Disclaimer: This list is for informational purposes only and is not a ranking, endorsement, or recommendation of any firm. The author is affiliated with Virtue Asset Management, which appears on this list. No compensation was received from any other firm for inclusion. Information is subject to change; verify via each firm's Form ADV and website.
Investors searching for a fee only financial planner Chicago residents trust often begin by understanding what "fee-only" means. Fee-only advisors are compensated directly by clients and do not receive commissions from product sales. This compensation structure is one approach among several in the financial planning industry. Investors should confirm an adviser's compensation model in the firm's Form ADV.
This list highlights seven fee-only financial planning firms serving the Chicago area.
Understanding Fee-Only Compensation
Fee-only advisors receive compensation exclusively from client fees and do not earn commissions from selling financial products. This structure differs from fee-based advisors, who may charge fees but can also receive commissions on certain transactions. The National Association of Personal Financial Advisors (NAPFA) maintains a directory of fee-only advisors at napfa.org. Reviewing a firm's Form ADV Part 2A discloses compensation arrangements and helps investors understand the full cost of advisory services before entering a relationship.
1. Virtue Asset Management
Virtue Asset Management is an independent, fee-only registered investment adviser serving high-net-worth individuals throughout Illinois. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Investment management with customized portfolio construction
- Retirement planning, including income strategies and distribution planning
- Tax-aware investment positioning and coordination with outside tax professionals
- Estate planning coordination and wealth transfer strategies
- Business owner financial planning, including succession planning
Virtue Asset Management's team includes CFP® and CFA® credentialed professionals. The firm focuses on serving high-net-worth individuals. The firm does not provide tax or legal advice; clients should consult their tax professional. Additional details, including office locations, can be verified via the firm's Form ADV, available through the SEC's IAPD database.
2. Savant Wealth Management
Savant Wealth Management is a fee-only wealth management firm headquartered in Rockford, Illinois, with locations throughout the Chicago metro area. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Investment guidance and portfolio management
- Financial planning and retirement planning
- Tax-aware planning considerations and business consulting
- Estate planning, trust services, and family office support
Investors can verify the firm's ownership structure, assets under management, history, office locations, asset minimums, and additional details via their Form ADV, available through the SEC's IAPD database. The firm does not provide tax or legal advice; clients should consult their tax professional.
3. The Planning Center
The Planning Center is a fee-only financial planner Chicago investors may consider, with offices in Chicago and Moline, Illinois. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Comprehensive financial planning
- Investment management and cash flow planning
- Insurance assessment and retirement planning
- Guidance through life transitions
Additional details about the firm's team and services can be verified via their Form ADV, available through the SEC's IAPD database.
4. Mindful Money Financial Counsel
Mindful Money Financial Counsel is a Chicago-based firm providing fee-only financial planning and investment advice on a flat fee and hourly basis. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Holistic financial planning and investment advice
- Retirement planning and cash flow analysis
- Tax-aware planning considerations and debt management
- Insurance planning and employee benefits review
Mindful Money provides flexible engagement options, including one-time consultations and ongoing relationships. The firm does not provide tax or legal advice; clients should consult their tax professional. Additional details, including founding date, can be verified via their Form ADV.
5. Long Financial Planning
Long Financial Planning, also known as Long & Associates, is a fee-only financial advisory firm in Chicago. The firm is led by Chris Long, CFP®, a NAPFA-registered financial advisor. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Fee-only financial planning and investment advice
- Retirement planning and cash flow analysis
- 401(k) plan consulting for organizations
- Estate planning and insurance review
The firm also provides 401(k) and 403(b) plan consulting for organizations. Additional details, including founding date, can be verified via their Form ADV, available through the SEC's IAPD database.
6. Sullivan Mermel, Inc.
Sullivan Mermel is a fee-only financial planning firm in Chicago. The firm is led by Bridget Sullivan Mermel, who holds both CPA and CFP® credentials. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Comprehensive financial planning
- Retirement planning and investment management
- Tax-aware planning considerations and insurance analysis
- Estate planning review
The founder's CPA background allows the firm to incorporate tax considerations into financial planning. The firm does not provide tax or legal advice; clients should consult their own tax professional.
7. Lake Life Wealth Advisory Group
Lake Life Wealth Advisory Group is a fee-only financial planning firm led by Patti Hughes, CFP® and CPA. Investment advisory services are provided on a fiduciary basis for advisory clients.
Key Services:
- Financial planning and wealth management
- Student loan repayment planning
- Retirement planning and portfolio allocation
- Cash flow and budgeting guidance
The firm serves clients locally and nationwide. Additional details can be verified via their Form ADV, available through the SEC's IAPD database.
How to Choose the Right Fee-Only Financial Planner
When evaluating fee-only financial planners in Chicago, investors may consider the following:
- Fiduciary status: Ask whether the advisor provides investment advisory services on a fiduciary basis and whether that applies to all services or only certain activities
- Fee structure: Understand how fees are calculated—percentage of assets, flat fee, or hourly rate—and what services are included
- Minimum requirements: Some firms have asset minimums; confirm whether you meet the threshold
- Credentials: Look for designations such as CFP®, CFA®, or CPA and verify them through the appropriate credentialing organizations
- Services offered: Determine whether the firm provides comprehensive planning, investment-only management, or both
- Communication style: Ask about meeting frequency and how the firm communicates with clients
- Specialization: Some firms focus on specific client types such as retirees, business owners, or young professionals
Reviewing Form ADV through the SEC's IAPD database at www.adviserinfo.sec.gov can provide additional information about services, fees, and potential conflicts of interest.
Disclosure
Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results. This article is not intended to be relied upon as forecast, research, or investment advice. It is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.