Welch & Forbes has been in business for nearly 200 years. The firm’s founders initially created the company with the intention of focusing on the legal needs of Boston’s industrialists, according to the firm’s website. However, the firm’s services have expanded to include investment management and various other advisory services.
Welch & Forbes is a fee-only firm, some of whose advisors hold qualifications such as the chartered financial analyst (CFA), Certified Financial Planner™ (CFP®) and certified public accountant (CPA) designations.
Welch and Forbes Background
Welch & Forbes has been in business since 1838. The firm is a Delaware limited liability company, and its institutional partner, Affiliated Managers Group, Inc., holds a majority stake in the business, according to Welch & Forbes’ Form ADV brochure. Certain employees also own equity interests in Welch & Forbes.
Welch and Forbes Client Types and Minimum Account Sizes
Welch & Forbes serves non-high-net-worth individuals, high-net-worth individuals, pension and profit-sharing plans, charitable organizations, trusts, corporations and business entities.
The firm imposes a $2 million minimum account size. Welch and Forbes may be willing to waive or reduce this, though.
Services Offered by Welch and Forbes
Welch & Forbes offers the following advisory services:
- Portfolio management
- Financial planning
- Personal trust and fiduciary services
- Estate planning and administration services
- Tax and custodial services
Welch and Forbes Investment Philosophy
Welch’s portfolio managers provide client-specific asset allocations that focus on each client’s long-term goals, according to its firm brochure. In developing customized strategies, advisors also address clients’ risk tolerances and liquidity needs. The firm specializes in equity and fixed-income portfolios.
When it comes to investments, Welch & Forbes primarily uses domestic and international stocks and American depositary receipts (ADRs), mutual funds, exchange-traded funds (ETFs) and alternative investments.
Welch and Forbes Fees
Welch & Forbes offers the following fee schedule for its investment advisory services:
| Fee Schedule for Investment Advisory Services | |
| Amount of Assets | Annual Fee |
| First $3,000,000 | 1.00% |
| Next $2,000,000 | 0.75% |
| Thereafter | 0.50% |
The rate if account sizes of less than $3,000,000 will be a flat 1.25%. Here's a breakdown of what you may expect to pay as a client of this firm:
| *Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount. | |
| Estimated Investment Management Fees at Welch and Forbes* | |
| Your Assets | Fee Amount |
| $500K | $6,250 |
| $1MM | $12,500 |
| $5MM | $40,000 |
| $10MM | $65,000 |
Learn more about advisors' typical costs here.
What to Watch Out For
This firm doesn’t have any disclosures, or disciplinary actions, listed on its Form ADV.
Opening an Account with Welch and Forbes
You can either visit Welch & Forbes’ Boston office, or you can call an advisor at (617) 523-1635.
All information is accurate as of the writing of this article.
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