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Joseph F. Helmer, CFA
President

Joseph F. Helmer is president and co-owner of Caldwell Sutter Capital, Inc. Joe manages advisory accounts for wealthy individuals and families with a focus on bottom up value investing in securities typically discounted by liquidity discounts, minority share discounts, and marketability discounts.

Joe graduated from Santa Clara University in 1995 with a BA degree in History.  Prior to joining Caldwell in 2004, he was on the options floor of the Pacific Exchange in San Francisco, from 1995-2004.  He was initially a proprietary trader with Cole Roesler, and then moving in 2001 to Headwaters Capital. While on the Pacific Exchange he served one term on both the Floor Trading Committee and the Ethics and Business Conduct Committee.  He received his CFA charter in 2010. He previously served as a member of the Board of Directors of Summit State Bank, a Nasdaq listed community bank headquartered in Santa Rosa, CA and on the board of NEMI Northern Energy and Mining, a Canadian corporation.  He concluded a term, expiring in 2013, as a member of the FINRA Western District Committee. He currently serves on the board of Crazy Woman Creek Bancorp, a Wyoming bank holding company.

Licenses

  • General Securities Principal
  • General Securities Representative
  • Investment Banking Representative
  • Municipal Securities Representative
  • Registered Options Principal
  • Operations Professional
  • Securities Trader
  • Proprietary Trader Principal
  • Investment Advisor

Phone  | (415) 367-4981

Email   |  joe@cald.com


 
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Joseph M. DuCote, Senior Managing Director and Chairman of the Executive Committee

Mr. DuCote is a native Californian who has been active in all phases of public and private finance during his 47-year investment banking career. Mr. DuCote was a managing director for two major Wall Street brokerage firms before co-founding Sutter Securities. In this capacity, he was active in the market for both domestic and international securities issues, managing the underwriting, distribution, and secondary market making of both tax-exempt and taxable fixed-income products.  In 2017, Mr. DuCote helped combine the capabilities, professionals, and expertise of Sutter Securities with Caldwell Securities to form Caldwell Sutter Capital, Inc.

Mr. DuCote has direct trading, sales and underwriting supervision in support of client portfolio accounts.  He is actively engaged in the support of the firms High Net Worth clientele total return portfolios through managerial oversight in the areas of asset allocation, research, and portfolio structuring. He has also served as an advisor to various branches of government on strategic investment and securities-related public policy issues and has an extensive background in
global finance.

Mr. DuCote is a member of the San Francisco Bond Club and the Municipal Bond Club of San Francisco. He has served as director of the Seton Medical Foundation, as well as of the Friends of the International Student Center at the University of California, Los Angeles (UCLA). He served as a member of Napa County's Silverado Country Club Board of Directors (1998-1999) and their President for the year 2000. Mr. DuCote was formerly a member of the board of ReSurge International’s (formerly Interplast Inc.) a Sunnyvale, California-based global not for profit provider of surgical services.  Mr. DuCote served as ReSurge International’s CFO/Treasurer. Mr. DuCote holds a bachelor's degree in political science (1965) and a master's degree in public administration (1968) from the University of California, Berkeley. For the academic years 2010-2012, he was a Visiting Scholar at the University of California at Berkeley’s College of Environmental Design’s Institute of Urban and Regional Development.

 

Licenses

  • General Securities Principal

  • General Securities Representative

  • Municipal Securities Principal

  • Municipal Securities Representative

  • Investment Banking Representative


Phone  | (415) 532-6388

Email   |  jducote@bloomberg.net


The background of this firm and investment professionals may be found on FINRA's BrokerCheck.

