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Independent RIAs in South Dakota

As of October 2, 2026, 42 independent wealth management RIAs based in South Dakota reported $5.0 billion in regulatory assets under management; the largest by assets was Compass Financial Group, Inc, with $1.5 billion.

Include wirehouses and broker-dealer firms

Independent wealth management RIAs
42
SEC-registered
9
State-registered
33
Regulatory assets under management
$5.0 billion
Client accounts
15,689
Median firm size
$41.7 million
Broker-dealer affiliated firms, not included
0, with $0

South Dakota has not adopted IAR continuing education. Status from NASAA's IAR CE map, checked October 5, 2026. IAR CE in South Dakota.

Top firms in South Dakota

Largest independent RIAs by assets under management

Rank Firm City RAUM
1 Compass Financial Group, Inc Sioux Falls $1.5 billion
2 Elgethun Capital Management Sioux Falls $1.1 billion
3 Lauer Capital Management Ltd Sioux Falls $322.7 million
4 Big Sioux Wealth Management Watertown $235.2 million
5 Aspen Private Advisors, LLC Sioux Falls $199.9 million
6 Hahn Financial Group Sioux Falls $188.7 million
7 KFG, LLC Rapid City $188.1 million
8 Prairie View Wealth Partners LLC Sioux Falls $171.2 million
9 Applied Financial Wisdom Rapid City $130.3 million
10 Impact Wealth Management Sioux Falls $103.9 million

Top 100 in South Dakota

Fastest-growing independent RIAs over one year

Rank Firm City Growth Starting value
1 Hahn Financial Group Sioux Falls 40.9% $133.9 million
2 Elgethun Capital Management Sioux Falls 28.9% $884.5 million
3 Compass Financial Group, Inc Sioux Falls 21.0% $1.2 billion
4 Big Sioux Wealth Management Watertown 17.1% $200.7 million
5 Aspen Private Advisors, LLC Sioux Falls 13.2% $176.7 million
6 Lauer Capital Management Ltd Sioux Falls -2.1% $329.6 million

Top 100 in South Dakota

Fastest-growing independent RIAs over three years

Rank Firm City Growth Starting value
1 Compass Financial Group, Inc Sioux Falls 22.5% $807.0 million
2 Elgethun Capital Management Sioux Falls 17.9% $695.3 million
3 Aspen Private Advisors, LLC Sioux Falls 15.3% $130.4 million
4 Big Sioux Wealth Management Watertown 7.5% $189.3 million
5 Lauer Capital Management Ltd Sioux Falls 5.2% $276.9 million

Top 100 in South Dakota

Fastest-growing independent RIAs over five years

Rank Firm City Growth Starting value
1 Elgethun Capital Management Sioux Falls 20.8% $442.2 million
2 Compass Financial Group, Inc Sioux Falls 17.2% $670.0 million
3 Big Sioux Wealth Management Watertown 12.3% $131.8 million
4 Aspen Private Advisors, LLC Sioux Falls 8.6% $132.3 million
5 Lauer Capital Management Ltd Sioux Falls 3.6% $270.1 million

Top 100 in South Dakota

Independent RIAs with the biggest asset gains over one year

Rank Firm City Increase
1 Compass Financial Group, Inc Sioux Falls $257.4 million
2 Elgethun Capital Management Sioux Falls $255.4 million
3 Hahn Financial Group Sioux Falls $54.8 million
4 Big Sioux Wealth Management Watertown $34.4 million
5 Aspen Private Advisors, LLC Sioux Falls $23.2 million

Top 100 in South Dakota

Independent RIAs with the most clients

Rank Firm City Most clients
1 Hahn Financial Group Sioux Falls 3,643
2 Compass Financial Group, Inc Sioux Falls 2,826
3 Big Sioux Wealth Management Watertown 868
4 Alternative Strategies Group, Inc. Sioux Falls 689
5 Schwan Financial Advisors, LLC Aberdeen 592
6 Elgethun Capital Management Sioux Falls 308
7 Hyline Wealth Sioux Falls 204
8 Gabe Nelson Financial, Inc. Sioux Falls 203
9 Thompson Private Wealth Sioux Falls 189
10 Lauer Capital Management Ltd Sioux Falls 184

Top 100 in South Dakota

Independent RIAs with the fastest client growth over one year

Rank Firm City Growth Starting value
1 Elgethun Capital Management Sioux Falls 18.0% 261
2 Hahn Financial Group Sioux Falls 15.5% 3,154
3 Aspen Private Advisors, LLC Sioux Falls 6.8% 118
4 Compass Financial Group, Inc Sioux Falls 5.6% 2,675
5 Lauer Capital Management Ltd Sioux Falls 0.0% 184
6 Big Sioux Wealth Management Watertown -25.7% 1,169

