From the busy yet historical metropolis that is Boston to the industrial charms of Central Mass to the rural peace and mountains found the Western part of the state, Massachusetts has it all. Because of this, many families with inherited wealth, business owners, and working professionals make their home there. And no matter their background, successful individuals deserve to have their wealth working for them to its fullest potential. This is where a good financial advisor comes into play.
Fortunately for successful Massachusetts residents, there are plenty of advisory firms to choose from when it comes time to pick someone to help you plan your financial future. However, having so many choices can almost make things harder, especially if you don’t have the time to research each and every firm to find the one that will be the best fit.
To make it easier for you to find a trusted advisor, we’ve done this research for you and created a list of the five best financial advisor firms in Massachusetts. Here are the results of our study:
1) SCS Financial
With an astonishing $20.5 billion in assets under its management, Boston-based SCS Financial takes our top spot. It is perhaps the perfect fit for extremely high-net-worth individuals living in Boston or a nearby suburb.
Founded in 2002, they also work with families looking to preserve wealth over generations, and they have a large staff to accommodate all of those needs and to ensure the personal touch many people are looking for in an advisory firm.
The firm’s investment strategy is heavily individualized to each client, although they generally believe in the active management of portfolios, which means your advisor will monitor your investments closely and make small changes to take advantage of changes in the market or new opportunities.
SCS Financial is a fee-only firm that has a $25 million minimum asset requirement. As a result, only very wealthy families or individuals should consider working with this firm.
You can expect the following at SCS Financial:
- Heavy amounts of experience working with high-net-worth individuals and families.
- Extremely helpful advisors who will be happy to work with you and keep an open line of communication.
- Advisors who actively check portfolios and will pay close attention to your assets in order to minimize risk.
2) Ballentine Partners
A Waltham-based firm that is also a bit more exclusive, Ballentine Partners has about $6.7 billion in assets under management and works with mostly high-net-worth individuals, although there are exceptions to this. Mostly owned by firm employees, they provide tax and risk management services, estate planning, various management services, and investment strategy and management services.
When it comes to investing, Ballentine advisors pay close attention to tax considerations as well as your individual goals to create a custom plan in which both returns and risk are optimized.
Ballentine Partners is a fee-only firm that has a $3 million minimum account requirement, making it a rather exclusive choice.
You can expect the following from Ballentine Partners:
- Many easily-available resources explaining the firm’s processes and thoughts as to where the markets are headed.
- A focus on long-term relationships with their clients and an understanding of the family dynamics in financial matters.
- A comprehensive approach to providing financial advice.
3) Welch & Forbes
Our third choice is a Boston firm with perhaps more history behind it than all our other choices combined. Welch & Forbes, with $4.9 billion in assets under management, was formed in 1838 and continues today as a firm proud of its ability to stand strong through turbulent times. As a result, if you need a firm for your family, there are few better and more stable choices than this one.
Naturally, the firm focuses on wealth preservation and putting your needs first. They prefer to carefully research stocks before picking them, making adjustments down the line as needed.
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 based on 175 years of tradition.
- Excellent generational wealth considerations that will continue for decades to come.
- A comprehensive suite of wealth planning services.
4) Sentinel Benefits & Financial Group
A much more accessible option that operates from Wakefield, Sentinel Benefits & Financial Group has $4.87 billion in assets under management. They work almost entirely with regular individuals (non-high-net-worth), as well as pension plans. With a few dozen advisors and support staff, they provide families with standard advisory and investment services and balance the use of technology with a more personal touch.
However, most of their clients won’t get as much individual attention as other firms on this list will provide, but your advisor will work to understand your personal goals and make a plan that is based around them and that gives you the chance to achieve them.
Sentinel Benefits & Financial Group is a fee-based firm that has no minimum account or asset requirement.
You can expect the following working with Sentinel Benefits & Financial Group:
- Excellent online investing and advising tools for the average person.
- They are very easy to work with in any circumstance.
- A willingness to adapt quickly and easily to whatever is thrown at them and their clients.
5) Carj P Sherr & Co.
Our top (and only) choice from Worcester, Carj P Sherr & Co., is nonetheless a great choice for central and western Massachusetts residents who don’t want to travel too far for financial advice. Founded in 1964 and with about $225 million in assets under management, the firm focuses primarily on making sure you have a long-term plan that can be adjusted as necessary.
They generally use diversified portfolios, and they will tailor your plan to your needs and goals (long term and short term). As time goes on, though, you can trust your advisor won’t forget these goals, and that he or she will listen to your changing needs to appropriately adjust your plan.
Carj P Sherr & Co. is a fee-based firm that requires clients have a minimum of $250,000 in investible assets.
You can expect the following while working with Carj P Sherr & Co.:
- Follow up and check-in meetings as necessary to confirm you are on the right path.
- The highest standards of ethics and trustworthiness for firm employees.
- A willingness to innovate when the financial world inevitably changes.
Massachusetts is a unique place and home to people with unique financial needs. We recognize this, so while we are confident in our above choices, we understand you might be looking for something different. In this case, we encourage you to check out our articles relating to cities in Massachusetts as well. Additionally, making your final choice is a process, and an important one, so doing further research into any firm you find interesting is the right call. But no matter which direction you go, we wish you success and stability in the years to come.