Wealth manager, independent · Chicago, IL
Lake Street
Lake Street Private Wealth, LLC · SEC-registered investment adviser · CRD 296761 · SEC 801-113228
At a glance
Lake Street is an SEC-registered investment adviser based in Chicago, Illinois, with $1.2B in regulatory assets under management as of its Form ADV filed July 6, 2026. It reports 598 individual clients, 294 of them high-net-worth, holding an average of about $1.7 million each, and 9 employees. That ranks it 947th among the nation’s 5,657 independent wealth management RIAs and 39th of 226 in Illinois. It reports 2 custodians for its clients’ separately managed accounts: Raymond James and Charles Schwab.
Main office 312-766-7040lakest.comLinkedInAs filed on Form ADV
- Regulatory AUM
- $1.2B
- Rank among independent wealth managers
- #947 of 5,657
- Rank among all SEC RIAs
- #4,942 of 17,210
- Rank in Illinois
- #39 of 226
- Individual clients
- 598
- High-net-worth clients
- 294
- Accounts
- 2,012
- Discretionary
- 89% of AUM
- Employees
- 9
- Advisory staff
- 6
- Offices
- 3
Owners and executives on its Form ADV
- Justin M. TerzoManaging Partner, Chief Investment Officer
- Joseph D. StockManaging Partner, Chief Compliance Officer
Custody and brokerage
Broker-dealer
Hybrid RIA
Lake Street is a hybrid RIA: 1 of its employees are also registered representatives of a broker-dealer.
Its Form ADV brochure (filed March 2026) names Purshe Kaplan Sterling Investments as the broker-dealer its advisers are registered with.
Stock, is a registered representative of Purshe Kaplan Sterling Investments, Inc., a broker-dealer and member of FINRA/SIPC.
Who it serves
| Client type | Clients | Regulatory AUM | Share |
|---|---|---|---|
| High-net-worth individuals | 294 | $920M | 79% |
| Pension and profit sharing plans | 15 | $134M | 12% |
| Individuals | 304 | $93M | 8% |
| Corporations or other businesses | – | $7M | <1% |
| Charitable organizations | – | $5M | <1% |
| Insurance companies | – | $0M | <1% |
Disciplinary disclosures
Lake Street reports no disciplinary disclosures in Item 11 of Form ADV. Read the details on the SEC’s adviser search ↗
Services
- Financial planning
- Portfolio management for individuals and small businesses
- Portfolio management for businesses and institutions
- Pension consulting
- Other services
How it’s paid
- A percentage of assets under management
- Hourly charges
- Fixed fees
Form ADV and brochures on the SEC’s adviser search ↗lakest.com ↗
AtlasMembers
The full record on Lake Street
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, 8 years of filings
- Locked
- Growth over one, three and five years
- Locked
- Rank against 3,152 peers of its type and size
- Locked
- Owners and executives, with titles and stakes
- 2 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.
Similar-size RIAs in Illinois
All of Illinois →| Firm | Regulatory AUM | Clients |
|---|---|---|
| Chicago Oakbrook Financial GroupOak Brook | $1.2B | 1,336 |
| Sikich FinancialSpringfield | $1.2B | 1,124 |
| Evergreen WealthSpringfield | $1.2B | 573 |
| Arthur M. Cohen & Associates LLCNorthbrook | $1.1B | 189 |
| Goldstone Financial Group, LLCOakbrook Terrace | $1.1B | 1,675 |
| CoyleGlenview | $1.0B | 438 |
Background
Questions
How much does Lake Street manage?
Lake Street reports $1.2B in regulatory assets under management across 2,012 accounts, 89% of it on a discretionary basis, on its Form ADV filed July 6, 2026.
How many clients does Lake Street have?
It reports 598 individual clients: 294 high-net-worth individuals and 304 other individuals. Individuals account for about 87% of its regulatory assets.
Where is Lake Street headquartered?
Its main office is in Chicago, Illinois. It reports 3 offices in total and 9 employees, 6 of whom perform investment advisory functions.
How does Lake Street charge clients?
On Form ADV it lists these forms of compensation: a percentage of assets under management; hourly charges; fixed fees. Fees and minimums are set out in its Form ADV Part 2A brochure, available on the SEC’s adviser search.
What custodian does Lake Street use?
It reports 2 custodians for its clients’ separately managed accounts: Raymond James and Charles Schwab. On Schedule D of its Form ADV filed July 6, 2026, it reports these amounts held: Raymond James ($653M); Charles Schwab ($342M). Form ADV lists only custodians holding 10% or more of separately managed account assets.
Is Lake Street a hybrid RIA with a broker-dealer?
Lake Street is a hybrid RIA: 1 of its employees are also registered representatives of a broker-dealer. Those representatives can also earn commissions on brokerage business through the broker-dealer, where different rules apply than for advisory accounts.
Is Lake Street a fiduciary?
As an SEC-registered investment adviser, Lake Street owes its advisory clients a fiduciary duty under the Investment Advisers Act of 1940, which includes duties of care and loyalty. 1 of its employees are also registered representatives of a broker-dealer, where different rules apply to brokerage recommendations.
Where these numbers come from
Every figure is Lake Street’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 (2026-07-06), 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). Its national rank compares it with every US-based independent wealth management RIA, the same field as The Largest RIAs. 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 →