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Forum Financial Management

Wealth managementRIA

Lombard, ILCRD 145706Updated

Forum Financial Management is an investment adviser based in Lombard, IL, registered with the SEC since 2009. It provides financial planning and investment management. Its clients include high-net-worth individuals, individual clients and other investment advisers. Its regulatory assets under management total $8.69 billion, as filed on 14 September 2026.

$8.69B
AUM
5,841
Clients
$1.26M
AUM per individual client
94
Advisory staff
60
Offices
0.75–1.20%
Annual fee

From Form ADV filed 14 September 2026SEC record

Services and clients

Forum Financial Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting. Financial planning was provided to 5,000 clients last fiscal year.

Forum Financial Management reports 5,841 clients. They include 3,903 individual clients, 1,719 high-net-worth individuals, and 121 pension and profit-sharing plans. Of its assets, 100.0% ($8.69B across 19,838 accounts) are managed with discretion. It advised 155 clients without assets under management last fiscal year.

Clients and assets by client type
Clients5,841 clients reported
Assets$8.69B
Share of clients and assets by client type
Client typeClientsAssets
Individuals (other than HNW)67%17%
High-net-worth individuals29%65%
Banking or thrift institutionsFewer than 50%
Pension and profit-sharing plans2%<1%
Charitable organizations<1%<1%
Other client typesState or municipal government entities; Other investment advisers; Insurance companies; Sovereign wealth funds and foreign official institutions; Corporations and other businesses2%18%

Client shares use reported counts. Client types without a reported count are excluded from that total.

Client breakdown and activity details
Individuals (other than HNW)
Clients
3,903
Regulatory AUM
$1.43B
AUM share
16.5%
Avg. per client
$368K
High-net-worth individuals
Clients
1,719
Regulatory AUM
$5.67B
AUM share
65.2%
Avg. per client
$3.3M
Banking or thrift institutions
Clients
Fewer than 5
Regulatory AUM
$0
AUM share
0.0%
Avg. per client
—
Pension and profit-sharing plans
Clients
121
Regulatory AUM
$28.1M
AUM share
0.3%
Avg. per client
$232K
Charitable organizations
Clients
9
Regulatory AUM
$12.6M
AUM share
0.1%
Avg. per client
$1.4M
State or municipal government entities
Clients
Fewer than 5
Regulatory AUM
$0
AUM share
0.0%
Avg. per client
—
Other investment advisers
Clients
13
Regulatory AUM
$1.24B
AUM share
14.2%
Avg. per client
$95.2M
Insurance companies
Clients
Fewer than 5
Regulatory AUM
$0
AUM share
0.0%
Avg. per client
—
Sovereign wealth funds and foreign official institutions
Clients
Fewer than 5
Regulatory AUM
$0
AUM share
0.0%
Avg. per client
—
Corporations and other businesses
Clients
76
Regulatory AUM
$307M
AUM share
3.5%
Avg. per client
$4.04M

Total

Clients
5,841
Regulatory AUM
$8.69B
AUM share
100%
Avg. per client
—
Clients outside the U.S.
0%
Clients advised without assets under management last fiscal year
155
Private funds advised
0
Financial planning clients last fiscal year
5000

Forum Financial Management fees and minimums

Forum Financial Management charges 0.75%–1.20% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable.

$0–$1M1.20%
$1M–$2M1.00%
$2M–$5M0.80%
$5M and above0.75%
Fee details and sources

Who owns Forum Financial Management

The leadership team of Forum Financial Management includes Chief Investment Officer Nirav Batavia and Chief Compliance Officer Allison Tronnes. It has 143 employees, 94 of them in advisory roles.

Leadership

Investment adviser representatives

117 representatives listed in the SEC register as of 9 October 2026.

  • John Joseph Adam
  • Luke Bernard Adam
  • Jacqueline Dana Adler
  • Andrew Jason Alter
  • Nirav Rajen Batavia
  • Kevin Michael Benson
  • Jeffrey Jay Bogdanovich
  • Jeffrey Arnold Borenstein
  • Zachary Zane Boyd
  • Christian Thomas Bradley
  • Daniel Breier
  • Mark David Bulmer

Staff

  • 143 employees
  • 94 in advisory functions
  • 94 state-registered reps
  • 10 broker-dealer reps
  • 19 insurance agents
  • 13 soliciting firms
Ownership chain
Forum Financial Management, LP· the adviser

