Based in Minnetonka, Minnesota
Flames FP is based in Minnetonka, Minnesota. Chicago relationships run entirely virtually. This page describes the Chicago service area, not a separate Chicago branch.
Financial advisor serving Chicago
A flat-fee financial advisor serving Chicago, IL.
Flames Financial Planning is based in Minnetonka, Minnesota and works with Chicago households through a virtual planning relationship. Fixed quarterly memberships coordinate investments, taxes, retirement, and estate guidance without an AUM fee.
Minnetonka-basedA Minnesota firm serving Chicago-area households; Flames FP does not claim a Chicago office.
$150–$1,650/qtrQuarterly memberships billed in advance, with no annual commitment.
0% AUMThe advisory fee is not calculated as a percentage of the portfolio.
Virtual planningMeet and collaborate from Chicago or anywhere else you happen to be.
Direct answer
How Do You Find a Flat-Fee Financial Advisor Serving Chicago?
Compare each advisor’s registration, fiduciary role, total annualized cost in dollars, the services included, and who you actually meet with. Flames Financial Planning is based in Minnetonka—not at a Chicago office—and serves Chicago households virtually. Memberships cost $150, $900, or $1,650 per quarter, with no AUM fee and no annual commitment.
A truthful local relationship
Serving Chicago without inventing an office there
A location page should tell you who is actually available, where the firm sits, and how the relationship works day to day.
Built for virtual collaboration
Meetings, document sharing, dashboard access, and ongoing planning all happen remotely, so where you live does not limit the advice you get.
Verify before you hire anyone
Check any advisor’s registration, services, disciplinary history, and fee disclosures before you sign. That applies to this firm as much as any other.
Illinois planning context
What actually differs about planning in the Chicago metropolitan area
Tax rules are set by the state, not the city, and they change which decisions are worth the most. The full Illinois picture, with sources, is on the Illinois page. How those rules bear on withdrawal order, Roth-conversion timing and Medicare premiums is set out in the retirement tax planning overview.
Illinois tax treatment
Illinois taxes income at a flat 4.95% and exempts retirement income entirely: Social Security, pensions, and 401(k) and IRA distributions — including amounts converted to a Roth — are all subtractable. That makes Illinois one of the cheapest places in the country to convert tax-deferred savings. Its estate tax applies above $4 million, and the exclusion is a threshold rather than a credit, so an estate a little over the line is taxed on far more than the excess. Contributions to the state's Bright Start and Bright Directions 529 plans can be subtracted up to $10,000 a year ($20,000 filing jointly).
Retirement income: Fully exempt — Social Security, pensions, 401(k) and IRA distributions
The federally taxed portion of Social Security, qualified employer plan distributions including 401(k)s, and IRA distributions — including amounts rolled over to a Roth IRA — can all be subtracted from Illinois income.
Estates: $4 million exclusion, which is a threshold rather than a credit
An Illinois estate tax return is required when the gross estate plus adjusted taxable gifts exceeds $4,000,000. The exclusion is a taxable threshold and not a credit against tax, so an estate over the line owes tax on much more than the amount over it. Illinois follows federal rules for QTIP elections between spouses.
How local households are paid
Chicago's professional households are paid through a wide mix: restricted stock and deferred compensation at the publicly traded companies headquartered in the city and its northern suburbs, partnership income at the trading firms, law practices and consultancies downtown, and hospital-system pensions and 403(b)s across the medical centres. Illinois's treatment of retirement income means that mix simplifies dramatically at retirement — and the estate threshold means it complicates again at death.
Rates change; check before you act
Brackets, thresholds, and retirement-income rules are revised regularly. The figures above are for tax year 2025. Treat them as a starting point and confirm the current year before making a decision on them.
Federal and state, together
How Illinois Tax Interacts With a Chicago Household’s Federal Return
Illinois income tax at 4.95% together with Cook County property tax often exceeds the federal deduction cap, and above $500,000 of modified adjusted gross income the cap shrinks toward $10,000. In retirement, with no state tax on retirement income, the cap stops mattering for most households.
For tax year 2026 the federal deduction for state and local taxes is capped at $40,400, shrinking above $500,000 of modified adjusted gross income to a floor of $10,000. IRS, Instructions for Schedule A (2025), line 5e.
Worth doing here
Illinois planning opportunities
Things that are worth doing in Illinois that would not be worth doing, or would work differently, somewhere else.
Roth conversions are free of state tax
Because IRA distributions — including amounts converted to a Roth — are subtractable, converting tax-deferred savings while an Illinois resident costs only federal tax. For someone who may retire to a state that taxes retirement income, converting here first can be worth a great deal.
The Bright Start and Bright Directions subtraction
Contributions to Illinois's 529 plans can be subtracted up to $10,000 a year, or $20,000 on a joint return.
