Why We Are Different

We don’t sell products

We don’t charge commissions

When you call or stop in, we make time to talk to you

Our fee structure aligns our interests with your own

We are your fiduciary – we will always put your interests ahead of our own

We educate our clients. You will know what investments you own and why you own them

We take the time to know you personally, you are never just a number

Fees are charged in arrears and are competitive and transparent

As you explore our website, you’ll learn more about how we help you, but it all boils down to the following quote:

“You can’t take your account balance to the grocery store”

The price of goods and services rise over time. We must plan to have a rising income stream in retirement that we can depend on to maintain our desired standard of living.

We plan for this without the use of complex and expensive financial products, just time-tested methods of building and spending wealth, without the worry of “selling when the market is low”

Please consider investing 30 minutes of time to learn how this can work for you and your family.

Daniel D. Fencl

Investment Advisor Representative

Founder and CEO

Dan has been in the industry since 1983. Many of Dan’s original clients have continued their relationship since the firm’s founding. Dan specialized in portfolio construction, portfolio management, and client planning.

Spencer R. Johnson

Investment Advisor Representative

Owner and President

Spencer joined Fencl Advisory Services in 2016. As of June 2018, he took over as President of the firm. Spencer runs the daily branch operations and also provides portfolio management and client planning.

Sarah J. Braunshausen

Investment Advisor Representative

Sarah has been in the financial services industry since 2002. She joined Fencl Advisory Services in 2015 and runs FAS’ satellite office in Lake Elmo, MN. Sarah provides portfolio management and client planning for her clients in both Iowa and Minnesota.

Rachel L. Soll

Executive Assistant

Rachel joined us in 2018 and keeps our office running smoothly. Rachel is also our client relationship manager and helps our clients with scheduling, updates, and other administrative requests.


Daniel Fencl founded ICM Financial Services in 1989 in Waterloo, Iowa and has been serving his clients for more than 30 years. Margaret Harn is an assistant and record-keeper for Dan since the beginning and still works a few hours per week to this day. Mary Ganske is a long-time friend who has been an assistant and office organizer for more than a decade and still comes in to keep us organized. Much of our past success is due to Maggie and Mary making things run smoothly!

In 2015, Dan also founded Fencl Advisory Services, LLC to serve as an independent Registered Investment Advisor in the State of Iowa. Fencl Advisory Services is now state registered in Iowa and Minnesota.

Also in 2015, Dan purchased and restored the historic train depot building in Downtown Cedar Falls. The building became our new home in 2016 and we love being part of the rich history of the building.