Retirement Planning » Financial Advisors » Chicago, IL

Financial Advisors Chicago, IL

Latest update: November 20, 2019

Population2,706,000
State Income Tax4.95%
Median Home Price$272,400
City Sales Tax10.25%

Chicago, known for its world-class architecture, is one of the largest cities in the United States and is the largest financial center in Illinois.

Find a financial advisor in Chicago, IL

Deciding which of over 7,800 financial advisors in Chicago, Illinois is best for you can be an overwhelming task. We selected some of the best financial advisors in Chicago to narrow down your choices. We considered customer reviews, certifications, SEC filings and asset requirements to create our list.

Chicago Partners Wealth Advisors

  • Assets Managed: $1.65 billion
  • Minimum Assets: Varies

The first step in creating a financial plan with Chicago Partners is called the Portfolio X-ray. The financial advisor uses a nine-dimension evaluation process to evaluate your current portfolio. You’ll go over your expense ratio, cash drag and diversification level. There is no minimum required for Chicago Partners Digital Wealth Program and $1 million for investment and financial advisory service.

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Trinity Financial Advisors LLC

  • Assets Managed: $185.9 million
  • Minimum Assets: Varies

Trinity Financial Advisors provides financial planning, investment management and income tax preparation services on a fee-only basis. All advisors act as fiduciaries for clients to ensure objective decisions. Trinity Financial Advisors professionals develop long-term client relationships that continue from generation to generation. Clients invest a minimum of $5,000 or $50,000 depending on the program they choose or pay an hourly fee for services.

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Mindful Money Financial Counsel, LLC

  • Assets Managed: N/A
  • Minimum Assets: N/A

Mindful Money Financial Counsel is purely a financial advisory firm. The financial advisors will help you make investment decisions but do not actively manage your money. Mindful Money Financial Counsel works with clients seeking one-time financial advice or an ongoing relationship with a financial advisor. Affordable fees are by the hour or a flat cost.

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Feltheimer Cohn & Associates

  • Assets Managed: $21.9 billion
  • Minimum Assets: Varies

The independent advisors at Feltheimer Cohn & Associates offer unbiased advice tailored to each client’s needs. Clients choose from unlimited investment types and services with no pressure to buy into a particular financial product. The firm handles long-range financial planning, investment management and coordinates with insurance and legal professionals, with an emphasis on open communication.

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The Mosaic Financial Group LLC

  • Assets Managed: $912.3 million
  • Minimum Assets: $2 million

Mosaic Financial Group financial advisors provide full-service financial planning, investment advisory, tax and estate planning, and income tax preparation services. Financial plans integrate all areas of the client’s life, and advisors manage investments on behalf of the client. Financial advisors at Mosaic act as personal CFOs to help clients develop a logical, consistent financial strategy.

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Balasa Dinverno Foltz LLC

  • Assets Managed: $4.1 billion
  • Minimum Assets: N/A

Balasa Dinverno Foltz LLC provides comprehensive financial planning and investment management with unbiased advice. The firm works with individuals, families, business owners and institutions. Balasa Diverno Foltz offers women, those going through a divorce and widowed individuals services that meet their specific needs. The firm boasts a 98% client retention rate and is one of the top advisory firms in the country.

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Chicago Partners Wealth Advisors

Chicago Partners Wealth Advisors helps clients optimize wealth. Financial advisors at the firm create comprehensive financial plans for high-net-worth individuals, corporations, foundations, institutions and family offices.

Chicago Partners Wealth Advisors provides the 5-Step Wealth Optimization Process, including advice from the firm’s entire financial advisory team. Customized wealth management plans can include a range of services. Plans may include portfolio and investment management, tax management, estate planning, retirement planning, education planning and cash flow planning.

Financial planning starts with a look at your portfolio expense ratios, diversification, asset allocation and fees. This process is called the Portfolio X-ray, and it identifies the portfolio’s strengths and weaknesses. From there, the Chicago Partners Wealth Advisors team can start crafting a financial plan.

