The Leading RIAs in Chicago | Dakota Marketplace

RIAs are one of the most dynamic and fast growing channels for investment firms to call on when fundraising. The challenge has always been: “what RIAs invest in outside managers and are not investment managers themselves?”

Through our Dakota Marketplace database of RIAs, we have aimed to solve that problem by curating and vetting each RIA by hand and only showing those RIAs that are true prospects for an investment firm. This saves both the investment sales team member time, but also saves the “other” RIAs that don’t allocate to other managers from getting unnecessary emails and phone calls.

Below are a few RIAs in Chicago that we thought you might like to know. For a more detailed list of RIAs in Chicago, click here to see for free.

1. Gallagher Fiduciary Advisors, LLC

AUM: $180.614B

Gallagher Fiduciary Advisors, LLC operates as a Registered Investment Advisor (RIA) with a focus on providing independent fiduciary services and investment advisory support to institutional clients, including employee benefit plans, foundations, and nonprofits. The firm is located at 2850 Golf Road, Rolling Meadows, IL, and operates within the Chicago metro area. GFA emphasizes unbiased fiduciary decision-making, free from conflicts associated with banking or asset management side-businesses.

Gallagher Fiduciary Advisors manages an AUM of $180.61B. The firm incorporates alternative investments such as hedge funds, real estate, private equity, and derivatives into its tailored fiduciary solutions, alongside traditional assets. Its comprehensive service suite includes retirement plan consulting, investment strategy development, and third-party manager selection, all supported by thorough due diligence processes to ensure compliance and alignment with institutional objectives.

2. William Blair

AUM: $74.8B

William Blair is an RIA organization headquartered at 150 North Riverside Plaza, Chicago, IL. The firm manages approximately $74.8B in client assets, with a significant focus on Private Wealth Management. With a global boutique presence, William Blair offers services in investment banking, investment management, and private wealth management. The firm's team of 100 advisors operates from offices in Baltimore, Chicago, Boston, and New York, with newer locations in Atlanta and San Francisco. William Blair emphasizes investment research centralized in Chicago and custody services at Fidelity, closely collaborating with Envestnet and CAIS.

William Blair's platform highlights a diverse range of investment strategies, including a focus on alternatives, equities, and a generalist approach. The firm is actively expanding its alternatives team and exploring opportunities beyond its current platforms. With a keen interest in sourcing new ideas, William Blair aims to enhance its offerings by considering various investment structures, from accredited QPs to drawdown structures. The firm is strategically positioned to capitalize on emerging opportunities in the market.

3. Cresset Wealth Advisors

AUM: $70,378,422,406

Cresset Wealth Advisors operates as a RIA with a focus on Multi Family Office services. The firm is headquartered at 444 West Lake Street Suite 4700, Chicago, IL, and operates within the Chicago metro area. Cresset Wealth is recognized for its rapid growth through acquisitions and the integration of Broker-Dealer teams, with a commitment to delivering innovative wealth management solutions.

The firm manages an AUM of $70.38B, positioning itself as a significant player in the wealth management sector. Cresset allocates to a diverse range of asset classes, including private equity, venture capital, hedge funds, and liquid alternatives. The firm also maintains an internal fund of funds for alternative investments and is actively involved in secondary market opportunities, enhancing its investment strategy and client offerings.

4. CIBC Private Wealth

AUM: $61.112B

CIBC Private Wealth is an RIA based in Chicago. The firm manages client assets totaling $61.11B and offers a diverse range of investment services. CIBC has a strong emphasis on proprietary strategies across various asset classes, including equities, fixed income, and alternatives. They also provide access to external managers for approximately 30% of their assets.

CIBC's investment platform includes traditional structures like mutual funds, ETFs, and interval funds. They offer a concentrated menu of investment options for advisors, with a focus on active and differentiated strategies. The firm also engages in private equity and hedge fund investments, with a preference for niche expertise and high active share. CIBC's rigorous manager selection process combines quantitative and qualitative analyses to ensure alignment with their high standards.

5. Mesirow Financial

AUM: $56B

Mesirow Financial is an RIA specializing in Multi Family Office services. Headquartered at 353 North Clark Street, Chicago, IL, the firm operates within the Chicago metro area. Established in 1937, Mesirow offers a personalized approach to financial services across Global Investment Management, Capital Markets & Investment Banking, and Advisory Services, reflecting its commitment to clients, communities, and culture. With $56 billion in regulatory assets under management, $57.3 billion in assets under advisement, and $148.1 billion in non-securities currency assets under management as of September 30, 2023, Mesirow Financial is a prominent player in the financial services industry. The firm's diverse capabilities include investing in niche concentrated managers and alternative investments, catering to both high net worth individuals and retirement platforms, emphasizing a tailored and socially responsible approach to financial goal achievement.

