Choosing a firm for private wealth management in Chicago is a decision many families take time to make, and for good reason. You are choosing who will help guide your investments, your plans for retirement, and in many cases how your wealth passes to the next generation.
With many Chicago wealth management firms to compare, it helps to know what to look for. This guide explains what private wealth management typically includes, planning topics that often come up for Illinois families, and the questions to ask before you decide.
What Is Private Wealth Management?
Private wealth management generally refers to a high-touch relationship that combines investment management with broader planning. It often serves individuals and families with more complex needs, such as business ownership, concentrated holdings, multiple properties, or multigenerational goals.
How it differs from basic investment management
Broader scope: Planning across investments, taxes, estate, insurance, and family goals.
Coordination: Working alongside your CPA, estate attorney, and other professionals.
Relationship depth: More frequent communication and a deeper understanding of your family.
What "family office experience" means
Some firms describe a family office experience. In general, that means helping coordinate many parts of a family's financial life in one place, rather than treating investments in isolation. Ask each firm what that phrase means in practice.
Planning Topics Common for Chicago-Area Families
Every family is different, but certain topics often come up for people living and working in Chicago and the suburbs.
Illinois estate tax: Illinois has its own estate tax, separate from the federal estate tax, and its threshold differs from the federal exemption. This can make estate planning important even for families who do not expect to owe federal estate tax. Rules can change, so review current guidance with your attorney.
Business ownership: Many Chicago-area families own businesses and need to plan for succession, sale, or transition.
Equity compensation: Executives and professionals may hold stock options or restricted stock that require planning.
Retirement relocation: Some families consider retiring to another state and want to understand how that could affect their plan.
Charitable giving: Many families want to support causes in their community in a tax-aware way.
Questions to Ask Before You Choose a Private Wealth Manager
About services
"What is included in your relationship?" Ask about planning, investment management, tax considerations, and estate coordination.
"Do you work with alternative investments?" If this matters to you, ask how they are evaluated and what risks and limitations apply.
"How do you coordinate with my CPA and attorney?"
About the relationship
"Who will I work with day to day?"
"How often will we meet, and how do you communicate between meetings?"
"What happens to my relationship if my advisor leaves or retires?"
About standards and fees
"Do you act as a fiduciary for all of my accounts?"
"How are you paid?" Ask for a written explanation of all fees.
"Where can I read your Form CRS and Form ADV?"
For more ideas, see our list of 10 questions to ask before hiring a financial advisor.
Red Flags to Watch For
Pressure to decide quickly.
Vague answers about fees or conflicts.
Promises about returns. No one can guarantee investment results.
Little interest in your goals beyond the size of your accounts.
VestGen in Chicago
Our Chicago team describes its philosophy this way: "We believe wealth management is about building a relationship that allows us to anticipate your needs, simplify your financial life, and create strategies that endure." The team adds: "From comprehensive tax and estate planning to bespoke investment portfolios, our approach is tailored to your goals and lifestyle."
The VestGen Chicago office is located at 20 South Clark Street, Suite 2130, Chicago, Illinois 60603. Visit our Chicago page to learn more.
At VestGen, our advisors offer a comprehensive suite of services, including Comprehensive Planning, Retirement Income Planning, Investment Management, Estate Planning, Tax Optimization, Insurance Solutions, and Education Planning. Learn more on our Services page.
Who VestGen Serves and Where
Every financial journey is distinct, and so is our approach. VestGen Wealth Partners offers bespoke wealth management solutions crafted to align with your individual goals and aspirations.
In addition to Chicago, VestGen has Illinois offices in Glen Ellyn, Schaumburg, Naperville, Oak Brook, South Barrington, St. Charles, and Downers Grove, as well as Kirkwood and Kansas City in Missouri, and locations in Texas, New Jersey, Florida, and North Carolina. You can find an advisor near you or learn more about our team.
Ready to Start Your Journey?
If you are comparing private wealth management options in Chicago, contact VestGen Wealth Partners to schedule a consultation with one of our advisors. Together, we can chart a course toward your financial future.
Frequently Asked Questions
What is private wealth management?
Private wealth management is a relationship that combines investment management with broader planning, such as tax, estate, retirement, and family goals, often for individuals and families with more complex needs.
How do I choose a wealth management firm in Chicago?
Compare services, fees, and how each firm works with clients. Ask whether they act as a fiduciary, review their Form CRS and Form ADV, and meet with the people you would work with.
Does Illinois have an estate tax?
Yes. Illinois has a state estate tax that is separate from the federal estate tax and has a different threshold. Review current rules with your attorney.
What is the difference between private wealth management and a family office?
A traditional family office often serves one family with a dedicated staff. Private wealth management firms may offer some similar coordination across planning areas for multiple families.
What questions should I ask a Chicago wealth advisor?
Ask what services are included, how they are paid, who you will work with, how they coordinate with your CPA and attorney, and how often you will meet.
This article is for informational and educational purposes only and does not constitute financial, legal, or tax advice. Advisory products and services offered through VestGen Advisors, LLC, a Registered Investment Advisor. Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Private Client Services and VestGen Advisors, LLC are unaffiliated entities. VestGen Advisors and Private Client Services do not offer legal or tax advice, and information here should not be construed as such. Always consult a legal or tax professional regarding your specific situation. VestGen financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Not all of the investments and services mentioned herein are available in every state. All investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results, and no strategy can guarantee a particular outcome. Please review VestGen's Form CRS and Form ADV Part 2A for more information.