Wealth manager, public-company owned · Chicago, IL
Bankers Life Advisory Services, Inc.
SEC-registered investment adviser · CRD 281285 · SEC 801-106953
At a glance
Bankers Life Advisory Services, Inc. is an SEC-registered investment adviser based in Chicago, Illinois, with $2.5 billion in regulatory assets under management as of its Form ADV filed March 31, 2026. Its largest client group by assets is individuals, and it reports 14,275 individual clients. By Form ADV it is a wealth manager (public-company owned), ranked 638th of 8,915 wealth managers and 3,185th of 17,210 SEC-registered advisers by assets.
Main office 844-553-9083bankerslife.comAs filed on Form ADV
- Regulatory AUM
- $2.5B
- Rank among wealth managers
- #638 of 8,915
- Rank among all SEC RIAs
- #3,185 of 17,210
- Rank in Illinois
- #167 of 684
- Individual clients
- 14,275
- High-net-worth clients
- 5
- Accounts
- 18,608
- Discretionary
- 99% of AUM
- Employees
- 433
- Advisory staff
- 433
- Offices
- 137
Owners and executives on its Form ADV
- Scott L. GoldbergBoard Member
- Alberta S. RobertsChief Compliance Officer/secretary
- Steven M JosephsonChief Operations Officer
- Cheryl L. HeilmanPresident
- Paul H. McDonoughBoard Member
Custody and brokerage
Custodian
Bankers Life Advisory Services, Inc.’s Form ADV lists no custodian for separately managed accounts. Firms report one only when they manage $10 million or more in those accounts.
Broker-dealer
Hybrid RIA
Bankers Life Advisory Services, Inc. is a hybrid RIA: 411 of its employees are also registered representatives of a broker-dealer. It names an affiliated broker-dealer: Bankers Life Securities, Inc..
- Bankers Life Securities, Inc. ↗CRD 173962
An introducing broker-dealer: its trades clear through another firm, which holds the brokerage accounts. Its annual audited report filed with the SEC, February 2026
Its Form ADV brochure (filed March 2026) names Bankers Life Securities as the broker-dealer its advisers are registered with.
Certain of our Investment Advisors are also registered representatives of Bankers Life Securities, Inc.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| Individuals | 14,270 | $2.4B | 95% |
| High-net-worth individuals | 5 | $99M | 4% |
| Pension and profit sharing plans | 39 | $25M | 1% |
Disciplinary disclosures
Bankers Life Advisory Services, Inc. answers yes to 2 disclosure items in Item 11 of Form ADV (criminal, regulatory or civil matters involving the firm or its advisory affiliates). Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Selecting other advisers
- Educational seminars and workshops
How it’s paid
- A percentage of assets under management
- Other
Form ADV and brochures on the SEC’s adviser search ↗bankerslife.com ↗
AtlasMembers
The full record on Bankers Life Advisory Services, Inc.
Ten years of SEC filings, its owners and contacts, and how it stacks up against its peers. Atlas members see all of it.
- Assets, accounts, clients and staff, ten years of filings
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- Growth over one, three and five years
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- Rank against 1,613 peers of its type and size
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- Owners and executives, with titles and stakes
- 5 namedLocked
- Main office, fax and compliance officer
- Locked
- Filing changes this year, with alerts
- 2Locked
Free while Atlas launches: create a free account and confirm your email. Every figure comes from SEC filings.
Background
Questions
How much does Bankers Life Advisory Services, Inc. manage?
Bankers Life Advisory Services, Inc. reports $2.5 billion in regulatory assets under management across 18,608 accounts, 99% of it on a discretionary basis, on its Form ADV filed March 31, 2026.
What kind of firm is Bankers Life Advisory Services, Inc.?
Bankers Life Advisory Services, Inc. is a wealth manager by its Form ADV answers. At least half of its regulatory assets are managed for individuals and high-net-worth individuals. A public reporting company controls it.
Who are Bankers Life Advisory Services, Inc.’s clients?
By assets, its largest client types are individuals ($2.4 billion, 14,270 clients); high-net-worth individuals ($99 million, 5 clients); pension and profit sharing plans ($25 million, 39 clients).
Does Bankers Life Advisory Services, Inc. have any disciplinary history?
Bankers Life Advisory Services, Inc. answers yes to 2 disclosure items in Item 11 of Form ADV, which covers criminal, regulatory and civil matters involving the firm or its advisory affiliates. The details are on the SEC’s adviser search.
Where these numbers come from
Every figure is Bankers Life Advisory Services, Inc.’s own answer on its latest Form ADV, from the SEC’s registered-adviser list as of October 1, 2026: regulatory assets and accounts (Item 5.F), clients by type (5.D), employees (5.A and 5.B), compensation (5.E) and services (5.G). Custodians come from Schedule D 5.K(3) of its latest filing (2026-03-31), which lists those holding 10% or more of separately managed account assets and the amount at each. “Hybrid” means some employees are also registered representatives of a broker-dealer (Item 5.B(2)); affiliated broker-dealers are the related persons it lists in Item 7.A and Schedule D. Firm type comes from its own answers: broker-dealer firms are registered broker-dealers themselves (Item 6.A); private fund advisers manage mostly private funds (Item 7.B, 5.D); wealth managers manage at least half their assets for individuals (5.D). Ranks compare it by regulatory assets with every SEC-registered adviser and with firms of its type. Figures are as of the firm’s last annual update, so they can lag recent deals and market moves. Regulatory AUM counts assets the firm continuously supervises and can differ from what a firm markets.
Not an endorsement or a recommendation. Before hiring any adviser, read its Form ADV Part 2A brochure and check its record on the SEC’s adviser search. How to check a financial advisor →