 
 
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Frank J. Soriano,
Senior Managing Director,
Municipal Investment Banker

Before joining the newly formed Caldwell Sutter Capital, Inc. in July, 2017, Mr. Soriano had co-founded Sutter Securities Incorporated in San Francisco serving as president since its inception in 1992. Prior to 1992, Mr. Soriano was a Senior Vice President in San Francisco for the nationwide securities firm of PaineWebber Incorporated. He first joined PaineWebber and predecessor firms (Blyth & Co., Inc., Blyth Eastman Dillon and Blyth Eastman PaineWebber) in 1964.  As a result of his expertise in public finance, Mr. Soriano rose to become the firm's top public finance revenue producer in 1984. Since then, he has completed over $21.0 billion financings for public entities in California, Nevada, Alaska, Oregon and Alabama including as Co-Senior Manager to the $486,130,000 The Regents of the University of California Limited Project Revenue Bonds 2010, Series F (Taxable- Build America Bonds), and $200,000,000 The Regents of the University of California General Revenue Bonds 2010 Series V (Taxable Build America Bonds) as well as $195,675,000 2010 Series E.

Mr. Soriano's public finance experience prior to his 30 years with PaineWebber was with the San Jose Airport Division where he handled financings for both San Jose's municipal airport and its municipal water system.

During his public finance career, Mr. Soriano has financed almost every type of public purpose project, with an emphasis on tax allocation financings and public power and water projects. He currently represents    Caldwell Sutter Capital for underwritings of bond issues of the California State Treasurer’s Office as he had done so since 2010 while at Sutter Securities. Historically Mr. Soriano's clients have included the cities and redevelopment agencies of Los Angeles, San Francisco, San Diego, San Jose, Oakland, Sacramento, Anaheim, Pasadena and Santa Clara. Joint Powers Authority (JPA) clients have included the City of San Jose Financing Authority (Redevelopment Agency of the City of San Jose), Suisun/Solano Water Authority, the Local Government Financing Authority, the California Loan Purchase Financing Authority, the South Gate Public Finance Authority and the La Quinta Financing Authority. He served as an investment advisor to the State of Alaska for its initial $1 billion portfolio of North Slope Oil funds.

Mr. Soriano’s other power and water related investment banking work includes assignments for the Merced Irrigation District, Nevada Irrigation District, Solano Irrigation District, Oakdale Irrigation District, South Feather Water and Power, Madera Irrigation District, the Northern California Power Agency and the MSR (Modesto-Santa Clara-Redding) Public Power Authority.  

Mr. Soriano is a past president of the Municipal Forum of San Francisco and a former member of the Municipal Bond Club of San Francisco and the San Francisco Bond Club. He has been a long-time member of the Association of California Water Agencies, the California Municipal Utilities Association, the American Public Power Association and the Urban Land Institute. Mr. Soriano received his BS and MBA from Santa Clara University.

 

Licenses

  • Municipal Principal

  • Municipal Representative

  • Municipal Advisor

  • General Securities Principal

  • General Securities Representative

  • Investment Banking


Phone  | (415) 367-4981

Email   |  joe@cald.com


 
 
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Christopher W. Anderson,
Chief Compliance Officer

Christopher Anderson is the Chief Compliance Officer of Caldwell Sutter Capital, Inc. He earned his bachelor’s degree from California State University East Bay in 2004 in computer
science with a minor in mathematics. He started at Caldwell 20 years ago and has since evolved into the roles that involve him in every aspect of Caldwell’s business. He has assisted in the operations and compliance of both the investment advisory and brokerage business lines at the firm and strives to provide the most personalized service possible.

Chris serves on the committee for the development of the Securities Industry Essentials (SIE) Exam.

 

Licenses

  • General Securities Principal
  • General Securities Representative
  • Financial and Operations Principal
  • Municipal Securities Principal
  • Municipal Securities Representative
  • Operations Professional

Phone  | (415) 367-4982

Email   | christopher.anderson@cald.com


 
 
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Richard A. Saso, CPA

Rich joined Caldwell Sutter Capital in 2010. Prior to that he owned and operated his own broker-dealer and investment advisory business since 1985. Many of Rich’s investment advisory clients originated from his CPA practice. He has been a licensed California CPA since 1977. His forty plus years’ experience
include retirement, tax and financial planning, accounting and income tax preparation. He is experienced in personal, estate, trust, partnership, LLC, C-Corp and S-Corp tax-preparation.

