Big Sioux Wealth Management

What Big Sioux Wealth Management does

Big Sioux Wealth Management is an independent, privately held SEC-registered investment advisory (RIA) firm headquartered in Watertown, South Dakota, with a second office in Sioux Falls. Founded in 2019 by Dustin Padgett — who had built the wealth management practice inside Reliabank Dakota starting in 1999 — the firm operates with a small team (approximately 7 named advisors and operations staff) and serves individuals, families, small business owners, healthcare professionals, employees, and sudden-wealth recipients across South Dakota and beyond. Its service portfolio spans six lines: investment management (equities, fixed income, annuities, mutual funds, ETFs, and managed accounts), small business retirement planning (including 401k, SEP IRA, and succession planning), comprehensive financial planning, retirement and longevity planning, risk management, and estate/charitable planning. The firm holds a fiduciary standard and coordinates with clients' CPAs and attorneys as part of a team-based planning model.

The firm runs on a fee-based, recurring revenue model, with compensation tied to assets under management and/or flat advisory fees determined during initial consultations. It does not operate a proprietary technology platform; instead, it leverages industry-standard infrastructure — Charles Schwab for custody, trading, and client account access (migrated from TD Ameritrade in August 2023), Addepar (formerly Black Diamond) for portfolio reporting and account aggregation, and Gradient Securities, LLC as its broker-dealer and FINRA/SIPC member for securities distribution. Client acquisition is sales-led and consultative, driven by free initial consultations, a referral network anchored by the Reliabank relationship, and a community-engagement marketing motion including the Big Sioux River Run newsletter, social media, and local events. The firm has earned regional recognition (Sioux Falls Local Best 2022-2023) and individual accolades (Dustin Padgett, Top 100 Bank Advisors, 2018), but no revenue, AUM, or headcount growth figures are publicly disclosed.

Name

Big Sioux Wealth Management

Legal name

Big Sioux Wealth Management

Website

https://bigsiouxwealth.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Big Sioux Wealth Management is an independent, SEC-registered RIA in Watertown and Sioux Falls, South Dakota, offering investment management, financial planning, retirement, estate, and small business retirement services to individuals, families, small business owners, healthcare professionals, and retirees.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA)

Keywords

• Investment advisory services
• Financial planning
• Retirement planning
• Wealth management
• Estate planning

Headquarters

HQ city

Watertown

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Advisory Services: Fee-based investment advisory services offered through a SEC registered investment advisor. The firm provides comprehensive financial planning, wealth management, and investment advisory services to individuals, families, small business owners, healthcare professionals, and retirees. Revenue is generated through advisory fees, likely based on assets under management (AUM) or flat fee arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Big Sioux Wealth Management is an independent SEC-registered investment advisory (RIA) firm providing fee-based wealth management, investment advisory, retirement planning, small business retirement planning, financial planning, risk management, and estate and legacy planning services. The firm serves individuals, families, small business owners, healthcare professionals, retirees, and sudden-wealth recipients across South Dakota, operating from offices in Watertown and Sioux Falls. Custody and trading are executed through Charles Schwab, with portfolio reporting delivered via Addepar, and securities distributed through Gradient Securities, LLC.

