Item 1 – Cover Page
Form ADV Part 2b, Brochure Supplement
Andina Capital Management, LLC
9671 N 5650 W
Highland, UT 84003
www.andina-capital.com
October 1, 2013
Advisory Personnel:
Eric S. Barlow
J Brett Belliston
Lowell Crabb
This Brochure Supplement provides information about the above named individuals that supplements the
information provided in the Andina Capital Management, LLC Brochure. You should have received a copy
of the Firm Brochure. If you did not receive a brochure or have any questions about the contents of this
Brochure Supplement, please contact us at 801-949-2475 and/or by sending an email to info@andinacapital.com.
Additional information about the above named personnel of Andina Capital Management, LLC, is
available on the SEC’s website at www.adviserinfo.sec.gov.
Note: While Andina Capital Management may refer to itself as a “registered investment adviser” or
“RIA” Clients should be aware that registration itself does not imply any level of skill or training.
ITEM 2 – Educational Background and Business Experience
Eric S. Barlow CRD # 2243431
Eric S. Barlow, 46, is a founder of Andina Capital Management, LLC (the “Adviser”) and its Chief
Executive Officer. Mr. Barlow is, and has been since 2007, a member of Sunrise Capital Management,
LLC, a small investment bank focused on funding early-stage companies. He was also a partner in a shortterm lending business, BLoC Capital Management, LLC, Salt Lake City, Utah, from December 2006 to
December 2007. In April 1999, Mr. Barlow joined Alta Capital Management LLC, Salt Lake City, Utah,
a $100 million separate account management firm, as a Partner and Director of Marketing and Client
Relations. Until his departure, and through some difficult markets, Mr. Barlow directed the growth of the
firm to over $620 million in assets under management. Alta Capital was focused on managing money for
institutions, high net worth individuals, pension funds, profit sharing plans, and insurance companies. His
role required him to meet with institutional consultants, investment committee board members, and trustees
of large institutional portfolios. Mr. Barlow was instrumental in developing numerous strategic
relationships with other investment professionals. Additionally, as a voting member of Alta Capital’s
Investment Committee, he was involved in the management of the firm’s portfolios.
Mr. Barlow has been involved in the investment management business since February of 1992,
when he joined the largest fee-based financial consulting firm in the Intermountain West at the time,
Sterling Financial Group (formerly Brock and Associates), located in Salt Lake City, Utah. He quickly
became one of the firm’s top associates. He has helped clients ranging from highly compensated
professionals, to successful business owners, to institutions in a number of important areas including
investment management, investment policy development, tax planning, accounting, business planning,
estate planning, risk management, and budgeting. In June 1998, Mr. Barlow became a partner in Sterling
Financial Group, where he helped hire, train, and manage associates while managing a very successful
practice of his own. While at Sterling, Mr. Barlow co-founded Meridian Capital Management, Salt Lake
City, Utah, an investment advisory firm that focused on selecting top managers and blending them to
optimize risk adjusted returns. This was accomplished by using a number of analytical tools and applying
the principles of Modern Portfolio Theory.
Eric Barlow graduated from the University of Utah with a Bachelor of Arts degree in finance (1992)
and holds the NASD Series 65 (Uniform Investment Adviser Law Examination). He has served as an
adjunct professor at the University of Utah teaching upper-level classes in finance, investment management,
and entrepreneurship.
Mr. Barlow recently served on the board of the Crimson Club at the University of Utah and the
Make-A-Wish Foundation of Utah
J Brett Belliston, CFP, ChFC CRD #2402952
Brett Belliston, 45, is the President of Andina Capital Management, LLC (the “Adviser”) and its
Chief Compliance Officer. Mr. Belliston began his career in financial services in 1992 in Salt Lake City
Utah. In 1995 Mr. Belliston joined Intermountain Financial Group, an agency of MassMutual Financial, as
an adviser. In 1998 he accepted a position as the group’s investment specialist, where he worked with the
firm’s clients and representatives on portfolio structuring. In 1998 Mr. Belliston and two partners, organized
The Capital Group LLC and in 1999, they better aligned their client interests with their own and transitioned
to a fee based wealth management practice in affiliation with Lincoln Financial Advisors. He also accepted
a position as the Regional Director of Investments for Lincoln Financial where he directed the investment
business for over 40 advisors in multiple states. Mr. Belliston and his partners earned various awards
including the “Organizational Practice of the Year Award” at Lincoln Financial Advisors. After setting up
their own Registered Investment Advisory firm, Brett served as the Chief Compliance Officer and a
Managing Partner of Capital Group Investments Advisors, LLC based in Salt Lake City Utah. In 2011 Mr.
