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RIA Intel State Report

Illinois RIA Landscape — 2025

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 Q4 2024
Total Firms
828
Total AUM?
$1.57T
Median AUM
$302M
13F Filers
145
AUM Tier Distribution
Under $100M158
$100M–$500M358
$500M–$1B128
$1B–$5B134
$5B+50
State Snapshot
Total Firms828
Total AUM$1.57T
Median AUM$302M
13F Filers145
High Succession Risk73
Elevated Succession Risk84
Succession Risk Breakdown
High
73 firms (9%)
Elevated
84 firms (10%)
Moderate
184 firms (22%)
Lower
484 firms (59%)
Growth Leaders — Wealth Advisory Firms
FirmCityAUM3Y CAGRSuccession
AQUATIC CAPITAL MANAGEMENT LLCCHICAGO$5.5B+122.9%Lower
TAIBER, KOSMALA & ASSOCIATES, LLCCHICAGO$500M+101.5%Lower
VESTGEN ADVISORS, LLCCHICAGO$3.5B+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 LLCCHICAGO$484M+70.5%Lower
ADVYZON INVESTMENT MANAGEMENT, LLCLISLE$502M+68.0%Lower
KUHN & COMPANY INVESTMENT COUNSEL, LLCCHICAGO$153M+66.3%Moderate
M&A Opportunity Signals
🎯
142Acquisition candidates
Firms with elevated/high succession risk and AUM $100M–$5B
📈
51Growing but vulnerable
Positive 3Y CAGR with high succession risk — attractive for acquirers
📉
29Mid-market shrinking
AUM $100M–$1B with negative 3Y CAGR and elevated+ succession risk
🔒 Top 25 Acquisition Targets — Ranked by Composite Score
RankFirmAUMScore
1HEMSLEY ADVISORS, LTD.$541M48.3
2NORTH SHORE PRIVATE ASSET MANAGEMENT, LLC$475M46.6
3CLUNE & ASSOCIATES, LTD.$630M46.5
4MENTOR CAPITAL MANAGEMENT INC.$195M46.5
5CYPRESS CAPITAL PARTNERS, LLC$457M45.4
6KENNEY INVESTMENTS INC$332M44.2
🔒

Acquisition Target Rankings

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

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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.