The Top Financial Advisors in South Dakota

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Taking the No. 1 spot on our list of South Dakota's top financial advisory firms is Compass Financial Group (CFG). This firm, which is based in Sioux Falls, is the largest on our list in terms of assets under management (AUM) and number of clients. CFG's client base is primarily composed of individuals without a high net worth. It also works with high-net-worth individuals and some corporations and businesses.

While advisors at Compass, which doesn't have a set account minimum, won't earn commissions from selling securities to clients, some advisors are registered insurance agents and could earn commissions selling insurance. This potential conflict of interest makes the firm fee-based. However, it is still a registered fiduciary, making it legally obligated to act in the best interests of clients at all times.

Three advisors at CFG are all Certified Financial Planners™ (CFPs®) (CFPs) and chartered financial consultants (ChFCs). These advisors also hold a combination of various other certifications, including the chartered retirement planning counselor (CRPC), accredited wealth management advisor (AWMA), chartered life underwriter (CLU) and retirement income certified professional (RICP) designations. 

Compass Financial Group Background

Compass Financial Group was founded in 2011. It registered with the SEC as an investment advisor one year later, in 2012. In 2013, it terminated all of its individual state registrations.

John Haller, Jesse Haller and Jasen Haller are the firm's three and only principal owners. Jesse and Jasen each own 33% of the firm, while John owns 34%. John is the firm's president, whereas Jesse and Jasen are partners at the firm. Each is a CFP® and chartered financial consultant (ChFC). 

CFG's services encompass investment management, financial planning and pension consulting. 

Compass Financial Group Investment Strategy

Compass Financial Group and its advisors develop individualized investment strategies designed to help clients achieve their financial and investment goals. Advisors conduct at least one meeting with each new client to determine relevant information, such as a client's tolerance for risk. They use this, along with other important financial information, to figure out how to best invest on their behalf.

The firm uses fundamental and technical methods of analysis to evaluate potential investments. Once advisors settle on a proper investment plan, they typically invest using long-term purchases, short-term purchases, trading, margin transactions and option writing. Advisors use portfolio diversification to meet short- and long-term client needs, and the firm generally invests in mutual funds, exchange-traded funds (ETFs), individual stocks or bonds and other securities. 

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Next on our list of the top financial advisory firms in South Dakota is Big Sioux Wealth Management. Despite managing less money than other firms on our list, Big Sioux has a large client base, consisting mostly of non-high-net-worth individuals. The firm also works with high-net-worth individuals, retirement plans, charitable organizations, corporations and businesses.

The Big Sioux advisory team includes two Certified Financial Planners (CFPs), one of whom also holds the accredited investment fiduciary (AIF) designation. However, certain advisors are registered as broker-dealers or insurance agents, making the business a fee-based firm. These advisors can sell securities and insurance products to clients for commissions, which is a potential conflict of interest. However, the firm is a registered fiduciary, meaning that it is legally obligated to act in the best interests of clients at all times. 

Big Sioux, which does not impose a minimum account size.

Big Sioux Wealth Management Background

Founded in 1988, Big Sioux Wealth Management is one of the oldest firms on our South Dakota list. The firm was originally registered just with the states of South Dakota and Minnesota but became registered with the SEC as an investment advisor in 2020. The firm also does business as Big Sioux Investments & Insurance.

The firm's majority owners, David Johnson, Janet Johnson, Ethan Johnson and Reid Johnson are unregistered owners who do not render fianncial advisory services. Dustin Padgett serves as president and chief compliance officer and is an advisor at the firm.

As for services, Big Sioux's focus centers around asset management, financial planning, small business retirement planning, long-term planning, legacy planning and risk management.

Big Sioux Wealth Management Investment Strategy

Big Sioux Wealth Management, like most other firms, tailors its investment strategies and advisory services based on the needs and objectives of its clients. By learning about a client's tolerance for risk, liquidity needs, time horizon and other important financial information, advisors learn how to effectively plan for each client's financial future and invest on their behalf.

Advisors use both fundamental and technical methods of analysis to evaluate potential investments for client portfolios. They will consider and use any types of securities that they believe will help clients achieve their financial and investment goals.

