Boston may be famous for its winding roads, but we find most of them lead to success. The Hub is one of America’s oldest cities and one the country couldn’t do without, as evidenced by the large number of business, both large and small, that call Boston home.
Due to all this economic activity, as well as the unprecedented charm of New England’s capital, there are many successful individuals such as yourself who are looking to make a home in Boston. But to do this, you might need some help staying on top of your wealth and making it grow in a way that keeps you working towards your dreams. If this is the case, a financial advisor will be just what you need, and Boston has lots of options.
However, with so many different choices, it can be tough to know which one is right for you. But since we want your financial journey to start without delay, we’ve decided to help by researching the different firms in Boston to find the best five. Below you can find the full list as well as a short description of each firm we’ve chosen.
SCS Financial is one of our top choices for Boston. Currently, it has a bit more than $20.5 billion in assets under management, making it one of the biggest firms in the entire state. It was founded in 2002 and works entirely with high-net-worth individuals and other organized assets.
To manage the many demands of such clientele, the firm has a large staff of advisors dedicated to not only providing excellent services but also to help build a meaningful client-advisor relationship.
As one might expect of a firm with such esteemed clients, advisors tailor every portfolio and strategy to the client, balancing risk and reward according to their client’s needs, time frame, and risk-aversion. As a firm, SCS Financial believes in the heavy oversight and active management of clients’ portfolios.
SCS Financial is a fee-only firm that has a $25 million asset requirement when opening an account. This high barrier to entry makes it an extremely exclusive firm.
You can expect the following while working with SCS Financial:
- Very active advisors that will pay careful attention to your portfolio and always use the best methods for managing your assets and maximizing your returns.
- Extensive experience working with and catering to very high net worth clients.
- Friendly and communicative advisors that know the importance of a solid working relationship.
Our next choice is Appleton Partners, a firm that was founded in 1986 and that now has $9.14 billion in assets under management. Also, with a sizable staff that primarily serves organizations and high-net-worth individuals, Appleton believes in the importance of customization and personalized advice for its clients. Advisors want you to understand how your unique needs are being understood and applied to your financial plan.
At Appleton Partners, advisors create investment plans using primarily propriety research, but there is the option to use separate research teams if you are looking for different results from your investments. Furthermore, your advisor will also consider diversification, tax efficiency, and liquidity when it comes to creating your portfolio, all of which is designed to help you make a plan specific to you.
To open an investment account with Appleton Partners, though, you must be ready to invest at least $1 million in assets. However, the firm is fee-only, meaning you will pay a fixed percentage of your total assets for the firm’s services.
You can expect the following at Appleton Partners:
- An experienced research team that can provide you with great information regarding your portfolio and the market in general.
- An adaptable, customizable experience, no matter what you need.
- A clear and ongoing advisement or management process that maintains a longstanding client-advisor relationship.
The Colony Group
The Colony Group is a more accessible firm that has $6.3 billion in assets under management. But it is by far the largest firm in terms of staff, and this large team of advisors is made up of a variety of certified professionals, meaning you will have no problem accessing the expert you need.
Furthermore, because of its large staff, The Colony Group can provide the full range of services one would expect from a financial advisory firm, including estate planning, education planning, risk management, and more.
The firm uses a collaborative approach to investing that will take into account multiple perspectives, but, in general, it follows a long-term strategy centered around diversification. However, your advisor will deviate from this approach if he or she sees a great opportunity, but only if said opportunity fits into the goals and boundaries you have previously discussed.
The Colony Group is a fee-only firm that has a $500,000 minimum account requirement.
You can expect the following while working with The Colony Group:
- A large trove of resources that can help you understand the economy and how your portfolio might develop.
- Specific services and considerations for sports professionals.
- A dedicated family office for those who wish to maintain generational success.
Welch & Forbes
Welch & Forbes is a firm that is perhaps older than the modern concept of economy and wealth – it was established in 1838 – but that has adapted nicely to remain just as relevant today as it’s ever been. Currently, it has almost $4.9 billion in assets under management, providing it with plenty of resources to be adaptable to clients’ needs. In general, this firm is a great choice if you are looking for a stable and dependable presence for you and your family.
The firm’s investment philosophy revolves around putting your needs first and protecting assets from periods of relative economic decline. As a result, your advisor will spend a good deal of time carefully selecting stocks and managing risk.
Welch & Forbes is a fee-only firm that has a $2 million minimum asset requirement.
You can expect the following at Welch & Forbes:
- High standards when it comes to investment advice and client-advisor relations.
- A nearly unmatched track record in the field of generational wealth.
- A full suite of wealth planning services to get you completely on board without a doubt in your mind.
Ropes Wealth Advisors
Probably the most accessible firm on our list, Ropes Wealth Advisors works with a variety of client types and has a bit over $3.84 billion in assets under management. Somewhat smaller than other firms in terms of highly-qualified staff, Ropes Wealth stands out for its philosophy and comprehensive approach to planning.
More specifically, advisors at Ropes Wealth focus heavily on wealth preservation and risk management when compared to most other firms. They seek to be tax and fee-efficient, and also to align their recommendations with your goals from the start.
Ropes Financial Advisors is a fee-only firm that has no set minimum account or asset requirement.
You can expect the following when working with Ropes Wealth Advisors:
- Easy access to legal services when needed; Ropes Wealth Advisors is owned by a law firm.
- A willingness to investigate important questions and problems regarding the current markets.
- A comprehensive approach to financial planning; you can expect quality advice regularly after the first few meetings.
Just as there are many ways to wealth in Boston, there are many different firms that might be able to help you and your family find fiscal stability and a clear path forward. We encourage you to look further into each of these firms, and we are confident you will find the right fit.