# 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.

As of: 2026-10-02
Address: https://advisoriq.com/ria/states/south-dakota/

## Facts

- state: South Dakota
- code: SD
- population: Independent wealth management RIAs: firms whose individual and high net worth clients hold at least half of their regulatory assets and that offer financial planning or portfolio management for individuals, leaving out broker-dealers, banks and their advisory arms. Asset managers, private fund managers and pension consultants are not in the directory.
- latest: independent: accounts: 15689, firms: 42, median_raum: 41694265, raum: 5042200787, advisory_employees: 87, avg_account: 321384.459621391, band_100m_250m: 8, band_100m_250m_raum: 1320647183, band_10b_plus: 0, band_10b_plus_raum: 0, band_1b_5b: 2, band_1b_5b_raum: 2622638422, band_250m_500m: 1, band_250m_500m_raum: 322739854, band_500m_1b: 0, band_500m_1b_raum: 0, band_5b_10b: 0, band_5b_10b_raum: 0, band_lt100m: 26, band_lt100m_raum: 776175328, bd_affiliated_share: 0, cfp_professionals: 30, clients: 11316, custody_share: 0.142857142857143, employees: 119, fee_aum_pct_share: 0.928571428571429, fee_commissions_share: 0, fee_fixed_share: 0.595238095238095, fee_hourly_share: 0.571428571428571, fee_other_share: 0.0476190476190476, fee_performance_share: 0.0714285714285714, fee_subscription_share: 0, financial_planning_share: 0.80952380952381, firms_with_raum: 37, iars: 87, mean_raum: 136275696.945946, new_firms: 4, p25_raum: 15353242, p75_raum: 103942094, p90_raum: 214032805.8, raum_discretionary: 4835756494, top10_share: 0.825564106596535, independent_sec: accounts: 10680, firms: 9, median_raum: 199936645, raum: 4058717894, advisory_employees: 50, avg_account: 380029.765355805, band_100m_250m: 6, band_100m_250m_raum: 1113339618, band_10b_plus: 0, band_10b_plus_raum: 0, band_1b_5b: 2, band_1b_5b_raum: 2622638422, band_250m_500m: 1, band_250m_500m_raum: 322739854, band_500m_1b: 0, band_500m_1b_raum: 0, band_5b_10b: 0, band_5b_10b_raum: 0, band_lt100m: 0, band_lt100m_raum: 0, bd_affiliated_share: 0, cfp_professionals: 19, clients: 8250, custody_share: 0.555555555555556, employees: 71, fee_aum_pct_share: 1, fee_commissions_share: 0, fee_fixed_share: 0.444444444444444, fee_hourly_share: 0.666666666666667, fee_other_share: 0.111111111111111, fee_performance_share: 0.111111111111111, fee_subscription_share: 0, financial_planning_share: 0.777777777777778, firms_with_raum: 9, iars: 49, mean_raum: 450968654.888889, new_firms: 2, p25_raum: 188100000, p75_raum: 322739854, p90_raum: 1208483537.6, raum_discretionary: 3968003774, raum_growth_1y: 0.29891498512811, successions: 0, state: accounts: 5009, firms: 33, median_raum: 21464014, raum: 983482893, advisory_employees: 37, avg_account: 196343.160910361, band_100m_250m: 2, band_100m_250m_raum: 207307565, band_10b_plus: 0, band_10b_plus_raum: 0, band_1b_5b: 0, band_1b_5b_raum: 0, band_250m_500m: 0, band_250m_500m_raum: 0, band_500m_1b: 0, band_500m_1b_raum: 0, band_5b_10b: 0, band_5b_10b_raum: 0, band_lt100m: 26, band_lt100m_raum: 776175328, bd_affiliated_share: 0, cfp_professionals: 11, clients: 3066, custody_share: 0.0303030303030303, employees: 48, fee_aum_pct_share: 0.909090909090909, fee_commissions_share: 0, fee_fixed_share: 0.636363636363636, fee_hourly_share: 0.545454545454545, fee_other_share: 0.0303030303030303, fee_performance_share: 0.0606060606060606, fee_subscription_share: 0, financial_planning_share: 0.818181818181818, firms_with_raum: 28, iars: 38, mean_raum: 35124389.0357143, new_firms: 2, p25_raum: 4497557, p75_raum: 52198416, p90_raum: 84516335, raum_discretionary: 867752720, top10_share: 0.7500817484987
- broker_dealer_affiliated_not_included: firms: 0, raum: 0
- series: firms: segment: independent_sec, unit: count, points: as_of: 2018-10-01, value: 8; as_of: 2019-10-01, value: 9; as_of: 2020-10-01, value: 9; as_of: 2021-10-04, value: 9; as_of: 2022-10-03, value: 9; as_of: 2023-10-05, value: 8; as_of: 2024-10-01, value: 7; as_of: 2025-09-02, value: 7; as_of: 2026-10-02, value: 9, raum: segment: independent_sec, unit: usd, points: as_of: 2018-10-01, value: 1452930490; as_of: 2019-10-01, value: 1635016103; as_of: 2020-10-01, value: 2053701470; as_of: 2021-10-04, value: 2390973542; as_of: 2022-10-03, value: 2783477605; as_of: 2023-10-05, value: 2742649599; as_of: 2024-10-01, value: 2708327870; as_of: 2025-09-02, value: 3124698645; as_of: 2026-10-02, value: 4058717894, accounts: segment: independent_sec, unit: count, points: as_of: 2018-10-01, value: 5518; as_of: 2019-10-01, value: 8533; as_of: 2020-10-01, value: 10879; as_of: 2021-10-04, value: 8772; as_of: 2022-10-03, value: 12839; as_of: 2023-10-05, value: 10076; as_of: 2024-10-01, value: 8240; as_of: 2025-09-02, value: 14249; as_of: 2026-10-02, value: 10680, median_raum: segment: independent_sec, unit: usd, points: as_of: 2018-10-01, value: 209122655; as_of: 2019-10-01, value: 172104082; as_of: 2020-10-01, value: 153955031; as_of: 2021-10-04, value: 182499539; as_of: 2022-10-03, value: 190448052; as_of: 2023-10-05, value: 233108361; as_of: 2024-10-01, value: 187790035; as_of: 2025-09-02, value: 200749508; as_of: 2026-10-02, value: 199936645
- top_10: largest: rank: 1, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 1482712000; rank: 2, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 1139926422; rank: 3, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 322739854; rank: 4, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 235177047; rank: 5, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 199936645; rank: 6, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 188686620; rank: 7, crd: 337331, firm: KFG, LLC, city: Rapid City, value: 188100000; rank: 8, crd: 341361, firm: Prairie View Wealth Partners LLC, city: Sioux Falls, value: 171189306; rank: 9, crd: 164428, firm: Applied Financial Wisdom, city: Rapid City, value: 130250000; rank: 10, crd: 324168, firm: Impact Wealth Management, city: Sioux Falls, value: 103942094, fastest-growing: rank: 1, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 0.409087200274973; rank: 2, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 0.288736299947818; rank: 3, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 0.210084746869328; rank: 4, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 0.171495010588021; rank: 5, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 