# Advisory Research Inc

> 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.

- CRD: 108254
- Filed as: ADVISORY RESEARCH INC
- Also doing business as: ADVISORY RESEARCH INVESTMENT MANAGEMENT, ARI PARTNERS GP LLC ("RELYING ADVISER")
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108254
- AdvisorCensus page: https://advisorcensus.com/firm/advisory-research-inc-chicago-il-108254

## Quick answers

**How is Advisory Research Inc compensated?**
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.

**Where is Advisory Research Inc located?**
Advisory Research Inc's principal office is in Chicago, IL, according to its Form ADV.

**Is Advisory Research Inc registered with the SEC or a state?**
Advisory Research Inc is an SEC-registered investment advisory firm, registered since 1978. Status as filed: Approved. CRD 108254.

**How much does Advisory Research Inc manage?**
Advisory Research Inc reports $991,276,223 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Advisory Research Inc's assets and staff changed since 2021?**
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.

**What types of clients does Advisory Research Inc serve?**
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).

**Which custodians does Advisory Research Inc use?**
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.

**Does Advisory Research Inc report any disciplinary disclosures?**
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

**What changed in Advisory Research Inc's recent Form ADV filings?**
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%).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- Morgan Stanley
- UBS Financial Services Inc.
- Wells Fargo Clearing Services, LLC

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.

### Regulatory assets under management (Item 5.F)
- Total: $991,276,223
- Discretionary: $988,680,580
- Non-discretionary: $2,595,643

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 275 | $100,804,119 |
| High net worth individuals | 130 | $272,091,545 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 1 | $24,211,825 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $261,422,536 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 3 | $1,702,307 |
| Charitable organizations | 14 | $127,614,242 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 18 | $203,429,649 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1978 (47 years)
- Employees: 14 total, 8 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: CA, CO, CT, FL, GA, ID, IL, LA, MA, NE, NH, NJ, NY, TX, VA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- advisoryresearch.com
- LinkedIn @advisory-research

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $1,494,140,923 | 29 | March 31, 2021 |
| October 2022 | $1,485,233,517 | 29 | March 31, 2022 |
| October 2023 | $1,332,963,663 | 22 | March 31, 2023 |
| October 2024 | $641,611,380 | 14 | March 26, 2024 |
| October 2025 | $721,521,157 | 14 | March 18, 2025 |
| October 2026 | $991,276,223 | 14 | March 20, 2026 |

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.

## Changes in the filing (last 12 months)

### April 2026
- 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%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Advisory Research Inc (CRD 108254): Form ADV filing data as of October 2026.