Berger Financial Group provides financial planning, portfolio management for individuals and small businesses, educational seminars, business succession planning, education planning, estate planning, insurance, retirement plan services, tax planning, and tax preparation. Financial planning was provided to 648 clients last fiscal year.
Berger Financial Group reports 3,800 clients. They include 2,942 individual clients, 813 high-net-worth individuals, and 37 corporations and other businesses. Of its assets, 100.0% ($2.95B across 11,139 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 77% | 70% |
| High-net-worth individuals | 21% | 29% |
| Charitable organizations | <1% | <1% |
| State or municipal government entities | <1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 2,942 | $2.07B | 70.0% | $702K |
| High-net-worth individuals | 813 | $866M | 29.4% | $1.07M |
| Charitable organizations | 5 | $2.4M | 0.1% | $479K |
| State or municipal government entities | Fewer than 5 | $3.82M | 0.1% | $1.27M |
| Corporations and other businesses | 37 | $11.1M | 0.4% | $299K |
| Total | 3,800 | $2.95B | 100% | — |
- Clients
- 2,942
- Regulatory AUM
- $2.07B
- AUM share
- 70.0%
- Avg. per client
- $702K
- Clients
- 813
- Regulatory AUM
- $866M
- AUM share
- 29.4%
- Avg. per client
- $1.07M
- Clients
- 5
- Regulatory AUM
- $2.4M
- AUM share
- 0.1%
- Avg. per client
- $479K
- Clients
- Fewer than 5
- Regulatory AUM
- $3.82M
- AUM share
- 0.1%
- Avg. per client
- $1.27M
- Clients
- 37
- Regulatory AUM
- $11.1M
- AUM share
- 0.4%
- Avg. per client
- $299K
Total
- Clients
- 3,800
- Regulatory AUM
- $2.95B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 648
Berger Financial Group charges 0.25%–2.25% a year for its Assets Under Management (AUM) Fees. The fee is billed in advance or in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial Planning
- Negotiated fixed fees or hourly charges for financial counseling, tax preparation and planning, set out in the client agreement and charged in addition to AUM fees; no rate is stated.
Alpha Holdings LLC owns 75% or more of Berger Financial Group and is in turn owned by Beta Midco LLC (75% or more). Nicholas Asmus is CEO; the leadership team includes Chief Compliance Officer John Mackinnon. It has 89 employees, 57 of them in advisory roles.
Leadership
- Nicholas AsmusChief Executive Officer & President
- John MackinnonChief Compliance Officer
- April BortschellerSecretary & Treasurer
Investment adviser representatives
51 representatives listed in the SEC register as of 9 October 2026.
- Nicholas A Albert
- Kristin Anderson
- Nicholas Robert Asmus
- Lucas Charles Auger
- Larry Allen Berger
- Mark Allen Berger
- Adam Jared Bjorklund
- April Therease Bortscheller
- Amanda Bracklein
- Isaac Jay Buehler
- Blaine Micah Conklin
- Angela Marie Erickson
- Todd Ernst
- Rebecca White Fetterman
- Amy Elizabeth Fracaro-Choate
- Roland Andrew Garland
- Matthew Jacob Gibbs
- Nicholas Robert Gordon
- Lisa Cherie Greely
- Eric Chatfield Hansen
- Ted Jacob Hefty
- Matthew Chad Hoekstra
- Charlie Huskisson
- Eric Kautzman
- Steven Michael Klane
- Paul Vincent Klinges
- Ryan Thomas Kompelien
- Renata Mary Krieger
- Rebecca Lynn Lantzer
- Kim Harold Lillehaug
- Krista Masera
- Rachel Marie Meyer
- Carter James Morrissette
- Morgan Anne Padget
- Blake Paurus
- Ernest John Pepel
- Sam Pirozzolo
- Troy Ray
- Anthony Harold Reynolds
- Kristi Lyn Sanz
- Adam Schoepke
- Zach Shelby
- Robert Stephen Smrekar
- Richard Lee Stone
- Michael James Toay
- Dale Lawrence Tondryk
- Michael P. Traxler
- Joseph Troszak
- Seth Wilfred Wagner
- Andrew Jonathan Wixon
- William Brian Wixon
Staff
- 89 employees
- 57 in advisory functions
- 46 state-registered reps
- 10 insurance agents
- Owns 75% or more of Berger Financial Group, LLC
Alpha Holdings LLC
Control person · since July 2026
- Owns 75% or more of Alpha Holdings LLC
Beta Midco LLC
Control person · since June 2026
- Owns 75% or more of Beta Midco LLC
BFG Holdings LP
Control person · since June 2026
- Owns 50% to 75% of BFG Holdings LP
Premium Blocker Inc.
Control person · since July 2026
- Owns 75% or more of Premium Blocker Inc.
Ivc-BFG Holding I LP
Control person · since July 2026
- Owns 75% or more of Ivc-BFG Holding I LP
Ivc-BFG Holding II LP
Control person · since July 2026
- Owns 50% to 75% of Ivc-BFG Holding II LP
Investcorp North American Private Equity Parallel Fund II-A, L.P.
Control person · since July 2026
- Owns 75% or more of Investcorp North American Private Equity Parallel Fund II-A, L.P.
Mejdool Investments Holdings II Limited
Control person · since August 2024
- Owns 75% or more of Mejdool Investments Holdings II Limited
Investcorp Investment Holdings Limited
Control person · since July 2024
Berger Financial Group’s regulatory assets grew 2.8× from $1.05B (March 2021) to $2.95B (September 2026); clients rose from 1,862 to 3,800 and employees from 40 to 89. Between 2016 and 2024, 4 advisory firms joined it. The largest by last filed assets was Robert Gordon & Associates ($266M, January 2024, the most recent).
