The Compass Financial Group has been providing financial planning and portfolio management services to the Sioux Falls, South Dakota, community for years. This independent registered investment advisor (RIA) firm houses a team that includes three certified financial planners (CFPs), three chartered financial consultants (ChFC), one chartered retirement planning counselor (CRPC) and more.
The small financial advisor team here manages assets for individual with and without high net worth, as well as businesses.
Compass Financial Group Background
The Compass Financial Group was formed in the 1980s and has been a registered investment advisor (RIA) since 2011. This independent firm is owned by employees John Haller, Jesse Haller and Jasen Haller. All three are CFPs.
Compass Financial Group Client Types and Minimum Account Sizes
Compass Financial Group serves non-high-net-worth and high-net-worth individuals, as well as businesses. The firm does not set an account minimum to receive its services.
Services Offered by Compass Financial Group
The Compass Financial Group focuses on long-term financial planning advice. The firm’s advisors can provide guidance around estate planning, investing and meeting your insurance needs.
When it comes to investing, the Compass Financial Group can provide portfolio management advice regarding numerous accounts including:
- Individual retirement accounts (IRAs)
- Employer-sponsored plans like 401(k)s, 403(b)s and Simple IRAs
- 529 college savings plans
- Charitable trusts
- Corporate accounts
- Individual or joint accounts
Compass Financial Group’s estate planning strategy begins with an evaluation of your current assets and net worth. It then determines future financial goals and methods of meeting those objectives. The team may also work with local attorneys to create legal documents including:
- Powers of attorney
- Healthcare powers of attorney
- Living wills
- Last will and testaments
- Corporate structuring
- Trusts
As independent agents, members of the Compass Financial Group can work with most insurance companies that do business in the state. The firm can advise on such products as:
- Life insurance
- Long-term care insurance
- Disability insurance
- Health insurance
- Medicare supplements (Plan F, Plan G) and Medicare Part D
In addition, the firm offers clients offers access to eMoney, a digital platform that allows you to manage and view all your financial data in one place.
Compass Financial Group also works with Sioux Falls businesses to help them establish a 401(k) plan with an investment menu that utilizes funds from Vanguard. So because it's local, plan participants can meet Compass agents face to face (as opposed to calling an anonymous call center, which is often the case).
Compass Financial Group Investment Philosophy
Compass Financial Group aims to help their clients achieve their long-term investment goals by providing advice that adheres to their risk tolerance, financial situation and other personal factors. Investment strategy would depend on the needs of the client and the types of investments involved. For instance, a 401(k) participant nearing retirement may have different goals than someone just starting on his career path.
To help clients meet their individual goals, the firm generally utilizes mutual funds and exchange-traded funds (ETFs).
Fees Under Compass Financial Group
The firm does not publish its advisory fee schedule. But like most firms, it charges fees as a percentage of assets under management. Fees are billed quarterly in advance, based on the value of your account on the last day of the previous quarter. Generally, these fees are deducted from your account.
But keep in mind that advisory fees are exclusive of external expenses your account incurs such as brokerage transaction fees and operating expenses charged by the funds you’re invested in. These aren’t paid to Compass Financial Group.
What to Watch Out For
Compass Financial Group doesn't have any disclosures on its SEC-filed Form ADV.
Note that as a fee-based firm, some of the advisors are licenses to sell insurance and invesmtent products, and could earn commissions on those transactions. Despite this potential conflict of interest, Compass has a fiduciary duty that requires its team to act in the best interests of clients.
Opening an Account With Compass Financial Group
Visit the firm's website and fill out its contact form to inquire about becoming a client. You can also try calling (605) 338-7150.
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All information was accurate as of the writing of this article.
