Berthel Fisher & Company Financial Services Inc

Item 5 – Fees and Compensation

In addition to the information provided in Item 4 – Advisory Business, this section provides additional details regarding our firm’s
services along with descriptions of each service’s fees and compensation arrangements.

Financial Planning Services
Depending upon your IAR, BFCFS will generally provide one of three basic types of financial planning and consulting services as
follows:

1. Full Service Financial Planning - This service is for the creation of a holistic written financial plan, which typically addresses the
following topics: investment planning; retirement planning; insurance planning; tax planning; education planning; portfolio
reviews; asset allocation, and real estate planning. This service can be for preparation of a new financial plan or for an update of
an existing financial plan.

2. Limited Service Financial Planning: This service is limited to focusing upon one or more specific areas identified by you. It does
not involve the creation of a full financial plan. You should be aware that there are important issues that may not be taken into
consideration when your IAR develops his or her analysis and recommendations under limited service financial planning.

3. As-Needed Consulting Services: Under this service, we offer consultations in order to discuss financial planning issues when you
do not need a written financial plan. This includes “as-needed” consultations, which are limited to consultations in response to a
particular investment or financial planning issue raised or request made by you. Under an “as-needed” consultation, it will be
incumbent upon you to identify those particular issues for which you are seeking our advice or consultation on.

Our financial planning and consulting services do not include the implementation of any transactions on your behalf. You have the
sole responsibility for determining whether to implement our financial planning and consulting recommendations. To the extent
you would like to implement any of our investment recommendations through BFCFS as an investment adviser to actively monitor
and manage your investments, you must execute a separate written investment advisory agreement with BFCFS for our asset
management services. This asset management service charges a separate fee from your financial planning and consulting services.
Thus, your IAR has a conflict of interest when recommending asset management services.

In the alternative, you could also work with your IAR in his or her separate capacity as a registered representative of Berthel Fisher
& Company Financial Services (BFCFS) broker-dealer for the purpose of implementing transactions through a non-fee,
commission-based brokerage account. A conflict will exist between the interests of BFCFS, your IAR and your interests. If you
choose to implement the advice of BFCFS, your IAR may earn commissions in his or her capacity as a registered representative or
additional advisory fees for managed accounts in addition to the fees charged for financial planning services.

If you choose to implement any financial planning recommendations through BFCFS, your representative will recommend an
implementation strategy (e.g., fee-based advisory account or commission based brokerage account) that is in your best interest
without regard to the financial interests of BFCFS, or broker-dealer, as an investment adviser or broker-dealer or your
representative as an the IAR or registered representative.

Fees for Financial Planning Services
Fees for BFCFS’s financial planning services may be fixed or hourly as described below.

BFCFS provides financial planning services under an hourly fee arrangement. An hourly fee in the range of $150 to $400 per hour
(depending upon the IAR) is charged by BFCFS for financial planning services provided under this arrangement. Under this type of
arrangement, prior to commencing financial planning services, BFCFS provides an estimate of the approximate hours needed to
complete the requested financial planning services. If BFCFS anticipates exceeding the estimated number of hours required,

6    Berthel Fisher & Company Financial Services, Inc. - Form ADV Part 2A Disclosure Brochure dated March 27, 2026

BFCFS will contact you to receive authorization to provide additional services. You will pay in advance a mutually agreed upon
retainer that will be available for BFCFS to bill hourly fees against for our financial planning services; however, under no
circumstances will BFCFS require you to pay fees more than $1,200 more than six months in advance. The standard billing dates
and events of BFCFS are the following: (1) the first business day of each month; (2) the date when incurred hourly fees and
expenses will cause the retainer balance to be depleted to zero; (3) the date or thereafter that BFCFS substantially provides the
agreed upon services; and (4) the date the engagement is terminated by either you or BFCFS. Upon presentment of the invoice to
you, BFCFS will deduct the hourly fees due BFCFS against your current retainer balance and you are required to pay BFCFS
immediately any outstanding balance of hourly fees due.

BFCFS also provides financial planning services under a fixed fee arrangement. A mutually agreed upon fixed fee is charged for
financial planning services under this arrangement. There is a range in the amount of the fixed fee charged by BFCFS for financial
planning services. The minimum fixed fee is generally $100, and the maximum fixed fee is generally no more than $15,000. The
amount of the fixed fee for your engagement is specified in your financial planning agreement with BFCFS. You are required to
pay 100% of the fixed fee in advance at the time you execute an agreement with BFCFS; however, at no time will BFCFS require
payment of more than $1,200 in fees more than six months in advance.

BFCFS also provides ongoing financial and investment planning services for a flat annual fee.
...

Item 7 – Types of Clients

BFCFS generally provides investment advice to the following types of clients:

        Individuals
        High-Net Worth Individuals
        Banks or thrift institutions
        Pension and profit-sharing plans
        Trusts, estates, or charitable organizations
        Corporations or business entities other than those listed above
        Investment Company

You are required to execute a written agreement with BFCFS specifying the particular services in order to establish a client
arrangement with BFCFS.

20   Berthel Fisher & Company Financial Services, Inc. - Form ADV Part 2A Disclosure Brochure dated March 27, 2026

Minimum Investment Amounts Required
As a general rule, the minimum account size is twenty-five thousand dollars ($25,000). However, under certain circumstances,
BFCFS may waive the minimum account size requirement and accept accounts less than the minimum requirement. Additionally,
you are required to execute a written agreement with BFCFS detailing each investment advisory service you choose to utilize prior
to BFCFS commencing any work for such service.

In addition to BFCFS’s minimum requirements, the sponsor of the Sub-Advisory Platforms may set account minimums and
determine whether such minimums are negotiable.

The minimum investment amount is the following for these sub-advisory platforms:

         Sub-Advisory Platform Sponsor                     Minimum Amount
         Advisors Asset Management                               $250,000
         Charles Schwab                                          $100,000
         Dunham & Associates:
                  (IRA)                                            $ 50,000
                  (Other Accounts)                                 $100,000
         Orion Portfolio Solutions                                 $ 5,000

The sponsors of Outside Money Manager programs are responsible for determining account minimums and whether such
minimums are negotiable. Please refer to the disclosure brochure of the Outside Money Manager program for more details.