How to choose the right financial advisor in Chicago, IL
There are a number of types of financial advisors in Chicago but not all are created equally. Some advisors still charge commissions, others are fee based which tends to make the client relationship more consultative in nature and less transactional. In all cases, clients want to know if their financial advisor truly has their best interest in mind. A fiduciary financial advisor is legally obligated to put client interests first in all recommendations. If you’re looking for a reputable financial advisor in Chicago, IL, there are a variety of factors to consider before making a final decision.
1. Certified Financial Planners (CFPs)
Certified Financial Planners are among the most well-rounded advisors. They are trained to look at your entire financial picture—budgeting, investing, retirement, insurance, taxes, and estate planning.
A CFP typically works with individuals or families who want a comprehensive plan rather than piecemeal advice. They’re especially useful during major life transitions, like getting married, buying a home, or preparing for retirement. Many CFPs operate as fiduciaries, meaning they are obligated to act in your best interest.
2. Investment Advisors
Investment advisors focus primarily on managing portfolios. If your main concern is growing wealth through stocks, bonds, mutual funds, or other securities, this type of advisor may be a good fit.
Some investment advisors actively manage portfolios, frequently buying and selling assets to outperform the market. Others take a passive approach, building diversified portfolios designed to track market performance over time. Their services often appeal to clients who already have a solid financial foundation but want professional help optimizing investments.
3. Robo-Advisors
Robo-advisors are digital platforms that use algorithms to manage your investments. After answering a questionnaire about your goals and risk tolerance, the platform builds and maintains a portfolio for you.
They tend to be low-cost and accessible, making them ideal for beginners or those with smaller account balances. However, they lack the personalized advice and human interaction you’d get from a traditional advisor. Some platforms now offer hybrid models that combine automation with access to human advisors.
4. Wealth Managers
Wealth managers typically serve high-net-worth individuals and families. Their services go beyond basic financial planning to include tax strategies, estate planning, philanthropic advising, and sometimes even concierge-style financial services.
Because of the complexity of their clients’ finances, wealth managers often collaborate with accountants, attorneys, and other specialists. This type of advisor is best suited for individuals with substantial assets and more intricate financial needs.
5. Financial Coaches
Financial coaches focus less on investing and more on behavior. They help clients build healthy financial habits—like budgeting, saving, and paying down debt.
This type of advisor is especially helpful for people who feel overwhelmed by money management or who struggle with consistency. Coaches don’t usually provide specific investment advice but instead work on mindset, accountability, and foundational skills.
6. Insurance Advisors
Insurance advisors specialize in risk management. They help clients choose appropriate coverage, such as life, health, disability, or long-term care insurance.
While some insurance advisors take a holistic view, others are primarily sales-oriented. It’s important to understand how they’re compensated, as commissions can influence recommendations.
7. Tax Advisors and Accountants
Tax advisors, including Certified Public Accountants (CPAs), focus on minimizing tax liability and ensuring compliance with tax laws. They can be invaluable during tax season, but also for year-round planning—especially if you have a business, investments, or complex financial circumstances.
They often work alongside financial planners to align tax strategies with broader financial goals.
Financial Advisor in Chicago, IL
Stenger Family Office - Chicago Financial Advisors
150 N. Riverside Plaza
Suite 1950
Chicago, IL 60606
(630) 912-8295