6. Savant Wealth Management

AUM: $32.989B

Savant Wealth Management operates as a RIA with a focus on Multi Family Office services. The firm is located at 190 Buckley Drive, Rockford, IL, and is associated with the Chicago metro area. Savant Capital Management manages a significant portfolio, emphasizing its $28B status and utilizing DFA for both equities and fixed income investments.

The firm reports an AUM of approximately $32.99B. While primarily engaging with DFA on traditional long-only strategies, Savant also allocates resources to outside managers in the liquid alternative space. The firm has indicated potential changes in its investment approach following its merger with Huber, which may expand its offerings into the private investment sector.

7. Kovitz

AUM: $31.731B

Kovitz is an RIA specializing in Multi Family Office services. Situated at 71 South Wacker Drive, Suite 1860, Chicago, IL, the firm acquired Telemus Capital in 2024, expanding its assets under management to over $10 billion with a team of over 160 employees. Kovitz offers tailored asset management and advisory strategies to high net worth individuals, institutions, and financial professionals, emphasizing long-term investment solutions supported by rigorous research.

The firm manages an impressive AUM of $31.73B and leverages alternative investments such as private equity, hedge funds, and real estate to enhance portfolio diversification and returns. Following a value-based investment philosophy inspired by Benjamin Graham, Warren Buffett, and Charlie Munger, Kovitz focuses on discipline, patience, and identifying undervalued opportunities for long-term growth. As a partner firm of Focus Financial Partners, Kovitz provides wealth management, family office services, and asset management platforms, utilizing both internally managed strategies and third-party managers when beneficial. The firm's commitment to active financial planning and wealth management ensures a client-centric approach, managing over $7 billion in assets for its clients.

8. CAP STRAT

AUM: $21.292B

CAP STRAT is an RIA specializing in Multi Family Office services. The firm is headquartered at One Parkview Plaza, Suite 620, Oakbrook Terrace, IL, and operates within the Chicago metro area. CAP STRAT is an employee-owned, SEC Registered Investment Advisor offering independent institutional investment, retirement advisory services, private wealth management, and asset management solutions. CAP STRAT manages an AUM of $21.29B. The firm's platform focuses on providing independent advisory and asset management services without conflicts of interest. They offer comprehensive asset management, fiduciary investment advisory, and private wealth management services. CAP STRAT emphasizes transparency as a fee-only firm, avoiding commissions and custody of assets. Additionally, they promote diversity and empowerment through initiatives like the CAP STRAT Women’s Forum, supporting women in finance.

9. Gallagher Global Office

AUM: $15.8B

Gallagher Global Office - Chicago operates as a RIA with a specialization in DC Consultant services. Located at 2850 Golf Road, Rolling Meadows, IL, the office plays a pivotal role in Gallagher's global operations, offering a comprehensive suite of services that includes insurance brokerage, risk management, and consulting. It is situated within the Chicago metro area, reflecting its centrality to the firm's commitment to providing tailored solutions for clients across diverse industries.

The office manages an AUM of $15.8B. Gallagher's investment consulting services are characterized by a thorough due diligence approach to both traditional and alternative investments. The firm emphasizes independent fiduciary decision-making to mitigate conflicts of interest, ensuring that investment recommendations are unbiased and aligned with the clients' objectives and fiduciary responsibilities. Additionally, Gallagher provides access to various alternative investment opportunities, including private equity and hedge funds, supported by a robust risk management framework.

10. Sheridan Road Financial

AUM: $12.046B

Sheridan Road Financial, a division of HUB International, is an RIA specializing in comprehensive retirement plan consulting, investment advisory, and wealth management services. Situated at 707 Skokie Boulevard, Suite 400, Northbrook, IL, the firm operates in the Chicago metro area. Leveraging resources from HUB International, one of the world's largest insurance brokerage and financial services firms, Sheridan Road tailors financial solutions to meet clients' unique needs and long-term objectives.

The firm manages an AUM of $12.05B and emphasizes a disciplined investment philosophy centered on asset allocation, diversification, and risk management. Sheridan Road integrates alternative investments like private equity and real estate to enhance diversification and achieve superior risk-adjusted returns. By blending traditional and alternative assets, the firm aims to deliver consistent performance across various market conditions.

To see a full list of RIAs in Chicago or other metros, book a demo of Dakota Marketplace.