Top 100 in South Dakota

Independent RIAs with the most accounts

Rank Firm City Most accounts
1 Hahn Financial Group Sioux Falls 3,363
2 Compass Financial Group, Inc Sioux Falls 2,826
3 Big Sioux Wealth Management Watertown 1,957
4 Elgethun Capital Management Sioux Falls 943
5 Gabe Nelson Financial, Inc. Sioux Falls 808
6 Alternative Strategies Group, Inc. Sioux Falls 796
7 Thompson Private Wealth Sioux Falls 557
8 KFG, LLC Rapid City 516
9 Aspen Private Advisors, LLC Sioux Falls 475
10 Impact Wealth Management Sioux Falls 453

Top 100 in South Dakota

Independent RIAs with the most advisory staff

Rank Firm City Most advisory staff
1 Elgethun Capital Management Sioux Falls 10
1 KFG, LLC Rapid City 10
3 Hahn Financial Group Sioux Falls 9
4 Compass Financial Group, Inc Sioux Falls 7
5 Aspen Private Advisors, LLC Sioux Falls 5
5 Big Sioux Wealth Management Watertown 5
7 Schwan Financial Advisors, LLC Aberdeen 2
7 Resolve Capital Management LLC Sioux Falls 2
7 Willkate Wealth Management, LLC Aberdeen 2
7 Make Way Wealth Management Sioux Falls 2

Top 100 in South Dakota

Independent RIAs with the most high net worth clients

Rank Firm City Most high net worth clients
1 Compass Financial Group, Inc Sioux Falls 304
2 Schwan Financial Advisors, LLC Aberdeen 255
3 Big Sioux Wealth Management Watertown 246
4 Elgethun Capital Management Sioux Falls 177
5 Thompson Private Wealth Sioux Falls 150
6 Hyline Wealth Sioux Falls 102
7 Alternative Strategies Group, Inc. Sioux Falls 71
8 Aspen Private Advisors, LLC Sioux Falls 61
9 Lauer Capital Management Ltd Sioux Falls 55
10 KFG, LLC Rapid City 54

Top 100 in South Dakota

Independent RIAs with the most CFP professionals

Rank Firm City Most CFP professionals
1 Compass Financial Group, Inc Sioux Falls 5
1 KFG, LLC Rapid City 5
3 Hahn Financial Group Sioux Falls 3
4 Myrna Mitchell, Mba, CFP Rapid City 2
4 Willkate Wealth Management, LLC Aberdeen 2
4 Aspen Private Advisors, LLC Sioux Falls 2
4 Big Sioux Wealth Management Watertown 2
8 Schwan Financial Advisors, LLC Aberdeen 1
8 Elgethun Capital Management Sioux Falls 1
8 Gabe Nelson Financial, Inc. Sioux Falls 1

Top 100 in South Dakota

Newest independent RIAs

Rank Firm City Amount
1 Prairie View Wealth Partners LLC Sioux Falls $171.2 million
2 Applied Financial Wisdom Rapid City $130.3 million
3 Pikila Sioux Falls $1.2 million
4 Lakeport Advisors, LLC Tabor $0

Top 100 in South Dakota

Over time

From the SEC's yearly files: SEC-registered independent RIAs based in South Dakota, from October 2018, each snapshot classed from its own Form ADV answers.

FirmsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
0358102018202020212023202420269October 1, 2018: 8October 1, 2019: 9October 1, 2020: 9October 4, 2021: 9October 3, 2022: 9October 5, 2023: 8October 1, 2024: 7September 2, 2025: 7October 2, 2026: 9
Data table
As ofFirms
October 1, 20188
October 1, 20199
October 1, 20209
October 4, 20219
October 3, 20229
October 5, 20238
October 1, 20247
September 2, 20257
October 2, 20269
Regulatory assets under managementSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$2B$4B$6B201820202021202320242026$4.1BOctober 1, 2018: $1.5 billionOctober 1, 2019: $1.6 billionOctober 1, 2020: $2.1 billionOctober 4, 2021: $2.4 billionOctober 3, 2022: $2.8 billionOctober 5, 2023: $2.7 billionOctober 1, 2024: $2.7 billionSeptember 2, 2025: $3.1 billionOctober 2, 2026: $4.1 billion
Data table
As ofRegulatory assets under management
October 1, 2018$1.5 billion
October 1, 2019$1.6 billion
October 1, 2020$2.1 billion
October 4, 2021$2.4 billion
October 3, 2022$2.8 billion
October 5, 2023$2.7 billion
October 1, 2024$2.7 billion
September 2, 2025$3.1 billion
October 2, 2026$4.1 billion
Client accountsSEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
05,00010K15K20182020202120232024202610.7KOctober 1, 2018: 5,518October 1, 2019: 8,533October 1, 2020: 10,879October 4, 2021: 8,772October 3, 2022: 12,839October 5, 2023: 10,076October 1, 2024: 8,240September 2, 2025: 14,249October 2, 2026: 10,680
Data table
As ofClient accounts
October 1, 20185,518
October 1, 20198,533
October 1, 202010,879
October 4, 20218,772
October 3, 202212,839
October 5, 202310,076
October 1, 20248,240
September 2, 202514,249
October 2, 202610,680
Median firm size (RAUM)SEC-registered independent RIAs. 9 snapshots, October 1, 2018 to October 2, 2026.
$0$100M$200M$300M201820202021202320242026$200MOctober 1, 2018: $209.1 millionOctober 1, 2019: $172.1 millionOctober 1, 2020: $154.0 millionOctober 4, 2021: $182.5 millionOctober 3, 2022: $190.4 millionOctober 5, 2023: $233.1 millionOctober 1, 2024: $187.8 millionSeptember 2, 2025: $200.7 millionOctober 2, 2026: $199.9 million
Data table
As ofMedian firm size (RAUM)
October 1, 2018$209.1 million
October 1, 2019$172.1 million
October 1, 2020$154.0 million
October 4, 2021$182.5 million
October 3, 2022$190.4 million
October 5, 2023$233.1 million
October 1, 2024$187.8 million
September 2, 2025$200.7 million
October 2, 2026$199.9 million

