3 Largest Registered Investment Advisors (RIAs) in South Dakota

Registered Investment Advisors (RIAs) play a vital role in serving high-net-worth individuals and families who value transparency and alignment of interests. Leveraging FINTRX’s comprehensive RIA data, we highlight three of the largest RIAs headquartered in South Dakota and the impact they have within the state’s expanding wealth management ecosystem.

1. Compass Financial Group, Inc.

Founded in 2012, Compass Financial Group, Inc. is an independent registered investment advisor (RIA) managing approximately $1.23 billion in discretionary assets across more than 8,000 client accounts. Headquartered across two office locations, the firm provides comprehensive financial planning, portfolio management, and pension consulting services to individuals, families, and small businesses.

With an average client size of $458,000, Compass Financial Group takes a traditional, client-aligned approach to wealth management, operating on a fee-based model tied to assets under management. The firm’s investment strategy centers on mutual funds and exchange-traded funds (ETFs), with a diversified portfolio that includes 103 holdings totaling roughly $665 million in 13F assets. Its largest position—the Vanguard Information Technology Index Fund—reflects a notable tilt toward technology exposure.

Compass Financial Group partners with Charles Schwab & Co., Inc. as its primary custodian, safeguarding approximately $1.2 billion in client assets. The firm also allocates to select third-party alternative investment managers to further diversify client portfolios and enhance long-term performance.

- Headquarters: Sioux Falls, SD
- Total AUM: ~$1.2B
- Specialties: Estate Planning; Investment Planning; Insurance Services

2. Standard Family Office, LLC 

Based in Sioux Falls, South Dakota, Standard Family Office, LLC is a financial advisory firm managing approximately $1.4 billion in assets under management (AUM) across four client accounts. Operated by a small team of about five professionals, the firm delivers tailored financial management and advisory services to clients throughout South Dakota. Unlike broker-dealers, Standard Family Office does not execute trades for its own account; instead, it works through registered broker-dealer partners to facilitate transactions in securities such as equities, bonds, and options.

With an average of $344.5 million managed per client, Standard Family Office maintains one of the most personalized client-to-advisor ratios in the country. Each advisor oversees roughly two accounts, underscoring the firm’s focus on individualized service. All accounts are managed on a discretionary basis, granting advisors the authority to make investment decisions without requiring prior client approval.

The firm offers a range of services, including financial planning, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and educational seminars. Standard Family Office exclusively provides investment advisory services and does not participate in any wrap fee programs, instead maintaining a transparent, stand-alone fee structure for its clients.

- Headquarters: Sioux Falls, SD
- Total AUM: ~$977.2M
- Specialties: Financial Planning Services; Portfolio Management; Educational Seminars & Workshops

3. Elgethun Capital Management (ECM) 

Headquarters: Sioux Falls, SD
Total AUM: ~$884.5M
Specialties: Investment & Portfolio Management; Retirement Consultation; Financial Planning

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