0.131567380574625; rank: 6, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: -0.0208992715707533, fastest-growing-3-year: rank: 1, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 0.22478846977911; rank: 2, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 0.179127634856183; rank: 3, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 0.153170652534964; rank: 4, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 0.075004453338789; rank: 5, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 0.0523758861566526, fastest-growing-5-year: rank: 1, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 0.208496688182406; rank: 2, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 0.172185648760842; rank: 3, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 0.122700866724591; rank: 4, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 0.0860947998646713; rank: 5, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 0.0362414501138739, biggest-asset-gains: rank: 1, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 257416000; rank: 2, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 255396032; rank: 3, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 54779634; rank: 4, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 34427539; rank: 5, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 23246641, most-clients: rank: 1, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 3643; rank: 2, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 2826; rank: 3, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 868; rank: 4, crd: 169949, firm: Alternative Strategies Group, Inc., city: Sioux Falls, value: 689; rank: 5, crd: 127313, firm: Schwan Financial Advisors, LLC, city: Aberdeen, value: 592; rank: 6, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 308; rank: 7, crd: 152893, firm: Hyline Wealth, city: Sioux Falls, value: 204; rank: 8, crd: 147879, firm: Gabe Nelson Financial, Inc., city: Sioux Falls, value: 203; rank: 9, crd: 172142, firm: Thompson Private Wealth, city: Sioux Falls, value: 189; rank: 10, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 184, client-growth: rank: 1, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 0.18007662835249; rank: 2, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 0.155041217501585; rank: 3, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 0.0677966101694916; rank: 4, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 0.0564485981308411; rank: 5, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 0; rank: 6, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: -0.25748502994012, most-accounts: rank: 1, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 3363; rank: 2, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 2826; rank: 3, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 1957; rank: 4, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 943; rank: 5, crd: 147879, firm: Gabe Nelson Financial, Inc., city: Sioux Falls, value: 808; rank: 6, crd: 169949, firm: Alternative Strategies Group, Inc., city: Sioux Falls, value: 796; rank: 7, crd: 172142, firm: Thompson Private Wealth, city: Sioux Falls, value: 557; rank: 8, crd: 337331, firm: KFG, LLC, city: Rapid City, value: 516; rank: 9, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 475; rank: 10, crd: 324168, firm: Impact Wealth Management, city: Sioux Falls, value: 453, most-advisory-staff: rank: 1, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 10; rank: 1, crd: 337331, firm: KFG, LLC, city: Rapid City, value: 10; rank: 3, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 9; rank: 4, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 7; rank: 5, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 5; rank: 5, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 5; rank: 7, crd: 127313, firm: Schwan Financial Advisors, LLC, city: Aberdeen, value: 2; rank: 7, crd: 154965, firm: Resolve Capital Management LLC, city: Sioux Falls, value: 2; rank: 7, crd: 167109, firm: Willkate Wealth Management, LLC, city: Aberdeen, value: 2; rank: 7, crd: 301995, firm: Make Way Wealth Management, city: Sioux Falls, value: 2, most-hnw-clients: rank: 1, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 304; rank: 2, crd: 127313, firm: Schwan Financial Advisors, LLC, city: Aberdeen, value: 255; rank: 3, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 246; rank: 4, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 177; rank: 5, crd: 172142, firm: Thompson Private Wealth, city: Sioux Falls, value: 150; rank: 6, crd: 152893, firm: Hyline Wealth, city: Sioux Falls, value: 102; rank: 7, crd: 169949, firm: Alternative Strategies Group, Inc., city: Sioux Falls, value: 71; rank: 8, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 61; rank: 9, crd: 109660, firm: Lauer Capital Management Ltd, city: Sioux Falls, value: 55; rank: 10, crd: 337331, firm: KFG, LLC, city: Rapid City, value: 54, most-cfp-professionals: rank: 1, crd: 157109, firm: Compass Financial Group, Inc, city: Sioux Falls, value: 5; rank: 1, crd: 337331, firm: KFG, LLC, city: Rapid City, value: 5; rank: 3, crd: 169787, firm: Hahn Financial Group, city: Sioux Falls, value: 3; rank: 4, crd: 118531, firm: Myrna Mitchell, Mba, CFP, city: Rapid City, value: 2; rank: 4, crd: 167109, firm: Willkate Wealth Management, LLC, city: Aberdeen, value: 2; rank: 4, crd: 297639, firm: Aspen Private Advisors, LLC, city: Sioux Falls, value: 2; rank: 4, crd: 299593, firm: Big Sioux Wealth Management, city: Watertown, value: 2; rank: 8, crd: 127313, firm: Schwan Financial Advisors, LLC, city: Aberdeen, value: 1; rank: 8, crd: 127616, firm: Elgethun Capital Management, city: Sioux Falls, value: 1; rank: 8, crd: 147879, firm: Gabe Nelson Financial, Inc., city: Sioux Falls, value: 1, newest: rank: 1, crd: 341361, firm: Prairie View Wealth Partners LLC, city: Sioux Falls, value: 171189306; rank: 2, crd: 164428, firm: Applied Financial Wisdom, city: Rapid City, value: 130250000; rank: 3, crd: 142700, firm: Pikila, city: Sioux Falls, value: 1169370; rank: 4, crd: 342587, firm: Lakeport Advisors, LLC, city: Tabor, value: 0
- cities: name: Sioux Falls, independent_rias: 26, raum: 4174118891, url: https://advisoriq.com/ria/states/south-dakota/sioux-falls/; name: Rapid City, independent_rias: 6, raum: 491071081, url: https://advisoriq.com/ria/states/south-dakota/rapid-city/
- iar_ce_status: not adopted

