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Advisor Services

  • Financial Planning
    • -Estate Planning
    • -Comprehensive Financial Planning
    • -Retirement Planning
    • -College Planning
    • -Charitable Planning
    • -Other Financial Planning
  • Portfolio Management
    • -Individuals and/or Small Businesses


Funds Used With Clients

There are no funds listed for this advisor at this time.

Firm Client types



No timeline events available.
Employer Years Dates
Berno Financial Management, Inc 26 years, 9 months Jul 1993 - Present

Designations & Memberships

  • Financial Planning Association
    Financial Planning Association
    The Financial Planning Association (FPA®) is the largest membership organization for personal financial planning experts in the U.S. and includes professionals from all backgrounds and business models. We help connect thousands of consumers to competent and ethical planners who uphold the FPA Standard of Care.
  • National Association of Personal Financial Advisors
    National Association of Personal Financial Advisors
    NAPFA, the National Association of Personal Financial Advisors, is the nation’s leading organization dedicated to the advancement of Fee-Only comprehensive financial planning. Consumers and the media look to NAPFA for access to financial advisors who meet the highest standards for professional competency, comprehensive financial planning and Fee-Only compensation.
  • Certified Financial Planner
    Certified Financial Planner
    A standard certification for advisors, designees are exposed to nearly 100 topics on integrated financial planning. Major topics include, but not limited to: insurance, employee benefits, securities, state and federal tax, estate tax and planning, asset protection, etc.

