DFX Intelligence

RIA Intelligence

Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.

SEC-registered adviser

Berthel Fisher & Company Financial Services, Inc.

Broker-dealer affiliated wealth managerCedar Rapids, IowaCRD 13609SEC 801-62277websiteIAPD
Legal name Berthel, Fisher & Company Financial Services, Inc.
Latest filing Mar 27, 2026
First filing on the tape Mar 30, 2012 · 31 filings
SEC status approved since Aug 27, 2003
RAUM
$906M
reported, Item 5.F
Discretionary
48%
of RAUM
Private clients
97%
$881M individuals and HNW
Advisors
71
registered through the firm on IAPD
RAUM per advisor
$12.8M
derived; firm RAUM over IAPD count
Employees
100
100 advisory (5.B.1)
Offices
55
beyond the principal office
Private funds
0
reported on Schedule D
History
31 filings and snapshots on the tape
RAUM$906M as of Mar 27, 2026
Mar 30, 2012$630M then
HNW client RAUM$161M as of Mar 27, 2026
Mar 29, 2019$101M then
State-registered IARs (5.B.3)100 as of Mar 27, 2026
Mar 30, 20120 then
Employees (5.A)100 as of Mar 27, 2026
Mar 27, 2013235 then
Private funds: no history
RAUM +14% over the last fiscal year+32% a year over threeIARs 100 to 100offices 100 to 55
Practice profile
derived from the filing of Mar 27, 2026; every figure names its basis
Archetypes, each a printed rule
  • Broker-dealer affiliated · Item 7.A.1 (broker-dealer affiliate) and at least 50 registered representatives (Item 5.B.2), or the adviser is itself a broker-dealer (6.A.1)
  • Mass-affluent RIA · private-client share at least 50 percent, non-HNW individuals at least 60 percent of private-client RAUM
RAUM per advisor
$12.8MderivedRAUM over IAPD advisors; not a book size
Clients per advisor
47derivedindividual and HNW clients (5.D) over advisors
Average HNW client
$3.6MderivedHNW RAUM over HNW clients
Average account
$270,418derivedRAUM over accounts (5.F.2.f)
Discretionary
48%derivedof RAUM
Institutional
0.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor
1.4derivedItem 5.A over advisors
Advisors per office
1.3derived56 offices incl. principal (1.F.5)
RAUM growth, one year
+14%derivedbetween the last two annual amendments
Advisor growth, one year
+0.0%derivedItem 5.B.3 between annual amendments
Client growth, one year
+15%derived
Compensation
percentage of assets, hourly, fixed fees, commissionsreportedItem 5.E
Advisory activities
financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
Ownership
no PE, bank or public-company owner found on Schedule Aderived
Advisor book size
not public; not estimatedreported
Also answered yes on Form ADV
  • is a broker-dealer (6.A.1)
  • is an insurance broker or agent (6.A.6)
  • buys or sells securities as principal to or from clients (8.A.2)
  • has discretionary authority over which securities are bought or sold (8.C.1)
  • receives research or other products from a broker-dealer, soft dollars (8.E)
  • compensates persons for client referrals (8.G.1)
  • marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
  • Individuals$720M79%
  • High-net-worth individuals$161M18%
  • Corporations and businesses$20.4M2.2%
  • Pension and profit-sharing plans$5.0M0.6%
Individual clients
3,278reported
HNW clients
45reported
Pension plan clients
10reported
Charitable clients
n/areported
Accounts
3,352reported
Financial planning clients
11-25reported
Wrap fee programs
noreported
Custody of client assets
noreported
Compensation
% of AUM, fixed, hourly, commissionsreported
Class basis
private_client_share=0.97 fund_share=0.0 institutional_share=0.01 related_bd=true related_bank=false bd_reps=100.0derived