Product overview

Big Sioux Wealth Management is an independent Registered Investment Advisory (RIA) firm offering a comprehensive suite of wealth management services. The firm's offering centers on six core service areas: Growing Your Wealth (investment management across equities, fixed income, annuities, mutual funds, ETFs, and managed accounts), Small Business Retirement Planning (including 401k, SEP IRA, and succession planning), Creating Financial Plans (comprehensive financial planning), Long Term Planning (retirement and longevity planning), Protecting What You Have Built (risk management), and Continuing Your Legacy (estate and charitable planning). Clients access their portfolios through the Addepar Portal and Charles Schwab platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Growing Your Wealth Investment advisory service providing experienced guidance for selecting traditional investments such as equities, fixed income, annuities, mutual funds, and exchange-traded funds, along with managed discretionary accounts, separately managed accounts, and unified managed accounts.
• Small Business Retirement Planning Custom-designed small business retirement plans (including 401k and SEP IRA) that consider the needs of business owners and their teams, potentially saving more and reducing tax burden, with assistance for business continuity and succession planning.
• Creating Financial Plans Wide-ranging, comprehensive financial planning service that helps clients chart a detailed course for pursuing financial independence and a secure future.
• Long Term Planning Retirement and longevity planning services accounting for the extended years of retirement, changes in life circumstances, and unforeseen events to ensure wealth lasts throughout retirement.
• Protecting What You Have Built Risk management and contingency planning services to help protect client assets from risks that could derail life goals.
• Continuing Your Legacy Estate planning, charitable giving, and charitable trust management services to help ensure clients' financial legacy makes a lasting impact on loved ones or favorite charities.

Named customers6 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Four partnerships are on record, tiered core and major.

• Charles SchwabcoreTechnology or Integration · 10 August 2023Big Sioux Wealth Management transitioned their custodial platform from TD Ameritrade to Charles Schwab. This partnership provides clients with Schwab's trading, custody, and reporting infrastructure.
• Gradient Securities, LLCcoreChannel Partner/ Reseller/ DistributorSecurities are offered through Gradient Securities, LLC, a registered broker-dealer and member of FINRA/SIPC. This is the primary securities distribution channel for the firm.
• Reliabank DakotamajorStrategic or Co-development PartnerThe firm originated from Reliabank Dakota, with Dustin Padgett initiating the wealth management department at Reliabank in 1999. The firm maintains close ties with Reliabank for client referrals and community engagement activities.
• Addepar (formerly Black Diamond)coreTechnology or IntegrationThe firm uses Addepar's portfolio management platform (formerly Black Diamond) for client portfolio reporting, performance measurement, and account aggregation.

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Carson Group: RIA platform providing coaching, technology, and back-office support to independent advisor firms like Big Sioux; competes indirectly for advisor talent and supports an ecosystem of similar small RIAs.
• LPL Financial: Largest independent broker-dealer/RIA custodian providing custody, technology, and practice management to thousands of independent advisory firms similar to Big Sioux.
• Cetera Financial Group: Independent broker-dealer and RIA support platform serving financial advisors with custody, technology, and compliance infrastructure analogous to Big Sioux's use of Gradient Securities and Schwab.
• Commonwealth Financial Network: Independent broker-dealer/RIA supporting personalized financial planning practices; competes for the same independent-advisor talent pool as Big Sioux.
• Creative Planning: Large fee-only RIA with fiduciary advisors delivering financial planning and investment management to individuals, families, and small business owners — directly overlapping Big Sioux's core segments at greater scale.
• Mariner Wealth Advisors: Large national independent RIA offering comprehensive wealth planning, estate, and retirement services; serves as a scaled-up example of the same fiduciary RIA business model.

Emerging players

• Facet Wealth: Digital-first flat-fee financial planning firm targeting mass-affluent clients; represents the disruptive low-fee, tech-enabled model that competes for the next generation of Big Sioux's client pipeline.

Regional players

• Edward Jones: Branch-based advisor firm with deep rural and Midwest presence and a personal-advisor model targeting mass-affluent households — a scaled analog of Big Sioux's local, relationship-led GTM.
• Northwestern Mutual: Mutual insurance and wealth management firm with strong Midwest roots and an advisor-led planning model covering retirement, estate, and legacy planning — adjacent to Big Sioux's full-lifecycle service offering.

Direct peers

• Wealth Enhancement Group: Independent, fee-based RIA serving mass-affluent and retiree clients with a comparable personal-advisor, planning-led model; though larger, it demonstrates the same independent-RIA playbook Big Sioux is pursuing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Big Sioux Wealth Management