Berthel Fisher & Company

Berthel Fisher & Company

Berthel Fisher & Company was founded in 1985 in Marion, Iowa, by Thomas Berthel, who started the firm after a stint as a stockbroker. The company carved out a niche packaging and distributing alternative investments — primarily non-traded real estate investment trusts, equipment leasing funds, and private placements — through a network of roughly 200 independent financial advisors spread across the United States. The firm operates as a dual-registered entity: a broker-dealer under FINRA and a registered investment adviser, which allows it to both syndicate proprietary products and manage advisory assets. The firm's product shelf historically concentrated on non-traded REITs, business development companies, and direct participation programs in equipment leasing. Notable sponsor relationships have included distributions of offerings managed by industry sponsors such as Phillips Edison, Hospitality Investors Trust, and various equipment leasing funds. The strategy relies on aggregating capital from retail and mass-affluent investors in secondary and tertiary markets — a distribution model that proved resilient during periods when wirehouses pulled back from alternatives. Berthel Fisher also maintains a corporate finance division that advises on mergers and acquisitions for mid-market companies, primarily in the manufacturing and financial services sectors. With headquarters remaining in Marion, Iowa, the firm employs roughly 50 professionals across compliance, investment banking, and wholesaling functions. The company operates through a branch-office network that spans the Midwest, Mountain West, and Southeast regions. In May 2023, the firm promoted Mike Hogan to President, signaling a formalized succession structure as Thomas Berthel remained CEO (per the firm's regulatory filings, 2023). The firm has not disclosed aggregate assets under management, but its regulatory filings indicate a focus on retail alternative product distribution rather than institutional separate accounts. Berthel Fisher's structural differentiator is its survival as a mid-tier sponsor-distributor without consolidation into a larger roll-up platform. Most firms of its vintage and product focus — particularly those centered on non-traded REIT distribution — were acquired by larger insurance-owned broker-dealers or private equity-backed consolidators during the 2015–2020 period. Berthel Fisher remains privately held by its founder, a governance posture that provides continuity but limits balance-sheet capacity for proprietary co-investment.