# Berthel Fisher & Company

Berthel Fisher & Company is an Asset Manager based in Cedar Rapids, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Cedar Rapids, United States
- **Region:** North America
- **Address:** Marion, IA, United States
- **Founded:** 1985
- **Assets under management:** Undisclosed
- **Website:** berthel.com
- **LinkedIn:** https://www.linkedin.com/company/berthel-fisher-&-company

## Regulatory record

- **CRD number:** 13609
- **SEC file number:** 801-62277
- **Registration status:** Registered
- **Reports private funds:** No
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/13609

## About

Berthel Fisher & Company Financial Services, Inc. is an SEC-registered investment adviser in Cedar Rapids, IA, registered since 2003. The firm manages $906 million in assets, with $438 million on a discretionary basis. It has 100 employees and 100 investment advisers.

## Sectors

- Real Estate
- Private Credit
- Financial Services

## People

- Thomas Berthel — Founder and CEO
- Mike Hogan — President

## Questions

### What does Berthel Fisher & Company primarily distribute?

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.

### Who founded Berthel Fisher and who currently runs the firm?

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.

### Is Berthel Fisher an independent broker-dealer or part of a larger consolidator?

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.

### What is Berthel Fisher's geographic footprint?

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.

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Last updated: 2026-06-03T20:00:00.000Z

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