Disclaimer: This list is for informational purposes only and is not a ranking, endorsement, or recommendation of any firm. The author is affiliated with Virtue Asset Management, which appears on this list. No compensation was received from any other firm for inclusion. Information is subject to change; verify via each firm’s Form ADV and website.
High-net-worth investors evaluating wealth management firms Chicago encounter a range of options, from boutique independent firms to larger regional practices. Each firm operates under different structures, serves various client profiles, and provides distinct service models.
This list highlights six wealth management firms serving affluent clients in the Chicago area.
This is not investment advice and should not be relied upon to select an adviser. Readers should conduct their own due diligence.
What Is Wealth Management?
Wealth management typically refers to a coordinated approach that may include investment management, financial planning, tax-aware investing, and estate planning coordination. Services and scope vary by firm; investors should clarify what is included before engaging.
Registered investment advisers owe fiduciary duties to their advisory clients, which include a duty of care and a duty of loyalty. However, the scope of services and how fiduciary duties apply may vary depending on the engagement. Investors should review Form ADV Part 2A for each firm.
Registration with the SEC or a state regulator does not imply a certain level of skill or training. Investors should conduct their own due diligence.
1. Virtue Asset Management
Virtue Asset Management is an independent, fee-only registered investment adviser serving high-net-worth individuals throughout Illinois. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Wealth management services with portfolio construction based on client inputs
- Multi-generational wealth transfer and estate planning coordination
- Tax-aware asset allocation and coordination with outside tax professionals
- Charitable giving strategies and philanthropic planning
- Risk management and wealth planning considerations
- Business owner wealth planning, including liquidity events and succession strategies
Firm Features: Virtue Asset Management’s team includes CFP® and CFA® credentialed professionals. The firm focuses on serving high-net-worth individuals and emphasizes direct advisor relationships. The firm does not provide tax or legal advice; clients should consult their tax professional. Additional details can be verified via the firm’s Form ADV, available through the SEC’s IAPD database. Services vary by client and engagement.
2. Mesirow Wealth Management
Mesirow is an independent financial services company headquartered in Chicago. The firm’s Wealth Management division serves individuals, families, and institutions. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Investment management and portfolio oversight
- Financial planning and tax-aware planning considerations
- Estate planning capabilities and wealth transfer strategies
- Wealth management services for individuals and families
Firm Features: Investors can verify ownership structure, assets under management, advisor count, and additional details via their Form ADV, available through the SEC’s IAPD database. The firm does not provide tax or legal advice; clients should consult their tax professional.
3. Savant Wealth Management
Savant Wealth Management is a fee-only wealth management firm that wealth management firms in Chicago investors may consider. The firm has locations throughout the Chicago metro area. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Investment guidance and wealth management
- Tax-aware planning considerations and business consulting
- Estate planning, trust services, and family office support
- Retirement planning and financial planning
Firm Features: Investors can verify ownership structure, assets under management, history, office locations, and asset minimums via their Form ADV, available through the SEC’s IAPD database. The firm does not provide tax or legal advice; clients should consult their tax professional.
4. Chicago Partners Wealth Advisors
Chicago Partners Wealth Advisors is an SEC-registered, fee-only independent RIA. The firm serves high-net-worth individuals, business owners, and institutional clients. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Customized investment management
- Financial planning, including retirement and estate plans
- Tax-aware investing and alternative investment strategies
- Family office management and services for investors with compliance restrictions
Firm Features: The firm also serves nonprofit organizations and foundations. Investors can verify team size, assets under management, and additional details via their Form ADV, available through the SEC’s IAPD database. The firm does not provide tax or legal advice; clients should consult their tax professional.
5. Kovitz
Kovitz is a Chicago-based registered investment adviser providing investment advisory services on a fiduciary basis for advisory clients.
Key Services:
- Investment management following a value-based philosophy
- Wealth management and family office services
- Access to alternative investments, including private equity and hedge funds
- Financial planning and retirement services
Firm Features: Kovitz follows a value-based investment philosophy and allocates to diverse asset classes. Investors can verify the firm’s founding date, assets under management, and additional details via their Form ADV, available through the SEC’s IAPD database.
6. Capstone Financial Advisors
Capstone Financial Advisors is a fee-only financial advisory firm based in Downers Grove, Illinois, serving the greater Chicago area. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Broad financial advisory services with a personal approach
- Investment management and retirement planning
- Charitable giving strategies and tax-aware planning considerations
- Wealth management services
Firm Features: Capstone focuses on providing services to individuals and families based on their circumstances. The firm does not provide tax or legal advice; clients should consult their tax professional. Additional details can be verified via their Form ADV, available through the SEC’s IAPD database.
Conducting Due Diligence
Before engaging any wealth management firm, investors should take the following steps:
- Review Form ADV Part 2A through the SEC’s IAPD database at www.adviserinfo.sec.gov. This document provides detailed information about services, fees, investment strategies, and potential conflicts of interest.
- Verify credentials through appropriate credentialing organizations, such as the CFP Board at cfp.net or the CFA Institute.
This material is provided for informational purposes only. Different firms offer different services, and investors should evaluate whether a firm’s offering aligns with their specific needs.
Disclosure: Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This article is not intended to be relied upon as forecast, research, or investment advice. It is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.
