All Star Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting. Financial planning was provided to 251–500 clients last fiscal year.
All Star Financial reports 558 clients. They include 353 individual clients, 188 high-net-worth individuals, and 11 pension and profit-sharing plans. Of its assets, 100.0% ($882M across 1,839 accounts) are managed with discretion. It advised 14 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 63% | 23% |
| High-net-worth individuals | 34% | 55% |
| Pension and profit-sharing plans | 2% | 20% |
| Charitable organizations | <1% | 1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 353 | $199M | 22.6% | $565K |
| High-net-worth individuals | 188 | $484M | 54.9% | $2.57M |
| Pension and profit-sharing plans | 11 | $181M | 20.5% | $16.4M |
| Charitable organizations | Fewer than 5 | $10.6M | 1.2% | $3.54M |
| Corporations and other businesses | Fewer than 5 | $6.98M | 0.8% | $2.33M |
| Total | 558 | $882M | 100% | — |
- Clients
- 353
- Regulatory AUM
- $199M
- AUM share
- 22.6%
- Avg. per client
- $565K
- Clients
- 188
- Regulatory AUM
- $484M
- AUM share
- 54.9%
- Avg. per client
- $2.57M
- Clients
- 11
- Regulatory AUM
- $181M
- AUM share
- 20.5%
- Avg. per client
- $16.4M
- Clients
- Fewer than 5
- Regulatory AUM
- $10.6M
- AUM share
- 1.2%
- Avg. per client
- $3.54M
- Clients
- Fewer than 5
- Regulatory AUM
- $6.98M
- AUM share
- 0.8%
- Avg. per client
- $2.33M
Total
- Clients
- 558
- Regulatory AUM
- $882M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 14
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 251–500
All Star Financial charges 0.80%–1.40% a year for its Assets Under Management. The fee is billed in advance, is negotiable and requires an account of at least $500,000. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning and consulting are a negotiable fixed fee of no more than $25,000, payable on delivery of the plan or in installments.
- Tax Preparation
- Tax preparation carries a minimum fee of $500; eligible federal and applicable state returns are filed electronically without an additional fee.
Robert Klefsaas owns 75% or more of All Star Financial. The leadership team of All Star Financial includes President Robert Klefsaas. It has 14 employees, 5 of them in advisory roles.
Leadership
- Robert KlefsaasPresident/Chief Compliance Officer/Managing Member
- Matthew BerhowMember
- Eric GardnerMember
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
Staff
- 14 employees
- 5 in advisory functions
- 5 state-registered reps
- 3 insurance agents
- Owns 75% or more of All Star Financial LLC
Robert Klefsaas
Control person · since July 2022
- Owns 10% to 25% of All Star Financial LLC
Matthew Berhow
since July 2022
- Owns 5% to 10% of All Star Financial LLC
Eric Gardner
since January 2024
All Star Financial’s regulatory assets grew from $680M (March 2023) to $882M (February 2026); clients fell from 655 to 558 and employees were 14 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $882M | 558 | 14 | 1 |
| March 2025 | $758M | 577 | 13 | 1 |
| June 2024 | $724M | 608 | 15 | 1 |
| March 2023 | $680M | 655 | 14 | 1 |
Besides its headquarters, All Star Financial has 0 offices, with 1 listed address in Minnesota.
Minnesota · 1 listed address
- 3800 American BLVD West, Suite 620, MinneapolisHQ
Contact and registration details
- Legal name
- All Star Financial LLC
- Headquarters
- 3800 American BLVD West, Suite 620, Minneapolis, MN 55431
- Website
- Not reported
- Phone
- 952-896-3820
- @1047285
- SEC file
- 801-126834
- Structure
- Minnesota LLC
- Fiscal year end
- December
All Star Financial uses Fidelity ($710M, 95%) and Charles Schwab ($34.8M, 5%) as custodians for its separately managed accounts. All Star Financial does not have custody of client assets.
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $710M95%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $34.8M5%
At year end, All Star Financial’s separately managed accounts were mostly in funds (83%) and stocks (13%).
What the accounts hold
- Stocks13%
- Funds83%
- Cash4%
How many clients does All Star Financial have?
All Star Financial has 558 clients and manages $882 million for them, as of February 2026. They include 353 individual clients, 188 high-net-worth individuals, and 11 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 6 February 2026
What services does All Star Financial offer?
All Star Financial provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does All Star Financial charge?
All Star Financial charges 0.80%–1.40% a year for its Assets Under Management. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
Which custodians does All Star Financial use?
All Star Financial’s separately managed account assets are held at Fidelity Brokerage Services LLC (Smithfield, RI), with $710M and Charles Schwab & Co., Inc. (San Francisco, CA), with $34.8M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 6 February 2026
How many financial advisors does All Star Financial have?
All Star Financial has 5 investment adviser representatives registered with state securities authorities, out of 14 employees, and 5 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 3 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does All Star Financial invest in?
At the end of its last fiscal year, All Star Financial’s separately managed accounts held 83% registered funds (mutual funds, ETFs, BDCs), 13% exchange-traded equities and 4% cash and equivalents.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does All Star Financial have a minimum investment?
Yes, All Star Financial’s minimum account size for its Assets Under Management is $500K.
Who owns All Star Financial?
All Star Financial’s direct owners are Robert Klefsaas (75% or more), Matthew Berhow (10% to 25%) and Eric Gardner (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 6 February 2026
How does All Star Financial get paid?
All Star Financial is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is All Star Financial registered with the SEC?
Yes, All Star Financial has been registered with the SEC as an investment adviser since 4 November 2022. Its CRD number is 323765 and its SEC file number is 801-126834.
Source: Form ADV Part 1A, Item 1, filed 6 February 2026; IAPD firm record
How do I contact All Star Financial?
All Star Financial’s main office is at 3800 American BLVD West, Suite 620, Minneapolis, MN 55431. Its phone number is 952-896-3820.