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Gallagher Fiduciary Advisors

SEC-registered adviser since 2008Rolling Meadows, ILCRD 146509

$194.8B
AUM
6,120
Clients
See fees
Fee
218
Advisory staff

From Form ADV filed 28 September 2026 · data retrieved 15 October 2026SEC record

Gallagher Fiduciary Advisors is an investment adviser headquartered in Rolling Meadows, Illinois, and registered with the SEC since 2008. Its clients include pension and profit-sharing plans, other clients, and state or municipal government entities. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, and selecting other managers. Fee arrangements include a percentage of assets under management, hourly charges and fixed fees. Gallagher Benefit Services, Inc. owns 75% or more of Gallagher Fiduciary Advisors.

Clients

Gallagher Fiduciary Advisors serves 6,120 clients, 3,770 of them other individuals. The average client has about $32 million with the firm, and high-net-worth clients hold 0% of its $194.8 billion in assets.

Regulatory assets by client type
  • Pension and profit-sharing plans2,099 clients88%
  • State or municipal government entities36 clients4%
  • Corporations and other businesses11 clients2%
  • Other29 clients5%
  • OtherIndividuals, High-net-worth individuals, Insurance companies1%
Show client breakdown
Individuals (other than HNW)
Clients
3,770
Regulatory AUM
$682,104,770
Share
0.4%
Avg. per client
$181K
High-net-worth individuals
Clients
170
Regulatory AUM
$295,497,311
Share
0.2%
Avg. per client
$1.74M
Pension and profit-sharing plans
Clients
2,099
Regulatory AUM
$170,550,031,958
Share
87.5%
Avg. per client
$81.3M
State or municipal government entities
Clients
36
Regulatory AUM
$8,435,722,746
Share
4.3%
Avg. per client
$234.3M
Insurance companies
Clients
5
Regulatory AUM
$847,467,078
Share
0.4%
Avg. per client
$169.5M
Corporations and other businesses
Clients
11
Regulatory AUM
$4,092,144,484
Share
2.1%
Avg. per client
$372.0M
Other
Clients
29
Regulatory AUM
$9,920,134,378
Share
5.1%
Avg. per client
$342.1M

Total

Clients
6,120
Regulatory AUM
$194,823,102,725
Share
100%
Avg. per client
$31.8M

What it does

Gallagher Fiduciary Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers and other activities. It is paid through a percentage of assets, hourly charges and fixed fees.

Gallagher Fiduciary Advisors provided financial planning to 251–500 clients last fiscal year and advises no private funds.

6.6% of assets ($12.87B across 4,205 accounts) are managed with discretion; $181.96B across 2,202 accounts are not. $870.0M sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 300 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Stocks5%
  • Funds78%
    • Registered funds49%
    • Pooled vehicles29%
  • Bonds2%
    • U.S. government and agency bonds1%
    • Investment grade corporate bonds1%
  • Cash1%
  • Other14%
    • Private markets, real estate and hedge funds.14%

Custodians

Gallagher Fiduciary Advisors has custody of $443.0M for 5 clients.

Managed account assets by custodian
  • All other custodians$194.82B100%

Ownership and leadership

Gallagher Benefit Services, Inc. owns 75% or more of Gallagher Fiduciary Advisors.

Who owns the firm
Gallagher Fiduciary Advisors, LLC· the adviser

  • Gallagher Benefit Services, Inc.

    Control person · since May 2007

    Owns 75% or more of Gallagher Fiduciary Advisors, LLC

Leadership

  • Bart Burkhart
    Vice President, Investments Practice Leader
  • Richard Cary
    Vice President and Controller
  • Michael Johnson
    Vice President and Area President Gallagher Fiduciary Advisors, LLC
  • John Jurik
    Vice President
  • William Ziebell
    President
  • Nicolas Medina
    Chief Compliance Officer and Assistant Secretary
  • Michael Burchill
    CFO
  • Jennifer Ryder
    Assistant Secretary, VP & General Counsel

Staff

  • 235 employees
  • 218 in advisory functions
  • 118 state-registered reps
  • 83 broker-dealer reps
  • 90 insurance agents
  • 2 soliciting firms

Reported holdings

Gallagher Fiduciary Advisors’ reported 13F holdings total $3.04B across 356 positions, and the ten largest make up 76.8% of it.

