From the vibrant city life of Chicago to the rich farmland downstate, Illinois is incredibly diverse. The financial needs of residents are just as varied and the state offers an endless number of financial advisors to help you plan for the future. A financial planner can help you pay off debt, buy a home or plan the retirement of your dreams. Take a look at Benzinga’s guide to the best financial advisors in Illinois to get started.
Quick Look at the Best Financial Advisors in Illinois:
- Best for Personal Service: Vermillion Financial Advisors
- Best Robo-Advisor: M1 Finance
- Best for Debt Management: The Planning Center
- Best for High Net Worth: Financial Solutions Advisory Group
- Best Portfolio Analysis: Personal Capital
- Best for Young Professionals: Bluestem Financial Advisors
- Best for Education Planning: Johnston Investment Counsel
Best for Personal Service: Vermillion Financial Advisors
Vermillion Financial Advisors has offered financial planning to South Barrington residents since 1988. It takes a holistic approach and looks at every aspect of your financial life. This includes investment planning, retirement, planning for major purchases and events and more.
What sets Vermillion Financial Advisors apart is its commitment to service. It maintains a low client-to-advisor ratio — your financial advisor will have the time to talk to you and answer your questions. Vermillion Financial Advisors can also collaborate with other advisors you may already have.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Pension consulting services
- Selection of other advisers (including private fund managers)
- Publication of periodicals or newsletters
- Educational seminars/workshops
Address
16 EXECUTIVE COURT SUITE 3SOUTH BARRINGTON IL, 60010
Phone number
847-382-9999
- Customizable Auto Investing
Best Robo-Advisor: M1 Finance
M1 Finance is an integrated money management platform. It makes recommendations based on your goals and risk tolerance. You can also customize your investments and purchase fractional shares. You can also automate your investing by allocating a set amount every week or every month.
M1 Finance also offers you a flexible line of credit with a low-interest rate once your balance reaches $10,000 or more. Its mobile app makes it easy to see how your investments are performing at a glance. M1 is an affordable way to start investing.
Best for Debt Management: The Planning Center
Most of us carry some level of debt. The professionals at The Planning Center in Chicago understand that. They’ll work with you to help you understand your net worth and decide which debt is helpful (and which debt isn’t!) and how to reorganize or eliminate bad debt.
Your financial planner will help you decide how to save and invest after you get a handle on your debt. The Planning Center can also help with estate planning, retirement planning and planning for charitable giving. It has an excellent blog updated regularly with relevant financial news.
Best for High Net Worth: Financial Solutions Advisory Group
Chicago’s Financial Solutions Advisory Group was founded to provide clients with independent advice and personal service. It works on a fee-only basis, which means it doesn’t accept commissions on your investments. This allows advisors to minimize potential conflicts of interest.
Financial Solutions Advisory Group maintains a low client-to-advisor ratio to ensure you receive personal service. It works with multiple investment platforms so you and your advisor can choose what will work best for your needs. It offers a complimentary review so you can decide whether the Financial Solutions Advisory Group is a good fit.
- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Financial planning services
- Pension consulting services
- Publication of periodicals or newsletters
Address
8700 W. BRYN MAWR AVENUE, SUITE 410-N CHICAGO IL, 60631
Phone number
773-714-1540
- High Net Worth Individuals
Best Portfolio Analysis: Personal Capital
Personal Capital offers a unique approach to financial advising. It starts with a suite of free tools to help you get a handle on your finances. Start by linking your accounts. From there, it shows you your net worth and cash flow. You can set up a budget and use its Investment Checkup to see how your investments are performing.
You can connect with a Personal Capital advisor for more pointed advice. Its advisors can help you with tax optimization and diversifying your portfolio. If socially responsible investing is important to you, its advisors can make recommendations. Its fees are simple — just 0.89% to manage your 1st million with no hidden fees.
Best for Young Professionals: Bluestem Financial Advisors
The best time to begin financial planning is early in your career. It’s smart to set up your 401(k) and IRA right away. Young professionals also have to grapple with student loans while saving for a home or starting a family. Champaign-based Bluestem Financial Advisors works with people in every phase of life, but it specializes in working with young professionals.
Bluestem Financial Advisors offers a free, no-obligation consultation to get you started. The firm works on a fee-only basis. Its planners take a comprehensive approach — your advisor will review your insurance, short-term financial goals, retirement goals and more. Bluestem believes it’s never too early to start working with a financial advisor.
Best for Education Planning: Johnston Investment Counsel
Founded in 1997, Johnston Investment Counsel of Peoria offers financial planning in several areas, including college savings. Funding a child’s college education can be stressful, and it can be challenging to decide whether to rely on student loans or use your savings, which could compromise your retirement.
Johnston Investment Counsel can help you plan for college in a way that makes sense for you, your financial goals and your taxes. Your advisor takes into account all the costs of college, including tuition, room and board, books and inflation. It also offers retirement planning and wealth management. Johnston Investment Counsel works with clients throughout central Illinois, including Springfield, Bloomington-Normal and Decatur.
Choose a Financial Advisor
It’s never too early or too late to work with a financial advisor. Choose a financial planner in Illinois who specializes in the guidance you need. Be upfront about your concerns and questions and be sure the advisor you choose is focused on your goals.
Frequently Asked Questions
Can financial advisors help mitigate debt?
Yes, financial advisors can help mitigage debt. Most people have debt, and a financial advisor can help you make informed decisions about debt. A financial advisor might recommend which debt to pay off 1st and how to set aside money for emergencies and large purchases so you don’t accumulate unnecessary debt.
Do financial advisors check your credit?
Not necessarily. They might if your credit is an area of concern for you. If they do, it would be what’s called a soft inquiry, which doesn’t put a hard hit on your credit score. They may look at your credit to help you make decisions to improve your credit score and pay down debt.
How can I research the background of my financial advisor?
Start by looking up potential advisors on the U.S. Securities and Exchange Commission (SEC) Investment Adviser Public Disclosure website. Confirm your potential advisor is listed. Look at whether the advisor has any disclosures and what those disclosures are. Disclosures may indicate disciplinary actions.
Methodology
To determine the top financial advisors in Illinois, we pored through all SEC-registered advisory firms who have an office in Illinois. We winnowed the list by only including advisors that are registered fiduciaries, have no past disclosures and have minimal personal conflicts of interest. To further break down the list to the true top advisors in the area, we gave weight to advisors that offer both investment management and planning, have no conflicts of interest, have offices in multiple states, have a wrap fee program and over $50 million in assets under management.
