Lake Life Wealth Advisory Group

What Lake Life Wealth Advisory Group does

Lake Life Wealth Advisory Group LLC is a Chicago-based, fee-only financial planning firm founded in 2018 by Patti Hughes. The firm delivers comprehensive financial planning across four service tiers: a Comprehensive Financial Planning retainer ($3,000-$20,000 annually with unlimited advisor access covering goal development, cash flow, insurance, portfolio, tax, employee benefits, college, retirement, and estate planning), focused Financial Strategy Sessions, scoped Financial Planning Projects, and an "On Your Way Program" for young professionals with combined gross income of at least $150,000, priced at 1.5% of gross wages with a $3,000 minimum. All revenue is generated from annual retainer fees; the firm accepts no commissions, referral fees, asset-based compensation, or custody of client assets, and references Vanguard as the preferred low-cost provider when retail accounts are needed.

The firm's distinctive positioning rests on its founder's combination of CFP, CPA, and Certified Student Loan Professional (CSLP) credentials, which enable a specialized student loan repayment strategy practice layered on top of general comprehensive planning. Patti Hughes has been featured in Fortune, Money.com, Chicago Tribune, Bankrate, MoneyGeek, debt.com, and Cleveland.com, and the firm relies primarily on content marketing, earned media, speaking engagements, and podcast appearances as its go-to-market motion rather than paid acquisition.

Operations are run as a solo-practitioner model with headcount of 1-10 employees serving clients locally in Chicago and nationwide through remote delivery. Initial engagement begins with a no-pressure phone call followed by Calendly-scheduled introductory meetings, and there are no investment balance minimums or asset custody requirements. The firm is registered as an investment adviser with the State of Illinois and is a member of the Alliance of Comprehensive Planners (ACP).

Name

Lake Life Wealth Advisory Group

Legal name

Lake Life Wealth Advisory Group LLC

Website

https://www.lakelifewealthadvisorygroup.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Lake Life Wealth Advisory Group is a Chicago-based fee-only financial planning firm founded in 2018 by Patti Hughes, offering retainer-based comprehensive planning, project, and young-professional services to individuals locally and nationwide, with specialized student loan repayment expertise.

Ownership category

akta.pro rank

Product category

Personal Financial Planning and Wealth Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Only Advisory (FSAEAAAL)

akta.pro secondary industries

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Debt Advisory & Financing Advisory (FSAEAGAD)

Keywords

• Fee-only financial planning
• Comprehensive wealth advisory
• Retirement planning services
• Student loan repayment strategy
• Fiduciary investment management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Annual Retainer Fees: The firm's sole compensation comes from annual retainer fees for comprehensive financial planning services. Annual retainer fees range from $3,000 to $20,000 depending upon the client's income, net worth, complexity of situation, value provided, and level of responsibility assumed. The firm does not accept commissions, referral fees, or any compensation other than its planning fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Lake Life Wealth Advisory Group is a fee-only fiduciary financial planning firm offering comprehensive financial planning, focused consultations, scoped project advisory, and a specialized program for young professionals. Services span cash flow analysis, budgeting, debt repayment, investment allocation, retirement, tax, estate, insurance, and student loan strategy, with no commissions, no product sales, and no asset custody.

Product overview

Lake Life Wealth Advisory Group is a fee-only financial planning firm that offers four distinct service tiers: Comprehensive Financial Planning (annual retainer $3,000-$20,000) providing holistic planning across all financial areas with unlimited advisor access; Financial Strategy Session for focused consultations on pressing issues; Financial Planning Project for specific scoped engagements; and the On Your Way Program for Young Professionals (1.5% of gross wages, $3,000 minimum) designed for early-career professionals. All services emphasize fiduciary advice with no commissions or product sales.

Differentiator

Problem solved

Functional benefit

Products and services

• Comprehensive Financial Planning Full-service comprehensive financial planning with unlimited advisor access, covering goal development, recordkeeping, cash flow analysis, risk/insurance review, portfolio analysis, investment strategy, tax planning, employee benefits review, college fund planning, retirement planning, and estate planning. Annual retainer fees range from $3,000 to $20,000 based on income, net worth, complexity, value provided, and level of responsibility assumed. Targeted at successful professionals with busy careers who need holistic, integrated advice.
• Financial Strategy Session Focused consultation addressing two to three pressing financial issues. Designed for initial consultations or for clients who need advice on specific financial concerns without committing to a full comprehensive engagement.
• Financial Planning Project Advisory service for clients who need help with a specific financial project but do not require a complete comprehensive plan. The firm defines project parameters, timeline, and fee upfront based on the specific engagement scope.
• On Your Way Program For Young Professionals Reduced retainer program for young professionals with combined gross income of at least $150,000 who do not have substantial assets. Fee is 1.5% of gross wages as reported on the prior year tax return, paid quarterly, with a minimum fee of $3,000. Includes two 90-minute meetings per year focusing on tax planning, goal setting, saving, investment, and immediate financial concerns, plus ongoing advice via email or telephone. Covers student loan repayment strategy and foundational financial planning.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Alliance of Comprehensive Planners (ACP)coreStrategic or Co-development PartnerPatti Hughes is a member of ACP, a community of fee-only financial planners who provide retainer-based services to manage clients' whole financial picture. ACP provides tools and training for successful financial planning careers and upholds a Canon of Ethics including fiduciary duty to put client interests first.

Scale indicators1 record

Recent moves6 records

Expansion highlights6 records

Direct peers

• XY Planning Network: Network of fee-only financial planners serving Millennials and Gen X clients with retainer-based, no-AUM-minimum engagements — directly aligned to Lake Life's fee-only, retainer-based model.
• Facet Wealth: Tech-enabled fee-only financial planning firm offering flat-fee advice via CFPs, with no AUM minimums — overlap with Lake Life's Comprehensive Planning offering and pricing approach.
• Ellevest: Financial planning and investment platform originally targeted at women, combining flat-fee advice with goal-based planning — comparable to Lake Life's young-professional, purpose-driven planning approach.
• NewRetirement (Boldin): DIY financial planning platform with CFP access focused on retirement, tax, and Social Security planning — overlaps with Lake Life's pre-retiree retirement planning and tax-efficient withdrawal services.

Broad incumbents

• Personal Capital: Hybrid digital wealth manager combining free planning tools with AUM-based advisory services — broader incumbent competing with fee-only planners on integrated financial planning offerings.
• Betterment: Large-scale robo-advisor offering automated goal-based planning and CFP access — competing for price-sensitive clients at the lower end of Lake Life's On Your Way tier.
• Schwab Intelligent Portfolios: Schwab's automated investment service with Schwab-licensed advisors available — a large incumbent that competes on price and brand for the same fee-only planning prospects.
• Wealthsimple: Digital wealth manager offering low-cost automated investing plus access to human advisors — comparable to Lake Life's flat-fee, advisor-supported Comprehensive Planning model.
• SoFi Wealth: SoFi's automated and advised investing products offering free CFP access — competes with Lake Life's young professional On Your Way program on price and bundled advice.

Others

• Kitces.com (Advisor Education/Industry Resource): Industry research and education platform serving independent financial planners — not a direct competitor but a resource ecosystem that shapes the fee-only advisory landscape in which Lake Life operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/lawlifewealthadvisorygroup
• Xtwitter.com/lawlifewealth
• Instagraminstagram.com/lawlifewealth
• LinkedInlinkedin.com/company/lake-life-wealth-advisory-group
• YouTubeyoutube.com/channel/UC...

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lake Life Wealth Advisory Group