On the Financial Times "300 List" for top financial advisors in 2018 and 2019, Beaumont Financial Partners oversees more than $2.11 billion in assets. Offering wealth management, family office and tax preparation services, the Needham, Massachusetts firm primarily serves affluent individuals and families, small businesses and select institutions. Its team of financial advisors features certified financial planners (CFPs), certified public accountants (CPAs), certified divorce financial analysts (CDFAs) and more qualified professionals.
Beaumont Financial Partners Background
Beaumont Financial Partners has been providing financial services since 1999. Managing owners of the firm include Thomas J. Cahill; David M. Haviland, via H & Co Financial Services, Inc.; and Lawrence A. Fiore. Haviland also serves as owner and president of H & Co Financial Services, Inc.
In 2009, the firm established a separate division called Beaumont Capital Management to deliver investment advisory services through a series of rules-based strategies utilizing long-only exchange-traded funds (ETFs).
Beaumont Financial Partners Client Types and Minimum Account Sizes
Beaumont Financial Partners works with numerous types of clients including:
- Individuals and families
- Trusts and estates
- Individual retirement accounts (IRAs)
- Pension, profit-sharing and retirement plans (defined benefit and defined contribution plans)
- Corporations, nonprofits and college endowments
- Unaffiliated RIAs and broker-dealers
- Trust companies
- Wrap programs and platforms
- Collective investment funds (CIFs)
The firm doesn't publish its minimum asset requirements, but does note that accounts may be aggregated for families to help them meet any account size requirements.
Services Offered by Beaumont Financial Partners
Beaumont Financial Partners specializes in providing investment advisory services. The firm's advisors meet with clients to gather information about their financial goals and risk tolerance to design asset allocations or choose from its suite of six portfolios that each have varying levels of risk tolerance. The firm continuously monitors client accounts and makes adjustments as needed.
Advisors also offer financial planning, tax preparation, accounting and alternative investment research services. Additionally, they may work with other investment advisors to manage their wrap fee programs, act as sub-advisor and more.
Beaumont Financial Partners Investment Philosophy
The firm invests client assets in individual stocks and bonds, mutual funds, exchange-traded funds (ETFs), and other types of securities in accordance with the client’s risk tolerance and other factors.
When designing portfolios, Beaumont Financial Partners categorizes securities using The Dominant Benefit Theory of Investing. These categories, listed below, take more factors into account than the commonly used stock-bond-cash breakdown:
- Equity income
- Aggressive growth
As noted earlier, Beaumont Financial Partners also offers six portfolio models that can each be calibrated for different risk levels. Generally, they are all meant for long-term strategic investing, though the firm may shift to a more conservative approach under certain market conditions. For accounts smaller than $150,000, advisors may recommend models that use mutual funds and or ETFs only.
Fees Under Beaumont Financial Partners
Beaumont Financial Partners generally charges annual investment management fees as a percentage of assets under management. These fees typically range from 0.50% to 1.00% depending on the asset classes you’re invested in, the size of your account and other factors.
The firm charges additional fees for tax preparation and accounting services. The extent of these fees varies based on the complexity of your situation.
What to Watch Out For
While Beaumont Financial Partners doesn’t publish its account minimum, it states that it works primarily with affluent individuals and families. So depending on your asset level, this firm may not be the right fit for you.
Beaumont Financial Partners has not been the subject of any legal or disciplinary matters deemed material to a potential client’s evaluation of the firm’s integrity as a business. For the latest information, you can view its Form ADV on the Securities and Exchange Commission's Investment Adviser Public Disclosure site.
Tips for Finding the Right Financial Advisor
- Wouldn't quite describe yourself as affluent? There are plently of financial advisors who would be happy to work with you. To find one near you, use our advisor matching tool. Based on your answers to a handful of questions, we'll recommend up to three local advisors vetted by us.
- Know the difference between fee-only and fee-based advisors. The latter may earn commissions from third-party vendors for selling their products. This may present a potential conflict of interest. On the other hand, fee-only advisors receive clients' fees as their only form of compensation.
All information was accurate as of the writing of this article.