Belliston joined Contango Capital Advisors as a Senior Wealth Advisor where he rapidly grew a wealth
management practice serving the highest net worth families of Zionsbancorp.
During his career Mr. Belliston earned the following designations; Chartered Financial Consultant
(ChFC), Certified Family Business Specialist, and Accredited Estate Planner (AEP) from the American
College, Certified Financial Planner (CFP), Chartered Private Wealth Advisor (CPWA) from the
Investment Management Consultants Association and Certified Wealth Consultant (CWC) from The
Heritage Institute. He also held Finra licenses 7, 63, 24, 66, 65, and 53. In order to better understand his
clients’ needs, Mr. Belliston also held his real estate license for many years where he gained insights into
real estate management and strategy.
Mr. Belliston received his Bachelors of Arts in economics from the University of Utah and is FINRA Series
65 licensed. He has served on the boards of various charitable organizations including the Boy Scouts of
America, Utah Valley Professional Advisors Board, and the Utah Valley Estate Planning Council.
Lowell C. Crabb CRD# 5188240
Lowell Crabb, 32 is an Investment Advisor Representative (IAR ) for Andina Capital Management. His
services with Andina include designing and servicing investment portfolios for wealthy individuals,
corporations, and charitable organizations. Prior to his involvement with Andina Lowell was employed by
Beneficial Investment Services, Insphere Securities, Inc, JP Turner & Company and Questar Asset
Management. His services for these corporations consisted of selling securitized products and mutual
funds. Lowell simultaneously works with Links Consulting Group. His services with this Links consist of
selling and servicing fixed life insurance and annuity products for individuals and private corporations.
Lowell also spends time with Links Consulting training and managing other members of the group. Prior
to joining Links Consulting, he performed similar services for Beneficial Financial Group. .
Mr. Crabb graduated from Brigham Young University with a Bachelors of Science in 2005.
ITEM 3 – Disciplinary Information
Mr. Barlow, Belliston, and Crabb have no disciplinary history to report.
ITEM 4 – Other Business Activities
Mr. Barlow and Mr. Belliston are partners with Justin VandeNakker and Karl Israelsen, J.D. in the Bluefield
Income Fund, I. Mr. VandeNakker and Mr. Israelsen are not affiliated with Andina Capital Management,
LLC. They provide compliance and management oversight for Bluefield. Bluefield Real Income Fund I is
a real estate focused fund. When Mr. Barlow or Mr. Belliston refer clients to this fund they do not charge
a separate advisory fee through Adina Capital Management, LLC. Any material conflicts of interest have
been disclosed in the Bluefield Income Fund, I offering documents.
Mr. Crabb is a partner in Links Consulting, an insurance brokerage, business strategy and consulting
company. Mr. Crabb devotes approximately 20 hours each week to Links Consulting.
Mr. Crabb consults with clients on Captive Insurance arrangements and may receive compensation from
Captive Insurance Administrators for referrals. Andina Capital Management, LLC has no financial
relationship with any Captive Insurance Administrators and does not receive any fees from these providers.
ITEM 5 – Additional Compensation
None of Andina’s employees receive any economic benefit outside of regular salaries and bonuses.
ITEM 6 – Supervision
Brett Belliston, chief compliance officer, supervises all persons named in this Form ADV Part 2B
Investment Adviser Brochure Supplement. Mr. Belliston supervises these persons by holding regular
compliance meetings and other supervisory meetings as needed. Mr. Belliston also regularly reviews
investor reports, electronic communications, and securities transaction reports. Mr. Belliston can be
reached at: 801- 949 2475 and/or by sending an email to bbelliston@andina-capital.com.
Item 7 – Requirements for State-Registered Advisers
Brett Belliston, Eric S. Barlow, and Lowell Crabb have never been involved or found liable in any
arbitration, civil, self-regulatory organization, or administrative proceeding.