Advisors registered through the firm
26 on IAPD today, longest tenure first
NameBranchHere sinceIn industryPrior firms
Jean Iafrate SchneiderCertified Financial PlannerGalesburg, IlMar 31, 200339 y1
Yvonne CurryIrvine, CaAug 26, 200339 y1
Patrick Anthony DeorioNorth Canton, OhSep 2, 200328 y0
Shelley Rae DavenportCedar Rapids, IaJan 6, 200435 y1
Heinz Erhard IckertColumbus, OhMar 31, 200428 y0
Michael McdyerCertified Financial PlannerFlemington, NjJul 1, 200440 y0
Roselyn Faye WilkinsonCertified Financial PlannerPittsburgh, PaOct 21, 200433 y2
Michael James DelehantyCertified Financial PlannerWhispering Pines, Nc Jan 20, 200540 y0
Brian Eric CantelFlowery Branch, GaJan 10, 200638 y1
Philip Conrad McwilliamsLawrence, KsJan 20, 200631 y0
Paul Gregory BusinoSuwanee, GaMar 23, 200626 y0
Gregory Edward SzaboElyria, OhAug 15, 200637 y0
James Welby TroutmanChartered Financial ConsultantTemple, PaJun 26, 200743 y1
William Kendrick VenablesOttumwa, IaJul 11, 200743 y0
Laura Elizabeth DawsonCertified Financial PlannerSulphur Springs, TxJan 7, 200824 y0
Chrystle Lynne VescoMerritt Island, FlJun 10, 200819 y0
Craig M FredricksonBountiful, UtAug 21, 200822 y1
Lester Lovell HolmesElk Grove, Ca Apr 20, 200925 y2
Charles Michael HaddadBloomfield Hills, Mi Jan 5, 201031 y1
Robert Lane JohnsonHarrison, OhApr 1, 201032 y2
Richard John JohnsonHarrison, OhApr 5, 201022 y1
Elwyn Leroy BrownAtlanta, GaJan 5, 201124 y3
Alan Matthew SaboSuwanee, GaJan 2, 201327 y1
Harry Mark PurcelCorcoran, MnJan 31, 201436 y0
Tetyana Vyacheslavovna HaddadBloomfield Hills, Mi Jul 12, 201617 y0
John J. WernkeHarrison, OhJul 1, 202039 y1
Advisor movement
7 left, 0 joined in 12 months
net -7 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 9.9% of current headcount14 left over 36 months
Left, latest
Joined, latest
Teams: two or more advisors moving together within fourteen days, from one state
    Private funds
    No private fund reported.
    Owners and control persons
    Schedule A and B, latest filing
    • Thomas Joseph Berthel · Chairman Of The Board/Executive Vice Presidentcontrol
      since 09/2023 · owns less than 5%
    • Thomas Joseph Berthel · Common Stock Shareholdercontrol
      since 12/1997 · owns 25% to 50% of Berthel Fisher & Company
    • Kimberly Karen Early Chapman · Chief Compliance Officer
      since 12/2020 · owns less than 5%
    • Andrew James Christofferson · Chief Executive Officer/President
      since 09/2023 · owns less than 5%
    • Shelley Rae Davenport · Vice President Legal & Regulatory Matters (A/O 11/2017)
      since 07/2014 · owns less than 5%
    • James Ralph Hohn · Vice President/Technology
      since 12/2020 · owns less than 5%
    • Richard Maurice Murphy · Executive Vice President
      since 11/2017 · owns less than 5%
    • Brittany Michelle Noethen · Chief Technology Officer
      since 11/2017 · owns less than 5%
    • Brian Rupp · Chief Financial Officer/Treasurer (A/O 11/5/2020)
      since 09/2023 · owns less than 5%
    • Joanna Marie Schaul · Chief Administration Officer/Secretary (A/O 11/2017)
      since 09/2023 · owns less than 5%
    • Nathanael Spencer · Vice President Of Business Development
      since 10/2002 · owns less than 5%
    • Paige Nichole Swartzendruber · Chief Business Development Officer
      since 09/2023 · owns less than 5%
    • Randy Austin Wilcox · Vice President Compliance/Osj Manager
      since 06/2021 · owns less than 5%
    Entity owners
    • Berthel Fisher & Company · 100% Owner
      direct · owns 75% or more
    Related persons
    Schedule D 7.A
