A city that’s on the rebound in part due to a recently built casino and a commitment to improving business in the area, Springfield is in many ways the center of Western Massachusetts and home to thousands and thousands of people. In this regard, it is a place of opportunity to those who know what they want from the city, and for this reason, there are quite a few successful and wealthy individuals who live in and around Springfield. For these people we recommend the use of a financial advisory firm, so you can save time and energy for things that matter most.
Yet which financial advisory firm should you work with? There are options out of the city (there were few within city limits that met our standards) to consider, and we picked out the best. Here are our top five choices for financial advisory firms for Springfield, Massachusetts:
1) SCS Capital Management
If you’re an extremely wealthy reader that is looking for a financial advisory firm, take a first look at SCS Capital Management. Based in Boston, they have more than $20.5 billion in assets under management, and all the staff they need. Excellent by every metric, they can provide whatever services you might need (should you qualify for them) and will work closely with your family over the years, building a strong advisor-client relationship.
They will strictly tailor their strategies based on the client’s preferences, needs, level of risk-aversion, and a few other factors. They at times will shift to a more active portfolio management strategy.
SCS Capital Management is a fee-only firm that has a $25 million asset requirement to work with them. Only very wealthy families or individuals should consider them.
You can expect the following working with SCS Capital Management:
- Helpful, careful, and proactive advisors who will keep a close watch on your portfolio.
- They exclusively work with high net worth clients, ensuring their specialized knowledge but also making sure they can devote to you all the resources needed to help you.
- A team that will seek to build a long-term client-advisor relationship with you.
2) The Colony Group
Another choice that might be a while away but has quality service to make the journey worth it, The Colony Group has $6.3 billion in assets under management. Utilizing a large staff, they can cover all the bases when it comes to providing financial services, including financial planning, investment management, education planning, risk management, and others.
They utilize a more collaborative approach to providing investment advice and will consider multiple options and perspectives before making any major decision. In general, however, they focus on long-term prospects and place great importance on portfolio diversification.
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:
- Plenty of resources to help you if you have any questions.
- A family office that is dedicated to ensuring generational wealth.
- Services that target and support sports professionals.
3) Welch & Forbes
Welch & Forbes is the oldest firm on this list by a mile and is also one of the oldest firms we’ve looked at for any city. Founded in 1838, they have $4.9 billion in assets under management and are by far one of the best firms when it comes to maintaining generational wealth. Their experience speaks for itself, and they can provide all the standard services one would come to expect from a firm of their size.
By nature more conservative than most firms, Welch & Forbes focuses on making sure your wealth will stay the course through tough times and economic downturns. They’re also careful about picking out investments and will consider your needs when making adjustments.
Welch & Forbes is a fee-only firm that has a $2 million minimum asset requirement.
You can expect the following working with Welch & Forbes:
- A great deal of experience working with generational clients and addressing those specific needs.
- A staff of extremely well-qualified advisors.
- Comprehensive wealth planning services that will consider every factor.
4) Sentinel Benefits & Financial Group
Sentinel Benefits & Financial Group is our last choice for Springfield, and they are based in Wakefield. With $4.87 billion in assets under management, they are a towering choice that is also one of the best options on this list for normal families and people without a high net worth. They have a large staff to match their large client base, and will use technology and modern information gathering methods to provide clients with the best results possible.
They mostly use predetermined portfolios but are careful about pairing clients with the correct option for their needs.
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:
- The use of modern technology to aid in the advisory process.
- A team that is highly adaptive.
- You will be able to use online tools to better understand your financial situation.
5) Carj P Sherr & Co.
Our main choice for Worcester and an option for people seeking something a little closer than Boston, Carj P Sherr & Co. handles over $225 million in assets under their management, and perhaps more impressively have been in operation since 1964. Long-term in focus and in practice, they’ll be able to get you to wherever you’re looking to be in your financial life.
The firm will emphasize the importance of a diversified portfolio (and making sure it’s updated), but overall they prefer to consider the needs and goals of the client before deciding on a strategy.
Carj P Sherr & Co. is a fee-based firm that requires clients to have a minimum of $250,000 in investible assets.
You can expect the following working with Carj P Sherr & Co.:
- Follow-up meetings that are regular and as needed, and reviews of your financial situation in order to check for necessary adjustments.
- A firm that holds itself to high ethical standards.
- A willingness to innovate to meet the needs of the client.
Whatever the source of your success in the city, there’s no denying that having a second opinion and an expert set of eyes regarding your finances can be a huge help in making sure you’re staying on track and not missing opportunities. Among the five firms, there’s no perfect choice for everyone, but there is a perfect option for you and your family, so be careful and review all of the facts (even make a few appointments) before signing the dotted line. We wish you the best of fortune with your search and hope you find nothing but fiscal success in the future.