{
  "crd_number": 108254,
  "slug": "advisory-research-inc-chicago-il-108254",
  "primary_business_name": "ADVISORY RESEARCH INC",
  "legal_name": "ADVISORY RESEARCH INC",
  "dbas": [
    "ADVISORY RESEARCH INVESTMENT MANAGEMENT",
    "ARI PARTNERS GP LLC (\"RELYING ADVISER\")"
  ],
  "city": "Chicago",
  "state": "IL",
  "country": "United States",
  "cbsa_code": "16980",
  "metro": {
    "cbsa_code": "16980",
    "common_name": "Chicago",
    "msa_name": "Chicago-Naperville-Elgin, IL-IN",
    "path": "/advisors/il/chicago"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1978-11-07",
  "years_registered": 47,
  "period": "2026-10-01",
  "filing_date": "2026-03-20",
  "carried_forward": false,
  "raum_total": 991276223.0,
  "raum_discretionary": 988680580.0,
  "raum_non_discretionary": 2595643.0,
  "raum_band": "500m_1b",
  "raum_band_label": "$500 million to $1 billion",
  "total_employees": 14,
  "advisory_employees": 8,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 127614242.0,
      "count": 14
    },
    "individuals": {
      "raum": 100804119.0,
      "count": 275
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 24211825.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 1702307.0,
      "count": 3
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 272091545.0,
      "count": 130
    },
    "pooled_investment_vehicles": {
      "raum": 261422536.0,
      "count": 3
    },
    "corporations_other_businesses": {
      "raum": 203429649.0,
      "count": 18
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "CO",
    "CT",
    "FL",
    "GA",
    "ID",
    "IL",
    "LA",
    "MA",
    "NE",
    "NH",
    "NJ",
    "NY",
    "TX",
    "VA",
    "WI"
  ],
  "websites": [
    "https://advisoryresearch.com",
    "https://linkedin.com/company/advisory-research"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108254",
  "city_as_filed": "CHICAGO",
  "url": "https://advisorcensus.com/firm/advisory-research-inc-chicago-il-108254",
  "display_name": "Advisory Research Inc",
  "summary": "Advisory Research Inc is an SEC-registered investment advisory firm in Chicago, IL, registered since 1978, reporting $500 million to $1 billion in regulatory assets under management in its Form ADV filing dated March 20, 2026.",
  "citation": "AdvisorCensus. Advisory Research Inc (CRD 108254): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for pooled investment vehicles (other than investment companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Advisory Research Inc compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Advisory Research Inc reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Advisory Research Inc located?",
      "a": "Advisory Research Inc's principal office is in Chicago, IL, according to its Form ADV."
    },
    {
      "q": "Is Advisory Research Inc registered with the SEC or a state?",
      "a": "Advisory Research Inc is an SEC-registered investment advisory firm, registered since 1978. Status as filed: Approved. CRD 108254."
    },
    {
      "q": "How much does Advisory Research Inc manage?",
      "a": "Advisory Research Inc reports $991,276,223 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary)."
    },
    {
      "q": "How have Advisory Research Inc's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Advisory Research Inc: Regulatory assets under management: $1,494,140,923 in the October 2021 data and $991,276,223 in the October 2026 data, down 34%. Total employees: 29 in October 2021 and 14 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Advisory Research Inc serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (275); high net worth individuals (130); corporations or other businesses not listed above (18)."
    },
    {
      "q": "Which custodians does Advisory Research Inc use?",
      "a": "Advisory Research Inc's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc., Morgan Stanley, UBS Financial Services Inc. and Wells Fargo Clearing Services, LLC as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Advisory Research Inc report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/108254"
    },
    {
      "q": "What changed in Advisory Research Inc's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Added the business name ARI Partners GP LLC (\"Relying Adviser\"). Employees performing advisory functions went from 9 to 8. Regulatory assets under management went from $721,521,157 to $991,276,223 (+37%)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 1494140923.0,
      "total_employees": 29,
      "filing_date": "2021-03-31"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 1485233517.0,
      "total_employees": 29,
      "filing_date": "2022-03-31"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 1332963663.0,
      "total_employees": 22,
      "filing_date": "2023-03-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 641611380.0,
      "total_employees": 14,
      "filing_date": "2024-03-26"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 721521157.0,
      "total_employees": 14,
      "filing_date": "2025-03-18"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 991276223.0,
      "total_employees": 14,
      "filing_date": "2026-03-20"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Added the business name ARI Partners GP LLC (\"Relying Adviser\").",
        "Employees performing advisory functions went from 9 to 8.",
        "Regulatory assets under management went from $721,521,157 to $991,276,223 (+37%)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    },
    {
      "name": "Morgan Stanley",
      "name_as_filed": "MORGAN STANLEY",
      "affiliated": false
    },
    {
      "name": "UBS Financial Services Inc.",
      "name_as_filed": "UBS FINANCIAL SERVICES INC.",
      "affiliated": false
    },
    {
      "name": "Wells Fargo Clearing Services, LLC",
      "name_as_filed": "WELLS FARGO CLEARING SERVICES, LLC",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/advisory-research-inc-chicago-il-108254.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 275,
      "fewer_than_5": false,
      "raum": 100804119.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 130,
      "fewer_than_5": false,
      "raum": 272091545.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 24211825.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 3,
      "fewer_than_5": false,
      "raum": 261422536.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 3,
      "fewer_than_5": false,
      "raum": 1702307.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 14,
      "fewer_than_5": false,
      "raum": 127614242.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 18,
      "fewer_than_5": false,
      "raum": 203429649.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/108254",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}