South Dakota has few large local family offices, but it is one of the most important trust jurisdictions in the US, with Sioux Falls home to many trust companies serving families nationwide and abroad.
The family office landscape in South Dakota
Family offices in South Dakota are concentrated in and around:
- Sioux Falls
- Rapid City
Where family office candidates come from in South Dakota
Sioux Falls's trust companies and banks employ trust officers and accountants who often move into family office roles.
Across the state, accountants and auditors earn an average of $85,030, 10% below the US average of $94,750 and #33 of 51. Financial managers average $172,430, 8% below the US average of $186,910 (BLS Occupational Employment and Wage Statistics, May 2025). Family offices usually pay above these averages to win experienced people.
Family office salaries in South Dakota
| Role | Base salary in SD | Typical bonus |
|---|---|---|
| Family Office Controller | $165K–$230K | 15–25% |
| Family Office Accountant | $90K–$140K | 5–15% |
| Family Office Tax Manager | $140K–$200K | 10–20% |
| Family Office CFO | $285K–$455K | 25–50% |
| Family Office Chief of Staff | $140K–$240K | 15–30% |
| Family Office Operations Manager | $125K–$190K | 10–20% |
| Family Office Executive Assistant | $85K–$140K | 10–20% |
| Family Office Payroll Manager | $105K–$140K | 5–15% |
Our estimates for a single family office managing $250M–$1B, adjusted for South Dakota using BLS pay levels for accountants and financial managers (5% below the national midpoint). Try the salary calculator for other office sizes.
Taxes, trusts and the law in South Dakota
South Dakota has no state income tax, abolished its rule against perpetuities so dynasty trusts can last indefinitely, and is known for directed trust and privacy laws.
How South Dakota compares with nearby states
| State | Accountant avg. (BLS) | Financial manager avg. (BLS) | Family office controller (estimate) |
|---|---|---|---|
| South Dakota | $85,030 | $172,430 | $165K–$230K |
| Iowa | $83,640 | $149,730 | $160K–$220K |
| Kansas | $86,130 | $171,510 | $165K–$230K |
| Minnesota | $94,060 | $176,560 | $170K–$235K |
| Missouri | $83,180 | $163,820 | $165K–$225K |
| Nebraska | $77,660 | $155,410 | $160K–$215K |
| North Dakota | $80,090 | $153,130 | $160K–$215K |
What this means for hiring in South Dakota
Accountant pay in South Dakota ranks #33 of 51, below the national average. That makes a well-paid family office role attractive locally, and candidates relocating from higher-cost states will sometimes trade a little base salary for quality of life. Financial managers in South Dakota rank much higher (#18) than accountants, so budget more for a controller or CFO than staff-level pay would suggest. No state tax on wages is a real recruiting advantage: someone moving from New York or California keeps noticeably more of the same salary in South Dakota. With a smaller local finance community, the strongest candidates for South Dakota often live elsewhere. Plan on a recruiter-led search, and budget for relocation on senior roles.
Family office questions for South Dakota
Why are so many trusts based in South Dakota?
South Dakota has no state income tax, allows trusts to last indefinitely, and has strong directed trust and privacy laws, so families across the US use Sioux Falls trust companies.
How much do family office jobs pay in South Dakota?
We estimate a family office controller in South Dakota earns about $165K–$230K base and an accountant about $90K–$140K. For context, accountants and auditors in South Dakota earn an average of $85,030 across all employers, 10% below the US average (BLS, May 2025).
Where are family offices in South Dakota?
Mostly around Sioux Falls, Rapid City.
Does South Dakota have a state income tax on wages?
No. South Dakota has no state income tax, abolished its rule against perpetuities so dynasty trusts can last indefinitely, and is known for directed trust and privacy laws.