  • Norbert M. Mindel Declaration of Trust Dated April 15, 2000

    Control person · since July 2002

    Owns 10% to 25% of Forum Financial Management, LP

  • Nirav Batavia Declaration of Trust Dated May 15, 2007

    Control person · since January 2015

    Owns 10% to 25% of Forum Financial Management, LP

  • Lamia Family Trust Dated October 8, 1999

    Control person · since November 2018

    Owns 10% to 25% of Forum Financial Management, LP

  • John J. Adam As Trustee of the John J. Adam Declaration of Trust Dated February 14, 2007

    Control person · since July 2002

    Owns 5% to 10% of Forum Financial Management, LP

  • Alfred Andrew Marwede Declaration of Trust Dated November 30, 2018

    Control person · since August 2012

    Owns 5% to 10% of Forum Financial Management, LP

  • Jonathan M. Rogers, Declaration of Trust Dated November 30, 2011

    Control person · since January 2012

    Owns 5% to 10% of Forum Financial Management, LP

  • Karma A. Forrestal Trust Dated February 14, 2015

    Control person · since July 2016

    Owns 5% to 10% of Forum Financial Management, LP

  • David C. McLellan Trust Dated November 12, 2003

    Control person · since July 2022

    Owns 5% to 10% of Forum Financial Management, LP

Growth and acquisitions

Forum Financial Management’s regulatory assets grew 1.6× from $5.37B (July 2021) to $8.69B (September 2026); clients rose from 4,019 to 5,841 and employees from 118 to 143. Between 2017 and 2025, 3 advisory firms joined it. The largest by last filed assets was Odyssey Personal Financial Advisors ($295M, December 2025, the most recent).

By annual filing
Measure
Figures from each annual filing
Forum Financial Management figures from each annual Form ADV filing
FiledRegulatory AUMClientsEmployeesOffices
September 2026$8.69B5,84114360
July 2025$9.03B5,53514051
July 2024$8.53B5,28514549
June 2023$7.01B4,99412544
July 2022$7.4B4,55413540
July 2021$5.37B4,01911838

Firms that joined

  1. 20251 joined

    1. Odyssey Personal Financial Advisors
      Form ADV-W, CRD 322496
      Last filed AUM $295M

  2. 20191 joined

    1. Lamia Financial Group
      Form ADV-W, CRD 146421
      No filed AUM

  3. 20171 joined

    1. Cedarwinds Investment Management
      Form ADV-W, CRD 131501
      No filed AUM

Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.

Offices and registration details

Besides its headquarters, Forum Financial Management has 59 offices (27 private residences, listed without an address), with 33 listed addresses across 14 states.

Listed office addresses by state

Illinois · 14 listed addresses

  • 1900 South Highland Avenue, Suite 100, LombardHQ
  • 440 South 3rd Street, Saint Charles
  • 2002 West Roscoe Street, Chicago
  • 15255 South 94th Avenue, Orland Park
  • 181 East Westminster Road, Lake Forest
  • 6508 West Archer Avenue, Chicago
  • 1 Northfield Plaza, Northfield
  • 333 North Hammes Avenue, Joliet
  • 990 Avenue of the Cities, East Moline
  • 2200 Cabot Drive, Lisle
  • 3400 Dundee Road, Northbrook
  • 1200 Harger Road, Oak Brook
  • 465 S. Oak Street, Itasca
  • 1230 East Diehl Road, Naperville

Other business names

Forum Financial Management has reported 3 other business names to the SEC.

  • Forum
  • Forum Financial
  • Wealth Adviser Alliance

Contact and registration details

Legal name
Forum Financial Management, LP
Headquarters
1900 South Highland Avenue, Suite 100, Lombard, IL 60148
Website
forumfinancial.com
Phone
630-873-8520
X
@forumfinancial
SEC file
801-69970
Structure
Delaware limited partnership
Fiscal year end
December

Custodians

Forum Financial Management uses Charles Schwab ($8.46B, 99%) and Fidelity ($110M, 1%) as custodians for its separately managed accounts. Forum Financial Management has custody of $605M in client assets for 562 clients.

Reported separately managed account assets by custodian
$8.57B
named custodians
  • Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $8.46B99%
  • FidelityFidelity Brokerage Services LLC · Smithfield, RI · $110M1%

Investments and reported holdings

At year end, Forum Financial Management’s separately managed accounts were mostly in stocks (65%) and funds (33%). Its reported 13F holdings for the quarter ended 30 June 2026 total $7.79B across 352 positions; the largest are Dimensional ETF Trust (24.3%), iShares TR (12.5%) and Dimensional ETF Trust (9.3%).

