Berthel, Fisher & Company Financial Services, Inc.

Berthel Fisher & Company Financial Services, Inc. provides investment advisory and financial planning services to a broad client base that includes individuals (including high‑net‑worth clients), corporations, pension and profit‑sharing plans, trusts, estates, and other institutional clients. Services are delivered through approximately 100 investment adviser representatives who are typically independent contractors and include portfolio management, financial planning, and referrals to outside money managers.

The firm offers both wrap and non‑wrap asset management across multiple platforms — including Berthel Edge (via Envestnet), Berthel Advisory, institutional RIA platforms, variable annuity/life management, and a range of sub‑advisory and third‑party manager programs — and IARs may construct portfolios using stocks, bonds, mutual funds, ETFs, REITs/BDCs and, when appropriate, concentrated or active trading strategies. IARs are permitted to set fees within firm ranges, may manage accounts on a discretionary basis or recommend outside managers, and the firm prohibits known 12b‑1 fee‑paying share class purchases and performs quarterly reviews to convert such share classes to lower‑cost classes where available.

Noteworthy distinctions include the firm’s dual registration as an SEC‑registered investment adviser and a broker‑dealer, which allows IARs to act in a commission capacity and to receive commissions or insurance sales compensation — a practice the brochure identifies as a potential conflict of interest. The firm also discloses a Bank Deposit Sweep Program that generates additional revenue retained by the firm (and not shared with IARs), and it has a recent regulatory history, including a 2021 SEC order addressing mutual fund share‑class practices that resulted in a cease‑and‑desist order and monetary sanctions.