Rich manages his investment advisory portfolios from the Caldwell Sutter Capital San Ramon office. He routinely renders advice and counseling in the areas of investment planning, tax, financial and estate-planning. His investment clients include individuals, trusts, IRA rollovers, SEP, Roth and traditional IRA’s and 401-k accounts. He holds Series 4, 6, 7, 22, 24, 27, 51, 53 & 63 licenses.

Providing a continuity of service and support for his valued clientele was a motivating factor for Rich to join forces with Caldwell Sutter Capital.

In the last 10 years, Rich has developed a substantial practice as a forensic accountant related to family law matters. Rich serves as an expert witness and provides litigation support for local attorneys. He assists family law courts in tracing unreported income; tracing diversion of community funds, determining
division of community property issues, evaluating marital standard of living, and calculating tax consequences related to divorce settlements. While working in this capacity he also analyzes support issues, develops income, expense and cash-flow analysis, and evaluates stock options and sources of
income and expenses.

He is a former director of Tri-Valley Community Bank, now owned by Heritage Bank of Commerce. He is also a former director of the Danville Chamber of Commerce.

Licenses

  • A.I.C.P.A
  • CA Society of C.P.A.’s
  • A.I.C.P.A. Forensic & Valuation Services Section
  • Financial and Operations Principal
  • General Securities Principal
  • General Securities Representative
  • Investment Banking Representative
  • Municipal Securities Principal
  • Municipal Securities Representative
  • Operations Professional

Phone  | (925) 275-9111

Email   |  rich.saso@cald.com


 
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Rhea Garcia, Operations

Rhea joined Caldwell in the Summer of 2017.  She brings with her knowledge and expertise in daily back office operations. She has worked in the industry for over 10 years primarily as a liaison between clearing firms and the introducing firms.

Legend Merchant Group

  • Assisted Senior Financial Consultants in opening of new accounts and related money and stock transfers, proxy votes and trade allocations.
  • Assisted the CEO and Senior Financial Consultants raising capital for both venture community as well as traditional working capital needs of growth companies.
  • Worked with high net worth investors selling initial public offering (IPO’s), Special Purpose Acquisition Company (SPAC) and private placements.

Ensured sales of restricted securities were compliant with the provision of SEC Rule 144 to include the following:

  • Obtaining investors representation letter.
  • Obtaining legal opinion from counsel.
  • Removing restricted legends from stock certificates.
  • Determining if the customer is an affiliated person of
    the issuer.
  • Ensuring appropriate holding periods are met.
 

Phone  | (415) 944-2094

Email   |  rhea@cald.com

 
 
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John Helmer, CFA | Founder

John graduated from Santa Clara University with a BA degree in History in 1961. Following two years of active duty as an Army infantry officer, he attended Hastings Law School in San Francisco from 1963 to 1965.

In 1965 John joined PaineWebber Jackson & Curtis (now UBS) as a registered representative. During his formative years there, he developed a buy-and-hold investment philosophy, attracted a loyal base of individual investor clients, and was recognized as one of the firm’s most successful users of an experimental, fee-based investment account package.  

In 1982, after 17 years with Paine Webber, John formed Caldwell Securities, one of the earlier dually-registered (broker-dealer and investment adviser) firms, and the predecessor of Caldwell Sutter Capital. The John & Jinx Helmer Revocable Trust remains an investor in the firm, and Jinx and John continue as directors.

John was awarded CFA charter #12638 in 1990.

He is a past board member of the San Francisco Bond Club and the National Smokejumper Association.   

 
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Kevin Klenzendorf, Analyst

Kevin graduated from the University of California, Berkeley in 2017 with a Bachelor of Arts in Economics. Kevin joined Caldwell Sutter Capital shortly after graduation. Kevin passed his General Securities license in August of 2017 and is currently a CFA Level 1 candidate.


Kevin is a licensed Municipal Securities Representative and primarily assists the fixed income trading desk.

