The heart of Massachusetts outside of Boston, Worcester has been an industrial powerhouse, a city upon a hill, and an important part of the social, economic, and political development of New England since colonial times.
In the last half-century, however, Worcester has changed considerably – its industrial glory has moved away – but thanks to the tech, medical, and education sectors, which have grown considerably in the region, things are moving in a new direction. As a result, there are still plenty of wealthy families and business owners, such as yourself, who call the Worcester area home.
However, to maintain fiscal security in today’s ever-changing world, you will need a financial advisor to help you build a plan and stick to it. In Worcester, there are a lot to choose from, but we want you to have the best. So, we’ve performed an exhaustive study of different options in and around Worcester, and we’ve added the best ones to our list. Read on to find out which firms we chose and why we feel they deserve to be on our list.
Carj P Sherr & Co.
Carj P Sherr & Co. is our top choices from Worcester, and it’s the only firm in the area that met our rigorous standards. With a bit over $225 million in assets under management, the firm has stood strong since 1964, and while it is a smaller firm with only a few advisors, each one is dedicated to providing you with a plan that can serve you in the long-term.
Wealth management services are more directly tailored to your needs as an investor and client, but your advisor will generally use diversified portfolios and update them as necessary.
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 working with Carj P Sherr & Co.:
- Regular follow-up meetings and reviews to help address changes in your life or in the market.
- Innovation and process changes as needed in order to keep up with the complicated financial world.
- High ethical standards for all of their advisors, ensuring your needs are put first and foremost.
Other Excellent Massachusetts Financial Advisory Firms:
Unfortunately, we found very few firms inside of Worcester itself that would serve its successful residents well. However, we think these other four firms that are located nearby can serve your needs:
2) SCS Capital Management
One of our top choices from Boston and a very exclusive firm that works only with high-net-worth clients, SCS Capital Management has more than $20.5 billion in assets under management and a large staff to match it. They provide all the services one might expect from a firm of this size, and they are also heavily focused on building a strong relationship with their clients.
When investing and advising, your advisor will generally tailor portfolios and advice to your needs, time-considerations, and aversion to risk. They are sometimes active, although usually not, choosing to intervene only when there is an excellent opportunity on the horizon.
SCS Capital Management is a fee-only firm that has a $25 million asset requirement to work with them. As a result, only very wealthy families or individuals should consider them.
You can expect the following working with SCS Capital Management:
- Proactive and careful advisors who will monitor your portfolio to maximize returns.
- The ability to cater to high-net-worth clients exclusively, ensuring specialized service.
- Advisors that will focus heavily on creating a solid relationship with you.
3) The Colony Group
Third on our list is The Colony Group, an accessible firm with about $6.3 billion in assets under management. With a large staff comprised of professionals with different specialties and certifications, you can be confident you are working with the right person.
Overall, the firm focuses on collaboration and on getting multiple viewpoints when making investment decisions. However, they generally focus on long-term results and diversified portfolios.
The Colony Group is a fee-only firm that has a $500,000 minimum account requirement.
You can expect the following working with The Colony Group:
- Services that are tailored for sports professionals looking to make their earnings last for the rest of their life.
- An excellent family office for those concerned about generational wealth.
- Plenty of educational resources to help clients learn more about the markets and their portfolio.
4) Welch & Forbes
A very experienced Boston firm founded in 1838 and with $4.9 billion in assets under management, Welch & Forbes has the most experience working with generational wealth and handling periodic downturns in the market. It’s hard to beat proven experience, and they have it in spades. You can expect them to provide all of the standard planning and management services for you and your family.
They prefer to be more conservative than most firms, focusing on ensuring your wealth makes it through potentially difficult times. They do, however, carefully consider your needs and pick out well-researched stocks, which is their tried and true method.
Welch & Forbes is a fee-only firm that has a $2 million minimum asset requirement.
You can expect the following working with Welch & Forbes:
- Experience working with generational clients and the specific concerns that come with generational wealth.
- A tradition of excellent advice and high standards among their advisors.
- Wealth planning services that will look into every factor to provide you with a comprehensive plan.
5.) Sentinel Benefits and Financial Group
A much more accessible firm that works primarily with regular individuals and families, Wakefield-based Sentinel Benefits and Financial Group rounds out our list with $4.87 billion in assets under management. Boasting a large staff to work with their clients, they leverage technology along with the personal touch in order to help the greatest number of clients possible.
The firm usually places clients with predetermined and well-researched portfolios.
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:
- An excellent use of technology to make the firm easy to work with.
- The use of online tools for investing, advising, and information.
- A willingness to adapt to new circumstances.
It might be difficult to find a firm that can work for you in Worcester, but you should not give up your search. You might want to look further into each of the above firms to see if any of them would be a perfect fit as we’re confident you’ll be able to find what you’re looking for and that you will find an advisor that you will be able to work with for years to come.