Chicago Partners fees vary by services provided and the agreement between the advisor and client. Investment management services carry a $5,000 annual minimum, and most charges are based on a percentage of managed assets. The firm doesn’t publish retirement and financial advisory fees, which are negotiable.

The minimum account size for new clients is $1 million. Those using the Chicago Partners Digital Wealth Program are subject to no minimum requirement.

Chicago Partners Wealth Advisors
Assets Managed $1.65 Billion
Minimum Assets Varies
Number of Advisors 13
Fee Structure Fee-Only
Address One North Wacker Drive Suite 4110

Trinity Financial Advisors

Financial advisors at Trinity Financial provide financial planning, tax preparation and investment management services. Clients establish a retainer with Trinity Financial Advisors to receive a comprehensive financial plan. The retainer includes access to all services at the firm. Clients may use the firm for investment management without financial planning, or vice versa.

Trinity Financial Advisors tax services include detailed projections so clients see the impact financial decisions have on taxes. Clients also receive withholding and estimated payment analysis to ensure the client suffers no tax penalties. The firm offers Social Security, insurance, estate, education and life planning within financial advisory services or a la carte.

Those who have fewer assets or are just getting started with investing can receive hourly financial planning from Trinity Financial Advisors. This program lets the client take charge of the process while equipping them to manage finances themselves. This program is best for those who understand basic money management like managing debt, budgeting income and saving for the future.

Trinity Financial Advisors’ typical financial planning fees range from $4,000 to $10,000 annually. The firm works with some clients on a limited project basis for a reduced cost. Hourly rates are $250 with a five-hour minimum. Investment management fees are based on a percentage of managed assets.

Trinity Financial Advisors
Assets Managed $189.5 Million
Minimum Assets Varies
Number of Advisors 4
Fee Structure Fee-Only
Address 541 North Fairbanks Ct Suite 1060

Mindful Money Financial Counsel, LLC

Mindful Money Financial Counsel is a fee-only financial advisor. Flat and hourly costs are published on the firm’s website and advisors earn no commissions. Mindful Money financial advisors work with individuals, families and small business owners.

Mindful Money’s financial planning process starts with some questionnaires and worksheets, discussed during your first one-hour meeting. This one-hour discussion includes addressing your goals, concerns and what you need out of a financial plan. The advisor can answer questions you have or provide a flat-fee estimate to create a financial plan. You decide whether or not to go ahead with the formal written plan.

Mindful Money Financial Counsel’s personalized financial plans show clients how to manage all resources to achieve their goals. Planning services include education and clear action steps, and a 12-month money flow plan.

The initial assessment meeting with a Mindful Money advisor costs $600, although the firm sometimes offers discounts. An average financial plan fee is $3,600 and depends on the complexity of your finances. Clients pay $60 per month for ongoing financial advice or $300 per hour on an as-needed basis. Mindful Money charges an annual $3,600 retainer for ongoing financial advice.

Mindful Money Financial Counsel, LLC
Assets Managed N/A
Minimum Assets N/A
Number of Advisors 2
Fee Structure Fee-Only
Address 564 W Randolph St Suite 200

Feltheimer Cohn & Associates

Feltheimer Cohn & Associates is a full-service financial firm for families, individuals, professional service companies and businesses. Private wealth management services incorporate comprehensive planning with tax-efficient investments. The financial plan is built to stay on track through personal and market changes over the years.

Financial advisors at the firm communicate with transparency and educate clients, so they understand how to manage money and wealth. Feltheimer Cohn & Associates’ goal is to help clients learn over time how to make informed choices for financial security. The firm also has experience with designing and implementing corporate retirement plans.

Feltheimer Cohn & Associates specializes in retirement planning and retirement issues. The firm is part of the Securities America independent representatives group. This affiliation gives clients access to a broad range of investments and support services. This vast network, combined with on-site office personnel, gives clients first-rate service at all times. The minimum account size depends on the program and ranges from no minimum to $50,000 for individuals.

Feltheimer Cohn & Associates is affiliated with Securities America Advisors, Inc. The managed assets listed are for all of approximately 2,500 Securities America Advisors offices. The firm bases most fees on a percentage of managed assets, but some programs may compensate advisors with a commission. Other programs require an annual $250 to $5,000 payment.