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| September 2026 | $2.95B | 3,800 | 89 | 10 |
| February 2025 | $2.5B | 3,684 | 70 | 9 |
| March 2024 | $1.66B | 2,990 | 64 | 10 |
| March 2023 | $1.37B | 2,664 | 60 | 7 |
| March 2022 | $1.45B | 2,217 | 51 | 7 |
| March 2021 | $1.05B | 1,862 | 40 | 5 |
Firms that joined
20241 joined
- Robert Gordon & AssociatesLast filed AUM $266M
20211 joined
- Dane HoldingsNo filed AUM
20181 joined
- Bell Wealth ManagementNo filed AUM
20161 joined
- Wade Financial GroupNo filed AUM
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Berger Financial Group has 9 offices, with 10 listed addresses across 5 states.
Minnesota · 4 listed addresses
- 1695 State Hwy 169 N, PlymouthHQ
- 107 Cedar Street, Monticello
- 8120 Penn Ave S, Bloomington
- 17601 Highway 7, Minnetonka
Arizona · 2 listed addresses
- 8955 E. Pinnacle Peak RD, Scottsdale
- 13517 W Camino Del Sol, Sun City West
Illinois · 2 listed addresses
- 1201 Veterans Parkway, Springfield
- 4440 Ash Grove Drive, Springfield
Maine · 1 listed address
- 15 Monument Square, Portland
Vermont · 1 listed address
- 110 Kimball Avenue, S. Burlington
Other business names
Berger Financial Group has reported 3 other business names to the SEC.
- Independent Financial Company
- Robert Gordon Associates, Inc.
- Tondryk Wealth Management
Contact and registration details
- Legal name
- Berger Financial Group, LLC
- Headquarters
- 1695 State Hwy 169 N, Plymouth, MN 55441
- Website
- Not reported
- Phone
- 763-746-2666
- @berger-financial-group-inc
- SEC file
- 801-118923
- Founded
- 1996
- Structure
- Minnesota LLC
- Fiscal year end
- December
Berger Financial Group uses Charles Schwab ($1.59B) as custodian for its separately managed accounts. Berger Financial Group has custody of $1.26B in client assets for 3,626 clients.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $1.59B100%
At year end, Berger Financial Group’s separately managed accounts were mostly in funds (65%) and stocks (25%). Its reported 13F holdings for the quarter ended 30 June 2026 total $1.96B across 486 positions; the largest are Schwab Strategic TR (5.2%), Schwab Strategic TR (4.9%) and Vanguard Index Fds (4.9%).
What the accounts hold
- Stocks25%
- Funds65%
- Bonds5%
- Investment grade corporate bonds3%
- U.S. government and agency bonds2%
- Cash3%
- Other2%
- Reit2%
Reported 13F holdings
- $1.96B
- Reported 13F value
- 486
- Positions
- 35.9%
- In the 10 largest
- +9.6%
- Value vs. prior quarter
- Schwab Strategic TR · US Dividend EQ5.2%
- Schwab Strategic TR · US Lcap GR ETF4.9%
- Vanguard Index Fds · Growth ETF4.9%
- Pgim ETF TR · Jennison Foc Gwt4.2%
- J P Morgan Exchange Traded F · Active Bond ETF3.9%
- Schwab Strategic TR · US Lrg Cap ETF3.5%
- First TR Exchange-traded FD · Fst Low Oppt Eft2.9%
- Apple Inc.2.2%
- J P Morgan Exchange Traded F · Core Plus BD ETF2.2%
- Vaneck ETF Trust · Real Assets ETF1.9%
Together, the ten largest are 35.9% of reported value.
How many clients does Berger Financial Group have?
Berger Financial Group has 3,800 clients and manages $2.95 billion for them, as of September 2026. They include 2,942 individual clients, 813 high-net-worth individuals, and 37 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 3 September 2026
What services does Berger Financial Group offer?
Berger Financial Group provides financial planning, portfolio management for individuals and small businesses, educational seminars, business succession planning, education planning, estate planning, insurance, retirement plan services, tax planning, and tax preparation.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Berger Financial Group charge?
Berger Financial Group charges 0.25%–2.25% a year for its Assets Under Management (AUM) Fees. The fee is billed in advance or in arrears and is negotiable.
Source: BERGER FINANCIAL GROUP ADV PART 2A 2024, filed 13 August 2026
Which custodians does Berger Financial Group use?
Berger Financial Group’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $1.59B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 3 September 2026
How many financial advisors does Berger Financial Group have?
Berger Financial Group has 46 investment adviser representatives registered with state securities authorities, out of 89 employees, and 57 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 10 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Berger Financial Group invest in?
At the end of its last fiscal year, Berger Financial Group’s separately managed accounts held 65% registered funds (mutual funds, ETFs, BDCs), 25% exchange-traded equities, 3% investment grade corporate bonds, 3% cash and equivalents, 2% U.S. government and agency bonds and 2% other. The 2% other category is described as: Reit.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Berger Financial Group?
Berger Financial Group is owned through a chain of holding companies by Investcorp Investment Holdings Limited. Its direct owner is Alpha Holdings LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 3 September 2026
How does Berger Financial Group get paid?
Berger Financial Group is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Berger Financial Group registered with the SEC?
Yes, Berger Financial Group has been registered with the SEC as an investment adviser since 16 June 2020. Its CRD number is 308174 and its SEC file number is 801-118923.
Source: Form ADV Part 1A, Item 1, filed 3 September 2026; IAPD firm record
How do I contact Berger Financial Group?
Berger Financial Group’s main office is at 1695 State Hwy 169 N, Plymouth, MN 55441. Its phone number is 763-746-2666.