{"url":"https://nivawealth.com/firms/all-star-financial-323765","iapdUrl":"https://adviserinfo.sec.gov/firm/summary/323765","regulatoryAum":881693500,"crd":"323765","adviserRoster":{"asOf":"2026-10-09","items":[{"crd":"4491652","suffix":null,"lastName":"BERHOW","firstName":"MATTHEW","middleName":"ALAN"},{"crd":"7249713","suffix":null,"lastName":"Biselx","firstName":"Connie","middleName":"Marie"},{"crd":"5152492","suffix":null,"lastName":"Gardner","firstName":"Eric","middleName":"James"},{"crd":"6796264","suffix":null,"lastName":"Germscheid","firstName":"Grant","middleName":"Robert"},{"crd":"1228990","suffix":null,"lastName":"KLEFSAAS","firstName":"ROBERT","middleName":"JOHN"}],"total":5,"loadedAt":"2026-10-10T00:20:19.761928+00:00","sourceUrl":"https://reports.adviserinfo.sec.gov/reports/CompilationReports/IA_INDVL_Feed_10_09_2026.xml.zip"},"history":[{"filedOn":"2023-03-29","regulatoryAum":679797292,"clients":655,"employees":14,"offices":1},{"filedOn":"2024-06-21","regulatoryAum":724403474,"clients":608,"employees":15,"offices":1},{"filedOn":"2025-03-24","regulatoryAum":757987510,"clients":577,"employees":13,"offices":1},{"filedOn":"2026-02-06","regulatoryAum":881693500,"clients":558,"employees":14,"offices":1}],"secFileNumber":"801-126834","legalName":"All Star Financial LLC","displayName":"All Star Financial","slug":"all-star-financial-323765","website":null,"classification":{"segment":"individuals","segmentLabel":"Wealth management","type":"independent_wealth_manager","typeLabel":"RIA","feeDisclosure":"full"},"linkedinUrl":"https://www.linkedin.com/company/1047285/","founded":null,"organization":"Minnesota limited liability company","fiscalYearEnd":"December","headquarters":{"street":"3800 American BLVD West, Suite 620","city":"Minneapolis","state":"MN","stateName":"Minnesota","country":"United States","postalCode":"55431"},"tradeNames":[],"registration":{"secApproved":"4 November 2022","noticeFilings":null,"latestNoticeFiling":null},"wealthAumPerClient":1263169.0295748613,"staff":{"employees":14,"advisory":5,"brokerDealerReps":0,"insuranceAgents":3,"promoters":0},"aum":{"regulatory":881693500,"discretionary":881693500,"discretionaryAccounts":1839,"nonDiscretionary":0,"nonDiscretionaryAccounts":0,"wrapProgram":null,"nonUsClientsPct":0,"nonAumClients":14},"clientTypes":[{"label":"Individuals (other than HNW)","clients":353,"regulatoryAum":199487788},{"label":"High-net-worth individuals","clients":188,"regulatoryAum":483886657},{"label":"Pension and profit-sharing plans","clients":11,"regulatoryAum":180711563},{"label":"Charitable organizations","clients":3,"fewerThan5":true,"regulatoryAum":10625017},{"label":"Corporations and other businesses","clients":3,"fewerThan5":true,"regulatoryAum":6982475}],"feePrograms":[{"role":"main","program":"Assets Under Management","feeBasis":"range","fee_tiers":null,"sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006918","versionId":1006918,"ratePeriod":"annual","fee_billing":"advance","submittedOn":"2026-02-06","documentName":"ADV PART 2A","fee_rate_low":0.8,"fee_rate_high":1.4,"fee_negotiable":true,"minimum_account":500000,"feeMinimumPeriod":null,"fee_minimum_annual":null},{"role":"other","program":"Financial Planning and Consulting","summary":"Financial planning and consulting are a negotiable fixed fee of no more than $25,000, payable on delivery of the plan or in installments.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006918","versionId":1006918,"submittedOn":"2026-02-06","documentName":"ADV PART 2A"},{"role":"other","program":"Tax Preparation","summary":"Tax preparation carries a minimum fee of $500; eligible federal and applicable state returns are filed electronically without an additional fee.","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006918","versionId":1006918,"submittedOn":"2026-02-06","documentName":"ADV PART 2A"}],"brochureCoverage":{"scope":"sec_inventory","status":"reviewed","checkedAt":"2026-10-22T07:50:25.440047+00:00","documents":[{"name":"ADV PART 2A","status":"read","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006918","versionId":1006918,"submittedOn":"2026-02-06"},{"name":null,"status":"not_downloaded","sourceUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006917","versionId":1006917,"submittedOn":null}]},"custodians":[{"name":"Fidelity Brokerage Services LLC","shortName":"Fidelity","location":"Smithfield, RI","smaAssets":709879892},{"name":"Charles Schwab & Co., Inc.","shortName":"Charles Schwab","location":"San Francisco, CA","smaAssets":34804020}],"custodyNote":"All Star Financial does not have custody of client assets.","leadership":[{"name":"Robert Klefsaas","title":"President/Chief Compliance Officer/Managing Member","crd":"1228990"},{"name":"Matthew Berhow","title":"Member","crd":"4491652"},{"name":"Eric Gardner","title":"Member","crd":"5152492"}],"ownership":[{"label":"Robert Klefsaas","detail":"President/chief compliance officer/managing member in the 75% or more ownership band and a control person, since July 2022."