BFC Planning, Inc. (also referred to as “us”, “we and “BFCP” throughout this brochure) is a corporation formed under the laws of the State of Iowa in 1974 and registered as an investment adviser with the United States Securities and Exchange Commission (“SEC”) since 2007. 3 BFC Planning - Form ADV Part 2A Disclosure Brochure dated March 29, 2023 Our firm is fully owned by a parent company, Berthel Fisher & Company (“BFC”), of which a majority interest is owned by Thomas J. Berthel, who is also the Chief Executive Officer of BFCP, Berthel Fisher & Company, Berthel Fisher & Company Financial Services, Inc. (“BFCFS”)., and Securities Management and Research, Inc. (“SMR”). Introduction The investment advisory services of BFCP will be provided to you through an appropriately licensed (when required) and qualified individual who is an Investment Adviser Representative of BFCP (referred to as your “IAR” throughout this brochure). Your IAR typically is not an employee of BFCP; rather, your IAR typically is an independent contractor of BFCP. Your IAR is limited to providing the services and charging investment advisory fees in accordance with the descriptions detailed in this brochure. However, the exact services you will receive and the fees you will be charged are dependent upon your IAR and will be specified in your advisory program agreement. As a result, investment advisory services offered through and the investment advisory fees charged by BFCP can vary among the IARs of BFCP. The exact services that your IAR may provide may be limited by his or her broker-dealer affiliation. Your IAR may be affiliated in a separate capacity as a registered representative with our affiliated broker-dealers, Berthel Fisher & Company Financial Services, Inc. or Securities Management and Research, Inc. For more details about your investment adviser affiliation with a broker-dealer, please refer to Item 10 – Other Financial Industry Activities and Affiliations. General Description of Primary Advisory Services The following are brief descriptions of the primary investment advisory services of BFCP. More detailed descriptions of our services are provided in Item 5 – Fees and Compensation so that you can review the services and description of fees in a side-by- side manner. Please understand that a written agreement, which details the exact terms of the service, must be signed by you and us before we can provide you the investment advisory service described below. Financial Planning Services - We provide investment advisory services in the form of financial planning services. Financial planning services do not involve the active management of client accounts, but instead focus on a client’s overall financial situation. Financial planning can be described as helping individuals determine and set their long-term financial goals, through investments, tax planning, asset allocation, risk management, retirement planning, and other areas. Under this program, the role of your IAR as a financial planner is to find ways to help you understand your overall financial situation and help you set financial objectives. Financial planning services can include the provision of a written financial plan or other consulting without a written financial plan. Asset Management Services - We provide investment advisory services in the form of asset management services. Our asset management services involve providing clients with continuous and on-going supervision over designated accounts. Your IAR may provide asset management services to you through one or more of the following platforms: (A) Berthel Edge; (B) BFCP Advisory program through our affiliated broker-dealers; (C) Institutional RIA Platforms; (D) Variable Annuity/Variable Life Sponsors; (E) Managed Account Solutions; (F) Sub-Advisory Platforms; and (G) Held Away Accounts. Outside Money Managers – We provide advisory services by referring you to outside, or unaffiliated, money managers that are registered or exempt from registration as investment advisers. Third-party money managers are responsible for continuously monitoring your designated account and making trades for your account when necessary. Limits Advice to Certain Types of Investments With some exceptions, your IAR is typically available to offer advice on most types of investments owned by you and, at your specific request, will explore investment options not currently owned by you. However, your IAR is not permitted to provide advice on futures contracts. BFC Planning, Inc. is typically available to provide investment advice on the following types of investments.  No-Load (i.e. no trading fee) and Load-Waived (i.e. trading fee waived) Mutual Fund Shares  Exchange-listed securities (i.e. stocks) 4 BFC Planning - Form ADV Part 2A Disclosure Brochure dated March 29, 2023  Securities traded over-the-counter (i.e. stocks)  Fixed income securities (i.e. bonds)  Closed-End Funds and Exchange Traded Funds (ETFs)  Foreign Issues  Warrants  Corporate debt securities (other than commercial paper)  Commercial