    Advisers that list Berthel Fisher & Company Financial Services, Inc. as a related person
    Office movement
    IAPD branch city; joins and departures in 12 months
    OfficeAdvisorsJoinedLeftTeams outForming
    Cedar Rapids, Ia · principal901
    Edwards, Co300
    Harrison, Oh300
    Bloomfield Hills, Mi200
    Cottonwood Heights, Ut200
    Elk Grove, Ca200
    Hideaway, Tx200
    Minot, Nd200
    Northbrook, Il200
    Plymouth, Mn200
    Sacramento, Ca200
    Sarasota, Fl200
    Sulphur Springs, Tx200
    Suwanee, Ga200
    St Joseph, Mo001
    Eugene, Or000
    Rancho Cordova, Ca000
    Lenexa, Ks001
    Lincoln, Ne000
    Atchison, Ks0031
    Offices
    Schedule D 1.F, the 25 largest
    • Atchison, KS4 employees
    • Sulphur Springs, TX3 employees
    • Edwards, CO3 employees
    • Harrison, OH3 employees
    • Suwanee, GA2 employees
    • Graham, NC2 employees
    • Minot, ND2 employees
    • Burlington, IA2 employees
    • Sarasota, FL2 employees
    • , 2 employees
    • Helena, MT2 employees
    • Sacramento, CA2 employees
    • Bloomfield Hills, MI2 employees
    • Peoria, AZ2 employees
    • Northbrook, IL2 employees
    • Midvale, UT2 employees
    • Plymouth, MN2 employees
    • Sacramento, CA2 employees
    • Eugene, OR2 employees
    • Lawrence, KS1 employees
    • Forsyth, IL1 employees
    • Zionsville, IN1 employees
    • Toledo, OH1 employees
    • Bismarck, ND1 employees
    • Pittsburgh, PA1 employees
    ADV anomalies
    2 against comparable advisers; where to look, not conclusions
    • discretionary share shiftChange between filings · filing Mar 27, 2026
      discretionary share of RAUM moved from 64.0% to 48.0% between the annual amendments of 2025-03-26 and 2026-03-27
      peers: affiliated wealth managers (187)
    • office count dropChange between filings · filing Mar 27, 2026
      offices other than the principal office (Item 1.F.5) moved from 100.0 to 55.0 (-45.0%) between the annual amendments of 2025-03-26 and 2026-03-27; the peer median change was +3.0% (20 comparable advisers, 0.0th percentile of changes)
      peers: affiliated wealth managers (20) · 0.0% percentile
    What changed
    consecutive filings, newest first
    • Accounts · 3,408 to 3,352
      Mar 26, 2025 to Mar 27, 2026
    • Corporate clients · 28 to 19
      Mar 26, 2025 to Mar 27, 2026
    • HNW clients · 48 to 45
      Mar 26, 2025 to Mar 27, 2026
    • Individual clients · 2,848 to 3,278
      Mar 26, 2025 to Mar 27, 2026
    • Pension plan clients · 18 to 10
      Mar 26, 2025 to Mar 27, 2026
    • Other offices · 100 to 55
      Mar 26, 2025 to Mar 27, 2026
    • Discretionary RAUM · $509M to $438M
      Mar 26, 2025 to Mar 27, 2026
    • HNW RAUM · $137M to $161M
      Mar 26, 2025 to Mar 27, 2026
    • Individual RAUM · $634M to $720M
      Mar 26, 2025 to Mar 27, 2026
    • Non-discretionary RAUM · $289M to $468M
      Mar 26, 2025 to Mar 27, 2026
    • Pension RAUM · $6.7M to $5.0M
      Mar 26, 2025 to Mar 27, 2026
    • RAUM · $798M to $906M
      Mar 26, 2025 to Mar 27, 2026
    • Accounts · 3,481 to 3,408
      Mar 25, 2024 to Mar 26, 2025
    • Corporate clients · 35 to 28
      Mar 25, 2024 to Mar 26, 2025
    • HNW clients · 145 to 48
      Mar 25, 2024 to Mar 26, 2025
    • Individual clients · 2,657 to 2,848
      Mar 25, 2024 to Mar 26, 2025
    • Pension plan clients · 13 to 18
      Mar 25, 2024 to Mar 26, 2025
    • Financial planning clients · 1-10 to 11-25
      Mar 25, 2024 to Mar 26, 2025
    • Discretionary RAUM · $452M to $509M
      Mar 25, 2024 to Mar 26, 2025
