Finding the Top Financial Advisor Firms in Concord, Massachusetts
It may be challenging to pick a financial advisor in Concord, Massachusetts. The search can involve a lot of phone calls and research into complex documents filled with financial jargon. But don’t worry, we did the hard work for you. We conducted in-depth research on Concord-based firms, examining key factors like account minimums, services offered and the qualifications of a firm's advisors. Below are the top financial advisor firms in the Concord area. SmartAsset also provides a free financial advisor matching tool that can pair you with advisors who serve your area.
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|Rank||Financial Advisor||Assets Managed||Minimum Assets||Financial Services||More Information|
|1||Bay Colony Advisors Find an Advisor||$805,541,025||$250,000|| || |
|2||Twelve Points Wealth Management Find an Advisor||$784,699,984||No set account minimum|| || |
Minimum AssetsNo set account minimum
|3||Monument Group Wealth Advisors Find an Advisor||$456,366,228||$1,000,000|| || |
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|4||Darrow Wealth Management Find an Advisor||$241,920,094||$2,000,000|| || |
|5||Concordia Wealth Management, LLC Find an Advisor||$181,979,688||No set account minimum|| || |
Minimum AssetsNo set account minimum
What We Use in Our Methodology
To find the top financial advisors in Concord, we first identified all firms registered with the SEC in the city. Next, we filtered out firms that don't offer financial planning services, those that don't serve primarily individual clients and those that have disclosures on their record. The qualifying firms were then ranked according to the following criteria:
- AUMFirms with more total assets under management are ranked higher.
- Individual Client CountFirms who serve more individual clients (as opposed to institutional clients) are ranked higher.
- Clients Per AdvisorFirms with a lower ratio of clients per financial advisor are ranked higher.
- Age of FirmFirms that have been in business longer are ranked higher.
All information is accurate as of the writing of this article. This list may include firms that have a business relationship with SmartAsset, in which SmartAsset is compensated for lead referrals. Such relationships have no impact on our rankings, and firms are included and ranked based strictly on the above criteria.
Bay Colony Advisors
Bay Colony Advisors is the No. 1 firm on our list of the top financial advisory practices in Concord. This fee-based firm works with individuals, high-net-worth individuals, pension and profit-sharing plans. Bay Colony Advisors is also open to advising charities, businesses, trusts and estates.
You'll need at least $250,000 in investable assets to open and mantain an account with Bay Colony Advisors, although the firm may reduce this minimum under certain circumstances.
With its headquarters in Concord, Bay Colony Advisors has 21 other offices scattered across nine different states. Its team includes five advisors who hold the certified financial planner (CFP) designation and two chartered financial analysts (CFAs).
In addition to asset-based advisory fees, the firm's advisors may also earn commissions for recommending insurance products, making Bay Colony Advisors a fee-based practice. While commissions can incentivize advisors to recommend particular products and services, Bay Colony Advisors has a fiduciary duty to always act in clients' best interests.
Bay Colony Advisors Background
Founded in 2000, Bay Colony Advisors has been a registered investment advisor (RIA) since 2010. CEO and chief compliance officer John Ohl owns the firm with James Catacchio, who serves as executive vice president and chief operations officer.
While Bay Colony has its own team of advisors, it also has affiliates throughout the country that rely on the business for infrastruture and platform services. In addition to asset management, Bay Colony offers clients financial planning services that may encompass retirement and income planning, legacy and estate planning, as well as other potential areas of need.
Bay Colony Advisors Investment Strategy
Bay Colony provides customized investment solutions to its clients by first identifying their clients' goals, objectives, risk tolerances and financial situations. The firm employs a long-term strategy and provides recommendations on a number of asset types, including:
- Exchange-listed securities
- Securities traded over the counter
- No-load and load-waived mutual funds
- Exchange-traded funds (ETFs)
- Exchange-traded notes
- U.S. government securities
- Variable life insurance
- Variable annuities
Interestingly, the firm prohibits the direct purchase of cryptocurrency, initial coin offerings, distributed ledger technology, blockchain and any related products. However, Bay Colony may recommend crypto assets through the purchase of ETFs or mutual funds.
Twelve Points Wealth Management
Twelve Points Wealth Management, the next firm on our list, is another fee-based financial advisor. Most individual clients of the firm do not have high net worths, although Twelve Points also works with dozens of high-net-worth clients. The majority of assets under the firm's management are containted in pooled investment vehicles that Twelve Points manages.
The firm's team of advisors includes four accredited investment fiduciaries (AIFs), one certified financial planner (CFP), four certified plan fiduciary advisors (CPFAs), among other accredited professionals.
Fees for investment management are based on a percentage of assets under management and are generally bundled with broker-dealer, custodial and clearing expenses through a wrap fee. Financial planning services are either billed at a flat rate, generally $2,500, or billed hourly for between $400 and $1,000.