$3.04B
Reported 13F value
356
Positions
76.8%
In the 10 largest
+18.0%
Value vs. prior quarter
Ten largest positions, share of reported value
  1. Mcdonalds Corp.37.8%
  2. Delta Air Lines Inc.11.2%
  3. Pg&e Corp.9.9%
  4. Vanguard Index Fds · Total Stk Mkt5.9%
  5. CBRE Group Inc. · CL A3.9%
  6. Schwab Strategic TR · US Brd Mkt ETF2.6%
  7. Franklin Resources Inc.1.5%
  8. Vanguard Scottsdale Fds · Lg-term Cor BD1.4%
  9. iShares TR · 10+ YR Invst Grd1.4%
  10. American Centy ETF TR · Diversifid Crp1.2%

Together, the ten largest are 76.8% of reported value.

The 50 largest positions and quarterly changesQuarter ended 30 June 2026 · filed 14 August 2026

A 13F covers only exchange-traded long positions the firm holds with discretion, so this $3.04B is not its $194.82B in regulatory assets and does not represent any individual client's portfolio.

Fees

Gallagher Fiduciary Advisors is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees).

Gallagher Fiduciary Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Gallagher Fiduciary Advisors has 36 offices (1 private residence, listed without an address), with 35 listed addresses across 25 states.

Listed office addresses by state

Illinois · 1 listed address

  • 2850 Golf Road, Rolling MeadowsHQ

Other business names

Gallagher Fiduciary Advisors has reported 3 other business names to the SEC.

  • Flagstone Wealth Management
  • Gallagher Investments
  • Kusske Financial Management

Registration details

Legal name
Gallagher Fiduciary Advisors, LLC
Headquarters
2850 Golf Road, Rolling Meadows, IL 60008
Phone
630-773-3800
Website
Not reported
SEC file
801-68868
Structure
Delaware LLC
Fiscal year end
December

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Gallagher Fiduciary Advisors have?

Gallagher Fiduciary Advisors has 6,120 clients and manages $194.8 billion for them, as of September 2026. They include 3,770 other individuals, 2,099 pension and profit-sharing plans and 170 high-net-worth individuals.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 28 September 2026

What services does Gallagher Fiduciary Advisors offer?

Gallagher Fiduciary Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for pooled vehicles, portfolio management for institutions, pension consulting, selecting other managers and other activities.

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

How many financial advisors does Gallagher Fiduciary Advisors have?

Gallagher Fiduciary Advisors has 118 investment adviser representatives registered with state securities authorities, out of 235 employees, and 218 perform investment advisory functions. 83 are registered representatives of a broker-dealer and 90 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 Gallagher Fiduciary Advisors invest in?

At the end of its last fiscal year, Gallagher Fiduciary Advisors’ separately managed accounts held 49% registered funds (mutual funds, ETFs, BDCs), 29% pooled vehicles (private funds and similar), 14% private markets, real estate and hedge funds., 5% exchange-traded equities, 1% U.S. government and agency bonds, 1% investment grade corporate bonds and 1% cash and equivalents. It advises no private funds of its own.

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

Who owns Gallagher Fiduciary Advisors?

Gallagher Fiduciary Advisors is owned through a chain of holding companies by Arthur J. Gallagher & Co. Its direct owner is Gallagher Benefit Services, Inc. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 28 September 2026

How does Gallagher Fiduciary Advisors get paid?

Gallagher Fiduciary Advisors is paid through a percentage of assets under management, hourly charges 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

Sources

  1. Form ADV Part 1A, amendment filed 28 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 146509.
  3. Form 13F-HR, filed 14 August 2026 for the quarter ended 30 June 2026.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Gallagher Fiduciary Advisors, LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.