Compass Financial Group Inc. is a small, family-owned financial advisory business with one office, located in Sioux Falls, S.D. The firm employs four financial advisors (three of whom are related) and serves approximately 2,500 clients, most of whom are individuals. Compass Financial Group specializes in comprehensive portfolio management and referrals to third-party money managers, and currently holds $670 million in assets under management (AUM).
The bottom line: Compass Financial Group is a small, independently owned registered investment advisor (RIA) located in Sioux Falls, S.D.
|Assets under management : $670,000,000|
|Minimum investment: None|
|Individual investor to advisor ratio: 623:1|
|Fee structure: A percentage of AUM|
|Headquarters: 4300 S. Louise Ave., Suite 300, Sioux Falls, SD 57106
All information included in this profile is accurate as of October 12, 2021. For more information, please consult Compass Financial Group’s website.
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Compass Financial Group has been in business since 2011 in Sioux Falls, S.D., the site of its sole office location. John Haller, who serves as the firm’s president, owns 34% of the company, while partners Jesse Haller and Jasen Haller each own 33% of the firm.
All three serve as advisors at the firm and hold the designations certified financial planners (CFPs) and chartered financial consultants (ChFCs). John is also a chartered retirement planning counselor (CRPC) and a chartered life underwriter (CLU), while Jesse is also a retirement income certified professional (RICP). The firm employs one other investment advisor, Caleb Shives, a long-time family friend. All of the firm’s advisors hold life, accident and health insurance licenses.
Compass Financial primarily serves individuals. A small portion of their clientele is made up of high net worth individuals (defined by the SEC as those with at least $750,000 managed by an advisor or a net worth of at least $1.5 million), and they also serve a handful of businesses.
There is no minimum account balance required for opening or maintaining an account with the firm.
The firm primarily offers comprehensive portfolio management and referrals to third-party money managers. Its services include the following:
Compass Financial creates customized portfolios for clients after meeting with them to evaluate factors like their goals, current financial situation and risk tolerance. Alternatively, the firm may also refer clients to third-party money managers.
The investment portfolios proposed by the firm typically consist of the following investment types, among other securities:
Compass also typically keeps at least a partial cash balance in client accounts to debit advisory fees. In general, it puts cash balances in the following:
Notably, the firm does not typically allow clients to restrict which types of securities are included in their account, as is the practice at some other firms.
The firm charges clients based on a percentage of assets under management. However, it does not disclose specific rates — it instead states that fees are “as negotiated.” Clients are billed quarterly in advance based on the value of their account on the last day of the previous quarter.
Other fees may be charged by various funds, but the firm doesn’t receive any portion of those fees. Whether or not clients are subject to transaction costs per transaction will depend on their participation in a wrap fee program. Wrap fee programs bundle all costs into one rate— as such, those who are not in a wrap fee program will be charged per transaction.
The firm reports no disciplinary disclosures on its Form ADV. As a registered investment advisor, the firm is required by the SEC to disclose any disciplinary incidents, which includes civil, regulatory or criminal actions against the firm, its employees or its affiliates over the last 10 years, that may be material to a client evaluating the firm or the integrity of its management team.
For more information on the firm, visit its IAPD page.
The firm has just one office, located in Sioux Falls, S.D.
However, the firm is registered to serve clients in several states beyond South Dakota. Specifically, Compass Financial Group can work with investors in Arizona, Colorado, Florida, Iowa, Louisiana, Minnesota, Missouri, Nebraska, North Carolina, North Dakota and Texas, alongside South Dakota.
If you live in or near Sioux Falls, S.D., and are looking for a financial advisor, Compass Financial Group could be worth a look. The family-owned business is small and conducts meetings in person, which is great if you want a personal touch. It also may be a good choice for those who don’t have a huge amount of money to invest, as there is no account balance required to open or maintain an account.
If you live outside the Sioux Falls area and want to meet with your advisor in person, you may want to look elsewhere. The firm also may come up short for those who want all of the resources and expanded offerings of larger, national firms with many offices, as Compass Financial Group is just a four-person team.
Before choosing an advisor, make sure you do thorough research to help make sure you find an advisor who is right for you.
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