With 23 advisors managing nearly $2.38 billion in assets, Grimes & Company, Inc. has grown beyond its family business roots. Still, four family members work at the firm: Founder and Chairman Timothy Grimes, President and Chief Investment Officer Kevin Grimes, VP Thomas Grimes and VP Emily G. Wood.
Grimes & Company is based in Westborough, Massachusetts, and is on SmartAsset’s top financial advisor list for the town. The firm has another MA office in Newton and offices in Dallas and Westport, Connecticut, too.
Grimes & Company Background
After working at Paul Revere Companies, Timothy Grimes started a predecessor firm in 1985, which he renamed and formed as a corporation in 1999. From 2009 to 2016, Barron’s Magazine named him one of its “Top 100 Independent Financial Advisors.” His son Kevin Grimes has since taken his place on Barron’s rolls and was No. 19 on the 2019 list. Also in 2019, the younger Grimes was No. 4 for Massachusetts in the publication’s top financial advisor rankings by state.
Grimes & Company Client Types and Minimum Account Sizes
Grimes & Company works with individuals, business entities, trusts, estates, charitable organizations, pension and profit-sharing plans, and state and municipal government entities. Of its individual client base, about 74% do not have a high net worth. Still, the minimum to open an investment account is $500,000, though the firm may lower the amount at its discretion.
Services Offered by Grimes & Company
Grimes & Company is primarily in the business of providing customized investment advisory services, mostly on a discretionary basis. It may, however, consult on such topics as estate planning, insurance and tax planning. If it does provide this kind of financial planning advice, it will not charge an additional fee.
Grimes & Company Investing Philosophy
The firm primarily implements asset allocations with no-load and load-waived mutual fund classes and individual debt and equity securities. Generally, its strategies include long-term purchases (securities held for at least a year), short-term purchases (securities sold within a year) and options. Its methods of analysis are fundamental and technical.
Fees Under Grimes & Company
As is the case with many firms, the Grimes & Company’s advisory fees are a percentage of client assets under management (AUM). They are negotiable, but generally follow this tiered schedule:
|AUM||Annual Fee Rate|
|Next $1.5 million||1.00%|
|Next $5 million||0.75%|
|Next $3 million||0.65%|
|Assets in excess of $10 million||0.50%|
These fees do not include brokerage costs and other third-party expenses.
What to Watch Out For
Though advisors may provide financial planning, it is not their primary focus. So non-securities-related needs, such as tax planning, may be better met by another firm, particularly if your issues are complex or unusual. Additionally, advisors may be registered representatives of a broker-dealer or insurance agents. In these roles, they may not be required to follow the fiduciary standard of putting their clients’ interests first. So always ask if you don’t know what their investment or insurance recommendations are based on and whether and how the advisor and firm may benefit.
In its most recent SEC filings, Grimes & Company had no criminal or regulatory actions to report.
All information was accurate as of the writing of this article.
Tips for Finding the Right Financial Advisor
- Need an advisor who provides financial planning? Use SmartAsset’s free matching tool to find one. Just answer some questions, and we’ll connect you with up to three advisors who meet your preferences.
- Ask candidates who will be able to move money out of your account. This is especially important if the firm doesn’t use third-party custodians. Even with a discretionary account, all transfers out of it should have to be authorized by you.