the firm at adviserinfo.sec.gov, CRD #327541. Third-party recognition (CityWire, 2024) does not imply a certain level of skill or training and is not a client endorsement.
The team
Specialized, experienced, proactive.
Tom Stadum
Founder · Wealth Advisor
Tom is the third generation of the practice that started in 1961. He spent seven years at UBS Financial Services as a Senior Vice President in wealth management before co-founding Fjell Capital in August 2020. He chairs the firm’s investment committee and works directly with client families. North Dakota State University, BS Finance, 2012.
Jacob Radke
Partner · Wealth Advisor
Jacob joined Fjell in 2021 as a capital markets analyst and became a partner in 2024, when the firm became employee owned. He leads the firm’s platform — research, portfolio systems and technology — sits on the investment committee, and advises client families alongside Tom. North Dakota State University, BS Finance with a minor in Economics, 2021.
Dan Schuster
Partner · Wealth Advisor · CFP®, CEPA®, CRPC®
Dan is a Certified Financial Planner, Certified Exit Planning Advisor, and Chartered Retirement Planning Counselor, and co-founded Fjell with Tom in 2020 after three years at UBS. He leads wealth management and became a partner in 2024, when the firm became employee owned. He runs planning engagements: retirement readiness, cash flow, and the working sessions where a family’s numbers become a plan. North Dakota State University, BS Finance, 2017.
Keith Gregor
Partner · Wealth Advisor · CFA®
Keith is a Chartered Financial Analyst and joined Fjell as a partner in 2026 after eight years running his own advisory practice, Gregor Wealth Management, out of Arizona. Before that he was a senior investment and trust officer at a credit union trust company and a personal client portfolio manager at Northern Trust. DePaul University, BS Commerce (Finance), 2010.
Katie Morrow
Client Service Associate
Katie runs client service and the systems behind it: onboarding, account transfers, scheduling, and the follow-through after every meeting. When we say we handle the transfer, Katie is who handles it.
How the relationship works.
The process, the published fee schedule, and what happens once you decide.
How we work