City Guide

How to Choose a Financial Advisor in CHICAGO, IL

A data-driven guide based on 1,395 registered advisors in CHICAGO
01

Local Market Overview

There are 1,395 registered financial advisors in CHICAGO, Illinois. Approximately 88% report fee-based compensation, while 3% include commission-based compensation. The average firm serving CHICAGO manages $20.2B in assets.

Registered Advisors
1,395
In CHICAGO, IL
Avg Firm AUM
$20.2B
Assets under management
Top Credential
CFA
62 advisors
Community Profile

CHICAGO has a population of 2,721,914 with a median household income of $71,673. The median age is 35.3.

Advisor density: 5.1 per 10K residents
Median income: $71,673
Most Common Credentials in CHICAGO
CFA
62 advisors
CFP
37 advisors
ChFC
4 advisors
Compensation Types Reported
Percentage of AUM
88% of advisors · 1223 total
Subscription fees
47% of advisors · 649 total
Performance-based fees
36% of advisors · 496 total
Hourly charges
16% of advisors · 222 total
Commissions
3% of advisors · 47 total
Fixed fees
2% of advisors · 30 total
02

What to Look For

Check their credentials
The CFP (Certified Financial Planner) is the gold standard for comprehensive financial planning. A CFA (Chartered Financial Analyst) signals deep investment expertise, while a ChFC (Chartered Financial Consultant) covers insurance and estate planning.
Understand fee structures
Fee-only advisors charge only for their advice (hourly, flat fee, or % of AUM). Fee-based advisors may also earn commissions on products they sell. Commission-only advisors earn money from product sales. Fee-only is generally considered the least conflicted model. See Illinois fee analysis →
Verify their registration
Every legitimate advisor should be registered with the SEC or their state. Check FINRA BrokerCheck for disciplinary history, disclosures, and registration status. All advisors on AdvisorOS are sourced from official SEC/FINRA registration data.
Ask about account minimums
Some advisors require $250,000 or more to open an account. Others work with any portfolio size. Ask upfront to avoid wasting time on advisors who aren't a fit.
Review their Form CRS
The Form CRS (Client Relationship Summary) is a 2-page document every advisor must provide. It explains services, fees, conflicts of interest, and disciplinary history in plain language. Ask for it before your first meeting.
03

Browse Advisors in CHICAGO

1,395 advisors in CHICAGO, IL

Search the full directory of registered financial advisors in CHICAGO. Compare credentials, specialties, and firm details — all based on SEC and FINRA public data.

Browse CHICAGO AdvisorsAll Cities in Illinois
04

Frequently Asked Questions

How many financial advisors are in CHICAGO, IL?
There are 1,395 registered financial advisors in CHICAGO, Illinois, according to SEC and FINRA registration data.
What credentials should a financial advisor in CHICAGO have?
Look for CFP (Certified Financial Planner) for comprehensive planning, CFA for investment management, or ChFC for insurance and estate planning. The most common credential among CHICAGO advisors is CFA.
Are financial advisors in CHICAGO required to be fiduciaries?
Registered Investment Advisors (RIAs) have a fiduciary duty to act in your best interest. Broker-dealers follow a suitability standard. Always ask your advisor about their fiduciary status and get it in writing.
What do financial advisors in CHICAGO charge?
Fees vary widely. Fee-only advisors typically charge 0.5%–1.5% of assets under management, $150–$400/hour, or flat fees of $1,000–$7,500+ per plan. Commission-based advisors may not charge fees directly but earn commissions on products.
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Browse CHICAGO Advisors by Specialty
Investment ManagementRetirement PlanningWealth ManagementFinancial PlanningFee-Only AdvisoryFinancial Education
More Research
What Do Financial Advisors Cost in Illinois? →National Fee Analysis →