Berthel Fisher & Company Financial Services, Inc.

Registered investment adviser · Cedar Rapids, IA · CRD #13609

Form ADV data as of 2026-09-01

Regulatory assets

$906.4 million

Total accounts

3,352

Employees

100

Disclosure events

Firm details

Website: http://www.berthel.com
Telephone: 319-447-5700
SEC file number: 801-62277
Most recent Form ADV filing: 2026-03-27
SEC record: View this firm on the SEC's IAPD site

Disciplinary disclosures

This firm reports 8 disclosure questions answered Yes, covering 51 reported events. Form ADV Item 11 covers charges and pending proceedings as well as findings, so a Yes answer is not itself a finding of wrongdoing. The underlying detail is filed with the SEC.

SEC or CFTC found a false statement or omission
SEC or CFTC found a violation of its regulations or statutes
SEC or CFTC entered an order in connection with investment-related activity
SEC or CFTC imposed a civil money penalty or a cease-and-desist order
Another regulator found a violation of investment-related regulations or statutes
Another regulator entered an order in connection with investment-related activity (past 10 years)
A self-regulatory organization found a violation of its rules
Currently subject to a regulatory proceeding that could result in a disclosure under 11.C., 11.D., or 11.E.

Assets and accounts

Provides continuous and regular supervisory or management services	Yes
Discretionary regulatory assets under management	$438.1 million
Non-discretionary regulatory assets under management	$468.4 million
Total regulatory assets under management	$906.4 million
Discretionary accounts	1,854
Non-discretionary accounts	1,498
Total accounts	3,352
Regulatory assets under management attributable to non-U.S. persons	$0

People

Total employees (excluding clerical)	100
Employees performing investment advisory functions (including research)	100
Employees who are registered representatives of a broker-dealer	100
Employees registered as investment adviser representatives with a state	100
Employees registered as IARs for another investment adviser	50
Employees who are licensed insurance agents	92
Firms or persons who solicit advisory clients on the firm's behalf	0

Custody

Has custody of client cash or bank accounts	No
Has custody of client securities	No
A related person has custody of client cash or bank accounts	No
A related person has custody of client securities	No
The firm acts as a qualified custodian	No
A related person acts as a qualified custodian	No

How the firm is compensated

A percentage of assets under managementHourly chargesFixed fees (other than subscription fees)Commissions

Advisory services offered

Financial planning servicesPortfolio management for individuals and/or small businessesSelection of other advisers (including private fund managers)

Other business activities

Broker-dealer (registered or unregistered)Insurance broker or agent

Affiliated related persons

Broker-dealer, municipal securities dealer, or government securities broker or dealerOther investment adviser (including financial planners)Insurance company or agencySponsor or syndicator of limited partnerships

Reported conflicts of interest

Form ADV Items 8 asks advisers to disclose arrangements that may create a conflict with client interests. This firm answered Yes to:

Buys or sells for itself securities it also recommends to clients
Recommends brokers or dealers to clients
Receives soft dollar benefits
Compensates a non-employee for client referrals

Client types

Type of client	Clients	Assets
Individuals (other than high net worth individuals)	3,278	$719.9 million
High net worth individuals	45	$161.2 million
Pension and profit sharing plans (not the participants or government plans)	10	$5.0 million
Corporations or other businesses not listed above	19	$20.4 million