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Elgethun Capital Management (ECM) is a fee-only firm based in Sioux Falls. The firm works with both non-high-net-worth and high-net-worth individuals, as well as pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, endowments and pooled investment vehicles. The firm’s minimum account size requirement is $1 million. 

As a fee-only practice, ECM advisors don't earn commissions from the sale of financial products from third-party firms. ECM and its advisors are compensated solely by the advisory fees its clients pay. 

The firm has three chartered financial analysts (CFAs) on staff, as well as one chartered alternative investment analyst (CAIA).

Elgethun Capital Management Background

ECM has been in business since 2003. It first registered as an investment advisor with the state of South Dakota, but then registered with the SEC in 2006. John Barker currently serves as Elgethun's president and owner. 

ECM primarily provides clients with asset management and portfolio management services. It also offers financial consulting services at an hourly rate. While the firm's SEC-filed Form ADV lists financial planning as one of its service, the firm states in its brochure that it doesn't consider itself a financial planner. 

Elgethun Capital Management Investment Strategy

ECM and its advisors seek to tailor their investment management and portfolio management services to the specific needs and objectives of its clients. This process is ongoing, so it involves learning about and staying up to date on each client's financial situation and goals, such as a client's risk tolerance or liquidity needs. By compiling this information, advisors can provide custom investment solutions and strategies.

Advisors at ECM primarily use fundamental methods of analysis to evaluate investments. They then use long-term trades, short-term trades, margin transactions, options writing and tactical and strategic asset allocation to drive growth in client portfolios. 

As for securities, the firm advises clients on no-load mutual fund shares, exchange-listed securities, fixed-income securities, closed-end funds and ETFs, over-the-counter securities, warrants, foreign issues and American depositary shares. The firm may also invest in corporate debt securities, commercial paper, certificates of deposit, municipal and U.S. government securities, options contracts, interests in partnerships, hotel interests and hedge funds.

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Watertown-based Hi-Line Capital Management is the next firm on our list of the top financial advisors in the state of South Dakota. While the majority of Hi-Line's clients are individuals, both with and without a high net worth, the vast majority of assets under management belong to charitable organizations. A small number of the firm's clients are corporations and businesses.

Hi-Line is a fee-only firm. None of its advisors earn commissions from the sale of financial products to clients, so you won't have to worry about a conflict of interest stemming from such a dynamic. 

There is no minimum account balance requirement to work with the firm.

Hi-Line Capital Management Background

Hi-Line was founded in 2009. Prior to 2015, it was registered as an investment advisor only in the state of South Dakota. In 2015, it registered with the SEC.

Michael E. Anderson and Matthew T. Roby are the firm's owners and operators. Anderson serves as president and chief investment officer and Roby as vice president, chief compliance officer and general counsel. 

Hi-Line's services mainly focus on investment management, but it also provides financial planning and consulting, sub-advisory services to other investment managers and outsourced chief investment officer services.

Hi-Line Capital Management Investment Strategy

The firm aims to minimize the risk of permanent capital loss while delivering a satisfactory return on invested capital. To meet this goal, Hi-Line uses a value-driven investment strategy, focusing on identifying securities trading below their estimated intrinsic value. This approach creates a margin of safety, helping to protect against permanent capital loss. The more a security's purchase price is discounted relative to its estimated worth, the greater the margin of safety for the principal invested.

The firm primarily employs fundamental analysis in developing investment strategies for its clients.

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Based in Sioux Falls, Sage Capital Advisors ranks as the No. 5 advisory firm in South Dakota. The practice works with both non-high-net-worth and high-net-worth individuals, as well as pension and profit-sharing plans, charitable organizations, as well as corporations and other businesses. 

Sage advisors, some of whom hold the chartered financial analyst (CFA) designation, can sell insurance products to clients for commissions, making the firm fee based. This is a potential conflict of interest, but the firm is still a fiduciary. This means it has a legal obligation to act in the best interests of clients at all times. 

The firm does not set an account minimum.

Sage Capital Advisors Background

Sage Capital was founded in 2005, officially registering with the SEC as an investment advisor in the same year. Sage is principally owned by Matthew Johnson and Diana Blair, with each owning 50% of the company. Each owns the company indirectly: Johnson through a company called Sage One Ltd. and Blair through Dblair Corp. Blair is the firm's president, and Johnson is chief investment officer. 

