Fencl Advisory Services, LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Fencl Advisory Services provides investment advisory, discretionary portfolio management, and financial planning to individuals (including high-net-worth clients), trusts, retirement plans, and business clients. The firm manages accounts on a continuous basis and delivers personalized investment policies and planning reports designed around each client’s stated goals and circumstances.
The firm follows a goal-focused, planning-oriented approach that emphasizes long-term, buy-and-hold strategies and asset allocation tailored to clients’ objectives and risk tolerances. In many cases it constructs bespoke portfolios using exchange-listed and over-the-counter securities (rather than relying primarily on mutual funds or ETFs) and conducts quarterly reviews with ongoing client education to inform adjustments.
Fencl is notable for its industry affiliations: it operates as a fee-based advisory firm while its advisors also maintain broker-dealer registrations, and the ownership has an affiliated insurance agency that refers clients and receives commissions for insurance and annuity sales — relationships the brochure discloses as potential conflicts of interest. As a small, three-advisor firm managing roughly $87.5 million across about 170 client relationships, it combines individualized securities-based portfolio construction with access to custody, trading, and insurance products through its broker-dealer and clearing firm relationships.
Client services
Expertise
Occupation focus
Fee options
Financial planning fees determined based on services provided and complexity; disclosed in advance; specific amounts not stated
Account minimum: $400,000 Minimum fee: $4,000 minimum annual fee for all households Fee-only: Fee only advisor, no commissions charged or accepted
Main office
See office1702 State Street
Cedar Falls IA 50613
Advisors at this office
1
Offices (3)
Most active in
Iowa · Louisiana · Minnesota · Texas
Also doing business as
Daniel D. Fencl · Fencl Advisory Services LLC · Fencl Advisory Services, LLC · Spencer R. Johnson
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is active or affiliated with:
Insurance agent
They sell insurance products and may earn commissions on those sales.
Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
Is not active or affiliated with:
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
Advisors at this firm
Daniel F
Series 63
Cedar Falls, IA
Fencl Advisory Services, LLC
Daniel Fencl is a financial advisor with Fencl Advisory Services, LLC in Cedar Falls, IA, holding a Series 63 designation and over 40 years of industry experience. He has worked with ICM Financial Services, Inc. and Dominion Investor Services, Inc. for multiple decades and currently serves as CEO of ICM Financial Services, Inc. Fencl Advisory Services is a state-registered investment adviser that serves individuals, trusts, retirement plans, corporations, and other professional clients. The firm provides discretionary portfolio management and financial planning with a planning-driven, long-term buy-and-hold investment approach tailored to each client’s goals and risk tolerance.
Spencer J
Series 63, Series 65
Cedar Falls, IA
Fencl Advisory Services, LLC
Spencer Johnson is a financial advisor with Fencl Advisory Services, LLC, holding Series 63 and Series 65 licenses and 10 years of industry experience. He has worked with Fencl Advisory Services and ICM Financial Services since 2016 and was previously associated with Dominion Investor Services, Inc. Johnson is also the owner and president of ICM Financial Services, which provides administrative support and insurance services to clients. Fencl Advisory Services offers investment advisory, discretionary portfolio management, and financial planning to individuals, trusts, retirement plans, and businesses. The firm emphasizes a goal-focused, planning-oriented approach with bespoke portfolio construction and ongoing client education based on long-term buy-and-hold strategies and tailored asset allocation.
Sarah B
Series 63, Series 65
Lake Elmo, MN
Fencl Advisory Services, LLC
Sarah Braunshausen is an investment advisor representative at Fencl Advisory Services, LLC with 23 years of industry experience. She has worked at Fencl Advisory Services since 2015 and previously was affiliated with Dominion Investor Services, Inc. and Guardian Life Insurance Company of America. She is also involved in selling fixed life insurance and disability products. Fencl Advisory Services is a state-registered investment adviser serving individuals, trusts, retirement plans, corporations, and other professional clients. The firm offers discretionary portfolio management and financial planning with a planning-driven, long-term buy-and-hold investment approach, emphasizing client education and regular portfolio reviews.
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