},{"label":"Matthew Berhow","detail":"Member in the 10% to 25% ownership band, since July 2022."},{"label":"Eric Gardner","detail":"Member in the 5% to 10% ownership band, since January 2024."}],"filedOffices":{"otherThanPrincipal":0,"privateResidences":0},"listedOfficeAddresses":1,"foreignOffices":[],"officesByState":[{"state":"Minnesota","offices":1,"addresses":[{"street":"3800 American BLVD West, Suite 620","city":"Minneapolis","headquarters":true}]}],"advFacts":{"source":{"file":"ia100226.zip","asOf":"2 October 2026"},"telephone":"952-896-3820","stateRegisteredReps":5,"otherAdviserReps":0,"compensation":["A percentage of assets under management","Hourly charges","Fixed fees (other than subscription fees)"],"activities":["Financial planning services","Portfolio management for individuals and/or small businesses","Portfolio management for businesses (other than small businesses) or institutional clients","Pension consulting services"],"financialPlanningClients":"251-500","assetMix":[{"label":"Exchange-traded equity securities","percent":13},{"label":"Securities issued by registered investment companies or business development companies","percent":83},{"label":"Cash and cash equivalents","percent":4}],"privateFunds":0},"sources":{"adv1FilingDate":"6 February 2026","adv1Url":"https://reports.adviserinfo.sec.gov/reports/ADV/323765/PDF/323765.pdf","brochureDate":"6 February 2026","brochureUrl":"https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1006918","iapdCompiledDate":null,"retrievedDate":"15 October 2026","retrievedOn":"2026-10-15","updatedOn":"2026-10-22","holdingsUpdatedOn":"2026-10-21","adv1Pages":{},"brochurePages":{}},"otherBusiness":[],"faq":[{"question":"How many clients does All Star Financial have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What services does All Star Financial offer?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"How much does All Star Financial charge?","answer":"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.","source":"ADV PART 2A, filed 6 February 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Which custodians does All Star Financial use?","answer":"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","sourceRef":{"doc":"adv1","section":"custodians"}},{"question":"How many financial advisors does All Star Financial have?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"What does All Star Financial invest in?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Does All Star Financial have a minimum investment?","answer":"Yes, All Star Financial’s minimum account size for its Assets Under Management is $500K.","source":"ADV PART 2A, filed 6 February 2026","sourceRef":{"doc":"brochure","section":"fees"}},{"question":"Who owns All Star Financial?","answer":"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","sourceRef":{"doc":"adv1","section":"scheduleA"}},{"question":"How does All Star Financial get paid?","answer":"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","sourceRef":{"doc":"adv1","section":"employees"}},{"question":"Is All Star Financial registered with the SEC?","answer":"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","sourceRef":{"doc":"adv1","section":"identity"}},{"question":"How do I contact All Star Financial?","answer":"All Star Financial’s main office is at 3800 American BLVD West, Suite 620, Minneapolis, MN 55431. Its phone number is 952-896-3820.","source":"Form ADV Part 1A, Item 1.F, filed 6 February 2026","sourceRef":{"doc":"adv1","section":"offices"}}],"holdings":null,"notice":"Compiled from public SEC Form ADV filings on the dates in `sources`. Facts as filed; not a rating, ranking, or recommendation. Niva is not affiliated with this firm. Disciplinary history is deliberately not included here or on the page; the SEC publishes the complete record at the `iapdUrl` above."}