5 Largest RIAs in Chicago

Chicago has long been a major hub for the Registered Investment Advisor (RIA) industry, home to some of the largest and most influential advisory firms in the country. From multi-billion dollar platforms to nationally scaled advisory networks, Chicago-based RIAs play a critical role in serving high-net-worth individuals, families, and institutional investors across the U.S. Using FINTRX RIA data, we highlight five of the largest RIAs headquartered in Chicago, offering a closer look at the firms shaping the region’s wealth management landscape through scale, investment strategy, and national reach.

1. Hightower Advisors, LLC

Founded in 2008, Hightower Advisors has grown into one of the largest independent registered investment advisors in the United States and a central force within Chicago’s RIA ecosystem. The firm provides a range of investment management and planning services, including portfolio management, investment consulting, and estate and financial planning, serving individuals, families, retirement plans, endowments, foundations, and corporate clients.

Hightower manages approximately $165 billion in assets across more than 56,000 clients and nearly 195,000 accounts nationwide. Its investment approach incorporates a combination of fundamental, technical, and quantitative analysis, supporting diversified portfolios across mutual funds, ETFs, and other collective investment vehicles. The firm also maintains a structured process for evaluating and overseeing third-party investment managers, aligning external strategies with client objectives, risk tolerance, and program requirements.

Hightower operates through an expansive, advisor-led network with hundreds of offices across the U.S. This national footprint allows the firm to combine institutional scale with highly personalized client engagement, reinforcing Hightower’s position as one of the most influential RIAs to emerge from the Chicago market.

- Total AUM: ~$164.8B
- Employees & Registered Reps: 1,837 Employees | 1,037 Reps

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2. Envestnet PMC

- Total AUM: ~$532.2B
- Employees & Registered Reps: 394 Employees | 59 Reps

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3. Cresset Asset Management, LLC

Founded in 2017 by Eric Becker and Avy Stein, Cresset Asset Management operates as a boutique family office and private wealth management firm with a growing national presence. The firm provides investment advisory and family office services to individuals, families, trusts, estates, charitable organizations, and institutional entities, supporting both discretionary and non-discretionary mandates. Cresset is known for pairing comprehensive wealth planning with a highly flexible advisory model that does not impose a firmwide minimum relationship size.

Cresset manages approximately $71.9 billion in assets across more than 4,600 clients and over 42,000 accounts. Its investment platform spans public equities, ETFs, fixed income, and a wide range of alternative strategies, including private equity, hedge funds, private real estate, and structured investments. The firm frequently leverages third-party managers and pooled investment vehicles, applying rigorous due diligence that considers performance, strategy, risk profile, and alignment with client objectives.

Cresset operates through more than 110 offices across 20 states. In addition to portfolio management, the firm delivers full-scale family office services, including wealth strategy, governance and decision making, liquidity and exit planning, philanthropy, tax planning, and lifestyle advisory. This breadth positions Cresset as a differentiated Chicago-based RIA combining institutional investment capabilities with deeply personalized family office support.

- Total AUM: ~$71.9B
- Employees & Registered Reps: 468 Employees | 190 Reps

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4. Fiducient Advisors LLC

Founded in 1995, Fiducient Advisors is an independent RIA specializing in investment consulting and portfolio management for institutional and fiduciary clients. The firm works with retirement plan sponsors, endowments and foundations, municipalities, corporations, and financial institutions, as well as families and individuals, providing both discretionary and non-discretionary investment advisory services.

Fiducient manages approximately $67.6 billion in assets across a highly institutional client base, with average client and account sizes approaching $59 million. Its investment approach is rooted in rigorous market and manager research, combining qualitative due diligence with performance analysis to evaluate portfolio construction, risk controls, and organizational infrastructure. The firm maintains ongoing engagement with external managers and operates through 26 offices across nine states.

- Total AUM: ~$67.6B
- Employees & Registered Reps: 218 Employees | 72 Reps

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5. CIBC Private Wealth Advisors, Inc.

CIBC Private Wealth Advisors has operated as a registered investment advisor since 2000, delivering wealth management and family office style services to high-net-worth individuals, families, trusts, and institutional clients. The firm works closely with clients’ broader advisory teams, including accountants, attorneys, and trust professionals, to support coordinated financial planning and multi-generational wealth strategies. 

The firm manages approximately $61 billion in assets, the majority on a discretionary basis, across more than 10,000 clients and nearly 29,000 accounts. CIBC’s investment approach blends internally managed strategies with external managers, guided by dedicated asset allocation and investment committees that monitor economic conditions, valuation, risk profiles, and portfolio objectives. 

CIBC Private Wealth Advisors operates through more than 110 offices across 14 states. The firm maintains deep expertise across both taxable and tax-exempt fixed income strategies, including municipal bonds and total return portfolios, allowing it to deliver institutionally informed investment solutions alongside personalized client service.

- Total AUM: ~$61.1B
- Employees & Registered Reps: 570 Employees | 169 Reps

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