Some of the advisors at this fee-based firm may also earn commissions for selling insurance. This is a conflict of interest, but advisors must act in your best interest when serving in an advisory capacity.
Twelve Points Wealth Management Background
The firm was founded in 2014. The principals are Francesca Federico and Manny Frangiadakis, while the third co-founder Dave Clayman serves as CEO.
The firm’s services include discretionary and non-discretionary investment management, financial planning and retirement plan advising.
Twelve Points Wealth Management Investment Strategy
Advisors at Twelve Points use charting, fundamental and technical methods of analysis to build client portfolios. They tend to use tactical asset-allocation, an active investment management strategy that involves rebalancing portfolios based on market activity.
The firm generally invests in a mix of exchange-listed securities, corporate debt, municipal securities (bonds), treasury securities (bonds),variable life insurance, variable annuities and options-securities over the long term.
Monument Group Wealth Advisors
Monument Group Wealth Advisors is the next practice on our list of Concord's top-rated advisory firms. Monument Group has a small team of advisors that featurs one chartered financial analyst (CFA), two certified financial planners (CFPs) and a certified investment management analyst (CIMA).
Clients are mostly high-net-worth individuals, with around 23% of individual clients coming in below the high-net-worth threshold. Monument Group does not work with institutional clients.
Monument Group is a fee-only firm, so its advisors do not collect commissions for selling products or services. Fees for wealth management and investment management are generally based on a percentage of assets under management, while fees for financial planning and consulting are billed at a fixed rate and typically range from $2,000 to $30,000. The minimum account size is $1 million for most accounts, but family office clients are generally families with a minimum net worth of $50 million.
Monument Group Wealth Advisors Background
Founded in 2001, Monument Group is owned by president and CEO Byron E. Woodman Jr. and Lee C. McGowan, who serves president, chief compliance officer and senior wealth advisor.
The firm’s services include wealth management, financial planning, document management, family office services, investment management, investment planning, retirement planning, personal savings and education savings.
Monument Group Wealth Advisors Investment Strategy
Long-term investment is the preferred strategy at Monument Group. A number of sources of information help them make decisions, including third-party research, internet sources and reviews of company materials. Mutual funds, exchange-traded funds (ETFs), stocks and bonds are the primary securities in which advisors invest client assets.
Like many other firms, Monument Group bases asset allocations and investment decisions on a client's risk tolerance, financial situation and investment goals.
Darrow Wealth Management
Darrow Wealth Management is another fee-only firm that advises both high-net-worth and non-high-net-worth individuals. The firm's advisory team includes one certified financial planner (CFP) and one chartered financial analyst (CFA). There is a minimum account size of $2 million.
Financial planning and consulting fees are charged on a fixed basis, while investment management fees are based on a percentage of a client's assets under management. As a fee-only practice, Darrow's advisors do not sell or recommend third-party products and services for commissions.
Darrow Wealth Management Background
Tom McFarland founded Darrow Wealth Management in 1987 and remains its president and majority owner. Kristin McKenna, the firm's managing director and wealth advisor, owns a minority stake in the business.
Darrow Wealth Management offers clients financial modeling, consulting, investment management, retirement plan consulting, financial planning, tax planning, estate planning and trust management services.
Darrow Wealth Management Investment Strategy
Advisors at Darrow Wealth Management use a global asset allocation strategy that separates equities into asset classes, market sectors, market caps and styles. Each of them is given an asset allocation percentage based on the firm’s global macroeconomic analysis. Mutual funds and low-cost exchange-traded funds (ETFs) are the most common investments for clients at the firm. Darrow Wealth Management may also incorporate individual equities and fixed income investment into models, when deemed appropriate. The firm also reviews client accounts at least quarterly and rebalances the accounts as market conditions warrant.
Concordia Wealth Management, LLC
Concordia Wealth Management, a fee-only firm with a small team of advisors on staff, completes our list of Concord's top-rated firms. Most of the individual clients Concordia serves have high net worths. The only institutional clients it currently advises are corporations or trusts.
The firm works on a fee-only basis, meaning advisors do not earn commissions. Financial planning services are paid with a flat fee, while investment advisor fees are based on a percentage of assets under management. Asset-based fees typically range from 0.20% to 1%.
Concordia Wealth Management Background
Concordia Wealth Management was founded in 2012. The sole owner of the business is Robert Rodriguez, who has worked in the financial services industry for more than 40 years.
The firm’s services include financial planning, retirement review, insurance review, education planning, investment advisory and family office services.
Concordia Wealth Management Investment Strategy
Advisors at Concordia Wealth Management base their decisions on fundamental analysis, which measures the intrinsic value of a security through analyzing economic and financial factors. Assets and investments are chosen based on return, risk and the time horizon each client favors. Investments include mutual funds, separately managed accounts and exchange-traded funds (ETFs).