Licenses

  • General Securities Representative  
  • Municipal Securities Representative

Phone  | (415) 944-2075

Email   |  kevin.klenzendorf@cald.com


 
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Kathleen Helmer
Public Finance Associate

Kathleen is a native of the Pacific Northwest and migrated to California for college in 1991. She graduated from Santa Clara University in 1995 with a Bachelor of Science in Civil Engineering.

Kathleen joined Caldwell Sutter Capital in 2017. She assists the Public Finance Department and the daily operations of Caldwell Sutter Capital, Inc.

Licenses

  • General Securities Representative

Phone  | (415) 367-4951

Email   | kathleen@cald.com


 
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Sue Metcalf, CFA
Managing Director & Head of Municipal Research

Sue Metcalf, commenced her professional career at Kidder Peabody & Co., Inc in Seattle in 1983 following her graduation from Whitman College. In addition to co-founding Morton Clarke Fu & Metcalf in 1995 Sue also earned a Master's of Science Degree in Finance from Seattle University and completed her CFA charter in 2001. She has been involved with in-depth quality municipal research throughout her entire career and is regarded as an exceptional analyst. She is actively involved in advising both retail and institutional clients concerning research-related municipal issues.

Licenses

  • Financial and Operations Principal
  • General Securities Principal
  • General Securities Representative
  • Municipal Securities Principal
  • Municipal Securities Representative
  • Registered Options Principal
  • Operations Professional

Phone  | (206) 484-7334

Email   |  suemetcalf@bloomberg.net | susan.metcalf@cald.com


 
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Mari Fu, Managing Director & Head
of Municipal Trading

Mari is nationally recognized as an expert in high grade fixed income securities, specifically the asset category which consists of tax-exempt and taxable pre-refunded and escrowed municipal obligations. In 1995 she and several colleagues, including Sue Metcalf, co-founded the investment firm of Morton Clarke Fu & Metcalf. From 2010 through July of 2017 Mari was the Head of Municipal trading at Sutter Securities Inc., the same position that she currently holds at Caldwell Sutter Capital Inc following the merger of Sutter's Fixed Income Department with Caldwell Securities in July of 2017.

Mari's fixed income expertise, in addition to identifying and locating intrinsic value, also extends to portfolio structuring, i.e., providing valuable input with respect to all important decisions concerning asset allocation, and, the "laddering" or, optimizing of return while providing cyclical resilience for a portfolio created for high net worth individual clients that properly reflects their individual circumstances and corresponding investment profile.

Licenses

  • General Securities Representative

Phone  | (206) 467-620

Email   |  mari@cald.com


 
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Diana M. Victoria
Office Manager

Before joining Caldwell Sutter Capital in 2017, Diana was the office manager for Sutter Securities Incorporated in San Francisco for 12 years. Her role at Sutter was to manage day to day operations in addition to providing administrative assistance to the investment banking team, trading department, CEO and CFO of the firm. At Caldwell, Diana provides back office support and administrative assistance to the team.

Phone  |  (415) 944-2073

Email   |  dvictoria@cald.com

 
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Ronald M. Parker
Managing Director

Mr. Parker’s Wall Street career began in 1970 as a salesman with Salomon Brothers in San Francisco. In 1975, he was appointed manager of their Mortgage and US Treasury sales department, where he remained until 1980. In 1980 William Pollock & Co., one of Wall Street’s oldest firms, asked Mr. Parker to manage their branch offices. In 1983, Mr. Parker became the manager of the Fixed Income Department at Bear Stearns & Co. in San Francisco. In this capacity, his duties included the sales and trading of mortgages, government issued bonds (both US and foreign), high grade corporates, futures, currency trading and derivatives. Since 1994, working for Fahnestock & Co. and Sutter Securities, Incorporated, his experience and knowledge led him to create over $1 billion in the securitization of various assets.

Licenses

  • General Securities Representative
  • Investment Banking

Phone  | ‭(916) 333-3234‬

Email   | Rmparker@bloomberg.net