AdvisorCensus / Financial advisors / Illinois / Chicago / Lake Street
Lake Street is an SEC-registered investment advisory firm in Chicago, IL, registered since 2018, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 6, 2026.
Quick answers
From the filingHow is Lake Street compensated?
On its Form ADV (Item 5.E, October 2026), Lake Street reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees).
Where is Lake Street located?
Lake Street's principal office is in Chicago, IL, according to its Form ADV; the August 2026 filing also lists 1 other office (Schedule D, Section 1.F).
Is Lake Street registered with the SEC or a state?
Lake Street is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 296761.
How much does Lake Street manage?
Lake Street reports $1,158,676,142 in regulatory assets under management in its Form ADV filing dated July 6, 2026 (89% discretionary).
How have Lake Street's assets and staff changed since 2021?
In the Form ADV data for Lake Street: Regulatory assets under management: $509,772,192 in the October 2021 data and $1,158,676,142 in the October 2026 data, up 127%. Total employees: 6 in October 2021 and 9 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does Lake Street serve?
By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (304); high net worth individuals (294); pension and profit sharing plans (but not the plan participants or government pension plans) (15).
Which custodians does Lake Street use?
Lake Street's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. and Raymond James Financial Services, Inc. as custodians holding 10% or more of its separately managed account assets.
Does Lake Street 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/296761
What changed in Lake Street's recent Form ADV filings?
In the August 2026 filing data: Added an office in Bethesda, MD. Registered or notice-filed in MD, VA, WA.
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 23, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$1,158,676,142 as of October 2026, filing dated July 6, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses (other than small businesses) or institutional clients
- Pension consulting services
- Other
Registration and firm details
Items 1, 2, 5- Legal name
- Lake Street Private Wealth, LLC
- Also doing business as
- CLARITY FINANCIAL GROUP, ELARIN WEALTH ADVISORS
- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2018 (8 years)
- Employees
- Total: 9. Performing investment advisory functions: 6.
- Wrap fee program participation
- No.
- Custodians (Schedule D, Section 5.K(3))
-
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.
- Other offices (Schedule D, Section 1.F)
-
1 other office, as of the August 2026 filing
- States registered or notice-filed
-
22 states or jurisdictions
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $1,158,676,142 | 9 | July 6, 2026 |
| October 2025 | $961,797,021 | 8 | June 2, 2025 |
| October 2024 | $1,000,803,506 | 11 | February 20, 2024 |
| October 2023 | $796,367,733 | 11 | March 17, 2023 |
| October 2022 | $880,782,850 | 10 | May 16, 2022 |
| October 2021 | $509,772,192 | 6 | February 11, 2021 |
Regulatory assets under management: $509,772,192 in the October 2021 data and $1,158,676,142 in the October 2026 data, up 127%.
Total employees: 6 in October 2021 and 9 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- August 2026
- Added an office in Bethesda, MD.
- Registered or notice-filed in MD, VA, WA.
- April 2026
- Regulatory assets under management went from $961,797,021 to $1,158,676,142 (+20%).
- Registered or notice-filed in LA, NE, NH.
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. Lake Street (CRD 296761): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/lake-street-chicago-il-296761