Berthel Fisher & Company

Berthel Fisher distributes non-traded REITs, business development companies, equipment leasing funds, and other private placement products. The firm acts as both broker-dealer and registered investment adviser, packaging alternative investments for independent financial advisors serving mass-affluent and retail clients. The product shelf has historically been weighted toward real estate and equipment finance vehicle structures.

Thomas Berthel founded the firm in 1985 and remains CEO. In 2023, Mike Hogan was promoted to President, representing a formalized senior leadership layer. Berthel started the firm after working as a stockbroker and built it from a storefront in Marion, Iowa.

Berthel Fisher is an independent, privately held broker-dealer and registered investment adviser. Unlike many peer firms in the non-traded REIT distribution space that were acquired by insurance-owned platforms or private equity-backed roll-ups during the 2015–2020 period, Berthel Fisher has remained under its founder's ownership.

Berthel Fisher sources products primarily from external sponsors — non-traded REIT managers, equipment leasing fund operators, and business development company sponsors — and distributes them through its network of independent advisors. The firm does not typically act as the sponsor or general partner of the underlying investment vehicles.

The firm is headquartered in Marion, Iowa, with a branch-office network serving independent financial advisors predominantly in Midwestern, Mountain West, and Southeastern US markets. The firm has maintained its Iowa headquarters since founding, targeting secondary and tertiary markets rather than major coastal financial centers.