In addition to its headquarters in Sioux Falls, Sage Capital Advisors also has offices in San Diego and Tomball, Texas.

Sage Capital Advisors works to provide clients with comprehensive investment management services. This includes asset management, financial planning and more. One service offering that sets Sage Capital Advisors apart is its Native American division, which provides investment management and financial advisor to tribal entities. 

Sage Capital Advisors Investment Strategy

Sage Capital tailors its investment management services and investment strategies to the financial situation and investment objectives of each of its clients. The firm does not stick to rigid models or benchmarks when crafting investment plans. Instead, it meets with clients to determine what they want to get out of their investment management engagement, and then develops an investment plan from there using the gathered information.

The firm typically allocates client assets to equities, fixed income instruments, mutual funds, money market funds and real estate limited partnerships. When making investment decisions, advisors apply fundamental analysis and technical analysis. Macroeconomic factors also influence the firm’s investment advice. The firm uses in-house valuation and third-party reporting when conducting research.

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Based in Rapid City, Kahler Financial Group primarily serves individual clients, both above and below the high-net-worth threshold. The firm also has some businesses as clients. 

Kahler doesn't have any advisors on staff who might face a conflict of interest from selling financial products to clients in exchange for commissions. This makes the firm fee only. Kahler also doesn't have a set account minimum for advisory services.

The Kahler team has three advisors with the Certified Financial Planner™ (CFP®) designation.

Kahler Financial Group Background

Founded in 1983 by Rick Kahler, Kahler Financial Group is the oldest firm on our list by a comfortable margin. Originally registered as an investment advisor with the state of South Dakota, it's been registered with SEC since 2005. Kahler owns the firm through a private trust called First American Trust, while Nathan Gehring, who joined the firm in 2019, also owns a stake.

Kahler Financial Group provides its clients with discretionary asset management services as well as holistic financial planning and portfolio management services. The firm also offers what it calls "Lightning Meetings," standalone consulting meetings that may touch on a person's retirement plan, estate plan, tax situation or real estate holdings. 

Kahler Financial Group Investment Strategy

Kahler Financial Group refers to itself as client centered, and its advisors look to tailor investment management strategies to the individual needs of their clients. Advisors first meet with clients to discuss their financial situation and investment objectives. They then can discuss what investment management options are available and make sense to clients given their situations. The firm adheres to a four-step process of discovery, design, implementation and maintenance.

Kahler Financial Group generally takes a long-term approach to investing, acknowledging that big financial changes take time. Advisors recommend and use a wide variety of securities, including exchange-listed securities, mutual funds, government bonds, real estate, limited partnerships, variable annuities and certificates of deposit.

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Aspen Private Advisors, also located in Sioux Falls, is the ninth and final firm on our list. This fee-based practice works almost entirely with individual clients. The individual client base is made up of individuals both with and without a high net worth. When it comes to institutional clients, Aspen works with a small number of retirement plans and charities. The firm doesn't currently have a set account minimum balance requirement.

Aspen Private Advisors is a fee-based firm because some advisors are also insurance agents who can earn commissions from selling insurance products to clients. This is a potential conflict of interest. However, the firm is still bound by fiduciary duty and legally obligated to act in the best interests of clients at all times. The firm has two Certified Financial Planners™ (CFPs®) on staff. 

Aspen Private Advisors Background

Aspen Private Advisors was founded in 2015, making it one of the younger firms on our South Dakota list. In fact, it only officially registered with the SEC as an investment advisor in 2018. Todd Dathe and Jeremy Sorenson are the firm's indirect owners by way of Aspen Holdings, LLC. 

The firm's primary services include portfolio management, financial planning, consulting and pension consulting. The firm provides investment management through a wrap fee program, which combines advisory and brokerage fees. Financial planning services encompass retirement planning, real estate analysis, estate planning, charitable planning, insurance analysis and education planning.

Aspen Private Advisors Investment Strategy

Aspen Private Advisors tailors its investment management services and investment strategies to the needs of its clients on an individual basis. This requires developing personal relationships with all clients so that advisors can determine their investment objectives and overall financial situations.

Aspen uses asset allocation to enhance investment return rates. The firm generally invests in stocks, bonds, cash equivalents, commodities, real estate, derivatives, insurance products, foreign currency, venture capital and private equity.