The Top 10 Independent RIAs in Chicago (2025)

Why Chicago's Independent RIAs Deserve Your Attention

Research suggests Chicago hosts a dynamic ecosystem of independent Registered Investment Advisors (RIAs), with top firms managing tens of billions in assets while prioritizing high-net-worth clients and alternative investments. Evidence leans toward these firms emphasizing diversification through private equity, hedge funds, and other alternatives amid economic shifts. It seems likely that growth strategies combine organic expansion with acquisitions, though discussions continue on long-term viability. For fund managers, these RIAs represent key allocators, and platforms using open-source intelligence (OSINT) can aid in spotting engagement signals like hires or event participation.

Key Trends: Chicago's financial hub status fosters RIA innovation, with rising alternatives allocations for risk management. Top independent firms often focus on fiduciary advice, free from broker conflicts, serving HNW individuals and institutions.

Why Altss Helps: Altss uses OSINT to track allocator behaviors, enabling precise outreach for alternative opportunities. Book a demo at altss.com.

Chicago, a longstanding financial powerhouse with access to major exchanges like the Chicago Mercantile Exchange and a deep talent pool, is home to some of the nation's most influential independent Registered Investment Advisors (RIAs). These firms manage substantial capital for high-net-worth (HNW) individuals, ultra-high-net-worth (UHNW) families, entrepreneurs, and institutions. In a landscape marked by economic uncertainty, Chicago's independent RIAs are increasingly allocating to alternative investments—private equity, venture capital, hedge funds, credit, and real estate—to enhance diversification and pursue higher risk-adjusted returns. This trend reflects broader market dynamics where alternatives now account for a growing share of sophisticated portfolios.

At Altss, we combine verified Form ADV filings, AUM data, and proprietary OSINT signals—including hiring patterns, allocator behaviors, and conference attendance—to identify the independent RIAs that matter most in 2025. Our analysis draws from authoritative sources to provide actionable insights for fund managers seeking LP capital. Unlike basic lists, this deep dive incorporates cross-verified data for a balanced view, highlighting firms' roles in the alternative ecosystem.

The Top 10 Independent RIAs in Chicago (2025)

Here's a profiled list of the top firms, ranked by AUM, with details on specialties, client focus, and allocator signals. These RIAs are prime targets for alternative fund managers, as indicated by OSINT like expansion hires or alternatives conference participation.

Fiducient Advisors LLC — ~$68 Billion AUM Specializing in institutional consulting, manager selection, and investment policy development, this firm serves HNW individuals and institutions like retirement plans and endowments, with a 21% AUM growth. Allocator signal: Active in alternatives due diligence; recent hires in private markets suggest increasing allocations to hedge funds, private equity, real estate, natural resources, and commodity futures. No set minimum, but varies by account; fee-based structure.

Cresset Asset Management, LLC — ~$62-70 Billion AUM Focused on family office services, asset allocation, and risk management, Cresset caters to entrepreneurs and HNW families with an 18-29% growth rate. It offers internal fund of funds and heavy emphasis on private equity, venture capital, hedge funds, and liquid alternatives. Allocator signal: Conference attendance at alternatives events; OSINT shows appetite for secondary markets. No account minimum, but $25,000 annual fee; fee-based.

Kovitz Investment Group Partners, LLC — ~$32 Billion AUM Employee-owned, Kovitz provides value-oriented management, financial planning, and retirement advisory for HNW individuals. It emphasizes long-term capital preservation with alternatives integration, including private equity, hedge funds, and real estate. Allocator signal: "Business owner" mindset aligns with private equity; recent team expansions indicate growing alternatives focus. Prefers $1M minimum; fee-based.

Great Lakes Advisors, LLC — ~$15 Billion AUM Offering fundamental equity, multi-asset, and ESG strategies, this firm serves over 1,000 clients with tactical overlays for risk management in alternatives and hedge funds. Allocator signal: Participation in ESG and alternatives forums; growth in responsible investing. Minimums $1M-$2M; fee-only.

The Mather Group — ~$12 Billion AUM Evidence-based portfolios with tax efficiency and diversification, including alternatives for HNW clients. Offers seven risk-based models. Allocator signal: Tactical alternatives hires; OSINT points to endowment-style diversification. $1M minimum; fee-only.

Zacks Investment Management — ~$12 Billion AUM Quantitative/qualitative analysis with dividend-focused and international equity strategies, integrating ESG alternatives. Serves HNW and non-HNW via online options. Allocator signal: Active in hedge-like strategies; conference signals for quant alternatives. $500K minimum; fee-based.

Gresham Partners, LLC — ~$12 Billion AUM Integrated wealth management with behavioral finance and third-party managers, strong in hedge funds and private equity for HNW. Rigorous due diligence and family education. Allocator signal: Diversified alternatives exposures; OSINT shows allocator activity at PE events. $180K annual fee minimum; fee-only.

Curi RMB Capital, LLC — ~$10 Billion AUM Fundamental analysis, fixed income, and retirement solutions with ESG and private markets integration for HNW. Family office services. Allocator signal: Active in alternatives; hiring patterns for private equity. $1M or $10K fee minimum; fee-based.

Geowealth Management — Over $10 Billion AUM Technology-enabled advisory with model portfolios supporting alternatives. Broad client base with high satisfaction (60-70%). Allocator signal: Platform supports scalable allocator strategies; OSINT indicates tech-driven alternatives growth. Fee-based.

Marquette Associates — Over $10 Billion AUM Institutional consulting and manager research with alternatives for endowments. Client satisfaction (30-40%). Allocator signal: Comprehensive due diligence; expansion in institutional alternatives. Fee-based.

Emerging Themes in Chicago RIA Growth

Chicago's RIA landscape benefits from the city's ecosystem, including the Chicago Mercantile Exchange for derivatives innovation. Key trends include:

• Consolidation and Scale: PE-backed acquisitions drive growth, as seen with Cresset's expansions and Kovitz's 181% surge.
• Alternatives Surge: Firms like Gresham and Cresset allocate more to private markets amid rate fluctuations, with heavy emphasis on hedge funds, private equity, and venture capital.
• Tech and ESG Integration: AI and responsible investing are rising, per FA Magazine's 2025 survey, with firms like Great Lakes and Zacks incorporating ESG-focused alternatives.
• Challenges: Regulatory scrutiny on fiduciary standards and competition from national platforms.

Growth notes highlight robust expansions, such as Fiducient's 21% increase and Cresset's rapid acquisitions, while client focuses span HNW families to institutions, often with no strict minimums but preferences for substantial accounts.

Why These RIAs Matter for Fundraisers

For alternative investment professionals, Chicago's independent RIAs are vital limited partners (LPs), channeling capital into private markets. Trends show rising allocations amid volatility, making them key for fundraising. However, engaging them requires precise intelligence on behaviors—something basic directories lack.

Altss as the Solution

Altss solves this by leveraging proprietary OSINT to track LP signals, such as hiring for alternatives roles or attendance at key conferences. With over 1.5 million verified contacts, our platform enables fund managers to identify active allocators, streamline outreach, and accelerate commitments. Unlike generic tools, Altss provides real-time insights into allocator appetites, reducing friction for emerging managers.

In summary, Chicago's independent RIAs blend scale with innovation, positioning the city as a hub for alternative capital. Their growth offers fertile ground for partnerships.

Next Step: Book a Demo with Altss

Discover how Altss's OSINT-driven platform can help you target these RIAs effectively. Book a demo today at altss.com to unlock actionable LP intelligence.