Illinois RIA Landscape — 2026

A data-driven overview of SEC-registered wealth advisory firms headquartered in Illinois, including growth trends, succession risk analysis, and M&A opportunity signals.

Source: SEC Form ADV · Updated July 2026

Total Firms

853

Total AUM?

$1.86T

Median AUM

$316M

13F Filers

147

AUM Tier Distribution

Under $100M158

$100M–$500M360

$500M–$1B136

$1B–$5B136

$5B+62

State Snapshot

Total Firms853

Total AUM$1.86T

Median AUM$316M

13F Filers147

High Succession Risk73

Elevated Succession Risk85

Succession Risk Breakdown

High

73 firms (9%)

Elevated

85 firms (10%)

Moderate

183 firms (22%)

Lower

486 firms (59%)

Growth Leaders — Wealth Advisory Firms

Firm	City	AUM	3Y CAGR	Succession
AQUATIC CAPITAL MANAGEMENT LLC	CHICAGO	$5.4B	+122.9%	Lower
TAIBER, KOSMALA & ASSOCIATES, LLC	CHICAGO	$717M	+101.5%	Lower
VESTGEN ADVISORS, LLC	CHICAGO	$6.7B	+93.7%	Lower
LJM FUNDS MANAGEMENT, LTD.	CHICAGO	$383M	+86.7%	Lower
CRESTLINE DENALI CAPITAL, L.P.	OAK BROOK	$2.6B	+73.0%	Moderate
ACROSPIRE INVESTMENT MANAGEMENT LLC	CHICAGO	$484M	+70.5%	Lower
ADVYZON INVESTMENT MANAGEMENT, LLC	LISLE	$1.7B	+68.0%	Lower
KUHN & COMPANY INVESTMENT COUNSEL, LLC	CHICAGO	$183M	+66.3%	Moderate

M&A Opportunity Signals

🎯

141Acquisition candidates

Firms with elevated/high succession risk and AUM $100M–$5B

📈

49Growing but vulnerable

Positive 3Y CAGR with high succession risk — attractive for acquirers

📉

28Mid-market shrinking

AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk

🔒 Top 25 Acquisition Targets — Ranked by Composite Score

Rank	Firm	AUM	Score
1	HEMSLEY ADVISORS, LTD.	$638M	48.8
2	MENTOR CAPITAL MANAGEMENT INC.	$226M	46.7
3	NORTH SHORE PRIVATE ASSET MANAGEMENT, LLC	$573M	46.1
4	GRAYBILL WEALTH MANAGEMENT, LTD.	$526M	42.2
5	FOUNTAINHEAD FINANCIAL, LLC	$543M	41.9
6	CYPRESS CAPITAL PARTNERS, LLC	$464M	41.4

🔒

Acquisition Target Rankings

Full ranked list of 25 acquisition targets with composite scores based on succession risk, growth trajectory, and peer benchmarking.

Methodology. This report covers SEC-registered investment advisers classified as wealth advisory firms (filter: is_wealth_advisory = true) headquartered in Illinois. AUM figures are drawn from the most recent Form ADV filing. Succession risk tiers are computed using a proprietary 5-pillar model incorporating founder tenure, ownership concentration, AUM dependency, team depth, and filing recency. Growth CAGR is calculated from the three most recent annual filings where available. Acquisition scores blend succession risk (40%), AUM growth trajectory (35%), and national peer rank (25%). Data sourced from SEC EDGAR. This page is for informational purposes only and does not constitute investment advice.