    • HNW RAUM · $260M to $137M
      Mar 25, 2024 to Mar 26, 2025
    • Individual RAUM · $448M to $634M
      Mar 25, 2024 to Mar 26, 2025
    • Non-discretionary RAUM · $290M to $289M
      Mar 25, 2024 to Mar 26, 2025
    • Pension RAUM · $11.6M to $6.7M
      Mar 25, 2024 to Mar 26, 2025
    • RAUM · $742M to $798M
      Mar 25, 2024 to Mar 26, 2025
    • Accounts · 2,247 to 3,481
      Mar 30, 2023 to Mar 25, 2024
    • Corporate clients · 8 to 35
      Mar 30, 2023 to Mar 25, 2024
    • HNW clients · 74 to 145
      Mar 30, 2023 to Mar 25, 2024
    • Individual clients · 2,163 to 2,657
      Mar 30, 2023 to Mar 25, 2024
    • Pension plan clients · unset to 13.0
      Mar 30, 2023 to Mar 25, 2024
    • Discretionary RAUM · $332M to $452M
      Mar 30, 2023 to Mar 25, 2024
    • HNW RAUM · $111M to $260M
      Mar 30, 2023 to Mar 25, 2024
    • Individual RAUM · $284M to $448M
      Mar 30, 2023 to Mar 25, 2024
    • Non-discretionary RAUM · $63.5M to $290M
      Mar 30, 2023 to Mar 25, 2024
    • Pension RAUM · $113,471 to $11.6M
      Mar 30, 2023 to Mar 25, 2024
    • RAUM · $396M to $742M
      Mar 30, 2023 to Mar 25, 2024
    • Accounts · 4,139 to 2,247
      Nov 10, 2022 to Mar 30, 2023
    • HNW clients · 355 to 74
      Nov 10, 2022 to Mar 30, 2023
    • Individual clients · 3,674 to 2,163
      Nov 10, 2022 to Mar 30, 2023
    • Pension plan clients · 102.0 to unset
      Nov 10, 2022 to Mar 30, 2023
    • Discretionary RAUM · $815M to $332M
      Nov 10, 2022 to Mar 30, 2023
    Signals
    30 dated events
    • Berthel Fisher & Company Financial Services, Inc. reported 55 offices beyond its principal office, down from 100 (2025-03-26 to 2026-03-27)
      Mar 27, 2026 · Office count change · derived
    • Jack Kenneth Caudle left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2026-03-10)
      Mar 13, 2026 · Advisor changed firm · fact
    • 4 advisors left Berthel Fisher & Company Financial Services, Inc. (Atchison, KS) for LPL Financial LLC on the same day
      Mar 13, 2026 · Team lift-out · derived
    • Benjamin Jeschke Gilmore left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2026-03-10)
      Mar 13, 2026 · Advisor changed firm · fact
    • Todd Kenneth Caudle left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2026-03-10)
      Mar 13, 2026 · Advisor changed firm · fact
    • Chad Lee Hartman left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2026-03-10)
      Mar 13, 2026 · Advisor changed firm · fact
    • Anthony Edward Buford left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2026-03-10)
      Mar 13, 2026 · Advisor changed firm · fact
    • Rod Paul Olson left Berthel Fisher & Company Financial Services, Inc. for Dai Wealth, Llc (registered 2026-01-04)
      Jan 2, 2026 · Advisor changed firm · fact
    • David Greg Birrell left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2016-09-28)
      Oct 20, 2025 · Advisor changed firm · fact
    • Randal James Gabaldon left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2016-11-16)
      Sep 16, 2025 · Advisor changed firm · fact
    • 2 advisors left Berthel Fisher & Company Financial Services, Inc. (Eugene, OR) for LPL Financial LLC on the same day
      Oct 28, 2024 · Team lift-out · derived
    • Kevin Lee Czarnecki left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2024-10-28)
      Oct 28, 2024 · Advisor changed firm · fact
    • Deanna Joyce Czarnecki left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2024-10-28)
      Oct 28, 2024 · Advisor changed firm · fact
