Broker-dealer firm · Cedar Rapids, IA
Berthel Fisher & Company Financial Services, Inc.
Berthel, Fisher & Company Financial Services, Inc. · SEC-registered investment adviser · CRD 13609 · SEC 801-62277
At a glance
Berthel Fisher & Company Financial Services, Inc. is an SEC-registered investment adviser based in Cedar Rapids, Iowa, with $906 million in regulatory assets under management as of its Form ADV filed March 27, 2026. Its largest client group by assets is individuals, and it reports 3,323 individual clients. By Form ADV it is a broker-dealer firm, ranked 170th of 391 broker-dealer firms and 5,684th of 17,210 SEC-registered advisers by assets.
Main office 319-447-5700berthel.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $906M
- Rank among broker-dealer firms
- #170 of 391
- Rank among all SEC RIAs
- #5,684 of 17,210
- Rank in Iowa
- #23 of 91
- Individual clients
- 3,323
- High-net-worth clients
- 45
- Accounts
- 3,352
- Discretionary
- 48% of AUM
- Employees
- 100
- Advisory staff
- 100
- Offices
- 56
Owners and executives on its Form ADV
- Thomas Joseph BerthelChairman of the Board/executive Vice President
- Richard Maurice MurphyExecutive Vice President
- Joanna Marie SchaulChief Administration Officer/secretary (a/o 11/2017)
- Randy Austin WilcoxVice President Compliance/osj Manager
- Andrew James ChristoffersonChief Executive Officer/president
- Shelley Rae DavenportVice President Legal & Regulatory Matters (a/o 11/2017)
- Brian RuppChief Financial Officer/treasurer (a/o 11/5/2020)
- Paige Nichole SwartzendruberChief Business Development Officer
- Brittany Michelle NoethenChief Technology Officer
- Kimberly Karen Early ChapmanChief Compliance Officer
- James Ralph HohnVice President/technology
- Nathanael SpencerVice President of Business Development
Custody and brokerage
Custodian
Berthel Fisher & Company Financial Services, Inc.’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Broker-dealer
Hybrid RIA
Berthel Fisher & Company Financial Services, Inc. is a hybrid RIA: 100 of its employees are also registered representatives of a broker-dealer. It reports a broker-dealer among its affiliates on Form ADV.
Its Form ADV brochure (filed March 2026) names Berthel, Fisher & Company Financial Services as the broker-dealer its advisers are registered with.
In the alternative, you could also work with your IAR in his or her separate capacity as a registered representative of Berthel Fisher & Company Financial Services (BFCFS) broker-dealer for the purpose of implementing transactions through a
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 3,278 | $720M | 79% |
| High-net-worth individuals | 45 | $161M | 18% |
| Corporations or other businesses | 19 | $20M | 2% |
| Pension and profit sharing plans | 10 | $5M | <1% |
Disciplinary disclosures
Berthel Fisher & Company Financial Services, Inc. answers yes to 51 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Selecting other advisers
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
- Commissions
Form ADV and brochures on the SEC’s adviser search ↗berthel.com ↗
AtlasMembers
The full record on Berthel Fisher & Company Financial Services, Inc.
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 134 peers of its type and size
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- Owners and executives, with titles and stakes
- 12 namedLocked
- Main office, fax and compliance officer
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- Filing changes this year, with alerts
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Background
Questions
How much does Berthel Fisher & Company Financial Services, Inc. manage?
Berthel Fisher & Company Financial Services, Inc. reports $906 million in regulatory assets under management across 3,352 accounts, 48% of it on a discretionary basis, on its Form ADV filed March 27, 2026.
What kind of firm is Berthel Fisher & Company Financial Services, Inc.?
Berthel Fisher & Company Financial Services, Inc. is a broker-dealer firm by its Form ADV answers. The firm is itself registered as a broker-dealer as well as an investment adviser.
Who are Berthel Fisher & Company Financial Services, Inc.’s clients?
By assets, its largest client types are individuals ($720 million, 3,278 clients); high-net-worth individuals ($161 million, 45 clients); corporations or other businesses ($20 million, 19 clients).
Does Berthel Fisher & Company Financial Services, Inc. have any disciplinary history?
Berthel Fisher & Company Financial Services, Inc. answers yes to 51 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is Berthel Fisher & Company Financial Services, Inc.’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-27), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →