Founded in 2016 and headquartered in Chicago, Advisory Partners, LLC (“the Firm”) is a private
investment office and registered investment adviser with the U.S. Securities and Exchange Commission
(“SEC”). Advisory Partners is organized as a Delaware limited liability company and operates as a multi-
family office for high-net-worth families and individuals, as well as trusts, foundations, endowments,
charitable organizations and other business or family-related entities, herein referred to as
“Clients”. Advisory Partners is wholly owned by Joel Kendall.
Advisory Partners provides Investment Management Services in which it advises upon and manages
investment portfolios on behalf of its Clients. Advisory Partners’ services are enhanced through its focus
on customized financial and asset allocation analysis, financial planning, overall portfolio risk management
and consolidated investment reporting. The Firm also coordinates Family Office Services that are intended
to accomplish Clients’ goals with respect to estate planning, tax planning, insurance planning and other
areas. In many instances, the Firm will recommend and/or collaborate with Clients’ existing advisors and
professionals to develop and execute the plans and solutions that are suitable for its Clients.
At the outset of every engagement, and on an on-going basis, Advisory Partners encourages an active
dialogue to gain an understanding of the Client’s investment goals, objectives, and constraints. This
dialogue typically leads to a detailed study of objectives, assets, liabilities, cash flow requirements,
liquidity, risk tolerance and tax-status. Advisory Partners works with the client and their advisors to develop
appropriate risk and return objectives, determine an appropriate investment objective and strategic asset
allocation, investment time horizon, distribution requirements, philanthropic and/or wealth transfer
objectives and other factors that may impact the portfolio. Advisory Partners customizes its advisory
services to the specific investment and management needs of each Client.
Investment Management Services
Advisory Partners typically manages Client investment portfolios on a discretionary basis. Advisory
Partners primarily invests Client assets in various exchange-traded funds (“ETFs”), and individual debt and
equity securities (principally amongst investment-grade debt and blue-chip stocks), in accordance with their
stated investment objectives. With the Client’s express written consent, Advisory Partners also advises
Clients on investing in options as an investment strategy in Client accounts. Please see Item 8 for a
description of Advisory Partners’ investment strategies and related risks. If requested, the Firm may also
provide customized investment advice, including advice about any type of legacy position or other
investment held in Client portfolios.
Advisory Partners generally assumes responsibility for day-to-day management of the Client’s portfolio of
investments. Clients are advised to promptly notify Advisory Partners if there are changes in their financial
situation or investment objectives. Advisory Partners does not provide tax or legal advice. Clients may
impose reasonable restrictions or mandates on the management of their accounts if Advisory Partners
determines, in its sole discretion, the conditions would not materially impact the performance of a
management strategy or prove overly burdensome to the Firm’s management efforts.
Family Office Services
Clients can engage Advisory Partners to provide Family Office Services, which may include all of the
services described above, without the Investment Management Services component.
In performing Family Office Services, Advisory Partners is not required to verify any information received
from the Client or from the Client’s other professionals (e.g., attorneys, accountants, etc.,) and is expressly
authorized to rely on such information. Advisory Partners at times recommends Clients engage the Firm
for additional related services, its Supervised Persons in their individual capacities as insurance agents and/or
other professionals to implement its recommendations. Clients are advised that a conflict of interest exists
if Clients engage Advisory Partners or its affiliates to provide additional services for compensation.
Advisory Partners’ mandates typically encompass a Client’s entire investment and financial portfolio. In
order to provide comprehensive analyses, the Firm’s customized mandates can also include analyses of
concentrated public or private business interests and analyses of actual or contingent liabilities if requested
by a Client. These concentrated, illiquid assets and/or liabilities are considered in the overall investment
strategy and planning.
Prior to Advisory Partners rendering any of the foregoing advisory services, Clients are required to enter
into one or more written agreements with Advisory Partners setting forth the relevant terms and conditions
of the advisory relationship, including the fees charged by Advisory Partners (the “Advisory Agreement”).