    • Bruce E Schreiner left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2025-04-04)
      May 7, 2024 · Advisor changed firm · fact
    • Roger Dean Frank left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2016-08-09)
      May 1, 2024 · Advisor changed firm · fact
    • Berthel Fisher & Company Financial Services, Inc. reported RAUM $742.2M, up 87% from $395.9M (2023-03-30 to 2024-03-25)
      Mar 25, 2024 · RAUM change · derived
    • Joan Bevan Birdsell left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2016-11-29)
      Mar 15, 2024 · Advisor changed firm · fact
    • Bruce Ira Greenberg left Berthel Fisher & Company Financial Services, Inc. for Kingswood Wealth Advisors, Llc (registered 2024-01-15)
      Dec 31, 2023 · Advisor changed firm · fact
    • Mary Ellen Oestmann left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2023-07-24)
      Jul 25, 2023 · Advisor changed firm · fact
    • Matthew Charles Fox left Berthel Fisher & Company Financial Services, Inc. for Lpl Financial Llc (registered 2023-06-06)
      Jun 5, 2023 · Advisor changed firm · fact
    • Cory Britt Hoagstrom left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2016-08-29)
      Jun 5, 2023 · Advisor changed firm · fact
    • Berthel Fisher & Company Financial Services, Inc. reported RAUM $395.9M, down 59% from $970.3M (2022-11-10 to 2023-03-30)
      Mar 30, 2023 · RAUM change · derived
    • Melinda Cook Mccullough left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2018-09-27)
      Nov 30, 2022 · Advisor changed firm · fact
    • Jeremy Shane Hay left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2018-09-27)
      Nov 30, 2022 · Advisor changed firm · fact
    • Brian Allan Thomson left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2022-02-11)
      Oct 24, 2022 · Advisor changed firm · fact
    • James David Beaudoin left Berthel Fisher & Company Financial Services, Inc. for Quincy Wells Advisors, Llc (registered 2024-01-16)
      May 12, 2022 · Advisor changed firm · fact
    • Berthel Fisher & Company Financial Services, Inc. reported 100 offices beyond its principal office, down from 153 (2022-02-23 to 2022-03-31)
      Mar 31, 2022 · Office count change · derived
    • Carter William Smelser left Berthel Fisher & Company Financial Services, Inc. for Bfc Planning, Inc. (registered 2015-01-29)
      Jan 20, 2022 · Advisor changed firm · fact
    • Berthel Fisher & Company Financial Services, Inc. reported 153 offices beyond its principal office, up from 99 (2020-04-17 to 2020-05-06)
      May 6, 2020 · Office count change · derived
    • Berthel Fisher & Company Financial Services, Inc. reported 99 offices beyond its principal office, down from 130 (2018-08-06 to 2019-03-29)
      Mar 29, 2019 · Office count change · derived
    Across DFX
    shared identifiers only, never a name match
    How to reach
    public business contact points only, each with its source
    Firm profile
    LINKEDIN.COM/COMPANY/BERTHEL-FISHER-&-COMPANY-FINANCIAL-SERVreportedpublic record, Form ADV, Sep 18, 2026
    Website
    BERTHEL.COMreportedpublic record, Form ADV, Sep 18, 2026
    Principal office phone
    319-447-5700reportedpublic record, Form ADV, Mar 27, 2026
    Provenance
    Form ADV
    SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
    Advisors
    IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
    Class
    Broker-dealer affiliated wealth managerderiveda rule over Items 5.D and 7.A
    RAUM per advisor
    $12.8Mderivedfirm RAUM over the IAPD count; not a book size
    Loaded
    Sep 14, 2026