Articles and Answers

Insights by Bruce Berno

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Ask a financial questionAsk a question
My Mother is 64 and my Father is 69. He gets SS benefits, however my mother did not work enough to get any. Just found out that she could have applied for spousal benefits when she turned 62. Can she apply now and get 2 yrs of back pay from 62 to now?
Abe,This is an excellent question. Many people aren’t familiar with Social Security spousal benefits, and the rule surrounding them can be a bit confusing. As several others have already explained, your mother probably can’t get benefits retroactively or at least for a limited period of time. Howev...  (more)
Answered Nov 2012
Am I saving enough for retirement?
Carrin,Providing a specific answer to this question is difficult without knowing the details of your financial situation. Deciding how much to save for retirement depends on how old you are, how much you’ve already saved, how much your spouse has saved (if you are married), and other factors. What ...  (more)
Answered Nov 2012
How do i get a loan to buy a home if i cannot get a conventioal loan?
Susie, I'd echo Andy's comments. You didn't say what exactly caused the financial difficulties that led to foreclosure, but whatever the reason you lost your house, it may be too soon to think about buying another property. There's no shame in renting while you sort out your financial situation and ...  (more)
Answered Nov 2013
I am 35 years old and I want to know how much do I need to put towards my 401K to retire ok?
Melinda,Congratulations on thinking about how much you need to save for retirement! If you focus on maximizing your savings now, you still have a good deal of time to accumulate a nice nest egg.The answer to your question of how much you need to save depends on a lot on your specific circumstances...  (more)
Answered Nov 2013
What do fee-only financial planners charge?
My colleagues have provided an excellent overview of the differences between fee-only and hourly planners.Hourly planners are a sub-set of "fee-only" financial planners. The majority of "fee-only" financial planners do charge a percentage of investment market value fee or a flat fee. Furthermore, t...  (more)
Answered Jul 2013
My 401k plan has a huge number of investment choices. Where can I find help on how I should pick where to invest in my plan?
That's an excellent question, Toni. If your 401(k) plan has dozens of different options, it can be hard to know which one is the best for you. As others have mentioned, talk to your company's HR department to see what resources are available to you. Also, I'd suggest carefully reading whatever infor...  (more)
Answered Sep 2013
When interviewing a financial advisor, what questions should I ask?
Shaloha,Choosing a financial advisor is a big decision. Finding someone who you’re comfortable with and who you trust is important.This worksheet has a list of questions you may want to ask when interviewing advisors: It cover...  (more)
Answered Aug 2013
As a recent widow, how can I budget my finances smartly?
Firstly, my condolences for the loss of your spouse. It is certainly difficult to balance losing a loved one with addressing new financial concerns. The fact that you are considering your budget is the first step to ensuring your financial success as you enter this new stage in life.Because your so...  (more)
Answered Apr 2014
Im needing to pull out my 401k. Where do I begin?
I'd have to echo the previous responders who are encouraging you to approach this issue with caution. The decision to withdraw money from your 401(k) plan isn't one that should be made lightly. I'd strongly encourage you to discuss your options with a financial advisor—there may be a better solution...  (more)
Answered Jan 2014
Is it worth it to itemize my charitable donations on my taxes?
The value of itemizing your charitable deductions really depends on the total dollar amount of your gifts. Itemizing becomes valuable when the deductions you claim exceed the standard deduction you are eligible for. If you make large donations, itemizing can save you anywhere from hundreds to thousa...  (more)
Answered Feb 2014
What percentage of my business revenue should I donate to charities?
It’s always encouraging to know that businesses are eager to give back to their communities. In addition to benefiting others, charitable giving makes your company eligible for tax deductions. As other responders have mentioned, how much you choose to donate is a personal decision—however, accordin...  (more)
Answered May 2014
I want to borrow to buy a house?
Like everyone else, I'd discourage you from borrowing against your 401(k) to buy a house, since doing so will set you behind in your retirement savings. Plus, there's always the risk you'll get laid off, at which point you either need to pay back the entire remaining loan balance or face penalties. ...  (more)
Answered Aug 2014
Should I drain my qualified accounts to pay off credit card debt?
Alex,Generally, I wouldn't recommend draining retirement accounts to pay off credit card debt. You are young, and the savings you've already have accumulated have a long time to grow, which could set you up for a more secure retirement later on. You mention that you’re having trouble curtailing yo...  (more)
Answered Sep 2014
I am currently 38 and do not have any retirement accounts yet. Which retirement plan will be best for me now?
Mukunda, If your employer plans to start offering matching 401(k) contributions next year, I’d definitely advise you to take advantage of that. You’re getting a bit of a late start on saving for retirement, so you’ll want to take advantage of any extra money you can get your hands on. You can set u...  (more)
Answered Nov 2014
What debt should I pay off first?
Congratulations on recognizing your challenges and having the interest to tackle them. However, more drastic action is necessary than the options you outlined above. Here comes the tough love. Your statement that "now I'm living paycheck to paycheck..." implies you were living within your means and ...  (more)
Answered Dec 2013
Should I hire an accountant or use something like TurboTax to prepare my taxes?
The decision to file your taxes yourself or hire a professional often boils down to whether or not you have the time and interest , a general business or financial aptitude, reasonable software and technology acumen, and feel comfortable handling the paperwork. If you own your own business or have s...  (more)
Answered Mar 2014
I turn 50 on 2/1/15. Can I make the $6k catch up contribution in 2015 or do I have to wait until 2016. Thanks.
Great question, Josie! You will be eligible to make 401(k) catch-up contributions in 2015. Also, you may also be able to make catch-up contributions of $1,000 to an IRA or Roth IRA in 2015. Whether or not you can make deductible IRA contributions or contribute to a Roth depends on your income. If yo...  (more)
Answered Dec 2014
How do I get my 401K plan evaluated at what cost? I can provide ytd return and fees and fund name?
Hi Dean, This is a great question. Too many people don’t pay that much attention to the details of their 401(k) investments, especially when it comes to fees. That ends up costing them money in the end. To get a sense of how your own 401(k) plan stacks up, I’d encourage you to meet with a fee-only ...  (more)
Answered Aug 2014
I received a gift of $10,000. Should I open a new Roth IRA, or increase my contribution to my employer's Roth 401 K ?
Dwight, you’ve received some great advice about the differences between Roth IRAs and Roth 401(k)s and the pros and cons of each. One other thing to keep in mind before making a decision about what to do with your $10,000 is your financial goals other than retirement. Putting the funds in a Roth acc...  (more)
Answered Jan 2015
How can I start saving for retirement if I'm a college grad with few funds and no benefits?
Fortunately, as other responders have noted, you can start tucking away retirement savings even if you don’t have the benefit of an employer-sponsored 401(k). A Roth IRA is a great option, since it allows you to grow and eventually withdraw your money tax-free. Contributions (which are made with aft...  (more)
Answered Jun 2014
    *Answers are submitted by advisors without compensation.

    Licenses & Conducts

    U.S. Securities and Exchange Commission
    • license status
    • disclosures
    • as of date
      Sep 25, 2018
    • license status
      Not registered
    • disclosures
    • as of date
    Review the status and details of the disclosures noted above using the SEC's Investment Advisor Public Disclosure website:



    Last updated on Sept. 26, 2018
      • $105.0M
        Total Assets Under Management
      • $0
        Total Assets Under Advisement
      • 85
        number of clients
      • $1.2M
        Estimated Average Account Balance Per Client

    Berno Financial Management Inc

    Last updated on March 31, 2020
      • $238.3M
        Total Assets Under Management
      • N/A
        Total Assets Under Advisement
      • 654
      • $364.4K
        Estimated Average Account Balance


    Fee Only Advisor
    This advisor has certified that they are compensated soley by their clients, and do not accept commisions or compensation of any kind based on the products they recommend.