Cresset Wealth Advisors LLC (Chicago)

Name: Cresset Wealth Advisors LLC
Address: 444 W. Lake Street, Chicago, IL, 60606
Telephone: 312-429-2400

Cresset Wealth Advisors LLC is a large advisory firm based in Chicago. It manages $3.05 billion of regulatory assets for 341 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of California, Colorado, Florida, and 3 other states.

Cresset Wealth Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and educational seminars and workshops. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Cresset Wealth Advisors: assets under management

The assets under management (AUM) of Cresset Wealth Advisors LLC is $3.05 billion. The firm's AUM has grown by 35201% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $2.45 billion in discretionary accounts and $600 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $7.21 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $600 million.

Investments

The firm invests in exchange traded securities the most. They account for 88% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 6% of the firm’s portfolio. Investments in investment and business development companies form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cresset Wealth Advisors LLC for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Cresset Wealth Advisors serves?

The only and largest group of clients of Cresset Wealth Advisors is high net worth individuals with 51 clients and $3.05 billion of assets under management. Among the 6 most similar advisory firms, Cresset Wealth Advisors has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $3.05 billion for 51 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Cresset Wealth Advisors doesn't advise any private funds.

Careers at Cresset Wealth Advisors LLC

The company employs 52 people that are either part- or full-time employees. 33 percent of the employees work as investment advisers or researchers. 17 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Jack Alan Ablin has served as the Chief Investment Officer since 1 Mar 2018 and Douglas Patrick Regan is the Chief Executive Officer of Cresset Wealth Advisors LLC family office. Cresset Intermediate Holdco Llc joined the executive team most recently as the Managing Member/Holding Company.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Cresset Capital Management Llc	Managing member / holding company	1 Jan 2017	75% - 100%	81-5026424
Cresset Wealth Advisors Llc	Owner of cresset wealth advisors llc	1 Jan 2017	75% - 100%	81-5026424
Daniel Baruch Lidawer	Chief operating officer, chief compliance officer	1 Apr 2017	Other	1877045
Douglas Patrick Regan	Chief executive officer	1 Jun 2017	Other	1835392
David Thomas Mills	Chief financial officer	1 Jan 2018	Other	6028796
Jack Alan Ablin	Chief investment officer	1 Mar 2018	Other	4359773
Robert Steven Pagliuco	Chief compliance officer	1 May 2018	Other	2617931
Cresset Intermediate Holdco Llc	Managing member/holding company	1 Aug 2018	75% - 100%	82-4925961
Michael Aaron Cole	Co chief executive officer	1 Aug 2018	Other	1262398
Nimesh Patel	Chief operating officer and chief technology officer	1 Aug 2018	Other	7023019

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Avy Howard Stein	Manager, member	1 Jan 2017	50% - 75%	1462029
Eric David Becker	Manager, member	1 Jan 2017	50% - 75%	6024060
Edb Telecom Trust Uad 1/3/2005	Manager	1 Jan 2017	25% - 50%	xxx-xx-xxxx
Llc Cresset Capital Management	Managing member/holding company	1 Aug 2018	75% - 100%	81-5026424

Based in Chicago

The principal office where Cresset Wealth Advisors LLC performs its advisory services is located at 444 W. Lake Street, Chicago, IL 60606, which is also the mailing address of the firm. An additional office of the firm is in West Palm Beach, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 312-429-2400. The normal business hours are 9:00am to 5:00pm on Monday - Friday. You can find more information about the New York firm at cressetwealth.com and its LinkedIn profile.