Chicago has plenty of financial advisory firms to choose from. Selecting a firm that meets your personal needs can be a challenging venture. Benzinga’s here to make your life easier.
We’ve analyzed firms all over Chicago and narrowed our list to the best financial advisors in the city. Compare and contrast the firm’s area of expertise, fee structure and account minimums to find your match today.
Quick Look at the Best Financial Advisors in Chicago, Illinois:
- Best for Individuals and Small Businesses: Long Financial Planning
- Best Robo-Advisor: M1 Finance
- Best for Customized Solutions: Optimum Investment Advisors, LLC
- Best for Expatriates: Bourbon Financial Management, LLC
- Best Portfolio Analysis: Personal Capital
- Best for Clear Fees: Mindful Money Financial Counsel, LLC
- Best for Socially-Responsible Investing: Amling Investments LLC
Best for Individuals and Small Businesses: Long Financial Planning
Long Financial Planning is a registered advisory firm located in Chicago, Illinois. The firm’s founder Chris Long is a Certified Financial Planner™ (CFP®) and carries degrees from Yale and Stanford.
The firm serves individuals, small business and non-profit clients with retirement plan advice for 401(k) or 403(b) plans.
For individuals, the firm’s services include full financing planning, financial review and personal retirement analysis. For small business and non-profit 401(k) and 403(b) qualified plans, its services include fee comparison analysis and retirement plan consulting services.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Pension consulting services
- Educational seminars/workshops
Address
17 N. STATE ST SUITE 1700CHICAGO IL, 60602
Phone number
312-373-9265
- Customizable Auto Investing
Best Robo-Advisor: M1 Finance
M1 Finance is a robo-advisor app that can automate and customize the way you manage your money. With a free M1 Basic account you can:
- Make money transfers
- Set up direct deposits
- Spend with a debit card
- Invest in fractional shares
- Build a customized portfolio
- Automate your investment schedule
- Borrow up to 35% of your portfolio’s value at low rates
You can also choose the upgraded M1 Plus account for $125 per year and receive additional benefits like 1% cash back on qualifying debit card purchases and 1% annual percentage yield (APY) checking.
Best for Customized Solutions: Optimum Investment Advisors, LLC
Optimum Investment Advisors is an investment advisory firm with offices in Chicago, Illinois and Dallas, Texas. The firm offers financial planning, retirement planning and life planning for individuals, investment companies, trusts, estates and charitable organizations.
The firm provides a high level of client service and customization to each portfolio. It identifies your unique set of goals and objectives and constructs each portfolio 1 holding and 1 asset class at a time.
Best for Expatriates: Bourbon Financial Management, LLC
Bourbon Financial Management (BFM) is an advisory firm in Chicago that specializes in offering financial services for expatriates and internationally-mobile people.
BFM’s clients are primarily U.S. expatriate families, U.S. citizens married to non-U.S. citizens, non-U.S. citizens investing in the U.S. and European expatriates who live in the U.S. The firm handles difficulties related to investing, tax reporting, currency management and restrictions that comes with being mobile.
The firm maintains a low client-to-advisor ratio. This allows the firm to cultivate long-term relationships with its clients and truly deliver customized strategies.
- Hourly charges
- Fixed fees (other than subscription fees)
- Other
- Financial planning services
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Educational seminars/workshops
- CONSULTANT FOR PLANPILOT
Address
,
Phone number
312-909-6539
- High Net Worth Individuals
Best Portfolio Analysis: Personal Capital
Personal Capital lets you view your entire net worth by linking all your bank and investment accounts. You can use its free investment tools for budgeting, retirement planning, education planning and much more.
Looking for an advisor to manage your portfolio? Personal Capital also provides managed services if you have an account minimum balance of $100,000. The advisors can help you with tax optimization strategies and guide you through your long- and short-term goals.
Best for Clear Fees: Mindful Money Financial Counsel, LLC
Mindful Money Financial Counsel is a Chicago-based firm that offers fee-only, holistic financial planning and investment advice on a flat fee and hourly-as-needed basis.
The firm’s financial planning process has been designed around your needs. Its financial planning and investment advice services are primarily through individual consultations and written financial plans.
Whether you are looking for 1-time financial advice or an ongoing relationship with a financial advisor, it has affordable, transparent solutions that align with your goals. The initial planning fees start at $600 and ongoing financial planning fees start at $60 a month and a $300 hourly rate.
Best for Socially-Responsible Investing: Amling Investments LLC
Amling Investments is a registered investment advisory firm specializing in wealth management and financial planning. Its clients include individuals, families and small businesses throughout the country. It currently serves more than 100 clients with more than $35 million under management.
Amling Investments offers a unique portfolio of socially-responsible investment options. It provides you with an opportunity to build your financial security, while also investing in communities and causes that align with your values.
Frequently Asked Questions
Q: Do financial advisors check your credit?
A: No. Advisors typically don’t check your credit unless it’s absolutely necessary.
Q: Can financial advisors help me eliminate debt?
A: Financial advisors are experts at creating comprehensive plans to ditch your debt. Financial advisors can analyze your debt, evaluate your income and assets and help you become financially stable
Q: Which certifications should my financial planner have?
A: The top 2 credentials for a financial planner are Certified Financial Planner™ (CFP®) and Chartered Financial Analyst (CFA®). There are also other certifications for financial advisors that are more specific.
Choose the Right Financial Advisor in Chicago
Managing money on your own can be especially daunting if you have little knowledge or time. A good financial advisor is equipped to identify your financial needs and build a plan for your future.
When you look for a financial advisor in Chicago, be sure to check multiple firms before you make your decision. Compare services and call your top choices for an initial consultation. Start with our list of recommended firms and find the right financial advisor in Chicago today.
Methodology
To determine the top financial advisors in Chicago, Illinois, we pored through all SEC-registered advisory firms who have an office in Chicago. To winnow down the list we only included advisors who were registered fiduciaries, had no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offered both investment management and planning, had no conflicts of interest, had offices in multiple states, have a wrap fee program and have over $50 million in assets under management.