Feltheimer Cohn & Associates
Assets Managed $28.9 Billion
Minimum Assets Varies
Number of Advisors 3
Fee Structure Varies
Address 53 West Jackson Blvd Suite 556

The Mosaic Financial Group

Chicago residents looking for a financial advisor primarily to manage investments might consider The Mosaic Financial Group. The firm offers portfolio and financial advisors and three tax partners. Mosaic Financial’s services include investment consulting, portfolio monitoring, estate and financial planning, tax preparation and bookkeeping.

The Mosaic Financial Group’s mission is to provide professional, proactive investment advice. The firm is a fee-only Registered Investment Advisor (RIA) and also offers wealth transfer and estate planning. Advisors receive no commissions, and the cost of services depends on each client’s unique needs.

The firm considers the client’s financial plan to be a personal mosaic. This mosaic is carefully evaluated to assist with making the best financial decisions. Customized financial plans address short- and long-term goals based on unbiased advice. Mosaic Financial’s plans cover tax planning, investments, retirement planning, 401(k) advice, education funding, insurance and charitable giving.

Investment advisory fees at Mosaic Financial are a combination of an annual base fee plus a percentage of managed assets. Portfolio management costs are 0.12% of the client’s assets, with a minimum of $5 million under management. Mosaic charges a fixed one-time fee ranging from $1,250 to $10,000 for financial planning.

Ongoing financial advice costs between $5,000 and $50,000, depending on the services required. Consulting services are $150 to $450 per hour or via retainer. Tax and bookkeeping fees are not published.

The Mosaic Financial Group
Assets Managed $912.3 Million
Minimum Assets $2 Million
Number of Advisors 23
Fee Structure Fee-Based
Address 303 E Wacker Drive Suite 1675

Balasa Dinverno Foltz, LLC

Balasa Dinverno Folz is a wealth management firm that uses a personalized approach to financial and capital management. Advisors create each financial plan in tune with the client’s goals. A dedicated team of CPAs, tax specialists, lawyers and insurance professionals works alongside wealth managers to serve clients.

Balasa Dinverno Folz has been winning awards since 2012 for being among the top registered investment advisors. The firm operates as a single point of contact between clients and their lawyers, accountants, insurance professionals, and other advisors. Coordinating with these professionals is no longer a burden for the client while Balasa Dinverno Folz acts as personal CFO.

A financial advisor develops a financial plan based on the client’s goals and dreams. This plan is meant to be fluid throughout the years to adjust to life circumstances. The financial plan is the basis for investment choices and management. Balasa Dinverno Folz provides a special financial planning program for women and those going through a divorce, and wealth management for businesses.

Investment management fees are tiered and based on a percentage of managed assets. There’s no minimum account size, but Balasa Dinverno Folz charges a minimum of $2,500 per quarter. Financial planning is included in investment services. Otherwise, the cost is $200 to $300 per hour or $7,500 to $10,000 per project.

Balasa Dinverno Foltz, LLC
Assets Managed $4.1 Billion
Minimum Assets N/A
Number of Advisors 41
Fee Structure Fee-Based
Address 155 N Wacker Dr Suite 4250

Conclusion

When choosing a financial advisor it’s important to do your research to make sure you have selected the best option. We recommend speaking with at least three advisors to ensure you have the neccessary information.

We researched the best advisors in the Chicago, IL with options for all situations and compiled our list to include all the criteria crucial when making a decision. We’ve included professionals that serve clients with various asset levels.

Chicago Financial Advisors
Company Assets Managed Minimum Assets Fee Structure
Chicago Partners Wealth Advisors $1.65 Billion Varies Varies
Trinity Financial Advisors $189.5 Million Varies Fee-Only
Mindful Money Financial Counsel, LLC N/A N/A Fee-Only
Feltheimer Cohn & Associates $28.9 Billion Varies Varies
The Mosaic Financial Group $912.3 Million $2 Million Fee-Based
Balasa Dinverno Foltz, LLC $4.1 Billion N/A Fee-Based

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