# Dearborn Partners L.L.C.

> Dearborn Partners L.L.C. is an SEC-registered investment advisory firm in Chicago, IL, registered since 1997, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 23, 2026.

- CRD: 108147
- Filed as: DEARBORN PARTNERS L.L.C.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Chicago, IL
- Filing period: October 2026
- Form ADV filing dated: March 23, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/108147
- AdvisorCensus page: https://advisorcensus.com/firm/dearborn-partners-l-l-c-chicago-il-108147

## Quick answers

**How is Dearborn Partners L.L.C. compensated?**
On its Form ADV (Item 5.E, October 2026), Dearborn Partners L.L.C. reports these compensation arrangements: a percentage of assets under its management. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Dearborn Partners L.L.C. located?**
Dearborn Partners L.L.C.'s principal office is in Chicago, IL, according to its Form ADV.

**Is Dearborn Partners L.L.C. registered with the SEC or a state?**
Dearborn Partners L.L.C. is an SEC-registered investment advisory firm, registered since 1997. Status as filed: Approved. CRD 108147.

**How much does Dearborn Partners L.L.C. manage?**
Dearborn Partners L.L.C. reports $2,741,716,548 in regulatory assets under management in its Form ADV filing dated March 23, 2026 (100% discretionary).

**How have Dearborn Partners L.L.C.'s assets and staff changed since 2021?**
In the Form ADV data for Dearborn Partners L.L.C.: Regulatory assets under management: $3,387,201,154 in the October 2021 data and $2,741,716,548 in the October 2026 data, down 19%. Total employees: 25 in October 2021 and 24 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Dearborn Partners L.L.C. serve?**
By number of clients on Form ADV Item 5.D: high net worth individuals (142); individuals (other than high net worth individuals) (108); pension and profit sharing plans (but not the plan participants or government pension plans) (18).

**Which custodians does Dearborn Partners L.L.C. use?**
Dearborn Partners L.L.C.'s most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and J.P. Morgan Securities LLC as custodians holding 10% or more of its separately managed account assets.

**Does Dearborn Partners L.L.C. 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/108147

**What changed in Dearborn Partners L.L.C.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 14 to 13. Regulatory assets under management went from $3,533,103,194 to $2,741,716,548 (-22%). Registered or notice-filed in MA.

## From the Form ADV filing

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

### Custodians (Schedule D, Section 5.K(3))
- Charles Schwab & Co., Inc.
- J.P. Morgan Securities 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: $2,741,716,548
- Discretionary: $2,741,716,548
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 108 | $48,982,332 |
| High net worth individuals | 142 | $1,014,844,689 |
| Investment companies | 1 | $570,326,887 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 18 | $505,595,520 |
| Charitable organizations | 2 | $16,473,876 |
| Other investment advisers | 14 | $585,493,244 |

### Advisory services (Item 5.G)
- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies (and business development companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)
- Other

### Firm details
- Registered since: 1997 (29 years)
- Employees: 24 total, 13 performing advisory functions
- Wrap fee program participation: Yes
- States registered or notice-filed: AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- dearbornpartners.com

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $3,387,201,154 | 25 | September 20, 2021 |
| October 2022 | $4,046,891,535 | 24 | March 24, 2022 |
| October 2023 | $3,564,197,673 | 28 | March 23, 2023 |
| October 2024 | $3,817,339,463 | 25 | March 19, 2024 |
| October 2025 | $3,533,103,194 | 25 | March 21, 2025 |
| October 2026 | $2,741,716,548 | 24 | March 23, 2026 |

Regulatory assets under management: $3,387,201,154 in the October 2021 data and $2,741,716,548 in the October 2026 data, down 19%.
Total employees: 25 in October 2021 and 24 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 14 to 13.
- Regulatory assets under management went from $3,533,103,194 to $2,741,716,548 (-22%).
- Registered or notice-filed in MA.

### January 2026
- No longer registered or notice-filed in DC, ID, IN, KS, MA, MT, NV.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Dearborn Partners L.L.C. (CRD 108147): Form ADV filing data as of October 2026.