What does Mesirow Financial Advisors do?
Mesirow Financial is a financial services firm with a long operating history based in Chicago. Its investment advisory business is handled by Mesirow Financial Investment Management (MFIM), Inc., an SEC-registered investment advisor established in 1986. As of March 31, 2025, the firm’s Wealth Management division is responsible for managing approximately $9.31 billion in discretionary assets.
The Mesirow Financial Advisor service offers a fee-based, advisor-led approach to wealth management that is built around personalized investment strategies and financial planning. Instead of relying on automated systems for portfolio construction, clients work directly with a dedicated financial advisor who provides continuous advice and portfolio oversight.
Key services
Through its Wealth Management offering, Mesirow Financial provides investment advisory services to both retail and institutional clients. The service combines portfolio management with financial planning, which can be delivered on either a discretionary or non-discretionary basis, depending on the client's authorization.
- Investment advisory services: These are focused on helping clients manage their investments in a way that aligns with their stated goals and objectives.
- Portfolio management services: These services are offered on either a discretionary or non-discretionary basis, determined by the authority granted in the investment advisory agreement.
- Financial planning services: This involves providing advice and recommendations on a range of topics, including:
The firm employs a goals-based investment approach that is driven by clear policies. It assesses securities and portfolio performance by using a combination of quantitative and qualitative measures. Portfolios are generally implemented through asset allocations across mutual funds, equities, fixed-income products, and alternative investments.
The cornerstones of portfolio construction are diversification and asset allocation. Portfolios are also monitored and reviewed regularly to ensure they remain aligned with client objectives and investment guidelines.
How the service works
Typically, the advisory relationship starts with a discovery process to understand the client’s financial situation, goals, and constraints. Using this information, the advisor establishes a portfolio structure and investment framework that is consistent with the client’s goals and level of authority.
Once a portfolio is implemented, it is monitored on an ongoing basis. Advisors review its alignment with client objectives and may make adjustments over time in response to changes in the client's circumstances, goals, or market conditions.
What are the pros and cons of Mesirow Financial Advisors?
Mesirow Financial offers an advisor-led wealth management service that integrates portfolio management with financial planning. The suitability of this service depends on an investor’s needs, cost sensitivity, and preference for a hands-on versus an automated approach.
Here is a breakdown of the key advantages and disadvantages.
Pros of Mesirow Financial Advisors:
- Advisor-led, personalized service model: Clients work directly with human financial advisors who provide ongoing investment advice and financial planning, rather than relying on automated tools.
- Integrated investment management and financial planning: The service combines portfolio oversight with planning for retirement, cash flow, education savings, and tax considerations.
- Broad investment capabilities: Mesirow provides access to multiple asset classes beyond traditional equities and fixed income, including alternative credit, private equity, and real estate.
- Availability of private and alternative investments: Eligible clients may gain access to proprietary and affiliated investment vehicles that are not available to the public.
Cons of Mesirow Financial Advisors:
- Minimum annual advisory fee may limit accessibility: The firm charges a minimum annual advisory fee of $4,000, which may make the service less accessible for investors with smaller account balances.
- Additional layers of fees for certain strategies: Clients utilizing third-party managers or private investment funds may incur additional management fees on top of the advisory fee.
- Not designed as a digital-first platform: The service is structured around advisor relationships and does not function as a low-cost, self-directed investment platform.
- Certain investment options are limited to qualified clients: Access to private and alternative investment strategies is restricted to clients who meet specific eligibility requirements.
Mesirow Financial Advisors fees: How much does Mesirow Financial Advisors cost?
Mesirow Financial uses a traditional, advisor-led fee structure. Most clients pay an annual advisory fee that is typically around 1% of assets under management, subject to a minimum annual fee of $4,000.
Actual costs can vary based on account size, service complexity, and the types of investments used. Clients may also incur additional investment-related fees beyond the primary advisory fee.