Estate planning at $4 million
With the threshold far below the federal exclusion and no indexing, couples with more than $4 million between them generally need trust planning and a state QTIP election to use both spouses' exclusions.
The first meeting
What the first meeting covers for a Chicago household
A discovery meeting is a conversation, not a pitch. For households here it tends to get to these three things.
A Roth conversion plan that uses Illinois's exemption for retirement income while the household lives here — how much, in which years, at which federal brackets.
Where the estate sits relative to the $4 million Illinois threshold, and whether the documents use both spouses' exclusions.
College savings against the $20,000 Bright Start and Bright Directions subtraction.
Who this fits
Households Flames FP often helps in Chicago
The common thread is a household with enough complexity that the decisions interact, and enough assets that a percentage fee gets expensive.
High-income families
See how the planning relationship works for this situation, what is included, and what it costs.
Pre-retirees
See how the planning relationship works for this situation, what is included, and what it costs.
Anyone comparing a 1% fee against a flat one
Run your own numbers before talking to anyone, including this firm. The calculator converts a percentage into the dollars it actually costs over time.
Watch and learn
Financial Planning, Explained Clearly
Start with three videos selected for this page, then use the controls to explore every published Flames FP video guide.
Videos 1–3 of 14
What Nobody Tells You About Earning $400K a Year
See why a $400K income can still leave too little investable margin and how taxes, lifestyle growth, and deliberate investing change the result.
The RSU Strategy Most $300K Tech Earners Miss
Understand taxation at vesting, check the withholding gap, and turn each RSU vest into a deliberate diversification and household-planning decision.
The 3-Account System for a $250K Income
Use cash reserves, tax-advantaged accounts, and a taxable brokerage account to turn a strong income into a repeatable wealth-building system.
The 6 Levels of Wealth for $200K+ Households
Use six stages to separate a high income from the wealth it actually creates.
The Most Underrated Retirement Account
How a taxable brokerage account can support retirement flexibility alongside tax-advantaged accounts.
How to Decrease Your Tax Bill
Review practical tax-planning decisions that can connect income, investments, retirement, and withholding.
Should You Invest or Spend Your HSA?
A practical framework for deciding how an HSA fits healthcare costs, taxes, and retirement planning.
Four Common Backdoor Roth IRA Mistakes
Understand contribution, conversion, pro-rata, and reporting mistakes before they create tax problems.
Direct Indexing vs ETFs in a Taxable Account
Compare diversification, tax management, cost, and complexity before changing an investment strategy.
My New Favorite Account to Gift Money to Kids and Grandkids
Compare the new child investment account with 529 plans, custodial accounts, Roth IRAs for earned income, and the family's actual goals.
Estate Planning Documents You May Need
A plain-English review of wills, powers of attorney, healthcare directives, beneficiaries, and trusts.
Flat Fee vs 1% Financial Advisor
See how a percentage fee changes in dollars as a portfolio grows and what to compare beyond the headline rate.
How Much Life Insurance Do You Need?
Think through income replacement, debt, children, childcare, education, and family risk.
Five Money Mistakes High Earners Make
Common coordination gaps involving taxes, cash flow, investments, insurance, and estate planning.
Common questions
Chicago Financial Advisor Questions
Does Flames Financial Planning have a Chicago office?
No. Flames Financial Planning is based in Minnetonka, Minnesota, and serves Chicago households through a virtual planning relationship. This page describes the service area and does not claim a Chicago office.
Can someone in Chicago work with Flames FP virtually?
Yes. Chicago households can meet by video, share documents securely, use the financial dashboard, and receive ongoing planning without travelling. Flames FP serves clients nationwide where permitted.
How much does Flames FP cost?
Flames Access is $150 per quarter ($600 annualized), Planning is $900 per quarter ($3600 annualized), and Premier is $1650 per quarter ($6600 annualized). Memberships are billed quarterly in advance with no annual commitment.
Does Flames FP charge an AUM fee to Chicago clients?
No. The advisory fee is a flat quarterly amount tied to the planning work, not a percentage of the portfolio, so it does not increase as investments grow.
What should a Chicago household compare between advisors?
Compare the total annual cost in dollars rather than percentages, exactly what is included at that price, whether the advisor is a fiduciary and fee-only, and who you actually meet with. Then verify the firm's registration and disciplinary history on the SEC's adviser search.
Is Illinois tax planning part of the relationship?
Yes. State tax treatment shapes withdrawal order, Roth-conversion timing, and where investments are best held. Planning includes tax guidance and review of a completed return; Premier adds tax projections and preparation and filing through an independent tax partner. The Illinois rules themselves are set out on the Illinois page.
Next step
Compare a Chicago-area planning relationship in actual dollars.
A discovery meeting covers your situation, your current advisor arrangement if you have one, and whether a fixed quarterly membership is a better fit than what you are paying now.