What the accounts hold

Separately managed account assets by class, year end
  • Stocks65%
  • Funds33%
  • Cash2%

Reported 13F holdings

$7.79B
Reported 13F value
352
Positions
84.0%
In the 10 largest
+10.2%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Dimensional ETF Trust · US Cor Equ 2 ETF24.3%
  2. iShares TR · 10-20 YR Trs ETF12.5%
  3. Dimensional ETF Trust · US Targeted Vlu9.3%
  4. Dimensional ETF Trust · Emerging Mkts CO8.2%
  5. Dimensional ETF Trust · Intl Core Equity7.9%
  6. Dimensional ETF Trust · Global Real Est6.7%
  7. Dimensional ETF Trust · Glob CO Plus ETF4.8%
  8. Dimensional ETF Trust · US High Prof ETF4.6%
  9. Dimensional ETF Trust · Intl Small Cap V2.9%
  10. Dimensional ETF Trust · Intl High Profit2.8%

Together, the ten largest are 84.0% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 23 July 2026

Common questions

How many clients does Forum Financial Management have?

Forum Financial Management has 5,841 clients and manages $8.69 billion for them, as of September 2026. They include 3,903 individual clients, 1,719 high-net-worth individuals, and 121 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 14 September 2026

What services does Forum Financial Management offer?

Forum Financial Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and pension consulting.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

How much does Forum Financial Management charge?

Forum Financial Management charges 0.75%–1.20% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in arrears and is negotiable.

Source: FORUM FINANCIAL MANAGEMENT, LP ADV PART 2A, filed 28 March 2026

Which custodians does Forum Financial Management use?

Forum Financial Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $8.46B and Fidelity Brokerage Services LLC (Smithfield, RI), with $110M. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 14 September 2026

How many financial advisors does Forum Financial Management have?

Forum Financial Management has 94 investment adviser representatives registered with state securities authorities, out of 143 employees, and 94 perform investment advisory functions. 10 employees are registered representatives of a broker-dealer and 19 employees are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Forum Financial Management invest in?

At the end of its last fiscal year, Forum Financial Management’s separately managed accounts held 65% exchange-traded equities, 33% registered funds (mutual funds, ETFs, BDCs) and 2% cash and equivalents.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Forum Financial Management?

Forum Financial Management’s direct owners are Norbert M. Mindel Declaration of Trust Dated April 15, 2000, John J. Adam As Trustee of the John J. Adam Declaration of Trust Dated February 14, 2007, Alfred Andrew Marwede Declaration of Trust Dated November 30, 2018, Jonathan M. Rogers, Declaration of Trust Dated November 30, 2011, Nirav Batavia Declaration of Trust Dated May 15, 2007, Karma A. Forrestal Trust Dated February 14, 2015, Lamia Family Trust Dated October 8, 1999 and David C. McLellan Trust Dated November 12, 2003, each holding 25% or less.

Source: Form ADV Part 1A, Schedules A and B, filed 14 September 2026

How does Forum Financial Management get paid?

Forum Financial Management is paid through a percentage of assets under management and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Is Forum Financial Management registered with the SEC?

Yes, Forum Financial Management has been registered with the SEC as an investment adviser since 9 March 2009. Its CRD number is 145706 and its SEC file number is 801-69970.

Source: Form ADV Part 1A, Item 1, filed 14 September 2026; IAPD firm record

How do I contact Forum Financial Management?

Forum Financial Management’s main office is at 1900 South Highland Avenue, Suite 100, Lombard, IL 60148. Its phone number is 630-873-8520. Its website is forumfinancial.com.

Source: Form ADV Part 1A, Item 1.F, filed 14 September 2026

Sources and methodology

  1. Form ADV Part 1A, amendment filed 14 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. FORUM FINANCIAL MANAGEMENT, LP ADV PART 2A, submitted 28 March 2026.
  3. IAPD firm record, CRD 145706.
  4. SEC registered adviser data, annual Form ADV amendments filed 27 July 2021 to 14 September 2026. Items 1.F and 5.
  5. Form ADV-W withdrawals of the firms listed under Growth and acquisitions, each linked to its IAPD record, from the SEC's Form ADV-W data. Item 1.
  6. SEC investment adviser representative register, as of 9 October 2026; loaded 10 October 2026.
  7. Form 13F-HR, filed 23 July 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since. Disciplinary history is not yet shown here. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. The logo is reproduced for identification from Forum Financial Management, LP, website.

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