The market in South Dakota now

Headline figures

MeasureIndependent RIAsSEC-registeredState-registered
Firms42933
Regulatory assets under management$5.0 billion$4.1 billion$983.5 million
Accounts15,68910,6805,009
Clients11,3168,2503,066
Employees1197148
Advisory employees875037
Investment adviser representatives874938
Median RAUM$41.7 million$199.9 million$21.5 million
Average RAUM$136.3 million$451.0 million$35.1 million

Firms by size

Advisers grouped by regulatory assets under management.

MeasureIndependent RIAsSEC-registeredState-registered
Firms under $100 million26026
RAUM of firms under $100 million$776.2 million$0$776.2 million
Firms $100 million to $250 million862
RAUM of firms $100 million to $250 million$1.3 billion$1.1 billion$207.3 million
Firms $250 million to $500 million110
RAUM of firms $250 million to $500 million$322.7 million$322.7 million$0
Firms $500 million to $1 billion000
RAUM of firms $500 million to $1 billion$0$0$0
Firms $1 billion to $5 billion220
RAUM of firms $1 billion to $5 billion$2.6 billion$2.6 billion$0
Firms $5 billion to $10 billion000
RAUM of firms $5 billion to $10 billion$0$0$0
Firms $10 billion and up000
RAUM of firms $10 billion and up$0$0$0

Concentration

How much of the market the largest advisers hold.

MeasureIndependent RIAsState-registered
Top 10 share of RAUM82.6%75.0%

How advisers are paid

Share of advisers reporting each form of compensation on Form ADV Item 5.E. A firm can report several.

How advisers are paid: independent RIAsAs of October 2, 2026.
Charge a percentage of assets 92.9%
Charge hourly fees 57.1%
Charge subscription fees 0.0%
Charge fixed fees 59.5%
Receive commissions 0.0%
Charge performance-based fees 7.1%
Other compensation 4.8%
MeasureIndependent RIAsSEC-registeredState-registered
Charge a percentage of assets92.9%100.0%90.9%
Charge hourly fees57.1%66.7%54.5%
Charge subscription fees0.0%0.0%0.0%
Charge fixed fees59.5%44.4%63.6%
Receive commissions0.0%0.0%0.0%
Charge performance-based fees7.1%11.1%6.1%
Other compensation4.8%11.1%3.0%

Custody

Advisers reporting custody of client cash or securities on Form ADV Item 9.

MeasureIndependent RIAsSEC-registeredState-registered
Have custody14.3%55.6%3.0%

Broker-dealer and other affiliations

From Form ADV Items 6 and 7.

MeasureIndependent RIAsSEC-registeredState-registered
Broker-dealer affiliated0.0%0.0%0.0%

New firms and successions

New registrations and firms reporting that they succeeded to another adviser's business (Form ADV Item 4).

MeasureIndependent RIAsSEC-registeredState-registered
New registrations422
SuccessionsNo data0No data

Other measures

MeasureIndependent RIAsSEC-registeredState-registered
Firms reporting RAUM37928
Discretionary RAUM$4.8 billion$4.0 billion$867.8 million
CFP professionals301911
25th percentile RAUM$15.4 million$188.1 million$4.5 million
75th percentile RAUM$103.9 million$322.7 million$52.2 million
90th percentile RAUM$214.0 million$1.2 billion$84.5 million
Average account size$321,384$380,030$196,343
Offer financial planning81.0%77.8%81.8%
RAUM growth, one yearNo data29.9%No data

As of October 2, 2026. Definitions of every measure are on the methodology page.

Cities

Cities with at least five independent RIAs.

Data as of October 2, 2026, from Form ADV. Sources: SEC registered adviser data (ia100226.zip) and IAPD compilation reports. How the directory is built.