# Chicago Investment Advisory Group

> Chicago Investment Advisory Group is an SEC-registered investment advisory firm in Mokena, IL, registered since 2019, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 20, 2026.

- CRD: 142810
- Filed as: CHICAGO INVESTMENT ADVISORY GROUP
- Legal name: Michael Russo Ltd
- Also doing business as: CHICAGO INVESTMENT ADVISORY GROUP
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Mokena, IL
- Filing period: October 2026
- Form ADV filing dated: March 20, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/142810
- AdvisorCensus page: https://advisorcensus.com/firm/chicago-investment-advisory-group-mokena-il-142810

## Quick answers

**How is Chicago Investment Advisory Group compensated?**
On its Form ADV (Item 5.E, October 2026), Chicago Investment Advisory Group reports these compensation arrangements: a percentage of assets under its management.

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

**Is Chicago Investment Advisory Group registered with the SEC or a state?**
Chicago Investment Advisory Group is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 142810.

**How much does Chicago Investment Advisory Group manage?**
Chicago Investment Advisory Group reports $275,109,508 in regulatory assets under management in its Form ADV filing dated March 20, 2026 (100% discretionary).

**How have Chicago Investment Advisory Group's assets and staff changed since 2021?**
In the Form ADV data for Chicago Investment Advisory Group: Regulatory assets under management: $138,943,196 in the October 2021 data and $275,109,508 in the October 2026 data, up 98%. Total employees: 6 in October 2021 and 7 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Chicago Investment Advisory Group serve?**
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (697); high net worth individuals (54); pension and profit sharing plans (but not the plan participants or government pension plans) (6).

**Which custodians does Chicago Investment Advisory Group use?**
Chicago Investment Advisory Group's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets.

**Does Chicago Investment Advisory Group 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/142810

**Does Chicago Investment Advisory Group state an account minimum?**
Its Form ADV Part 2A brochure dated March 20, 2026 says: "CIAG does not require a minimum account size or charge any minimum fees for its advisory services."

**What changed in Chicago Investment Advisory Group's recent Form ADV filings?**
In the April 2026 filing data: Regulatory assets under management went from $248,759,752 to $275,109,508 (+11%).

## From the Form ADV filing

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

### Fees and minimums (Form ADV Part 2A brochure dated March 20, 2026)

- Account minimum: None

> CIAG does not require a minimum account size or charge any minimum fees for its advisory services.

- Minimum annual fee: None

> CIAG does not require a minimum account size or charge any minimum fees for its advisory services.

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.

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: $275,109,508
- Discretionary: $275,109,508
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 697 | $152,135,558 |
| High net worth individuals | 54 | $113,730,271 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 6 | $9,243,679 |

### Advisory services (Item 5.G)
- Portfolio management for individuals and/or small businesses
- Pension consulting services

### Firm details
- Registered since: 2019 (7 years)
- Employees: 7 total, 7 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: AZ, FL, IL, IN, NE, SC, TN, TX, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- [ciag.us](https://ciag.us)

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $138,943,196 | 6 | February 25, 2021 |
| October 2022 | $180,818,175 | 6 | March 24, 2022 |
| October 2023 | $168,373,892 | 7 | September 18, 2023 |
| October 2024 | $212,534,873 | 6 | August 13, 2024 |
| October 2025 | $248,759,752 | 7 | March 24, 2025 |
| October 2026 | $275,109,508 | 7 | March 20, 2026 |

Regulatory assets under management: $138,943,196 in the October 2021 data and $275,109,508 in the October 2026 data, up 98%.
Total employees: 6 in October 2021 and 7 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Regulatory assets under management went from $248,759,752 to $275,109,508 (+11%).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Chicago Investment Advisory Group (CRD 142810): Form ADV filing data as of October 2026.