Use of Independent Managers
Advisory Partners at times selects or recommends that certain clients select certain Independent Managers
to actively manage a portion of its Clients’ assets. This generally includes recommending fixed income
managers, but may include Independent Managers in other strategies, where the Firm believes it would be
more effective for the client. The specific terms and conditions under which a Client engages an
Independent Manager may be set forth in a separate written agreement with the designated Independent
Manager but
may alternatively be set forth in a sub-advisory agreement between Advisory Partners and the
Independent Manager provided that the Client’s Investment Management Agreement with Advisory
Partners permits such an appointment. In addition to this brochure, Clients will typically receive the written
disclosure documents of the respective Independent Managers directly from the Independent Manager.
Advisory Partners evaluates a variety of information about Independent Managers, which may include the
Independent Managers’ public disclosure documents and materials supplied by the Independent Managers
themselves. To the extent possible, the Firm seeks to assess the Independent Managers’ investment
strategies, past performance and risk results in relation to its Clients’ individual portfolio allocations and
risk exposure. Advisory Partners also takes into consideration each Independent Manager’s management
style, returns, reputation, financial strength, reporting, pricing and research capabilities, among other
factors.
On an ongoing basis, the Firm monitors the performance of those accounts being managed by Independent
Managers. Advisory Partners seeks to ensure the Independent Managers’ strategies and target allocations
remain aligned with its Clients’ investment objectives and overall best interests.
Use of Independent Managers – Alternative Investments
In addition to the use of Independent Managers described above, Advisory Partners offers financial
guidance to Clients on certain alternative investments when consistent with a Client's net worth, investible
assets, current portfolio composition, investment objective, liquidity needs, and risk considerations. Clients
should understand that alternative investment strategies are subject to a number of risks and are not suitable
for all investors. Advisory Partners offers financial guidance on alternative investments that include, but are
not necessarily limited to, hedge funds, private funds investing in private equity and real estate investments.
Investing in alternative investments is only intended for experienced and sophisticated investors who are
willing to bear the high economic risk associated with such an investment. By themselves, alternative
investments do not constitute a balanced investment program.
Advisory Partners is not affiliated with any alternative investment provider, including those that it may
recommend to certain Clients.
When advising Clients on alternative investments that are not publicly traded, Advisory Partners does not
exercise discretionary authority. This is different from the Firm’s other Investment Management Services
where Clients typically provide Advisory Partners with discretion to make decisions about securities bought
and sold on their behalf. When making investments in non-public alternative products or strategies, Clients
are doing so based on their own independent assessment of the investment opportunity.
Clients should carefully review and consider potential risks before investing, and should carefully review
all disclosure documents, private offering memoranda, prospectuses or other offering materials provided by
Advisory Partners and any Independent Manager of an alternative investment.
IRA Rollovers
Clients considering rolling over assets from a qualified employer-sponsored retirement plan (“Employer
Plan”) to an Individual Retirement Account (“IRA”) to be managed by Advisory Partners should review
and consider the advantages and disadvantages of an IRA rollover from their Employer Plan, and we
encourage you to discuss your options with an accountant, third-party administrator, investment advisor to
your Employer Plan (if available), or legal counsel, to the extent you consider necessary.
If you roll over your Employer Plan assets to an IRA that is managed by Advisory Partners, Advisory
Partners will likely earn fees based on the terms of your Advisory Agreement. In contrast, leaving assets in
your Employer Plan or rolling the assets to a plan sponsored by your new employer likely results in no
compensation to Advisory Partners. Therefore, Advisory Partners has an economic incentive to encourage
you to rollover Employer Plan assets into an IRA managed by Advisory Partners. Additional resources
about IRA Rollovers are available to investors through FINRA’s web site at www.finra.org.
When we provide investment advice to you regarding your retirement plan account or individual retirement
account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act
and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way
we make money creates some conflicts with your interests, so we operate under a special rule that requires
us to act in your best interest and not put our interest ahead of yours. Under this special rule’s provisions,
we must:
• Meet a professional standard of care when making investment recommendations (give prudent
advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Amount of Managed Assets
As of February 1, 2023, Advisory Partners had $233,404,440 in regulatory assets under management.
$232,774,267 managed on a discretionary basis, and $630,173 managed on a non-discretionary basis.