The Compass Financial Group has been providing financial planning and portfolio management services to the Sioux Falls, South Dakota community for more than 35 years.
This independent registered investment advisor (RIA) firm houses a team that includes multiple certified financial planners (CFPs). It also features SmartVestor professionals and endorsed local providers (ELPs) through the Dave Ramsey program. All three designations require training and experience, and its recipients are held to high standards in the industry. CFPs, for instance, must uphold their fiduciary duty to provide advice solely in the best interests of their clients or face penalties.
The four-person financial advisor team oversees $460 million in assets under management (AUM).
Compass Financial Group Background
The Compass Financial Group formed in the 1980s. This independent RIA is owned by employees John Haller, Jesse Haller and Jasen Haller. All three are CFPs. Jasen and Jesse are SmartVestor professionals through the Dave Ramsey program. To keep these designations, their investing performance is evaluated each month through client surveys and a 30-person team led by Ramsey.
They are also ELPs for long-term care products. A 45-person team led by Ramsey interviews ELPs numerous times to ensure they are providing quality advice. They also undergo thorough evaluations each month.
Additionally, Haller is a chartered financial consultant (ChFC), a licensed life, health and accident insurance agent - and he passed the Series 7 and Series 66 securities exams. Jesse is also a chartered financial consultant (ChFC) and a retirement income certified professional (RICP). Jasen passed the Series 7 and Series 66 securities exams and is a licensed life, health and accident insurance agent.
Caleb Shives, who recently joined the firm, passed the Series 65 securities exam.
Compass Financial Group Client Types and Minimum Account Sizes
Compass Financial Group serves individuals, high-net-worth individuals and businesses. It also works with the plan sponsors of employer-sponsored retirement plans such as 401(k)s. 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:
- Employer-sponsored plans like 401(k)s, 403(b)s and Simple IRA
- Retirement accounts individual retirement accounts (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
- Health care powers of attorney
- Living wills
- Last will and testaments
- Corporate structuring
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.
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 is a relatively small firm with four investment professionals. About 7% of its individual client base is high-net-worth, and the firm also works with about 10 corporations. So if you have a large amount of assets to manage and want access to more complex products or a much larger firm, you may want to look elsewhere. However, Compass Financial Group houses an experienced staff with multiple industry certifications. They also have remained close to their roots by serving the local community for more than three decades.
Compass Financial Group doesn't have any disciplinary events that would be material to a client or potential client’s evaluation of its business to disclose. For the latest details, you can view its Form ADV on the official website of the Securities and Exchange Commission (SEC).
Tips for Finding the Right Financial Advisor
- Don’t just go with the first firm that's recommended to you. Your needs may be different from those of the recommender. Instead, use our matching tool to find more advisors so you can compare them all. The tool links you with up to three financial advisors in your area based on your needs and preferences.
- Before you make your decision, know the five questions to ask a financial advisor.
All information was accurate as of the writing of this article.