South Dakota RIA Landscape — 2025

A data-driven overview of SEC-registered wealth advisory firms headquartered in South Dakota, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated Q4 2024

Total Firms

18

Total AUM?

$6.9B

Median AUM

$190M

13F Filers

3

AUM Tier Distribution

Under $100M1

$100M–$500M12

$500M–$1B4

$1B–$5B1

$5B+0

State Snapshot

Total Firms18

Total AUM$6.9B

Median AUM$190M

13F Filers3

High Succession Risk3

Elevated Succession Risk2

Succession Risk Breakdown

High

3 firms (17%)

Elevated

2 firms (11%)

Moderate

3 firms (17%)

Lower

10 firms (56%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
SAGE CAPITAL ADVISORS, LLC	SIOUX FALLS	$630M	+20.4%	High
HI-LINE CAPITAL MANAGEMENT, LLC	WATERTOWN	$757M	+19.1%	High
ELGETHUN CAPITAL MANAGEMENT	SIOUX FALLS	$885M	+17.0%	Elevated
PROFESSIONAL FINANCIAL SERVICES, INC.	SIOUX FALLS	$190M	+15.9%	Lower
COMPASS FINANCIAL GROUP, INC	SIOUX FALLS	$1.2B	+14.4%	Moderate
HAHN FINANCIAL GROUP, INC.	SIOUX FALLS	$189M	+13.9%	Lower
BIG SIOUX FINANCIAL, INC.	WATERTOWN	$235M	+12.6%	Moderate
BMS FINANCIAL ADVISORS, LLC	RAPID CITY	$388M	+12.0%	Moderate

M&A Opportunity Signals

🎯

5Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

3Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

1Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	ELGETHUN CAPITAL MANAGEMENT	$885M	45.6
2	LAUER CAPITAL MANAGEMENT LTD	$330M	42.3
3	HI-LINE CAPITAL MANAGEMENT, LLC	$757M	36.3
4	SAGE CAPITAL ADVISORS, LLC	$630M	35.9
5	KAHLER FINANCIAL GROUP, INC.	$174M	32.7

🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in South Dakota. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.