Top RIAs in South Dakota
Every SEC-registered RIA with a main office in South Dakota, by regulatory AUM, from Form ADV
14 RIAs registered with the SEC are headquartered in South Dakota, the 48th most of any state, managing $6.6B in regulatory assets as of Sep 1, 2026. The largest by regulatory AUM is Compass Financial Group, Inc in Sioux Falls at $1.5B. 3 firms report $1 billion or more.
Data as of Sep 1, 2026, file ia09012026-registered.zip. Retrieved Sep 10, 2026.
01 · The firms
Every SEC-registered RIA in South Dakota, by regulatory AUM
The default sort is regulatory assets under management as each firm filed it, which puts asset managers and wealth managers on one list. The toggle for firms where individuals and high-net-worth individuals hold the majority of assets is what separates them, using the firm's own Form ADV Item 5.D figures.
All 14 firms, by regulatory AUM as filed.
| # | Firm | City | Regulatory AUM | Advisory staff | Accounts | Individual + HNW clients | Retail share | Filed |
|---|---|---|---|---|---|---|---|---|
| 1 | Compass Financial Group, IncCRD 157109 | Sioux Falls | $1.5B | 7 | 2,826 | 2,816 | 99% | Aug 2026 |
| 2 | Elgethun Capital ManagementCRD 127616 | Sioux Falls | $1.1B | 10 | 943 | 294 | 90% | Mar 2026 |
| 3 | Standard Family Office, LLCCRD 301865 | Sioux Falls | $1.0B | 1 | 2 | 0 | 0% | Jul 2026 |
| 4 | Hi-Line Capital Management, LLCCRD 149522 | Watertown | $756.6M | 2 | 225 | 117 | 6% | Apr 2026 |
| 5 | Sage Capital Advisors, LLCCRD 136577 | Sioux Falls | $629.8M | 7 | 522 | 221 | 35% | Sep 2025 |
| 6 | Lauer Capital Management LtdCRD 109660 | Sioux Falls | $322.7M | 1 | 92 | 90 | 94% | Mar 2026 |
| 7 | Big Sioux Wealth ManagementCRD 299593 | Watertown | $235.2M | 5 | 1,957 | 843 | 97% | Feb 2026 |
| 8 | Aspen Private Advisors, LLCCRD 297639 | Sioux Falls | $199.9M | 5 | 475 | 125 | 97% | Mar 2026 |
| 9 | Hahn Financial GroupCRD 169787 | Sioux Falls | $188.7M | 9 | 3,363 | 1,846 | 97% | Aug 2026 |
| 10 | KFG, LLCCRD 337331 | Rapid City | $188.1M | 10 | 516 | 100 | 96% | Jul 2026 |
| 11 | Parvin Asset Management, LLCCRD 315701 | Sioux Falls | $179.0M | 3 | 301 | 94 | 92% | Mar 2026 |
| 12 | Prairie View Wealth Partners LLCCRD 341361 | Sioux Falls | $171.2M | 2 | 186 | 42 | 100% | Aug 2026 |
| 13 | Applied Financial WisdomCRD 164428 | Rapid City | $130.3M | 1 | 322 | 151 | 100% | Mar 2026 |
| 14 | Parvin Fund ManagementCRD 311304 | Sioux Falls | $10.1M | 2 | 1 | n.d. | 0% | Mar 2026 |
02 · By city
Where in South Dakota the firms sit
Main-office city as filed. Up to the twenty-five cities with the most firms.
- Sioux Falls10 · $5.3B
- Rapid City2 · $318.4M
- Watertown2 · $991.8M
03 · Questions
Questions people ask about RIAs in South Dakota
- How many RIAs are in South Dakota?
- 14 RIAs registered with the SEC list a main office in South Dakota in the SEC's Form ADV data as of Sep 1, 2026. That count excludes state-registered RIAs, which generally manage under $100 million and file with the state rather than the SEC, and firms whose address is suppressed on Form ADV.
- What is the largest RIA in South Dakota?
- By regulatory assets under management as filed on Form ADV, the largest SEC-registered RIA headquartered in South Dakota is Compass Financial Group, Inc in Sioux Falls, at $1.5B. Regulatory AUM counts all assets a firm manages, so the largest filer in a state is often an asset manager rather than a wealth manager.
- How many South Dakota RIAs manage more than $1 billion?
- 3 of the 14 SEC-registered RIAs headquartered in South Dakota report regulatory assets under management of $1 billion or more. The median firm in the state reports $217.6M.
- Where does this data come from?
- From the SEC's monthly Form ADV data file for SEC-registered investment advisers (ia09012026-registered.zip, data as of Sep 1, 2026). Each figure is as the firm itself reported it on Form ADV Item 5; the SEC does not verify it. Every row links to the firm's record on the SEC's Investment Adviser Public Disclosure site.
Definitions and source
What each column means, in the SEC's words
- Regulatory assets under management Form ADV Item 5.F(2)(c)
- If yes, what is the amount of your regulatory assets under management and total number of accounts? Total, discretionary plus non-discretionary.
- Total accounts Form ADV Item 5.F(2)(f)
- Total number of accounts, discretionary plus non-discretionary.
- Employees Form ADV Item 5.A
- Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
- Advisory employees Form ADV Item 5.B(1)
- Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
- Broker-dealer registered representatives Form ADV Item 5.B(2)
- Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
- Individual and high-net-worth clients Form ADV Item 5.D(a), 5.D(b)
- Number of clients and amount of regulatory assets under management for individuals (other than high net worth individuals) and for high net worth individuals.
- Commissions Form ADV Item 5.E(5)
- You are compensated for your investment advisory services by (check all that apply): (5) Commissions.
- Private funds Form ADV Item 7.B
- Are you an adviser to any private fund?
Source: U.S. Securities and Exchange Commission, Form ADV data, Information About Registered Investment Advisers and Exempt Reporting Advisers, file ia09012026-registered.zip (data as of Sep 1, 2026), retrieved Sep 10, 2026. Figures are as self-reported by each firm on Form ADV Item 5; the SEC does not verify them. Neither the SEC nor the state securities authorities have approved the information filed on Form ADV, and we can not guarantee its accuracy.
Winthrop & Co. is compensated by firms when an advisor joins through us. The advisor never pays. Firms on this page are listed by arithmetic on the SEC's file, not by any relationship with us, and none is ranked, labelled or recommended.