Berthel Fisher & Company Financial Services, Inc. offers investment brokerage, wealth management, and investment banking services. It provides equity shares, bonds, annuities, oil and gas investments, futures, mutual funds, investment participation programs, mutual funds, real estate investments, and structured financial products. The company also offers investment, tax, and retirement planning; asset allocation and portfolio management; risk management; and outside advisory services. Additionally, it provides underwriting, capital raising advisory, and insurance services to businesses. The company was formerly known as Berthel, Fisher & Fleischman Financial Services, Inc. Berthel Fisher & C...
701 Tama Street
Post Office Box 609
Marion, IA 52302-0609
Founded in 1974
Financial Industry Regulatory Authority Fines Berthel Fisher & Company Financial Services, Inc. and Securities Management and Research, Inc. for Supervisory Deficiencies
Feb 24 14
The Financial Industry Regulatory Authority (FINRA) announced that it has fined Berthel Fisher and Company Financial Services, Inc. and its affiliate, Securities Management and Research, Inc., a combined $775,000 for supervisory deficiencies, including Berthel Fisher's failure to supervise the sale of non-traded real estate investment trusts (REITs), and leveraged and inverse exchange-traded funds (ETFs). As part of the settlement, Berthel Fisher must retain an independent consultant to improve its supervisory procedures relating to its sale of alternative investments. FINRA found that from January 2008 to December 2012, Berthel Fisher had inadequate supervisory systems and written procedures for sales of alternative investments such as non-traded REITs, managed futures, oil and gas programs, equipment leasing programs and business development companies. In some instances, the firm failed to accurately calculate concentration levels for alternative investments, thus, the firm did not correctly enforce suitability standards for a number of the sales of these investments. Berthel Fisher also failed to train its staff on individual state suitability standards, which is part of the suitability review for certain alternative investment sales. FINRA also found that from April 2009 to April 2012, Berthel Fisher did not have a reasonable basis for certain sales of leveraged and inverse ETFs. The firm did not adequately research or review non-traditional ETFs before allowing its registered representatives to recommend them to customers, and failed to provide training to its sales force regarding these products. The firm also failed to monitor the holding periods of these investments by customers, resulting in some instances in customer losses.