{
  "crd_number": 122959,
  "slug": "phase-iii-advisory-services-ltd-buffalo-grove-il-122959",
  "primary_business_name": "PHASE III ADVISORY SERVICES, LTD",
  "legal_name": "PHASE III ADVISORY SERVICES, LTD",
  "dbas": [],
  "city": "Buffalo Grove",
  "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": "2005-02-11",
  "years_registered": 21,
  "period": "2026-10-01",
  "filing_date": "2026-04-28",
  "carried_forward": false,
  "raum_total": 210911349.0,
  "raum_discretionary": 157698607.0,
  "raum_non_discretionary": 53212742.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 3,
  "advisory_employees": 3,
  "client_count_bucket": null,
  "clients_by_type": {
    "individuals": {
      "raum": 86822880.0,
      "count": 414
    },
    "high_net_worth_individuals": {
      "raum": 124088469.0,
      "count": 69
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": true,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "FL",
    "GA",
    "IL",
    "IN",
    "MI",
    "NC",
    "TX",
    "WI"
  ],
  "websites": [
    "https://facebook.com/PHASE3ADVISORY",
    "https://phase3advisory.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/122959",
  "city_as_filed": "BUFFALO GROVE",
  "url": "https://advisorcensus.com/firm/phase-iii-advisory-services-ltd-buffalo-grove-il-122959",
  "display_name": "Phase III Advisory Services, Ltd",
  "summary": "Phase III Advisory Services, Ltd is an SEC-registered investment advisory firm in Buffalo Grove, IL, registered since 2005, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated April 28, 2026.",
  "citation": "AdvisorCensus. Phase III Advisory Services, Ltd (CRD 122959): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Phase III Advisory Services, Ltd compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Phase III Advisory Services, Ltd reports these compensation arrangements: a percentage of assets under its management; hourly charges; fixed fees (other than subscription fees). The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Phase III Advisory Services, Ltd located?",
      "a": "Phase III Advisory Services, Ltd's principal office is in Buffalo Grove, IL, according to its Form ADV; the May 2026 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Phase III Advisory Services, Ltd registered with the SEC or a state?",
      "a": "Phase III Advisory Services, Ltd is an SEC-registered investment advisory firm, registered since 2005. Status as filed: Approved. CRD 122959."
    },
    {
      "q": "How much does Phase III Advisory Services, Ltd manage?",
      "a": "Phase III Advisory Services, Ltd reports $210,911,349 in regulatory assets under management in its Form ADV filing dated April 28, 2026 (75% discretionary)."
    },
    {
      "q": "How have Phase III Advisory Services, Ltd's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Phase III Advisory Services, Ltd: Regulatory assets under management: $126,301,635 in the October 2021 data and $210,911,349 in the October 2026 data, up 67%. Total employees: 3 in October 2021 and 3 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Phase III Advisory Services, Ltd serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (414); high net worth individuals (69)."
    },
    {
      "q": "Which custodians does Phase III Advisory Services, Ltd use?",
      "a": "Phase III Advisory Services, Ltd's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Pershing LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Phase III Advisory Services, Ltd 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/122959"
    },
    {
      "q": "What changed in Phase III Advisory Services, Ltd's recent Form ADV filings?",
      "a": "In the May 2026 filing data: Registered or notice-filed in GA."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 126301635.0,
      "total_employees": 3,
      "filing_date": "2021-05-12"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 152247734.0,
      "total_employees": 2,
      "filing_date": "2022-03-08"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 136039387.0,
      "total_employees": 2,
      "filing_date": "2023-07-13"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 147764419.0,
      "total_employees": 2,
      "filing_date": "2024-04-12"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 162217520.0,
      "total_employees": 3,
      "filing_date": "2025-03-18"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 210911349.0,
      "total_employees": 3,
      "filing_date": "2026-04-28"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-05-01",
      "period_label": "May 2026",
      "notes": [
        "Registered or notice-filed in GA."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Regulatory assets under management went from $162,217,520 to $210,911,349 (+30%).",
        "Added an office in Frankfort, IL."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Pershing LLC",
      "name_as_filed": "PERSHING 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/phase-iii-advisory-services-ltd-buffalo-grove-il-122959.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 414,
      "fewer_than_5": false,
      "raum": 86822880.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 69,
      "fewer_than_5": false,
      "raum": 124088469.0
    }
  ],
  "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/122959",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}