paper  Certificates of deposit  Municipal securities  Variable life insurance  Variable Annuities  United States government securities  Options contracts on securities and commodities  Interests in partnerships investing in real estate, oil and gas interests  Fixed Indexed Annuities  Publicly registered non-traded REITs and BDCs. We do not provide advice on hedge funds, futures contracts on tangible and intangible assets, digital assets and do not affect transactions in commodities futures, or commodity options. When providing asset management services, your IAR will typically construct your account holdings using stocks, bonds, mutual funds and ETFs to build diversified portfolios. We may modify our investment strategy to accommodate special situations like: low basis stock, stock options, legacy holdings, inheritances, closely held businesses, collectibles, or unique tax situations. Some platforms offer limited investment options, specifically Held Away Accounts that are subject to limitations determined by the Plan Administrator and/or custodian. In certain cases, where a client and IAR determine it to be appropriate, and it is consistent with the client’s best interest and investment mandates, our IAR can employ strategies that involve concentration, active trading and speculation. BFCP may provide advice regarding real estate investment trusts (REITs) and Business Development Companies (BDCs). Some of the REITS and BDCs that are the subject of BFCP’s advisory services are not publicly traded. In other words, the lack of an active secondary market for the sale of such REITs or BDCs can limit a client’s ability to dispose of such investments in a timely manner and at an advantageous price. Consequently, a client should exercise caution to avoid over-concentration of their assets in these illiquid investments. It is likely the price of a REIT or BDC listed on your account statement provided by a custodian only reflects the original purchase price and does not reflect any price or value from a secondary market, a repurchase offered by the sponsor or the book value. It is possible that the actual value of the REIT or BDC on a secondary market or through a repurchase by a sponsor is significantly less than the original purchase price shown on the account statement provided by the custodian. Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information. Wrap-Fee Program versus Non-Wrap Fee Program Your IAR may provide asset management services through both wrap-fee programs and non-wrap fee programs. Under a wrap- fee program, asset management services and transaction/execution costs are provided for one fee. This is different from non- wrap fee programs whereby our asset management services are provided for a fee, but transaction/execution costs are billed to clients separately on a per-transaction basis. From an asset management perspective, there is not a fundamental difference in the way your account is managed except whether the transaction/execution costs are billed as a single fee with the asset management services or as separate fees for each transaction in addition to the asset management fee. However, offering both wrap and non-wrap fee programs is a conflict of interest because BFCP might earn more or less compensation depending on factors such as the type of account you select and the frequency of your trades. Before recommending that you utilize a wrap fee program or non-wrap fee program, your IAR will help you evaluate options for your consideration. BFCP permits its IARs to recommend that you utilize one of multiple asset management programs described in Item 5 of this brochure. These programs offer various features and benefits, and investment advisory fees will vary from program to program. Similarly, your IAR’s compensation may vary depending on which program he or she recommends to you, which is a conflict of interest. In order to mitigate this conflict, your IAR is required to recommend the asset management program or programs that are in your best interest without regard to BFCP or the IAR’s own interest. In addition, certain asset management programs are available only to pre-existing or grandfathered clients. 5 BFC Planning - Form ADV Part 2A Disclosure Brochure dated March 29, 2023 Tailor Advisory Services to Individual Needs of Clients Our financial planning, asset management and outside money manager services are always provided based on your individual needs. This means, for example, that you are given the ability to impose restrictions on the accounts we manage for you, including specific investment selections and sectors. We work with you on a one-on-one basis through interviews and questionnaires to determine your investment objectives and suitability information. Client Assets Managed by BFC Planning, Inc. The amount of clients’ assets managed by BFCP totaled $1,477,309,181 as of December 31, 2022. The amount managed on a non- discretionary basis is $181,559,941 and $1,297,786,991 is managed on a discretionary basis.