Looking for a financial planner who puts your interests first? These five fee-based firms in the Chicago area offer a range of services, from comprehensive wealth management to hourly advice, so you can find the right fit for your financial goals.
The Rise of Fee-Based Financial Planning
The financial planning industry has seen a significant shift toward fee-based models, where advisors charge transparent fees rather than earning commissions from product sales. This aligns incentives and builds trust, as clients know their advisor's recommendations are based on what's best for them, not on generating sales. In the Chicago area, a growing number of firms are embracing this approach, offering services that range from comprehensive wealth management to hourly, as-needed advice. Whether you're a business owner, executive, or retiree, you can find a fee-based planner who fits your needs and budget.
How We Evaluated These Firms
To help you choose, we evaluated each firm on several key factors: the scope of services offered, the clarity of their fee structure, their experience with specific client types, and their local presence in the Chicago area. We also considered their approach to financial planning, whether that's holistic, tax-focused, or specialized in certain areas like student loans or retirement. Each firm brings a unique strength to the table, and our goal is to highlight what sets them apart so you can make an informed decision.
Here's a quick look at the five firms we're featuring, each with its own focus and style.
| Provider | Best For |
|---|---|
| Timothy Financial Counsel | DIY investors seeking hourly, fee-only advice |
| GoodWin | Comprehensive wealth management with tax and education services |
| Serenity Wealth Management | Integrated financial planning and tax strategy |
| Lake Life Wealth Advisory Group | Professionals with student loans and life transitions |
| Mindful Money Financial Counsel | Holistic, cash-flow-based planning for life changes |
A Closer Look at Each Firm
#1 Timothy Financial Counsel
A screenshot of the Timothy Financial Counsel website.
Timothy Financial Counsel stands out as the largest hourly-only financial planning firm in the country, offering a unique pay-as-you-go model that charges by the hour rather than a percentage of assets. This approach is perfect for DIY investors who want professional guidance without ongoing management fees. Their team of advisors provides multiple perspectives on your plan, ensuring thorough and well-rounded advice. They serve clients nationwide, including those in the Chicago area, and are featured on Morningstar for their innovative hourly model. If you value flexibility and transparency, Timothy Financial Counsel is a compelling choice.
#2 GoodWin
A screenshot of the GoodWin website.
GoodWin Asset Management is a fee-based financial planning firm that offers comprehensive services including investment advisory, tax services, and financial education. They cater to business owners, executives, professionals, and retirees, providing tailored wealth management strategies to help you achieve your financial objectives. With a presence in Chicago, Florida, Illinois, New York, and Georgia, they bring a broad geographic reach. Their investment philosophy emphasizes asset allocation, risk-return trade-offs, and tactical rebalancing, ensuring your portfolio is aligned with your goals. If you're looking for a full-service firm with a focus on education and planning, GoodWin is worth considering.
#3 Serenity Wealth Management
A screenshot of the Serenity Wealth Management website.
Serenity Wealth Management is a fiduciary firm in Chicago that integrates financial planning and tax strategy under one roof, a rare combination that simplifies your financial life. Their CFP® credentialed advisors work in partnership with CPAs and attorneys to provide holistic advice, covering everything from retirement planning to complex tax situations. They specialize in serving HENRYs (High Earners, Not Rich Yet) and business owners, with services like RSU and ISO planning, college planning, and sudden wealth syndrome. Recognized as a Forbes Best-In-State Top Next-Gen Wealth Advisor, they bring both expertise and recognition. If you want a team that coordinates all aspects of your finances, Serenity is a strong option.
#4 Lake Life Wealth Advisory Group
A screenshot of the Lake Life Wealth Advisory Group website.
Lake Life Wealth Advisory Group is a Chicago fee-only financial planning firm led by Patti Hughes, a Certified Student Loan Professional (CSLP) who has been named one of the best financial advisors in Chicago. They provide comprehensive planning services to help you organize, grow, and protect your assets, with a strong focus on student loan repayment strategies. As a fiduciary, Patti never earns commissions, ensuring her advice is always in your best interest. She uses technology to develop and revise your plan as your life changes, making it easy to stay on track. If you're a professional with student debt or need a dedicated advisor who understands life transitions, Lake Life is a great fit.
#5 Mindful Money Financial Counsel
A screenshot of the Mindful Money Financial Counsel website.
Mindful Money Financial Counsel offers holistic, cash-flow-based financial planning and investing, led by a Certified Financial Planner (CFP) in Chicago. They focus on answering your key questions, from prioritizing savings to reducing taxes and choosing the best investment strategy. Their approach is ideal for those who want objective advice without a sales pitch, whether you're merging finances after marriage, preparing for a child, or approaching retirement. They also cater to DIY investors who want a second opinion to optimize their financial decisions. If you're seeking a collaborative, educational partnership, Mindful Money provides a supportive environment.
How to Choose the Right Fee-Based Planner for You
Start by identifying your primary financial needs—whether it's comprehensive wealth management, tax strategy, or help with student loans. Consider the fee structure that makes you comfortable: some firms charge a percentage of assets, while others offer hourly or flat fees. Think about the level of involvement you want, from full-service management to a DIY approach with professional guidance. Also, look for a planner who has experience with clients in your situation, such as business owners or retirees. Finally, schedule consultations with a few firms to see who you connect with best, as trust and communication are key to a successful relationship.
Streamlining Your Financial Life with Automation
Many of these firms use technology to streamline the planning process, from online portals for document sharing to sophisticated software for scenario modeling. For example, Lake Life Wealth Advisory Group uses technology to develop and revise your plan as your life changes, making it easy to stay updated. Serenity Wealth Management integrates tax and financial planning, automating the coordination between your advisor and tax professionals. By leveraging these tools, you can save time and ensure your financial plan stays current without constant manual updates.
Finding Your Financial Partner
Choosing a fee-based financial planner is a personal decision that depends on your unique goals, preferences, and budget. Whether you prefer the comprehensive services of GoodWin, the hourly flexibility of Timothy Financial, or the integrated tax approach of Serenity, there's a firm that can meet your needs. Take the time to explore each option, ask questions, and find the advisor who feels like the right partner for your financial journey. With the right guidance, you can achieve your financial objectives and gain peace of mind.