# BFC Planning, Inc.

> BFC Planning, Inc. is an SEC-registered investment advisory firm in Cedar Rapids, IA, registered since 2007, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 27, 2026.

- CRD: 119682
- Filed as: BFC PLANNING, INC.
- Also doing business as: 1ST & MAIN INVESTMENT ADVISORS - ADVISORY SERVICES OFFERED THROUGH BFC PLANNING, 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/119682
- AdvisorCensus page: https://advisorcensus.com/firm/bfc-planning-inc-cedar-rapids-ia-119682

## Quick answers

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

**How much does BFC Planning, Inc. charge?**
Its Form ADV Part 2A brochure dated March 27, 2026 states: Hourly rate: $150 to $400 an hour (financial planning services). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is BFC Planning, Inc. located?**
BFC Planning, Inc.'s principal office is in Cedar Rapids, IA, according to its Form ADV; the April 2026 filing also lists 25 other offices (Schedule D, Section 1.F).

**Is BFC Planning, Inc. registered with the SEC or a state?**
BFC Planning, Inc. is an SEC-registered investment advisory firm, registered since 2007. Status as filed: Approved. CRD 119682.

**How much does BFC Planning, Inc. manage?**
BFC Planning, Inc. reports $3,841,196,599 in regulatory assets under management in its Form ADV filing dated March 27, 2026 (84% discretionary).

**How have BFC Planning, Inc.'s assets and staff changed since 2021?**
In the Form ADV data for BFC Planning, Inc.: Regulatory assets under management: $1,274,830,615 in the October 2021 data and $3,841,196,599 in the October 2026 data, up 201%. Total employees: 212 in October 2021 and 200 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does BFC Planning, Inc. serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (10,753); high net worth individuals (574); corporations or other businesses not listed above (78).

**Does BFC Planning, Inc. report any disciplinary disclosures?**
Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.C(4) (SEC or CFTC order). 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/119682

**Does BFC Planning, 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, BFCP may waive the minimum account size requirement and accept accounts less than the minimum requirement."

**What changed in BFC Planning, Inc.'s recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $2,026,848,859 to $3,841,196,599 (+90%). Added an office in Bellingham, WA. Added an office in Denver, CO. Added an office in Indianapolis, IN. Added an office in Manchester, MO. Added an office in Reading, PA. Added an office in Winterset, IA. No longer lists an office in Denton, TX. No longer lists an office in Dixon, IL. No longer lists an office in Prior Lake, MN. No longer lists an office in Seminole, FL.

## From the Form ADV filing

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

### 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, BFCP may waive the minimum account size requirement and accept accounts less than the minimum requirement.

- Hourly rate: $150 to $400 an hour (financial planning services)

> An hourly fee in the range of $150 to $400 per hour (depending upon the IAR) is charged by BFCP for financial planning services provided under this arrangement.

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

### Regulatory assets under management (Item 5.F)
- Total: $3,841,196,599
- Discretionary: $3,232,910,283
- Non-discretionary: $608,286,316

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 10,753 | $2,352,376,618 |
| High net worth individuals | 574 | $1,339,489,821 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 34 | $31,836,495 |
| Charitable organizations | 9 | $24,673,509 |
| Corporations or other businesses not listed above | 78 | $92,820,156 |

### 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: 2007 (19 years)
- Employees: 200 total, 200 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 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?

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/119682

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Algona, IA
- Bellingham, WA
- Bismarck, ND
- Bloomington, IL
- Boardman, OH
- Burlington, IA
- Chesterfield, MO
- Cincinnati, OH
- Cottonwood Heights, UT
- Dallas, TX
- Denver, CO
- Edwards, CO
- Greenville, SC
- Indianapolis, IN
- Jacksonville, IL
- Manchester, MO
- Minot, ND
- Muscatine, IA
- North Mankato, MN
- Pleasant Hill, IA
- Plymouth, MN
- Reading, PA
- Sarasota, FL
- Toledo, OH
- Winterset, IA

### Websites listed on Form ADV (Item 1.I)
- bfcplanning.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 | $1,274,830,615 | 212 | June 15, 2021 |
| October 2022 | $1,955,791,103 | 200 | March 31, 2022 |
| October 2023 | $1,477,309,181 | 200 | March 30, 2023 |
| October 2024 | $1,839,208,077 | 200 | March 25, 2024 |
| October 2025 | $2,026,848,859 | 200 | March 26, 2025 |
| October 2026 | $3,841,196,599 | 200 | March 27, 2026 |

Regulatory assets under management: $1,274,830,615 in the October 2021 data and $3,841,196,599 in the October 2026 data, up 201%.
Total employees: 212 in October 2021 and 200 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $2,026,848,859 to $3,841,196,599 (+90%).
- Added an office in Bellingham, WA.
- Added an office in Denver, CO.
- Added an office in Indianapolis, IN.
- Added an office in Manchester, MO.
- Added an office in Reading, PA.
- Added an office in Winterset, IA.
- No longer lists an office in Denton, TX.
- No longer lists an office in Dixon, IL.
- No longer lists an office in Prior Lake, MN.
- No longer lists an office in Seminole, FL.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. BFC Planning, Inc. (CRD 119682): Form ADV filing data as of October 2026.