Finding a Top Financial Advisor Firm in Sioux Falls, SD
In Sioux Falls, you have many options for financial advisor firms. To help you narrow the field, SmartAsset did a deep dive into the data to identify the top firms in the city. Our list covers their advisory services, fee structure, investment strategies and assets under management (AUM). To further your search, use our free financial advisor matching service. You’ll simply complete a short questionnaire about your financial situation, and the tool connects you with up to three advisors who serve your area.
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We match more than 50,000 people with financial advisors per month. Get connected to an advisor that serves your area today.| Rank | Financial Advisor | Assets Managed | Minimum Assets | Financial Services | More Information |
|---|---|---|---|---|---|
| 1 | Compass Financial Group, Inc.  Find an Advisor | $760,000,000 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 2 | Elgethun Capital Management  Find an Advisor | $532,447,906 | $1,000,000 |
| Minimum Assets$1,000,000Financial Services
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| 3 | Sage Capital Advisors, LLC  Find an Advisor | $401,303,561 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 4 | Professional Financial Services, Inc.  Find an Advisor | $190,448,052 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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| 5 | Aspen Private Advisors, LLC  Find an Advisor | $145,145,021 | No set account minimum |
| Minimum AssetsNo set account minimumFinancial Services
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What We Use in Our Methodology
To find the top financial advisors in Sioux Falls, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
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AUMFirms with more total assets under management are ranked higher. -
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Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher. -
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Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher. -
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Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
Compass Financial Group, Inc.
Not only does Compass Financial Group (CFG) top our list of the best financial advisory firms in Sioux Falls, but it's also the No. 1 firm in the state of South Dakota. With no account minimum, a majority of CFG clients are non-high-net-worth individuals. However, the firm also works with high-net-worth individuals and corporations.
Three advisors at CFG are all certified financial planners (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.
CFG charges asset-based fees for advisory services. Advisors may also receive sales commissions from third parties for insurance products. This can potentially pose a conflict of interest, but as an SEC-registered firm, CFG is legally required to put clients' interests first.
Compass Financial Group Background
CFG is an independent and family-owned business founded in 2011. John Haller, Jesse Haller and Jasen Haller all own a portfion of the business. While John Haller owns a 34% stake, Jesse and Jasen Haller each own 33% of the firm.
CFG's services encompass investment management, financial planning and pension consulting.
Compass Financial Group Investment Strategy
Compass Financial says on its website that it strives to form long-term relationships with each of its clients. 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.
Elgethun Capital Management
Elgethun Capital Management (ECM), which is also ranked among the top advisors in the state, is the sole fee-only firm on this list.
ECM offers a range of advisory services to non-high-net-worth and high-net-worth individuals, banks and thrift institutions, pension and profit sharing plans, investment companies, trusts, estates, charitable organizations, corporations, endowments and pooled investment vehicles. The firm’s minimum account size requirement is $1 million.
The firm has three chartered financial analysts (CFAs) on staff. As a fee-only firm, ECM's revenue comes solely from the fees that clients pay for advisory services. These fees are either based on a percentage of assets under management or charged at a fixed or hourly rate. ECM advisors do not earn commissions for selling third-party products or services.
Elgethun Capital Management Background
Founded by Terry Elgethun in 2003, John Barker partnered with Elgethun in 2011 and purchased the company in 2012. The firm specializes in portfolio management, financial planning and pension consulting services.
The firm’s investment services feature other areas of wealth management, including:
- Estate planning
- Tax and charitable giving strategy
- Private placement source and review
- Portfolio lending
Elgethun Capital Management Investment Strategy
ECM explains on its website that its goal is to compound capital in a tax-efficient, patient manner. The firm’s investment strategies include long- and short-term purchases, margin transactions, option writing, tactical asset allocation and strategic asset allocation. Advisors also use fundamental analysis to evaluate securities.
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Sage Capital Advisors, LLC
Sage Capital Advisors is also among the top-rated advisory firms in Sioux Falls and the state as a whole. The firm’s fee structure is fee-based, as some staff members may receives sales commissions for recommending insurance.
Sage Capital’s advisors serve both non-high-net-worth and high-net-worth individuals, as well as pension and profit-sharing plans, non-profit corporations and other financial service firms.
Sage Capital’s professionals offer different backgrounds, with some advisors having earned the chartered financial analyst (CFA) designation. The firm is compensated through asset-based, hourly charges and flat fees. It does not have a set account minimum.
Sage Capital Advisors Background
Sage Capital began operations in 2005 under the ownership of Matthew Johnson and Diana Blair, who remain its owners. The firm primarily provides investment management, financial planning, pension consulting and advisor referral services.
Clients receiving financial planning guidance also have access to various other areas of wealth management, including:
- Retirement
- Cash flow and expenses
- Income taxes
- Fringe benefits
- Educational funding
- Estate planning
Sage Capital Advisors Investment Strategy
Sage Capital generally invests client assets in 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.
Professional Financial Services, Inc.
Professional Financial Services is the fourth-rated firm in Sioux Falls. The fee-based practice serves individual clients, many of whom do not have high net worths. Professional Financial Services charges its clients asset-based, hourly and fixed fees.
The firm's small team of advisors features two certified financial planners (CFPs). They're also both insurance agents, which means they earn sales commissions. These non-advisor roles can be confusing, as they are not bound by a fiduciary duty. When receiving a recommendation, clients should make sure they understand what it is based on and how their advisor/insurance agent may benefit. However, when serving as your investment advisor, they must act in your best interest.
Professional Financial Services Background
Owned by Kameron J. Carlson and Nancy A. Carlson, Professional Financial Services formed in 1992. The firm became an investment advisor in 2015, offering portfolio management, financial planning and consulting and pension consulting services. Its pension consulting services include asset allocation and portfolio construction, investment option identification and investment monitoring.
Clients under the firm’s financial planning services can receive advice on estate planning, insurance, education planning, real estate and personal financial planning.
Professional Financial Services Investment Strategy
Professional Financial’s advisors typically utilize long- and short-term purchases, trading, margin transactions and option writing. Advisors also implement fundamental, technical and charting analysis. The practice typically builds client portfolios using stocks, bonds, ETFs, options, mutual funds and public and private securities.
Aspen Private Advisors, LLC
Aspen Private Advisors, the fifth and final practice on our list, is a fee-based firm serving individual clients above and below the high-net-worth threshold. The firm also works with trusts, estates, charitable organizations, pension and profit-sharing plans, corporations and other business types.
The firm's advisors are also licensed insurance agents who can earn commissions when recommending certain services. This makes Aspen a fee-based firm. Commissions can create an incentive for advisors to favor certain products over client needs, but as an SEC-registered firm, Aspen is legally required to put clients' interests first.
Aspen doesn’t have a set account minimum, and the firm receives compensation through asset-based fees, hourly charges, fixed fees and commissions.
Aspen Private Advisors Background
Aspen was formed in 2015, but the firm became an investment advisor in 2018. The firm’s owners are Todd Dathe and Jeremy Sorenson.
Its main services include portfolio management, financial planning, consulting and pension consulting. The firm’s investment management is provided through a wrap fee program, which combines advisory and brokerage fees. Outside of its wrap program, Aspen will manage only assets in retirement accounts. Financial planning services encompass retirement planning, real estate analysis, estate planning, charitable planning, insurance analysis and education planning.
Aspen Private Advisors Investment Strategy
Aspen says on its website that it values having a limited number of individual and significant client relationships because it allows advisors to deliver thoughtful and responsive services. The firm's advisors generally take a long-term approach to investing, and the firm employs fundamental, cyclical and technical methods of analysis when studying securities.
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.