Core advisory fees
Most clients pay an annual advisory fee based on a percentage of assets under management. The standard fee is typically around 1%, though the actual rate may vary depending on account size and the complexity of the client’s needs. In some cases, clients may instead pay a negotiated flat annual fee.
Fees for third-party managers and alternative investments
When portfolios include third-party managers or private investment funds, clients may also pay separate management fees and fund-level expenses associated with those investments. These costs are in addition to the firm’s advisory fee.
Additional investment-related fees and costs
Clients may incur other fees and expenses related to their account investments. These costs may include custodian fees, transaction costs, wire transfer fees, and internal management fees associated with mutual funds or other products.
What is Mesirow Financial Advisors’ minimum account size?
Mesirow Financial does not publish a formal minimum account balance. Instead, the firm sets its entry threshold through a minimum annual advisory fee of $4,000.
While there is no stated asset minimum, clients must be willing to pay at least $4,000 per year for advisory services. This minimum fee may have a greater impact on smaller accounts, effectively raising the cost relative to assets for those investors.
Who should choose Mesirow Financial Advisors?
Mesirow Financial is generally a better fit for investors who want a long-term relationship with a financial advisor rather than a low-cost or automated solution. The service emphasizes personalized guidance and ongoing oversight.
Mesirow Financial Advisors work well for:
- Investors seeking ongoing, human-led advice: Clients who want to work directly with a financial advisor for portfolio management and financial planning.
- Individuals with complex financial planning needs: Investors who need guidance beyond portfolio construction, such as in retirement or tax planning.
- Qualified investors interested in alternative strategies: Clients who meet eligibility requirements and value access to strategies not available on mass-market platforms.
- Clients with moderate to larger portfolios: The $4,000 minimum annual advisory fee makes the service a better fit for investors with larger portfolios.
Who might not benefit as much:
- Cost-sensitive or early-stage investors: Investors focused on minimizing fees may find the $4,000 minimum fee difficult to justify.
- Hands-off investors seeking automation: Those who prefer a fully digital, automated investing experience may be better served by other platforms.
- Active traders or self-directed investors: The service is not designed for frequent trading or hands-on portfolio management by the client.
- Investors who want a simple, single-strategy solution: Clients seeking a streamlined portfolio without comprehensive planning may not need a full-service relationship.
Mesirow Financial Advisors: Is it secure?
Yes, Mesirow Financial is generally considered secure. The firm operates as an SEC-registered investment adviser, and client assets are typically held with third-party custodians, not by the advisory firm itself. This separation is a standard industry safeguard.
Mesirow also discloses that it maintains administrative, technical, and physical safeguards to protect personal information. As with any advisory service, these security measures do not eliminate market risk, and investment outcomes are not guaranteed.
Mesirow Financial Advisors: Customer service
Mesirow Financial provides customer service through a relationship-based, advisor-led model. Clients typically interact with a dedicated financial advisor or advisory team, which serves as the main point of contact for all account-related requests. This setup emphasizes continuity over a centralized, transactional support system.
In addition to advisor-led communication, the firm maintains multiple office locations and offers an online contact form for general inquiries.
Mesirow Financial Advisors: Mobile app
Mesirow Financial offers a proprietary mobile application for existing clients. Its core purpose is account visibility and portfolio reporting. The interface focuses on displaying portfolio values and performance summaries, allowing clients to track changes over time.
The app does not function as a self-directed investing or trading platform. It serves as a companion app that supports the advisor-led relationship by providing convenient access to information.
Is Mesirow Financial Advisors worth it?
Mesirow Financial may be worth considering for investors who want a traditional, advisor-led wealth management relationship and are comfortable paying an ongoing fee for personalized guidance. The service’s strengths lie in its combination of portfolio management, financial planning, and access to a broad range of investment strategies.
At the same time, the $4,000 minimum annual fee and limited emphasis on digital tools mean it may be less appealing to cost-sensitive investors or those seeking an automated experience. Its value depends on whether an investor prioritizes human advice and long-term planning over lower fees and simplicity.
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