# Berthel Fisher & Company Financial Services, Inc.

> Berthel Fisher & Company Financial Services, Inc. is an SEC-registered investment advisory firm in Cedar Rapids, IA, registered since 2003, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 13609
- Filed as: BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC.
- Also doing business as: BERTHEL FISHER & COMPANY, BERTHEL FISHER & COMPANY INC.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Cedar Rapids, IA
- Filing period: October 2026
- Form ADV filing dated: March 27, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/13609
- AdvisorCensus page: https://advisorcensus.com/firm/berthel-fisher-and-company-financial-services-inc-cedar-rapids-ia-13609

## Quick answers

**How is Berthel Fisher & Company Financial Services, Inc. compensated?**
On its Form ADV (Item 5.E, October 2026), Berthel Fisher & Company Financial Services, Inc. reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees); commissions.

**Where is Berthel Fisher & Company Financial Services, Inc. located?**
Berthel Fisher & Company Financial Services, Inc.'s principal office is in Cedar Rapids, IA, according to its Form ADV; the April 2026 filing also lists 22 other offices (Schedule D, Section 1.F).

**Is Berthel Fisher & Company Financial Services, Inc. registered with the SEC or a state?**
Berthel Fisher & Company Financial Services, Inc. is an SEC-registered investment advisory firm, registered since 2003. Status as filed: Approved. CRD 13609.

**How much does Berthel Fisher & Company Financial Services, Inc. manage?**
Berthel Fisher & Company Financial Services, Inc. reports $906,439,489 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (48% discretionary).

**How have Berthel Fisher & Company Financial Services, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for Berthel Fisher & Company Financial Services, Inc.: Regulatory assets under management: $798,064,896 in the October 2021 data and $906,439,489 in the October 2026 data, up 14%. Total employees: 100 in October 2021 and 100 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Berthel Fisher & Company Financial Services, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (3,278); high net worth individuals (45); corporations or other businesses not listed above (19).

**Does Berthel Fisher & Company Financial Services, Inc. report any disciplinary disclosures?**
Reports 8 disclosure items on Form ADV Item 11: yes answers to 8 questions about regulatory matters (11.C(1), 11.C(2), 11.C(4), 11.C(5), 11.D(2), 11.D(4), 11.E(2), 11.G). 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 SEC record: https://adviserinfo.sec.gov/firm/summary/13609

**Does Berthel Fisher & Company Financial Services, Inc. state an account minimum?**
Its Form ADV Part 2A brochure dated March 27, 2026 says: "As a general rule, the minimum account size is twenty-five thousand dollars ($25,000). However, under certain circumstances, BFCFS may waive the minimum account size requirement and accept accounts less than the minimum requirement."

**What changed in Berthel Fisher & Company Financial Services, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $798,130,823 to $906,439,489 (+14%). Changed its office addresses in Graham, NC. Added an office in Bountiful, UT. Added an office in Elk Grove, CA. Added an office in Pine Mountain Club, CA. No longer lists an office in Atchison, KS. No longer lists an office in Helena, MT. No longer lists an office in Naperville, IL. No longer lists an office in Peoria, AZ.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Commissions

### Fees and minimums (Form ADV Part 2A brochure dated March 27, 2026)

- Account minimum: $25,000 (the brochure says it may be waived or negotiated)

> As a general rule, the minimum account size is twenty-five thousand dollars ($25,000). However, under certain circumstances, BFCFS may waive the minimum account size requirement and accept accounts less than the minimum requirement.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $906,439,489
- Discretionary: $438,087,820
- Non-discretionary: $468,351,669

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 3,278 | $719,904,645 |
| High net worth individuals | 45 | $161,190,611 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 10 | $4,988,252 |
| Corporations or other businesses not listed above | 19 | $20,355,981 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2003 (23 years)
- Employees: 100 total, 100 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AL, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV
- Disclosures (Item 11): Reports 8 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(1): Has the SEC or the CFTC ever found that the firm or an advisory affiliate made a false statement or omission?
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.D(4): In the past ten years, has another federal regulator, a state regulator, or a foreign financial regulator entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?
- 11.G: Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?

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 SEC record: https://adviserinfo.sec.gov/firm/summary/13609

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Bismarck, ND
- Bloomfield Hills, MI
- Bountiful, UT
- Burlington, IA
- Cottonwood Heights, UT
- Edwards, CO
- Elk Grove, CA
- Forsyth, IL
- Graham, NC
- Harrison, OH
- Lawrence, KS
- Minot, ND
- Northbrook, IL
- Pine Mountain Club, CA
- Pittsburgh, PA
- Plymouth, MN
- Sacramento, CA
- Sarasota, FL
- Sulphur Springs, TX
- Suwanee, GA
- Toledo, OH
- Zionsville, IN

### Websites listed on Form ADV (Item 1.I)
- berthel.com
- Facebook @BERTHEL-FISHER-COMPANIES-247947705392965
- LinkedIn @BERTHEL-FISHER-&-COMPANY-FINANCIAL-SERVICES-INC.

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $798,064,896 | 100 | March 31, 2021 |
| October 2022 | $970,269,118 | 100 | March 31, 2022 |
| October 2023 | $395,938,893 | 100 | March 30, 2023 |
| October 2024 | $742,220,394 | 100 | March 25, 2024 |
| October 2025 | $798,130,823 | 100 | March 26, 2025 |
| October 2026 | $906,439,489 | 100 | March 27, 2026 |

Regulatory assets under management: $798,064,896 in the October 2021 data and $906,439,489 in the October 2026 data, up 14%.
Total employees: 100 in October 2021 and 100 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $798,130,823 to $906,439,489 (+14%).
- Changed its office addresses in Graham, NC.
- Added an office in Bountiful, UT.
- Added an office in Elk Grove, CA.
- Added an office in Pine Mountain Club, CA.
- No longer lists an office in Atchison, KS.
- No longer lists an office in Helena, MT.
- No longer lists an office in Naperville, IL.
- No longer lists an office in Peoria, AZ.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Berthel Fisher & Company Financial Services, Inc. (CRD 13609): Form ADV filing data as of October 2026.