## Notes

- Firms are placed in the state of their main office.
- History covers SEC-registered firms only, from October 2018.

## Sources

- SEC, Information About Registered Investment Advisers (ia100226.zip), checked 2026-10-07: https://www.sec.gov/files/investment/data/other/information-about-registered-investment-advisers-exempt-reporting-advisers/ia100226.zip
- IAPD compilation reports (IA_FIRM_STATE_Feed_10_07_2026.xml.gz), checked 2026-10-07: https://adviserinfo.sec.gov/compilation
- NASAA IAR CE map, checked 2026-10-05: https://www.nasaa.org/industry-resources/investment-advisers/investment-adviser-representative-continuing-education/iar-ce-map/

## Related

- [RIA market data by state](https://advisoriq.com/ria/states/)
- [Largest independent RIAs by assets under management in South Dakota](https://advisoriq.com/ria/rankings/largest/south-dakota/)
- [Fastest-growing independent RIAs over one year in South Dakota](https://advisoriq.com/ria/rankings/fastest-growing/south-dakota/)
- [Fastest-growing independent RIAs over three years in South Dakota](https://advisoriq.com/ria/rankings/fastest-growing-3-year/south-dakota/)
- [Fastest-growing independent RIAs over five years in South Dakota](https://advisoriq.com/ria/rankings/fastest-growing-5-year/south-dakota/)
- [IAR CE in South Dakota](https://advisoriq.com/ce/iar/south-dakota/)

## Cite as

AdvisorIQ, as of 2026-10-02. https://advisoriq.com/ria/states/south-dakota/

License: https://advisoriq.com/license/